NICOLAS DEKEYSER: 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 DEKEYSER
Largest movements
- Cash +€124,529
up €124,529 (+60.4%), from €206,222 to €330,750
mainly Depreciation (+€87,041) and Net result for the year (+€32,680)
- Tangible fixed assets -€50,895
down €50,895 (-3.5%), from €1.5m to €1.4m
of which Land and buildings: -€69,732
- Receivables within one year -€26,584
down €26,584 (-41.8%), from €63,608 to €37,024
of which Trade receivables: -€26,584
- Reserves +€32,680
up €32,680 (+9.1%), from €358,728 to €391,407
of which Distributable reserves: +€32,680
- Trade debts +€28,661
up €28,661 (+7,955%), from €360 to €29,021
- Gross operating margin +€23,698
up €23,698 (+18.0%), from €131,928 to €155,626
- Depreciation +€19,530
up €19,530 (+28.9%), from €67,511 to €87,041
- Other operating charges -€12,487
down €12,487 (-36.5%), from €34,218 to €21,732
- Taxes +€6,123
up €6,123 (+73.6%), from €8,323 to €14,447
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 | €1,942,692 | €1,989,743 | +€47,051 | +2.4% |
| Fixed assets | 21/28 | €1,459,630 | €1,408,735 | -€50,895 | -3.5% |
| Tangible fixed assets | 22/27 | €1,459,630 | €1,408,735 | -€50,895 | -3.5% |
| Land and buildings | 22 | €1,372,779 | €1,303,047 | -€69,732 | -5.1% |
| Plant, machinery and equipment | 23 | €81,374 | €72,772 | -€8,602 | -10.6% |
| Furniture and vehicles | 24 | €5,477 | €32,917 | +€27,439 | +501% |
| Current assets | 29/58 | €483,062 | €581,008 | +€97,945 | +20.3% |
| Stocks and contracts in progress | 3 | €213,233 | €213,233 | = | 0.0% |
| Stocks | 30/36 | €213,233 | €213,233 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €63,608 | €37,024 | -€26,584 | -41.8% |
| Trade receivables | 40 | €63,191 | €36,607 | -€26,584 | -42.1% |
| Other amounts receivable | 41 | €417 | €417 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €206,222 | €330,750 | +€124,529 | +60.4% |
| Total equity and liabilities | 10/49 | €1,942,692 | €1,989,743 | +€47,051 | +2.4% |
| Equity | 10/15 | €423,220 | €455,899 | +€32,680 | +7.7% |
| Contributions | 10/11 | €64,492 | €64,492 | = | 0.0% |
| Capital | 10 | €64,492 | €64,492 | = | 0.0% |
| Issued capital | 100 | €64,492 | €64,492 | = | 0.0% |
| Reserves | 13 | €358,728 | €391,407 | +€32,680 | +9.1% |
| Non-distributable reserves | 130/1 | €6,449 | €6,449 | = | 0.0% |
| Legal reserve | 130 | €6,449 | €6,449 | = | 0.0% |
| Distributable reserves | 133 | €352,278 | €384,958 | +€32,680 | +9.3% |
| Amounts payable | 17/49 | €1,519,473 | €1,533,844 | +€14,371 | +0.9% |
| Amounts payable after more than one year | 17 | €2,390 | €2,390 | = | 0.0% |
| Other amounts payable | 178/9 | €2,390 | €2,390 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,517,083 | €1,531,454 | +€14,371 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €3,050 | €3,050 | = | 0.0% |
| Trade debts | 44 | €360 | €29,021 | +€28,661 | +7,955% |
| Suppliers | 440/4 | €360 | €29,021 | +€28,661 | +7,955% |
| Taxes, remuneration and social security | 45 | €10,418 | €9,676 | -€742 | -7.1% |
| Taxes | 450/3 | €10,418 | €9,676 | -€742 | -7.1% |
| Other amounts payable | 47/48 | €1,503,254 | €1,489,707 | -€13,548 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,511 | €87,041 | +€19,530 | +28.9% |
| Other operating charges | 640/8 | €34,218 | €21,732 | -€12,487 | -36.5% |
| Gross operating margin | 9900 | €131,928 | €155,626 | +€23,698 | +18.0% |
| Operating profit (loss) | 9901 | €30,199 | €46,854 | +€16,655 | +55.2% |
| Financial income | 75/76B | €265 | €313 | +€48 | +18.2% |
| Recurring financial income | 75 | €265 | €313 | +€48 | +18.2% |
| Financial charges | 65/66B | €39 | €40 | +€1 | +3.5% |
| Recurring financial charges | 65 | €39 | €40 | +€1 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €30,424 | €47,126 | +€16,702 | +54.9% |
| Income taxes | 67/77 | €8,323 | €14,447 | +€6,123 | +73.6% |
| Profit (loss) for the period | 9904 | €22,101 | €32,680 | +€10,578 | +47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,101 | €32,680 | +€10,578 | +47.9% |
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 27 October 2026 via checked.be.