Nicolas de Schutter: what changed
Two fiscal 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 de Schutter
Largest movements
- Receivables within one year -€87,392
down €87,392 (-100.0%), from €87,392 to €0
of which Other amounts receivable: -€87,362
- Cash -€24,442
down €24,442 (-8.1%), from €300,318 to €275,876
mainly Contributions, distributions and other (-€382,289) and Other debts (-€101,694)
- Other debts -€101,694
down €101,694 (-29.6%), from €343,333 to €241,640
- Profit (loss) carried forward -€15,000
down €15,000 (-100.0%), from €15,000 to €0
- Gross operating margin +€31,717
up €31,717 (+6.8%), from €468,960 to €500,677
- Taxes +€8,539
up €8,539 (+7.5%), from €114,008 to €122,548
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.
Cash bridge derived
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 | €416,612 | €301,105 | -€115,507 | -27.7% |
| Fixed assets | 21/28 | €20,211 | €16,408 | -€3,803 | -18.8% |
| Tangible fixed assets | 22/27 | €20,171 | €16,368 | -€3,803 | -18.9% |
| Plant, machinery and equipment | 23 | €5,601 | €4,390 | -€1,211 | -21.6% |
| Furniture and vehicles | 24 | €12,820 | €10,228 | -€2,592 | -20.2% |
| Other tangible fixed assets | 26 | €1,750 | €1,750 | = | 0.0% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €396,401 | €284,697 | -€111,704 | -28.2% |
| Amounts receivable within one year | 40/41 | €87,392 | €0 | -€87,392 | -100.0% |
| Trade receivables | 40 | €30 | €0 | -€30 | -100.0% |
| Other amounts receivable | 41 | €87,362 | €0 | -€87,362 | -100.0% |
| Cash at bank and in hand | 54/58 | €300,318 | €275,876 | -€24,442 | -8.1% |
| Deferred charges and accrued income | 490/1 | €8,692 | €8,821 | +€130 | +1.5% |
| Total equity and liabilities | 10/49 | €416,612 | €301,105 | -€115,507 | -27.7% |
| Equity | 10/15 | €40,823 | €25,823 | -€15,000 | -36.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,223 | €7,223 | = | 0.0% |
| Distributable reserves | 133 | €7,223 | €7,223 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,000 | €0 | -€15,000 | -100.0% |
| Amounts payable | 17/49 | €375,790 | €275,282 | -€100,507 | -26.7% |
| Amounts payable within one year | 42/48 | €375,790 | €275,282 | -€100,507 | -26.7% |
| Trade debts | 44 | €7,893 | €7,059 | -€834 | -10.6% |
| Suppliers | 440/4 | €7,893 | €7,059 | -€834 | -10.6% |
| Taxes, remuneration and social security | 45 | €24,564 | €26,584 | +€2,020 | +8.2% |
| Taxes | 450/3 | €24,564 | €26,584 | +€2,020 | +8.2% |
| Other amounts payable | 47/48 | €343,333 | €241,640 | -€101,694 | -29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,766 | €5,975 | -€791 | -11.7% |
| Other operating charges | 640/8 | €3,783 | €4,116 | +€333 | +8.8% |
| Gross operating margin | 9900 | €468,960 | €500,677 | +€31,717 | +6.8% |
| Operating profit (loss) | 9901 | €458,412 | €490,587 | +€32,175 | +7.0% |
| Financial income | 75/76B | €4,754 | €3,003 | -€1,751 | -36.8% |
| Recurring financial income | 75 | €4,754 | €3,003 | -€1,751 | -36.8% |
| Financial charges | 65/66B | €5,824 | €3,753 | -€2,071 | -35.6% |
| Recurring financial charges | 65 | €5,824 | €3,753 | -€2,071 | -35.6% |
| Profit (loss) for the period before taxes | 9903 | €457,342 | €489,837 | +€32,495 | +7.1% |
| Income taxes | 67/77 | €114,008 | €122,548 | +€8,539 | +7.5% |
| Profit (loss) for the period | 9904 | €343,333 | €367,289 | +€23,956 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €343,333 | €367,289 | +€23,956 | +7.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.