Nicolas Henroz: 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 Henroz
Largest movements
- Cash -€16,869
down €16,869 (-81.0%), from €20,818 to €3,949
mainly Other debts (-€31,614) and Trade debts (-€14,729)
- Deferred charges and accrued income -€8,203
down €8,203 (-96.1%), from €8,536 to €333
- Tangible fixed assets -€7,213
down €7,213 (-29.3%), from €24,619 to €17,406
of which Furniture and vehicles: -€6,433
- Receivables within one year -€3,996
down €3,996 (-12.2%), from €32,765 to €28,769
of which Trade receivables: -€11,329
- Other debts -€31,614
down €31,614 (-75.5%), from €41,849 to €10,235
- Trade debts -€14,729
down €14,729 (-83.2%), from €17,699 to €2,969
- Reserves +€8,262
up €8,262 (+152%), from €5,434 to €13,696
- Debts after one year -€6,035
down €6,035 (-45.3%), from €13,324 to €7,289
- Tax, wage and social debts +€5,015
up €5,015 (+125%), from €4,011 to €9,026
of which Taxes: +€3,815
- Gross operating margin +€7,163
up €7,163 (+42.9%), from €16,681 to €23,844
- Taxes +€2,472
up €2,472 (+107%), from €2,311 to €4,783
- Depreciation +€1,267
up €1,267 (+21.3%), from €5,946 to €7,213
- Other operating charges +€393
up €393 (+113%), from €346 to €739
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 | €93,974 | €57,693 | -€36,281 | -38.6% |
| Fixed assets | 21/28 | €24,619 | €17,406 | -€7,213 | -29.3% |
| Tangible fixed assets | 22/27 | €24,619 | €17,406 | -€7,213 | -29.3% |
| Land and buildings | 22 | €7,741 | €6,960 | -€780 | -10.1% |
| Furniture and vehicles | 24 | €16,879 | €10,446 | -€6,433 | -38.1% |
| Current assets | 29/58 | €69,354 | €40,287 | -€29,068 | -41.9% |
| Stocks and contracts in progress | 3 | €7,235 | €7,235 | = | 0.0% |
| Stocks | 30/36 | €7,235 | €7,235 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €32,765 | €28,769 | -€3,996 | -12.2% |
| Trade receivables | 40 | €32,765 | €21,436 | -€11,329 | -34.6% |
| Other amounts receivable | 41 | - | €7,333 | +€7,333 | |
| Cash at bank and in hand | 54/58 | €20,818 | €3,949 | -€16,869 | -81.0% |
| Deferred charges and accrued income | 490/1 | €8,536 | €333 | -€8,203 | -96.1% |
| Total equity and liabilities | 10/49 | €93,974 | €57,693 | -€36,281 | -38.6% |
| Equity | 10/15 | €10,320 | €18,581 | +€8,262 | +80.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €5,434 | €13,696 | +€8,262 | +152% |
| Distributable reserves | 133 | €5,434 | €13,696 | +€8,262 | +152% |
| Profit (loss) carried forward | 14 | €1,886 | €1,886 | = | 0.0% |
| Amounts payable | 17/49 | €83,654 | €39,111 | -€44,542 | -53.2% |
| Amounts payable after more than one year | 17 | €13,324 | €7,289 | -€6,035 | -45.3% |
| Financial debts | 170/4 | €13,324 | €7,289 | -€6,035 | -45.3% |
| Amounts payable within one year | 42/48 | €70,330 | €27,339 | -€42,991 | -61.1% |
| Current portion of amounts payable after more than one year | 42 | €6,772 | €5,109 | -€1,663 | -24.6% |
| Trade debts | 44 | €17,699 | €2,969 | -€14,729 | -83.2% |
| Suppliers | 440/4 | €17,699 | €2,969 | -€14,729 | -83.2% |
| Taxes, remuneration and social security | 45 | €4,011 | €9,026 | +€5,015 | +125% |
| Taxes | 450/3 | €2,411 | €6,226 | +€3,815 | +158% |
| Remuneration and social security | 454/9 | €1,600 | €2,800 | +€1,200 | +75.0% |
| Other amounts payable | 47/48 | €41,849 | €10,235 | -€31,614 | -75.5% |
| Accrued charges and deferred income | 492/3 | - | €4,484 | +€4,484 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,946 | €7,213 | +€1,267 | +21.3% |
| Other operating charges | 640/8 | €346 | €739 | +€393 | +113% |
| Gross operating margin | 9900 | €16,681 | €23,844 | +€7,163 | +42.9% |
| Operating profit (loss) | 9901 | €10,389 | €15,892 | +€5,503 | +53.0% |
| Financial income | 75/76B | €0 | €4 | +€3 | +2,471% |
| Recurring financial income | 75 | €0 | €4 | +€3 | +2,471% |
| Financial charges | 65/66B | €2,644 | €2,851 | +€207 | +7.8% |
| Recurring financial charges | 65 | €2,644 | €2,851 | +€207 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €7,745 | €13,045 | +€5,300 | +68.4% |
| Income taxes | 67/77 | €2,311 | €4,783 | +€2,472 | +107% |
| Profit (loss) for the period | 9904 | €5,434 | €8,262 | +€2,828 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,434 | €8,262 | +€2,828 | +52.0% |
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 28 October 2026 via checked.be.