Nicolas Damman: 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 Damman
Largest movements
- Tangible fixed assets +€186,490
up €186,490 (+11.2%), from €1.7m to €1.9m
of which Land and buildings: +€191,143
- Current investments +€65,000
up €65,000 (+37.3%), from €174,470 to €239,470
- Receivables within one year -€28,219
down €28,219 (-23.7%), from €118,974 to €90,755
of which Trade receivables: -€15,534
- Other debts +€137,494
up €137,494 (+57.1%), from €240,684 to €378,179
- Debts after one year +€76,833
up €76,833 (+6.0%), from €1.3m to €1.4m
- Current portion of long-term debt +€38,240
up €38,240 (+52.8%), from €72,439 to €110,680
- Gross operating margin -€37,031
down €37,031 (-22.8%), from €162,651 to €125,620
- Depreciation +€20,306
up €20,306 (+28.5%), from €71,302 to €91,608
- Taxes -€6,808
down €6,808 (-94.3%), from €7,222 to €414
- Financial income -€4,851
down €4,851 (-97.6%), from €4,968 to €117
- Financial charges +€2,011
up €2,011 (+8.2%), from €24,603 to €26,615
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 | €1,982,550 | €2,221,546 | +€238,996 | +12.1% |
| Fixed assets | 21/28 | €1,664,606 | €1,851,096 | +€186,490 | +11.2% |
| Tangible fixed assets | 22/27 | €1,664,606 | €1,851,096 | +€186,490 | +11.2% |
| Land and buildings | 22 | €1,585,143 | €1,776,286 | +€191,143 | +12.1% |
| Plant, machinery and equipment | 23 | €2,808 | €2,462 | -€347 | -12.3% |
| Furniture and vehicles | 24 | €67,133 | €58,934 | -€8,199 | -12.2% |
| Other tangible fixed assets | 26 | €9,521 | €13,413 | +€3,892 | +40.9% |
| Current assets | 29/58 | €317,945 | €370,450 | +€52,506 | +16.5% |
| Amounts receivable within one year | 40/41 | €118,974 | €90,755 | -€28,219 | -23.7% |
| Trade receivables | 40 | €23,141 | €7,606 | -€15,534 | -67.1% |
| Other amounts receivable | 41 | €95,833 | €83,148 | -€12,685 | -13.2% |
| Current investments | 50/53 | €174,470 | €239,470 | +€65,000 | +37.3% |
| Cash at bank and in hand | 54/58 | €21,355 | €37,716 | +€16,361 | +76.6% |
| Deferred charges and accrued income | 490/1 | €3,146 | €2,509 | -€637 | -20.2% |
| Total equity and liabilities | 10/49 | €1,982,550 | €2,221,546 | +€238,996 | +12.1% |
| Equity | 10/15 | €365,502 | €365,887 | +€385 | +0.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €360,502 | €360,502 | = | 0.0% |
| Distributable reserves | 133 | €360,502 | €360,502 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €385 | +€385 | |
| Amounts payable | 17/49 | €1,617,048 | €1,855,659 | +€238,610 | +14.8% |
| Amounts payable after more than one year | 17 | €1,285,781 | €1,362,614 | +€76,833 | +6.0% |
| Financial debts | 170/4 | €1,285,781 | €1,362,614 | +€76,833 | +6.0% |
| Amounts payable within one year | 42/48 | €325,637 | €491,020 | +€165,383 | +50.8% |
| Current portion of amounts payable after more than one year | 42 | €72,439 | €110,680 | +€38,240 | +52.8% |
| Trade debts | 44 | €12,513 | €2,162 | -€10,352 | -82.7% |
| Suppliers | 440/4 | €12,513 | €2,162 | -€10,352 | -82.7% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €240,684 | €378,179 | +€137,494 | +57.1% |
| Accrued charges and deferred income | 492/3 | €5,630 | €2,025 | -€3,605 | -64.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,302 | €91,608 | +€20,306 | +28.5% |
| Other operating charges | 640/8 | €7,435 | €6,715 | -€720 | -9.7% |
| Gross operating margin | 9900 | €162,651 | €125,620 | -€37,031 | -22.8% |
| Operating profit (loss) | 9901 | €83,914 | €27,297 | -€56,617 | -67.5% |
| Financial income | 75/76B | €4,968 | €117 | -€4,851 | -97.6% |
| Recurring financial income | 75 | €4,968 | €117 | -€4,851 | -97.6% |
| Financial charges | 65/66B | €24,603 | €26,615 | +€2,011 | +8.2% |
| Recurring financial charges | 65 | €24,603 | €26,615 | +€2,011 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €64,279 | €799 | -€63,480 | -98.8% |
| Income taxes | 67/77 | €7,222 | €414 | -€6,808 | -94.3% |
| Profit (loss) for the period | 9904 | €57,057 | €385 | -€56,672 | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €57,057 | €385 | -€56,672 | -99.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.