Nicolas Leroy: 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 Leroy
Largest movements
- Current investments -€59,796
down €59,796 (-72.1%), from €82,958 to €23,162
- Tangible fixed assets -€19,738
down €19,738 (-23.1%), from €85,377 to €65,639
of which Furniture and vehicles: -€17,904
- Deferred charges and accrued income +€8,212
up €8,212 (+744%), from €1,104 to €9,316
- Receivables within one year -€6,292
down €6,292 (-23.2%), from €27,064 to €20,772
of which Trade receivables: -€4,961
- Cash +€5,841
up €5,841 (+14.5%), from €40,232 to €46,073
mainly Current investments (+€59,796) and Depreciation (+€21,690)
- Profit (loss) carried forward -€45,702
down €45,702, from €11,785 to -€33,916
- Other debts -€15,027
down €15,027 (-99.3%), from €15,132 to €105
- Debts after one year -€7,843
down €7,843 (-27.8%), from €28,253 to €20,410
- Gross operating margin -€89,153
down €89,153, from €64,286 to -€24,867
- Taxes -€13,564
down €13,564 (-98.3%), from €13,796 to €232
- Depreciation +€6,990
up €6,990 (+47.6%), from €14,700 to €21,690
- Financial income -€1,007
down €1,007 (-49.7%), from €2,025 to €1,018
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €236,735 | €164,962 | -€71,772 | -30.3% |
| Fixed assets | 21/28 | €85,377 | €65,639 | -€19,738 | -23.1% |
| Tangible fixed assets | 22/27 | €85,377 | €65,639 | -€19,738 | -23.1% |
| Furniture and vehicles | 24 | €78,688 | €60,784 | -€17,904 | -22.8% |
| Other tangible fixed assets | 26 | €6,689 | €4,856 | -€1,834 | -27.4% |
| Current assets | 29/58 | €151,357 | €99,323 | -€52,034 | -34.4% |
| Amounts receivable within one year | 40/41 | €27,064 | €20,772 | -€6,292 | -23.2% |
| Trade receivables | 40 | €25,410 | €20,449 | -€4,961 | -19.5% |
| Other amounts receivable | 41 | €1,654 | €323 | -€1,331 | -80.5% |
| Current investments | 50/53 | €82,958 | €23,162 | -€59,796 | -72.1% |
| Cash at bank and in hand | 54/58 | €40,232 | €46,073 | +€5,841 | +14.5% |
| Deferred charges and accrued income | 490/1 | €1,104 | €9,316 | +€8,212 | +744% |
| Total equity and liabilities | 10/49 | €236,735 | €164,962 | -€71,772 | -30.3% |
| Equity | 10/15 | €174,503 | €126,942 | -€47,562 | -27.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €156,518 | €154,658 | -€1,860 | -1.2% |
| Distributable reserves | 133 | €156,518 | €154,658 | -€1,860 | -1.2% |
| Profit (loss) carried forward | 14 | €11,785 | -€33,916 | -€45,702 | |
| Amounts payable | 17/49 | €62,231 | €38,021 | -€24,211 | -38.9% |
| Amounts payable after more than one year | 17 | €28,253 | €20,410 | -€7,843 | -27.8% |
| Financial debts | 170/4 | €28,253 | €20,410 | -€7,843 | -27.8% |
| Amounts payable within one year | 42/48 | €32,843 | €17,543 | -€15,300 | -46.6% |
| Current portion of amounts payable after more than one year | 42 | €7,512 | €7,843 | +€331 | +4.4% |
| Trade debts | 44 | €2,167 | €1,579 | -€588 | -27.1% |
| Suppliers | 440/4 | €2,167 | €1,579 | -€588 | -27.1% |
| Taxes, remuneration and social security | 45 | €8,032 | €8,017 | -€15 | -0.2% |
| Taxes | 450/3 | €5,832 | €8,017 | +€2,185 | +37.5% |
| Remuneration and social security | 454/9 | €2,200 | €0 | -€2,200 | -100% |
| Other amounts payable | 47/48 | €15,132 | €105 | -€15,027 | -99.3% |
| Accrued charges and deferred income | 492/3 | €1,135 | €67 | -€1,068 | -94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,700 | €21,690 | +€6,990 | +47.6% |
| Other operating charges | 640/8 | €734 | €611 | -€122 | -16.6% |
| Non-recurring operating charges | 66A | €1,146 | €0 | -€1,146 | -100% |
| Gross operating margin | 9900 | €64,286 | -€24,867 | -€89,153 | |
| Operating profit (loss) | 9901 | €47,706 | -€47,168 | -€94,874 | |
| Financial income | 75/76B | €2,025 | €1,018 | -€1,007 | -49.7% |
| Recurring financial income | 75 | €2,025 | €1,018 | -€1,007 | -49.7% |
| Financial charges | 65/66B | €1,666 | €1,179 | -€486 | -29.2% |
| Recurring financial charges | 65 | €1,666 | €1,179 | -€486 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €48,065 | -€47,330 | -€95,395 | |
| Income taxes | 67/77 | €13,796 | €232 | -€13,564 | -98.3% |
| Profit (loss) for the period | 9904 | €34,269 | -€47,562 | -€81,831 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,269 | -€47,562 | -€81,831 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.