Nicolas DELMOITIE: 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 DELMOITIE
Largest movements
- Cash +€142,495
up €142,495 (+530%), from €26,878 to €169,373
mainly Net result for the year (+€146,843) and Debts after one year (+€85,273)
- Tangible fixed assets -€22,415
down €22,415 (-3.6%), from €628,317 to €605,901
of which Land and buildings: -€26,017
- Receivables after one year -€16,832
down €16,832 (-18.6%), from €90,380 to €73,549
- Intangible fixed assets -€12,009
no longer reported in 2025 (was €12,009)
- Debts after one year +€85,273
up €85,273 (+14.2%), from €600,625 to €685,898
of which Financial debts: +€85,273
- Tax, wage and social debts +€23,595
up €23,595 (+810%), from €2,913 to €26,508
- Current portion of long-term debt +€12,748
up €12,748 (+27.4%), from €46,472 to €59,220
- Gross operating margin +€134,576
up €134,576 (+105%), from €128,394 to €262,970
- Taxes +€26,133
up €26,133 (+115%), from €22,703 to €48,836
- Depreciation +€15,560
up €15,560 (+46.7%), from €33,344 to €48,905
- Financial charges +€14,046
up €14,046 (+347%), from €4,053 to €18,098
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 | €860,087 | €958,795 | +€98,708 | +11.5% |
| Fixed assets | 21/28 | €652,391 | €617,967 | -€34,424 | -5.3% |
| Intangible fixed assets | 21 | €12,009 | - | -€12,009 | |
| Tangible fixed assets | 22/27 | €628,317 | €605,901 | -€22,415 | -3.6% |
| Land and buildings | 22 | €569,686 | €543,669 | -€26,017 | -4.6% |
| Furniture and vehicles | 24 | - | €950 | +€950 | |
| Other tangible fixed assets | 26 | €58,631 | €61,283 | +€2,652 | +4.5% |
| Financial fixed assets | 28 | €12,066 | €12,066 | = | 0.0% |
| Current assets | 29/58 | €207,696 | €340,828 | +€133,132 | +64.1% |
| Amounts receivable after more than one year | 29 | €90,380 | €73,549 | -€16,832 | -18.6% |
| Other amounts receivable | 291 | €90,380 | €73,549 | -€16,832 | -18.6% |
| Amounts receivable within one year | 40/41 | €88,491 | €96,630 | +€8,140 | +9.2% |
| Trade receivables | 40 | €79,029 | €92,630 | +€13,602 | +17.2% |
| Other amounts receivable | 41 | €9,462 | €4,000 | -€5,462 | -57.7% |
| Cash at bank and in hand | 54/58 | €26,878 | €169,373 | +€142,495 | +530% |
| Deferred charges and accrued income | 490/1 | €1,947 | €1,276 | -€671 | -34.5% |
| Total equity and liabilities | 10/49 | €860,087 | €958,795 | +€98,708 | +11.5% |
| Equity | 10/15 | €21,339 | €21,182 | -€157 | -0.7% |
| Reserves | 13 | €20,460 | €20,460 | = | 0.0% |
| Distributable reserves | 133 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €879 | €722 | -€157 | -17.9% |
| Amounts payable | 17/49 | €838,748 | €937,613 | +€98,866 | +11.8% |
| Amounts payable after more than one year | 17 | €600,625 | €685,898 | +€85,273 | +14.2% |
| Financial debts | 170/4 | €597,225 | €682,498 | +€85,273 | +14.3% |
| Other amounts payable | 178/9 | €3,400 | €3,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €238,123 | €250,709 | +€12,587 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €46,472 | €59,220 | +€12,748 | +27.4% |
| Trade debts | 44 | €25,522 | €17,843 | -€7,680 | -30.1% |
| Suppliers | 440/4 | €25,522 | €17,843 | -€7,680 | -30.1% |
| Advances received on contracts in progress | 46 | €8,761 | - | -€8,761 | |
| Taxes, remuneration and social security | 45 | €2,913 | €26,508 | +€23,595 | +810% |
| Taxes | 450/3 | €2,913 | €26,508 | +€23,595 | +810% |
| Other amounts payable | 47/48 | €154,455 | €147,139 | -€7,316 | -4.7% |
| Accrued charges and deferred income | 492/3 | - | €1,006 | +€1,006 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,344 | €48,905 | +€15,560 | +46.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €128,394 | €262,970 | +€134,576 | +105% |
| Operating profit (loss) | 9901 | €94,662 | €213,666 | +€119,004 | +126% |
| Financial income | 75/76B | €123 | €112 | -€11 | -9.0% |
| Recurring financial income | 75 | €123 | €112 | -€11 | -9.0% |
| Financial charges | 65/66B | €4,053 | €18,098 | +€14,046 | +347% |
| Recurring financial charges | 65 | €4,053 | €18,098 | +€14,046 | +347% |
| Profit (loss) for the period before taxes | 9903 | €90,732 | €195,679 | +€104,947 | +116% |
| Income taxes | 67/77 | €22,703 | €48,836 | +€26,133 | +115% |
| Profit (loss) for the period | 9904 | €68,029 | €146,843 | +€78,813 | +116% |
| Profit (loss) for the period to be appropriated | 9905 | €68,029 | €146,843 | +€78,813 | +116% |
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 28 October 2026 via checked.be.