Nicolas Denuit: 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 Denuit
Largest movements
- Receivables within one year +€312,238
up €312,238 (+322,526%), from €97 to €312,334
of which Other amounts receivable: +€307,011
- Cash -€40,132
down €40,132 (-17.5%), from €229,114 to €188,981
mainly Receivables within one year (-€312,238) and Other debts (-€143,307)
- Tangible fixed assets -€10,336
down €10,336 (-50.4%), from €20,525 to €10,189
of which Leasing and similar rights: -€9,854
- Debts after one year +€270,865
up €270,865 (+2,271%), from €11,926 to €282,790
- Short-term financial debts +€197,775
up €197,775 (+1,204%), from €16,425 to €214,200
- Other debts -€143,307
down €143,307 (-87.5%), from €163,868 to €20,561
- Profit (loss) carried forward -€77,055
down €77,055, from €9,614 to -€67,441
- Current portion of long-term debt +€24,428
up €24,428 (+228%), from €10,708 to €35,135
- Gross operating margin -€138,151
down €138,151, from €77,724 to -€60,426
- Taxes -€12,888
down €12,888 (-98.7%), from €13,059 to €170
- Financial charges +€4,823
up €4,823 (+509%), from €947 to €5,770
- Financial income +€1,908
new in 2025: €1,908
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 | €251,586 | €514,354 | +€262,768 | +104% |
| Fixed assets | 21/28 | €20,525 | €10,189 | -€10,336 | -50.4% |
| Tangible fixed assets | 22/27 | €20,525 | €10,189 | -€10,336 | -50.4% |
| Furniture and vehicles | 24 | €818 | €335 | -€483 | -59.0% |
| Leasing and similar rights | 25 | €19,707 | €9,854 | -€9,854 | -50.0% |
| Current assets | 29/58 | €231,060 | €504,165 | +€273,104 | +118% |
| Amounts receivable within one year | 40/41 | €97 | €312,334 | +€312,238 | +322,526% |
| Trade receivables | 40 | - | €5,226 | +€5,226 | |
| Other amounts receivable | 41 | €97 | €307,108 | +€307,011 | +317,127% |
| Cash at bank and in hand | 54/58 | €229,114 | €188,981 | -€40,132 | -17.5% |
| Deferred charges and accrued income | 490/1 | €1,850 | €2,849 | +€999 | +54.0% |
| Total equity and liabilities | 10/49 | €251,586 | €514,354 | +€262,768 | +104% |
| Equity | 10/15 | €24,614 | -€52,441 | -€77,055 | |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,614 | -€67,441 | -€77,055 | |
| Amounts payable | 17/49 | €226,972 | €566,795 | +€339,823 | +150% |
| Amounts payable after more than one year | 17 | €11,926 | €282,790 | +€270,865 | +2,271% |
| Financial debts | 170/4 | €11,926 | €282,790 | +€270,865 | +2,271% |
| Amounts payable within one year | 42/48 | €215,046 | €278,416 | +€63,370 | +29.5% |
| Current portion of amounts payable after more than one year | 42 | €10,708 | €35,135 | +€24,428 | +228% |
| Financial debts | 43 | €16,425 | €214,200 | +€197,775 | +1,204% |
| Other loans | 439 | €16,425 | €214,200 | +€197,775 | +1,204% |
| Trade debts | 44 | €2,620 | €4,546 | +€1,926 | +73.5% |
| Suppliers | 440/4 | €2,620 | €4,546 | +€1,926 | +73.5% |
| Taxes, remuneration and social security | 45 | €21,425 | €3,974 | -€17,451 | -81.5% |
| Taxes | 450/3 | €18,705 | €1,293 | -€17,412 | -93.1% |
| Remuneration and social security | 454/9 | €2,720 | €2,681 | -€39 | -1.4% |
| Other amounts payable | 47/48 | €163,868 | €20,561 | -€143,307 | -87.5% |
| Accrued charges and deferred income | 492/3 | - | €5,588 | +€5,588 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,890 | €10,336 | -€553 | -5.1% |
| Other operating charges | 640/8 | €2,161 | €2,260 | +€100 | +4.6% |
| Gross operating margin | 9900 | €77,724 | -€60,426 | -€138,151 | |
| Operating profit (loss) | 9901 | €64,674 | -€73,023 | -€137,697 | |
| Financial income | 75/76B | - | €1,908 | +€1,908 | |
| Recurring financial income | 75 | - | €1,908 | +€1,908 | |
| Financial charges | 65/66B | €947 | €5,770 | +€4,823 | +509% |
| Recurring financial charges | 65 | €947 | €5,770 | +€4,823 | +509% |
| Profit (loss) for the period before taxes | 9903 | €63,727 | -€76,884 | -€140,612 | |
| Income taxes | 67/77 | €13,059 | €170 | -€12,888 | -98.7% |
| Profit (loss) for the period | 9904 | €50,669 | -€77,055 | -€127,724 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,669 | -€77,055 | -€127,724 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.