NICOLAS G.: 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 G.
Largest movements
- Receivables within one year -€81,913
down €81,913 (-31.8%), from €257,841 to €175,928
of which Trade receivables: -€77,965
- Cash +€16,758
up €16,758 (+19.8%), from €84,502 to €101,260
mainly Receivables within one year (+€81,913) and Depreciation (+€26,253)
- Tangible fixed assets -€11,593
down €11,593 (-9.2%), from €126,009 to €114,416
of which Furniture and vehicles: -€16,538
- Debts after one year -€77,075
down €77,075 (-24.2%), from €319,113 to €242,038
- Reserves +€9,000
up €9,000 (+18.0%), from €50,000 to €59,000
- Trade debts -€5,947
down €5,947 (-26.3%), from €22,614 to €16,667
- Other operating charges -€48,727
down €48,727 (-89.7%), from €54,338 to €5,611
- Gross operating margin -€37,584
down €37,584 (-15.8%), from €238,327 to €200,743
- Purchases and services -€37,458
down €37,458 (-7.2%), from €520,691 to €483,233
- Staff costs +€5,669
up €5,669 (+3.7%), from €151,431 to €157,101
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 | €538,368 | €466,598 | -€71,771 | -13.3% |
| Fixed assets | 21/28 | €139,919 | €128,327 | -€11,593 | -8.3% |
| Tangible fixed assets | 22/27 | €126,009 | €114,416 | -€11,593 | -9.2% |
| Land and buildings | 22 | €30,476 | €45,136 | +€14,660 | +48.1% |
| Plant, machinery and equipment | 23 | €28,923 | €19,208 | -€9,715 | -33.6% |
| Furniture and vehicles | 24 | €66,611 | €50,073 | -€16,538 | -24.8% |
| Financial fixed assets | 28 | €13,910 | €13,910 | = | 0.0% |
| Current assets | 29/58 | €398,449 | €338,271 | -€60,178 | -15.1% |
| Stocks and contracts in progress | 3 | €55,858 | €60,831 | +€4,973 | +8.9% |
| Stocks | 30/36 | €50,858 | €40,831 | -€10,027 | -19.7% |
| Contracts in progress | 37 | €5,000 | €20,000 | +€15,000 | +300% |
| Amounts receivable within one year | 40/41 | €257,841 | €175,928 | -€81,913 | -31.8% |
| Trade receivables | 40 | €240,512 | €162,547 | -€77,965 | -32.4% |
| Other amounts receivable | 41 | €17,329 | €13,381 | -€3,948 | -22.8% |
| Cash at bank and in hand | 54/58 | €84,502 | €101,260 | +€16,758 | +19.8% |
| Deferred charges and accrued income | 490/1 | €249 | €253 | +€4 | +1.7% |
| Total equity and liabilities | 10/49 | €538,368 | €466,598 | -€71,771 | -13.3% |
| Equity | 10/15 | €86,656 | €95,987 | +€9,331 | +10.8% |
| Contributions | 10/11 | €36,564 | €36,564 | = | 0.0% |
| Reserves | 13 | €50,000 | €59,000 | +€9,000 | +18.0% |
| Distributable reserves | 133 | €50,000 | €59,000 | +€9,000 | +18.0% |
| Profit (loss) carried forward | 14 | €92 | €423 | +€331 | +362% |
| Provisions and deferred taxes | 16 | €63,460 | €63,460 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €63,460 | €63,460 | = | 0.0% |
| Pensions and similar obligations | 160 | €63,460 | €63,460 | = | 0.0% |
| Amounts payable | 17/49 | €388,252 | €307,150 | -€81,102 | -20.9% |
| Amounts payable after more than one year | 17 | €319,113 | €242,038 | -€77,075 | -24.2% |
| Financial debts | 170/4 | €319,113 | €242,038 | -€77,075 | -24.2% |
| Amounts payable within one year | 42/48 | €69,140 | €65,113 | -€4,027 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €30,302 | €30,026 | -€276 | -0.9% |
| Trade debts | 44 | €22,614 | €16,667 | -€5,947 | -26.3% |
| Suppliers | 440/4 | €22,614 | €16,667 | -€5,947 | -26.3% |
| Advances received on contracts in progress | 46 | €6,407 | €6,407 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €9,816 | €10,737 | +€921 | +9.4% |
| Taxes | 450/3 | €9,173 | €9,837 | +€664 | +7.2% |
| Remuneration and social security | 454/9 | €643 | €900 | +€257 | +40.0% |
| Other amounts payable | 47/48 | - | €1,276 | +€1,276 | |
| Goods, raw materials, services and sundry goods | 60/61 | €520,691 | €483,233 | -€37,458 | -7.2% |
| Remuneration, social security and pensions | 62 | €151,431 | €157,101 | +€5,669 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,394 | €26,253 | -€141 | -0.5% |
| Other operating charges | 640/8 | €54,338 | €5,611 | -€48,727 | -89.7% |
| Gross operating margin | 9900 | €238,327 | €200,743 | -€37,584 | -15.8% |
| Operating profit (loss) | 9901 | €6,164 | €11,778 | +€5,615 | +91.1% |
| Financial income | 75/76B | €66 | €242 | +€177 | +269% |
| Recurring financial income | 75 | €66 | €242 | +€177 | +269% |
| Financial charges | 65/66B | €3,243 | €2,557 | -€686 | -21.2% |
| Recurring financial charges | 65 | €3,243 | €2,557 | -€686 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €2,986 | €9,463 | +€6,477 | +217% |
| Income taxes | 67/77 | €148 | €132 | -€16 | -10.6% |
| Profit (loss) for the period | 9904 | €2,838 | €9,331 | +€6,493 | +229% |
| Profit (loss) for the period to be appropriated | 9905 | €2,838 | €9,331 | +€6,493 | +229% |
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 13 October 2026 via checked.be.