NICOLAS DUMONCEAU: 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 DUMONCEAU
Largest movements
- Receivables after one year -€67,172
down €67,172 (-28.7%), from €234,109 to €166,937
- Cash +€56,243
up €56,243 (+56.9%), from €98,798 to €155,041
mainly Net result for the year (+€103,597) and Receivables after one year (+€67,172)
- Receivables within one year -€6,322
down €6,322 (-5.9%), from €106,605 to €100,283
of which Other amounts receivable: -€56,115
- Reserves +€67,200
up €67,200 (+20.7%), from €324,400 to €391,600
- Debts after one year -€51,702
down €51,702 (-25.3%), from €204,325 to €152,623
- Current portion of long-term debt -€24,639
down €24,639 (-55.7%), from €44,265 to €19,626
- Other debts -€7,166
down €7,166 (-98.7%), from €7,262 to €97
- Financial income -€75,445
down €75,445 (-87.2%), from €86,522 to €11,077
of which Financial income: -€43,836
- Gross operating margin +€23,564
up €23,564 (+16.5%), from €143,197 to €166,761
- Taxes -€18,280
down €18,280 (-29.4%), from €62,242 to €43,962
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 | €616,648 | €599,222 | -€17,426 | -2.8% |
| Fixed assets | 21/28 | €177,137 | €176,962 | -€175 | -0.1% |
| Tangible fixed assets | 22/27 | €177,109 | €176,934 | -€175 | -0.1% |
| Land and buildings | 22 | €168,707 | €155,050 | -€13,657 | -8.1% |
| Plant, machinery and equipment | 23 | €2,181 | €17,359 | +€15,178 | +696% |
| Furniture and vehicles | 24 | €6,221 | €4,525 | -€1,696 | -27.3% |
| Financial fixed assets | 28 | €27 | €27 | = | 0.0% |
| Current assets | 29/58 | €439,512 | €422,261 | -€17,251 | -3.9% |
| Amounts receivable after more than one year | 29 | €234,109 | €166,937 | -€67,172 | -28.7% |
| Other amounts receivable | 291 | €234,109 | €166,937 | -€67,172 | -28.7% |
| Amounts receivable within one year | 40/41 | €106,605 | €100,283 | -€6,322 | -5.9% |
| Trade receivables | 40 | €207 | €50,000 | +€49,793 | +24,066% |
| Other amounts receivable | 41 | €106,398 | €50,283 | -€56,115 | -52.7% |
| Cash at bank and in hand | 54/58 | €98,798 | €155,041 | +€56,243 | +56.9% |
| Total equity and liabilities | 10/49 | €616,648 | €599,222 | -€17,426 | -2.8% |
| Equity | 10/15 | €324,400 | €391,600 | +€67,200 | +20.7% |
| Reserves | 13 | €324,400 | €391,600 | +€67,200 | +20.7% |
| Distributable reserves | 133 | €324,400 | €391,600 | +€67,200 | +20.7% |
| Provisions and deferred taxes | 16 | €24,325 | €24,325 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €24,325 | €24,325 | = | 0.0% |
| Pensions and similar obligations | 160 | €24,325 | €24,325 | = | 0.0% |
| Amounts payable | 17/49 | €267,923 | €183,297 | -€84,626 | -31.6% |
| Amounts payable after more than one year | 17 | €204,325 | €152,623 | -€51,702 | -25.3% |
| Financial debts | 170/4 | €204,325 | €152,623 | -€51,702 | -25.3% |
| Amounts payable within one year | 42/48 | €63,598 | €30,674 | -€32,924 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €44,265 | €19,626 | -€24,639 | -55.7% |
| Trade debts | 44 | €71 | €123 | +€52 | +73.3% |
| Suppliers | 440/4 | €71 | €123 | +€52 | +73.3% |
| Taxes, remuneration and social security | 45 | €12,000 | €10,829 | -€1,171 | -9.8% |
| Taxes | 450/3 | €12,000 | €10,829 | -€1,171 | -9.8% |
| Other amounts payable | 47/48 | €7,262 | €97 | -€7,166 | -98.7% |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,234 | €19,782 | +€549 | +2.9% |
| Other operating charges | 640/8 | €2,070 | €1,115 | -€955 | -46.1% |
| Gross operating margin | 9900 | €143,197 | €166,761 | +€23,564 | +16.5% |
| Operating profit (loss) | 9901 | €121,893 | €145,864 | +€23,971 | +19.7% |
| Financial income | 75/76B | €86,522 | €11,077 | -€75,445 | -87.2% |
| Recurring financial income | 75 | €54,913 | €11,077 | -€43,836 | -79.8% |
| Non-recurring financial income | 76B | €31,609 | - | -€31,609 | |
| Financial charges | 65/66B | €8,911 | €9,382 | +€471 | +5.3% |
| Recurring financial charges | 65 | €8,911 | €9,382 | +€471 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €199,504 | €147,559 | -€51,946 | -26.0% |
| Income taxes | 67/77 | €62,242 | €43,962 | -€18,280 | -29.4% |
| Profit (loss) for the period | 9904 | €137,262 | €103,597 | -€33,666 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €137,262 | €103,597 | -€33,666 | -24.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.