Nicolas Engelmann: 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 Engelmann
Largest movements
- Receivables within one year +€94,095
up €94,095 (+400%), from €23,553 to €117,649
of which Other amounts receivable: +€92,459
- Cash -€46,681
down €46,681 (-27.6%), from €169,212 to €122,531
mainly Other debts (-€164,659) and Receivables within one year (-€94,095)
- Reserves +€217,558
up €217,558 (+2,879%), from €7,556 to €225,114
- Other debts -€164,659
down €164,659 (-99.8%), from €165,000 to €341
- Tax, wage and social debts -€8,203
down €8,203 (-42.7%), from €19,228 to €11,025
of which Taxes: -€4,885
- Gross operating margin +€82,522
up €82,522 (+38.8%), from €212,753 to €295,275
- Taxes +€24,216
up €24,216 (+49.4%), from €49,038 to €73,254
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 | €206,798 | €253,784 | +€46,985 | +22.7% |
| Fixed assets | 21/28 | €11,845 | €11,688 | -€157 | -1.3% |
| Tangible fixed assets | 22/27 | €11,845 | €11,688 | -€157 | -1.3% |
| Land and buildings | 22 | €10,560 | €9,380 | -€1,181 | -11.2% |
| Plant, machinery and equipment | 23 | €423 | €1,787 | +€1,364 | +323% |
| Furniture and vehicles | 24 | €862 | €521 | -€341 | -39.5% |
| Current assets | 29/58 | €194,954 | €242,096 | +€47,142 | +24.2% |
| Amounts receivable within one year | 40/41 | €23,553 | €117,649 | +€94,095 | +400% |
| Trade receivables | 40 | €21,998 | €23,634 | +€1,636 | +7.4% |
| Other amounts receivable | 41 | €1,555 | €94,014 | +€92,459 | +5,945% |
| Cash at bank and in hand | 54/58 | €169,212 | €122,531 | -€46,681 | -27.6% |
| Deferred charges and accrued income | 490/1 | €2,189 | €1,916 | -€272 | -12.4% |
| Total equity and liabilities | 10/49 | €206,798 | €253,784 | +€46,985 | +22.7% |
| Equity | 10/15 | €22,556 | €240,114 | +€217,558 | +965% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €7,556 | €225,114 | +€217,558 | +2,879% |
| Distributable reserves | 133 | €7,556 | €225,114 | +€217,558 | +2,879% |
| Amounts payable | 17/49 | €184,243 | €13,670 | -€170,573 | -92.6% |
| Amounts payable within one year | 42/48 | €184,243 | €13,670 | -€170,573 | -92.6% |
| Trade debts | 44 | €15 | €2,304 | +€2,289 | +15,585% |
| Suppliers | 440/4 | €15 | €2,304 | +€2,289 | +15,585% |
| Taxes, remuneration and social security | 45 | €19,228 | €11,025 | -€8,203 | -42.7% |
| Taxes | 450/3 | €15,910 | €11,025 | -€4,885 | -30.7% |
| Remuneration and social security | 454/9 | €3,318 | - | -€3,318 | |
| Other amounts payable | 47/48 | €165,000 | €341 | -€164,659 | -99.8% |
| Non-recurring operating income | 76A | €2,400 | - | -€2,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,387 | €1,757 | +€370 | +26.7% |
| Other operating charges | 640/8 | €229 | €226 | -€3 | -1.2% |
| Gross operating margin | 9900 | €212,753 | €295,275 | +€82,522 | +38.8% |
| Operating profit (loss) | 9901 | €211,138 | €293,292 | +€82,154 | +38.9% |
| Financial income | 75/76B | €0 | €445 | +€445 | +4,446,500% |
| Recurring financial income | 75 | €0 | €445 | +€445 | +4,446,500% |
| Financial charges | 65/66B | €3,667 | €2,925 | -€742 | -20.2% |
| Recurring financial charges | 65 | €3,667 | €2,925 | -€742 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €207,470 | €290,812 | +€83,341 | +40.2% |
| Income taxes | 67/77 | €49,038 | €73,254 | +€24,216 | +49.4% |
| Profit (loss) for the period | 9904 | €158,432 | €217,558 | +€59,125 | +37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €158,432 | €217,558 | +€59,125 | +37.3% |
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 16 October 2026 via checked.be.