NICOLAS CARBONNELLE: what changed
NICOLAS CARBONNELLE
Largest movements
- Intangible fixed assets -€18,571
down €18,571 (-50.0%), from €37,143 to €18,571
- Tangible fixed assets -€12,109
down €12,109 (-43.9%), from €27,599 to €15,490
- Receivables within one year -€11,146
down €11,146 (-9.7%), from €114,422 to €103,276
of which Trade receivables: -€8,096
- Cash -€3,034
down €3,034 (-20.7%), from €14,672 to €11,638
mainly Contributions, distributions and other (-€69,000) and Debts after one year (-€23,376)
- Debts after one year -€23,376
down €23,376 (-87.7%), from €26,657 to €3,281
- Current portion of long-term debt -€21,237
down €21,237 (-39.5%), from €53,778 to €32,541
- Other debts +€11,000
up €11,000 (+19.0%), from €58,000 to €69,000
- Trade debts -€10,002
down €10,002 (-39.6%), from €25,235 to €15,233
- Gross operating margin +€31,374
up €31,374 (+33.9%), from €92,659 to €124,033
- Taxes +€6,213
up €6,213 (+46.7%), from €13,293 to €19,506
- Financial charges +€1,265
up €1,265 (+46.4%), from €2,728 to €3,993
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €193,879 | €150,257 | -€43,622 | -22.5% |
| Fixed assets | 21/28 | €64,785 | €34,104 | -€30,681 | -47.4% |
| Intangible fixed assets | 21 | €37,143 | €18,571 | -€18,571 | -50.0% |
| Tangible fixed assets | 22/27 | €27,599 | €15,490 | -€12,109 | -43.9% |
| Plant, machinery and equipment | 23 | €27,599 | €15,490 | -€12,109 | -43.9% |
| Financial fixed assets | 28 | €43 | €43 | = | 0.0% |
| Current assets | 29/58 | €129,094 | €116,152 | -€12,942 | -10.0% |
| Amounts receivable within one year | 40/41 | €114,422 | €103,276 | -€11,146 | -9.7% |
| Trade receivables | 40 | €8,546 | €450 | -€8,096 | -94.7% |
| Other amounts receivable | 41 | €105,877 | €102,826 | -€3,051 | -2.9% |
| Cash at bank and in hand | 54/58 | €14,672 | €11,638 | -€3,034 | -20.7% |
| Deferred charges and accrued income | 490/1 | - | €1,239 | +€1,239 | |
| Total equity and liabilities | 10/49 | €193,879 | €150,257 | -€43,622 | -22.5% |
| Equity | 10/15 | €2,743 | €2,755 | +€12 | +0.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €743 | €755 | +€12 | +1.6% |
| Amounts payable | 17/49 | €191,136 | €147,501 | -€43,634 | -22.8% |
| Amounts payable after more than one year | 17 | €26,657 | €3,281 | -€23,376 | -87.7% |
| Financial debts | 170/4 | €26,657 | €3,281 | -€23,376 | -87.7% |
| Amounts payable within one year | 42/48 | €164,478 | €143,608 | -€20,871 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €53,778 | €32,541 | -€21,237 | -39.5% |
| Trade debts | 44 | €25,235 | €15,233 | -€10,002 | -39.6% |
| Suppliers | 440/4 | €25,235 | €15,233 | -€10,002 | -39.6% |
| Taxes, remuneration and social security | 45 | €27,466 | €26,834 | -€631 | -2.3% |
| Taxes | 450/3 | €27,466 | €26,834 | -€631 | -2.3% |
| Other amounts payable | 47/48 | €58,000 | €69,000 | +€11,000 | +19.0% |
| Accrued charges and deferred income | 492/3 | - | €613 | +€613 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,599 | €30,681 | +€82 | +0.3% |
| Other operating charges | 640/8 | €1,263 | €842 | -€422 | -33.4% |
| Gross operating margin | 9900 | €92,659 | €124,033 | +€31,374 | +33.9% |
| Operating profit (loss) | 9901 | €60,797 | €92,510 | +€31,713 | +52.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,728 | €3,993 | +€1,265 | +46.4% |
| Recurring financial charges | 65 | €2,728 | €3,993 | +€1,265 | +46.4% |
| Profit (loss) for the period before taxes | 9903 | €58,068 | €88,518 | +€30,450 | +52.4% |
| Income taxes | 67/77 | €13,293 | €19,506 | +€6,213 | +46.7% |
| Profit (loss) for the period | 9904 | €44,775 | €69,012 | +€24,237 | +54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €44,775 | €69,012 | +€24,237 | +54.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.