Nicolas Giannone: what changed
Two fiscal 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 Giannone
Largest movements
- Cash -€12,092
down €12,092 (-49.6%), from €24,367 to €12,276
mainly Net result for the year (-€6,691) and Investment in fixed assets (net) (-€6,351)
- Tangible fixed assets +€3,405
up €3,405 (+46.5%), from €7,321 to €10,727
of which Furniture and vehicles: +€3,206
- Receivables within one year +€2,571
up €2,571 (+26.3%), from €9,790 to €12,361
of which Trade receivables: +€2,571
- Deferred charges and accrued income -€1,403
down €1,403 (-94.2%), from €1,489 to €87
- Profit (loss) carried forward -€6,691
down €6,691 (-36.7%), from €18,238 to €11,547
- Tax, wage and social debts -€2,448
down €2,448 (-16.2%), from €15,104 to €12,656
of which Taxes: -€2,447
- Other debts +€2,306
up €2,306 (+26881.8%), from €9 to €2,315
- Trade debts -€685
down €685 (-20.0%), from €3,417 to €2,732
- Gross operating margin -€5,267
down €5,267 (-69.5%), from €7,574 to €2,307
- Taxes -€1,755
no longer reported in 2025 (was €1,755)
- Depreciation +€1,701
up €1,701 (+136.6%), from €1,245 to €2,946
- Other operating charges -€520
down €520 (-47.6%), from €1,093 to €573
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.
Cash bridge derived
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 | €42,968 | €35,450 | -€7,518 | -17.5% |
| Fixed assets | 21/28 | €7,321 | €10,727 | +€3,405 | +46.5% |
| Tangible fixed assets | 22/27 | €7,321 | €10,727 | +€3,405 | +46.5% |
| Land and buildings | 22 | €1,781 | €1,551 | -€230 | -12.9% |
| Plant, machinery and equipment | 23 | €1,149 | €1,896 | +€747 | +65.0% |
| Furniture and vehicles | 24 | €1,427 | €4,633 | +€3,206 | +224.7% |
| Leasing and similar rights | 25 | €2,965 | €2,647 | -€318 | -10.7% |
| Current assets | 29/58 | €35,647 | €24,724 | -€10,923 | -30.6% |
| Amounts receivable within one year | 40/41 | €9,790 | €12,361 | +€2,571 | +26.3% |
| Trade receivables | 40 | €9,045 | €11,616 | +€2,571 | +28.4% |
| Other amounts receivable | 41 | €745 | €745 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €24,367 | €12,276 | -€12,092 | -49.6% |
| Deferred charges and accrued income | 490/1 | €1,489 | €87 | -€1,403 | -94.2% |
| Total equity and liabilities | 10/49 | €42,968 | €35,450 | -€7,518 | -17.5% |
| Equity | 10/15 | €24,438 | €17,747 | -€6,691 | -27.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,238 | €11,547 | -€6,691 | -36.7% |
| Amounts payable | 17/49 | €18,530 | €17,703 | -€826 | -4.5% |
| Amounts payable within one year | 42/48 | €18,530 | €17,703 | -€826 | -4.5% |
| Trade debts | 44 | €3,417 | €2,732 | -€685 | -20.0% |
| Suppliers | 440/4 | €3,417 | €2,732 | -€685 | -20.0% |
| Taxes, remuneration and social security | 45 | €15,104 | €12,656 | -€2,448 | -16.2% |
| Taxes | 450/3 | €10,672 | €8,226 | -€2,447 | -22.9% |
| Remuneration and social security | 454/9 | €4,432 | €4,431 | -€1 | 0.0% |
| Other amounts payable | 47/48 | €9 | €2,315 | +€2,306 | +26881.8% |
| Remuneration, social security and pensions | 62 | €5,460 | €5,428 | -€32 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,245 | €2,946 | +€1,701 | +136.6% |
| Other operating charges | 640/8 | €1,093 | €573 | -€520 | -47.6% |
| Gross operating margin | 9900 | €7,574 | €2,307 | -€5,267 | -69.5% |
| Operating profit (loss) | 9901 | -€225 | -€6,640 | -€6,416 | -2857.2% |
| Financial income | 75/76B | €33 | €42 | +€9 | +26.6% |
| Recurring financial income | 75 | €33 | €42 | +€9 | +26.6% |
| Financial charges | 65/66B | €81 | €93 | +€12 | +14.6% |
| Recurring financial charges | 65 | €81 | €93 | +€12 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | -€273 | -€6,691 | -€6,419 | -2353.5% |
| Income taxes | 67/77 | €1,755 | - | -€1,755 | |
| Profit (loss) for the period | 9904 | -€2,027 | -€6,691 | -€4,664 | -230.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,027 | -€6,691 | -€4,664 | -230.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.