Nicolas Georlette: 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 Georlette
Largest movements
- Cash +€112,829
up €112,829 (+30.3%), from €371,964 to €484,793
mainly Net result for the year (+€263,525) and Other debts (+€242,250)
- Receivables after one year +€92,050
up €92,050 (+20.4%), from €451,950 to €544,000
- Receivables within one year +€38,756
up €38,756 (+17.2%), from €225,365 to €264,120
of which Trade receivables: +€30,600
- Other debts +€242,250
up €242,250 (+380%), from €63,750 to €306,000
- Profit (loss) carried forward -€96,475
down €96,475 (-26.7%), from €361,524 to €265,049
- Tax, wage and social debts +€59,286
up €59,286 (+53.4%), from €110,945 to €170,231
- Short-term financial debts +€31,842
up €31,842 (+8.6%), from €372,042 to €403,883
of which Other loans: +€51,842
- Gross operating margin +€71,160
up €71,160 (+24.4%), from €291,578 to €362,738
- Taxes +€17,908
up €17,908 (+28.1%), from €63,788 to €81,697
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 | €1,091,573 | €1,325,171 | +€233,598 | +21.4% |
| Fixed assets | 21/28 | €36,192 | €25,076 | -€11,116 | -30.7% |
| Tangible fixed assets | 22/27 | €36,192 | €25,076 | -€11,116 | -30.7% |
| Plant, machinery and equipment | 23 | €1,044 | €887 | -€157 | -15.0% |
| Furniture and vehicles | 24 | €35,148 | €24,188 | -€10,960 | -31.2% |
| Current assets | 29/58 | €1,055,381 | €1,300,095 | +€244,714 | +23.2% |
| Amounts receivable after more than one year | 29 | €451,950 | €544,000 | +€92,050 | +20.4% |
| Other amounts receivable | 291 | €451,950 | €544,000 | +€92,050 | +20.4% |
| Amounts receivable within one year | 40/41 | €225,365 | €264,120 | +€38,756 | +17.2% |
| Trade receivables | 40 | €219,000 | €249,600 | +€30,600 | +14.0% |
| Other amounts receivable | 41 | €6,365 | €14,520 | +€8,156 | +128% |
| Cash at bank and in hand | 54/58 | €371,964 | €484,793 | +€112,829 | +30.3% |
| Deferred charges and accrued income | 490/1 | €6,102 | €7,182 | +€1,080 | +17.7% |
| Total equity and liabilities | 10/49 | €1,091,573 | €1,325,171 | +€233,598 | +21.4% |
| Equity | 10/15 | €521,666 | €425,191 | -€96,475 | -18.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €145,142 | €145,142 | = | 0.0% |
| Distributable reserves | 133 | €145,142 | €145,142 | = | 0.0% |
| Profit (loss) carried forward | 14 | €361,524 | €265,049 | -€96,475 | -26.7% |
| Amounts payable | 17/49 | €569,908 | €899,981 | +€330,073 | +57.9% |
| Amounts payable within one year | 42/48 | €552,043 | €880,779 | +€328,736 | +59.5% |
| Financial debts | 43 | €372,042 | €403,883 | +€31,842 | +8.6% |
| Credit institutions | 430/8 | €50,000 | €30,000 | -€20,000 | -40.0% |
| Other loans | 439 | €322,042 | €373,883 | +€51,842 | +16.1% |
| Trade debts | 44 | €5,307 | €665 | -€4,642 | -87.5% |
| Suppliers | 440/4 | €5,307 | €665 | -€4,642 | -87.5% |
| Taxes, remuneration and social security | 45 | €110,945 | €170,231 | +€59,286 | +53.4% |
| Taxes | 450/3 | €110,945 | €170,231 | +€59,286 | +53.4% |
| Other amounts payable | 47/48 | €63,750 | €306,000 | +€242,250 | +380% |
| Accrued charges and deferred income | 492/3 | €17,864 | €19,201 | +€1,337 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,011 | €11,116 | +€2,105 | +23.4% |
| Other operating charges | 640/8 | €159 | €101 | -€58 | -36.6% |
| Gross operating margin | 9900 | €291,578 | €362,738 | +€71,160 | +24.4% |
| Operating profit (loss) | 9901 | €282,407 | €351,520 | +€69,113 | +24.5% |
| Financial income | 75/76B | €9,874 | €12,189 | +€2,314 | +23.4% |
| Recurring financial income | 75 | €9,874 | €12,189 | +€2,314 | +23.4% |
| Financial charges | 65/66B | €18,769 | €18,487 | -€281 | -1.5% |
| Recurring financial charges | 65 | €18,769 | €18,487 | -€281 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €273,513 | €345,222 | +€71,709 | +26.2% |
| Income taxes | 67/77 | €63,788 | €81,697 | +€17,908 | +28.1% |
| Profit (loss) for the period | 9904 | €209,724 | €263,525 | +€53,801 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €209,724 | €263,525 | +€53,801 | +25.7% |
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 22 October 2026 via checked.be.