NICOLAS ESTIENNE: 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 ESTIENNE
Largest movements
- Cash +€204,957
up €204,957 (+51.2%), from €400,088 to €605,044
mainly Net result for the year (+€202,946) and Other debts (+€187,889)
- Tangible fixed assets -€31,287
down €31,287 (-4.6%), from €679,961 to €648,674
of which Land and buildings: -€36,654
- Other debts +€187,889
up €187,889 (+45.6%), from €412,334 to €600,222
- Debts after one year -€45,808
down €45,808 (-10.0%), from €456,854 to €411,046
- Trade debts +€13,096
up €13,096 (+64.7%), from €20,255 to €33,352
- Gross operating margin +€126,081
up €126,081 (+43.8%), from €287,993 to €414,074
- Taxes +€29,608
up €29,608 (+66.8%), from €44,353 to €73,961
- Staff costs +€12,236
up €12,236 (+21.1%), from €57,982 to €70,218
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 | €1,116,428 | €1,276,454 | +€160,025 | +14.3% |
| Fixed assets | 21/28 | €684,113 | €651,228 | -€32,885 | -4.8% |
| Intangible fixed assets | 21 | €4,037 | €2,439 | -€1,598 | -39.6% |
| Tangible fixed assets | 22/27 | €679,961 | €648,674 | -€31,287 | -4.6% |
| Land and buildings | 22 | €662,927 | €626,273 | -€36,654 | -5.5% |
| Furniture and vehicles | 24 | €15,912 | €16,439 | +€528 | +3.3% |
| Other tangible fixed assets | 26 | €1,122 | €5,961 | +€4,839 | +431% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €432,315 | €625,226 | +€192,910 | +44.6% |
| Amounts receivable within one year | 40/41 | €30,822 | €18,744 | -€12,079 | -39.2% |
| Trade receivables | 40 | €25,799 | €13,939 | -€11,860 | -46.0% |
| Other amounts receivable | 41 | €5,024 | €4,805 | -€219 | -4.4% |
| Cash at bank and in hand | 54/58 | €400,088 | €605,044 | +€204,957 | +51.2% |
| Deferred charges and accrued income | 490/1 | €1,405 | €1,437 | +€32 | +2.3% |
| Total equity and liabilities | 10/49 | €1,116,428 | €1,276,454 | +€160,025 | +14.3% |
| Equity | 10/15 | €121,282 | €134,228 | +€12,946 | +10.7% |
| Reserves | 13 | €85,000 | €97,000 | +€12,000 | +14.1% |
| Distributable reserves | 133 | €85,000 | €97,000 | +€12,000 | +14.1% |
| Profit (loss) carried forward | 14 | €36,282 | €37,228 | +€946 | +2.6% |
| Amounts payable | 17/49 | €995,146 | €1,142,225 | +€147,079 | +14.8% |
| Amounts payable after more than one year | 17 | €456,854 | €411,046 | -€45,808 | -10.0% |
| Financial debts | 170/4 | €456,854 | €411,046 | -€45,808 | -10.0% |
| Amounts payable within one year | 42/48 | €538,293 | €731,057 | +€192,764 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €52,663 | €45,808 | -€6,855 | -13.0% |
| Trade debts | 44 | €20,255 | €33,352 | +€13,096 | +64.7% |
| Suppliers | 440/4 | €20,255 | €33,352 | +€13,096 | +64.7% |
| Taxes, remuneration and social security | 45 | €53,041 | €51,675 | -€1,366 | -2.6% |
| Taxes | 450/3 | €48,247 | €38,364 | -€9,883 | -20.5% |
| Remuneration and social security | 454/9 | €4,794 | €13,311 | +€8,517 | +178% |
| Other amounts payable | 47/48 | €412,334 | €600,222 | +€187,889 | +45.6% |
| Accrued charges and deferred income | 492/3 | - | €123 | +€123 | |
| Remuneration, social security and pensions | 62 | €57,982 | €70,218 | +€12,236 | +21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,342 | €51,668 | +€1,325 | +2.6% |
| Other operating charges | 640/8 | €3,635 | €4,112 | +€477 | +13.1% |
| Non-recurring operating charges | 66A | - | €3,794 | +€3,794 | |
| Gross operating margin | 9900 | €287,993 | €414,074 | +€126,081 | +43.8% |
| Operating profit (loss) | 9901 | €176,033 | €284,282 | +€108,249 | +61.5% |
| Financial income | 75/76B | €219 | €152 | -€67 | -30.5% |
| Recurring financial income | 75 | €219 | €152 | -€67 | -30.5% |
| Financial charges | 65/66B | €8,384 | €7,527 | -€857 | -10.2% |
| Recurring financial charges | 65 | €8,384 | €7,527 | -€857 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €167,868 | €276,907 | +€109,039 | +65.0% |
| Income taxes | 67/77 | €44,353 | €73,961 | +€29,608 | +66.8% |
| Profit (loss) for the period | 9904 | €123,515 | €202,946 | +€79,431 | +64.3% |
| Profit (loss) for the period to be appropriated | 9905 | €123,515 | €202,946 | +€79,431 | +64.3% |
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 19 October 2026 via checked.be.