Nicolas CASULA: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Nicolas CASULA
Largest movements
- Cash -€137,784
down €137,784 (-86.8%), from €158,802 to €21,018
mainly Tax, wage and social debts (-€85,623) and Investment in fixed assets (net) (-€39,979)
- Tangible fixed assets +€31,175
up €31,175 (+31.3%), from €99,759 to €130,934
of which Land and buildings: +€32,189
- Receivables within one year +€6,284
up €6,284 (+26.6%), from €23,632 to €29,917
of which Other amounts receivable: +€13,687
- Tax, wage and social debts -€85,623
down €85,623 (-79.2%), from €108,070 to €22,447
- Other debts -€21,122
no longer reported in 2025 (was €21,122)
- Reserves +€10,140
up €10,140 (+15.2%), from €66,860 to €77,000
of which Distributable reserves: +€12,000
- Trade debts -€6,048
down €6,048 (-85.0%), from €7,115 to €1,067
- Gross operating margin -€155,407
down €155,407 (-82.8%), from €187,604 to €32,197
- Taxes -€37,262
down €37,262 (-79.5%), from €46,847 to €9,585
- Depreciation +€3,111
up €3,111 (+54.7%), from €5,692 to €8,804
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €288,790 | €188,518 | -€100,273 | -34.7% |
| Fixed assets | 21/28 | €99,759 | €130,934 | +€31,175 | +31.3% |
| Tangible fixed assets | 22/27 | €99,759 | €130,934 | +€31,175 | +31.3% |
| Land and buildings | 22 | €98,745 | €130,934 | +€32,189 | +32.6% |
| Furniture and vehicles | 24 | €1,014 | - | -€1,014 | |
| Current assets | 29/58 | €189,032 | €57,584 | -€131,447 | -69.5% |
| Amounts receivable within one year | 40/41 | €23,632 | €29,917 | +€6,284 | +26.6% |
| Trade receivables | 40 | €23,632 | €16,230 | -€7,402 | -31.3% |
| Other amounts receivable | 41 | - | €13,687 | +€13,687 | |
| Cash at bank and in hand | 54/58 | €158,802 | €21,018 | -€137,784 | -86.8% |
| Deferred charges and accrued income | 490/1 | €6,597 | €6,650 | +€53 | +0.8% |
| Total equity and liabilities | 10/49 | €288,790 | €188,518 | -€100,273 | -34.7% |
| Equity | 10/15 | €151,466 | €164,399 | +€12,933 | +8.5% |
| Contributions | 10/11 | €18,600 | €20,460 | +€1,860 | +10.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Contributions outside capital | 11 | - | €20,460 | +€20,460 | |
| Other | 1109/19 | - | €20,460 | +€20,460 | |
| Reserves | 13 | €66,860 | €77,000 | +€10,140 | +15.2% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €65,000 | €77,000 | +€12,000 | +18.5% |
| Profit (loss) carried forward | 14 | €66,006 | €66,939 | +€933 | +1.4% |
| Amounts payable | 17/49 | €137,325 | €24,119 | -€113,206 | -82.4% |
| Amounts payable within one year | 42/48 | €136,912 | €24,119 | -€112,793 | -82.4% |
| Trade debts | 44 | €7,115 | €1,067 | -€6,048 | -85.0% |
| Suppliers | 440/4 | €7,115 | €1,067 | -€6,048 | -85.0% |
| Advances received on contracts in progress | 46 | €605 | €605 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €108,070 | €22,447 | -€85,623 | -79.2% |
| Taxes | 450/3 | €108,070 | €22,447 | -€85,623 | -79.2% |
| Other amounts payable | 47/48 | €21,122 | - | -€21,122 | |
| Accrued charges and deferred income | 492/3 | €413 | - | -€413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,692 | €8,804 | +€3,111 | +54.7% |
| Other operating charges | 640/8 | €655 | €573 | -€82 | -12.5% |
| Gross operating margin | 9900 | €187,604 | €32,197 | -€155,407 | -82.8% |
| Operating profit (loss) | 9901 | €181,256 | €22,820 | -€158,436 | -87.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €43 | €301 | +€258 | +596% |
| Recurring financial charges | 65 | €43 | €301 | +€258 | +596% |
| Profit (loss) for the period before taxes | 9903 | €181,213 | €22,519 | -€158,695 | -87.6% |
| Income taxes | 67/77 | €46,847 | €9,585 | -€37,262 | -79.5% |
| Profit (loss) for the period | 9904 | €134,366 | €12,933 | -€121,433 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €134,366 | €12,933 | -€121,433 | -90.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.