Nicolas Godefroid: 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 Godefroid
Largest movements
- Cash +€270,775
up €270,775 (+276%), from €98,098 to €368,873
mainly Net result for the year (+€215,850) and Current investments (+€172,497)
- Current investments -€172,497
down €172,497 (-98.6%), from €175,000 to €2,503
- Receivables within one year +€53,868
up €53,868 (+5,287%), from €1,019 to €54,887
of which Other amounts receivable: +€54,416
- Tangible fixed assets -€13,598
down €13,598 (-31.6%), from €43,003 to €29,405
of which Furniture and vehicles: -€12,944
- Profit (loss) carried forward +€115,850
up €115,850 (+51.1%), from €226,531 to €342,381
- Tax, wage and social debts +€23,123
new in 2025: €23,123
- Other debts +€7,522
up €7,522 (+9.7%), from €77,478 to €85,000
- Current portion of long-term debt -€5,555
down €5,555 (-66.7%), from €8,333 to €2,778
- Gross operating margin +€26,293
up €26,293 (+41.0%), from €64,161 to €90,453
- Financial income -€18,183
down €18,183 (-10.4%), from €175,307 to €157,124
- Taxes +€6,779
up €6,779 (+63.8%), from €10,627 to €17,406
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 | €320,120 | €458,667 | +€138,547 | +43.3% |
| Fixed assets | 21/28 | €46,003 | €32,405 | -€13,598 | -29.6% |
| Tangible fixed assets | 22/27 | €43,003 | €29,405 | -€13,598 | -31.6% |
| Plant, machinery and equipment | 23 | €2,613 | €1,960 | -€654 | -25.0% |
| Furniture and vehicles | 24 | €40,390 | €27,446 | -€12,944 | -32.0% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €274,117 | €426,262 | +€152,145 | +55.5% |
| Amounts receivable within one year | 40/41 | €1,019 | €54,887 | +€53,868 | +5,287% |
| Trade receivables | 40 | €548 | - | -€548 | |
| Other amounts receivable | 41 | €471 | €54,887 | +€54,416 | +11,555% |
| Current investments | 50/53 | €175,000 | €2,503 | -€172,497 | -98.6% |
| Cash at bank and in hand | 54/58 | €98,098 | €368,873 | +€270,775 | +276% |
| Total equity and liabilities | 10/49 | €320,120 | €458,667 | +€138,547 | +43.3% |
| Equity | 10/15 | €231,531 | €347,381 | +€115,850 | +50.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €226,531 | €342,381 | +€115,850 | +51.1% |
| Amounts payable | 17/49 | €88,589 | €111,286 | +€22,698 | +25.6% |
| Amounts payable after more than one year | 17 | €2,778 | - | -€2,778 | |
| Financial debts | 170/4 | €2,778 | - | -€2,778 | |
| Amounts payable within one year | 42/48 | €85,811 | €111,286 | +€25,475 | +29.7% |
| Current portion of amounts payable after more than one year | 42 | €8,333 | €2,778 | -€5,555 | -66.7% |
| Trade debts | 44 | - | €385 | +€385 | |
| Suppliers | 440/4 | - | €385 | +€385 | |
| Taxes, remuneration and social security | 45 | - | €23,123 | +€23,123 | |
| Taxes | 450/3 | - | €23,123 | +€23,123 | |
| Other amounts payable | 47/48 | €77,478 | €85,000 | +€7,522 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,709 | €13,598 | +€889 | +7.0% |
| Other operating charges | 640/8 | €191 | €100 | -€91 | -47.5% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €64,161 | €90,453 | +€26,293 | +41.0% |
| Operating profit (loss) | 9901 | €51,261 | €76,692 | +€25,430 | +49.6% |
| Financial income | 75/76B | €175,307 | €157,124 | -€18,183 | -10.4% |
| Recurring financial income | 75 | €175,307 | €157,124 | -€18,183 | -10.4% |
| Financial charges | 65/66B | €26 | €560 | +€534 | +2,064% |
| Recurring financial charges | 65 | €26 | €560 | +€534 | +2,064% |
| Profit (loss) for the period before taxes | 9903 | €226,542 | €233,256 | +€6,714 | +3.0% |
| Income taxes | 67/77 | €10,627 | €17,406 | +€6,779 | +63.8% |
| Profit (loss) for the period | 9904 | €215,915 | €215,850 | -€66 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €215,915 | €215,850 | -€66 | 0.0% |
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.