Nicolas Fruy: 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 Fruy
Largest movements
- Receivables within one year +€69,637
up €69,637 (+105%), from €66,237 to €135,874
of which Trade receivables: +€53,290
- Cash -€50,531
down €50,531 (-95.3%), from €53,043 to €2,512
mainly Receivables within one year (-€69,637) and Deferred charges and accrued income (-€12,219)
- Deferred charges and accrued income +€12,219
up €12,219 (+141%), from €8,650 to €20,869
- Tangible fixed assets +€2,409
up €2,409 (+13.4%), from €17,943 to €20,352
of which Furniture and vehicles: +€3,426
- Trade debts +€29,211
up €29,211 (+149%), from €19,630 to €48,841
- Tax, wage and social debts +€2,887
up €2,887 (+16.4%), from €17,624 to €20,511
- Gross operating margin -€52,054
down €52,054 (-78.5%), from €66,343 to €14,288
- Taxes -€11,880
down €11,880 (-89.1%), from €13,338 to €1,458
- Other operating charges +€6,700
up €6,700 (+1,456%), from €460 to €7,160
- Depreciation +€1,835
up €1,835 (+105%), from €1,749 to €3,583
- Financial income +€1,378
up €1,378 (+61.3%), from €2,247 to €3,625
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 | €149,072 | €182,806 | +€33,734 | +22.6% |
| Fixed assets | 21/28 | €21,143 | €23,552 | +€2,409 | +11.4% |
| Tangible fixed assets | 22/27 | €17,943 | €20,352 | +€2,409 | +13.4% |
| Furniture and vehicles | 24 | €499 | €3,924 | +€3,426 | +687% |
| Other tangible fixed assets | 26 | €17,444 | €16,428 | -€1,017 | -5.8% |
| Financial fixed assets | 28 | €3,200 | €3,200 | = | 0.0% |
| Current assets | 29/58 | €127,929 | €159,254 | +€31,325 | +24.5% |
| Amounts receivable within one year | 40/41 | €66,237 | €135,874 | +€69,637 | +105% |
| Trade receivables | 40 | €13,737 | €67,027 | +€53,290 | +388% |
| Other amounts receivable | 41 | €52,500 | €68,847 | +€16,347 | +31.1% |
| Cash at bank and in hand | 54/58 | €53,043 | €2,512 | -€50,531 | -95.3% |
| Deferred charges and accrued income | 490/1 | €8,650 | €20,869 | +€12,219 | +141% |
| Total equity and liabilities | 10/49 | €149,072 | €182,806 | +€33,734 | +22.6% |
| Equity | 10/15 | €110,818 | €112,454 | +€1,636 | +1.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,818 | €97,454 | +€1,636 | +1.7% |
| Amounts payable | 17/49 | €38,254 | €70,352 | +€32,098 | +83.9% |
| Amounts payable within one year | 42/48 | €37,254 | €69,352 | +€32,098 | +86.2% |
| Trade debts | 44 | €19,630 | €48,841 | +€29,211 | +149% |
| Suppliers | 440/4 | €19,630 | €48,841 | +€29,211 | +149% |
| Taxes, remuneration and social security | 45 | €17,624 | €20,511 | +€2,887 | +16.4% |
| Taxes | 450/3 | €17,624 | €20,511 | +€2,887 | +16.4% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,749 | €3,583 | +€1,835 | +105% |
| Other operating charges | 640/8 | €460 | €7,160 | +€6,700 | +1,456% |
| Gross operating margin | 9900 | €66,343 | €14,288 | -€52,054 | -78.5% |
| Operating profit (loss) | 9901 | €64,134 | €3,545 | -€60,589 | -94.5% |
| Financial income | 75/76B | €2,247 | €3,625 | +€1,378 | +61.3% |
| Recurring financial income | 75 | €2,247 | €3,625 | +€1,378 | +61.3% |
| Financial charges | 65/66B | €4,381 | €4,077 | -€304 | -6.9% |
| Recurring financial charges | 65 | €4,381 | €4,077 | -€304 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €62,000 | €3,093 | -€58,906 | -95.0% |
| Income taxes | 67/77 | €13,338 | €1,458 | -€11,880 | -89.1% |
| Profit (loss) for the period | 9904 | €48,662 | €1,636 | -€47,027 | -96.6% |
| Profit (loss) for the period to be appropriated | 9905 | €48,662 | €1,636 | -€47,027 | -96.6% |
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 17 October 2026 via checked.be.