Nicolas Lievens: what changed
Nicolas Lievens
Largest movements
- Receivables within one year +€73,784
up €73,784 (+172%), from €42,952 to €116,736
of which Trade receivables: +€72,787
- Cash +€53,829
up €53,829 (+48.9%), from €110,145 to €163,975
mainly Net result for the year (+€108,977) and Depreciation (+€53,305)
- Tangible fixed assets -€50,458
down €50,458 (-23.4%), from €215,353 to €164,895
- Profit (loss) carried forward +€108,977
up €108,977 (+140%), from €77,807 to €186,784
- Debts after one year -€43,838
down €43,838 (-31.8%), from €137,900 to €94,062
- Tax, wage and social debts +€16,459
up €16,459 (+56.4%), from €29,165 to €45,624
of which Taxes: +€11,959
- Trade debts -€6,206
down €6,206 (-50.6%), from €12,274 to €6,068
- Gross operating margin +€65,461
up €65,461 (+48.6%), from €134,672 to €200,134
- Depreciation +€16,854
up €16,854 (+46.2%), from €36,451 to €53,305
- Taxes +€12,474
up €12,474 (+71.2%), from €17,509 to €29,983
- Financial charges +€5,428
up €5,428 (+257%), from €2,113 to €7,541
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €378,100 | €455,250 | +€77,151 | +20.4% |
| Fixed assets | 21/28 | €224,353 | €173,895 | -€50,458 | -22.5% |
| Tangible fixed assets | 22/27 | €215,353 | €164,895 | -€50,458 | -23.4% |
| Plant, machinery and equipment | 23 | €9,920 | €4,394 | -€5,527 | -55.7% |
| Furniture and vehicles | 24 | €105,572 | €80,800 | -€24,771 | -23.5% |
| Leasing and similar rights | 25 | €99,861 | €79,701 | -€20,160 | -20.2% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €153,747 | €281,355 | +€127,609 | +83.0% |
| Amounts receivable within one year | 40/41 | €42,952 | €116,736 | +€73,784 | +172% |
| Trade receivables | 40 | €42,854 | €115,641 | +€72,787 | +170% |
| Other amounts receivable | 41 | €99 | €1,095 | +€997 | +1,011% |
| Cash at bank and in hand | 54/58 | €110,145 | €163,975 | +€53,829 | +48.9% |
| Deferred charges and accrued income | 490/1 | €649 | €644 | -€5 | -0.7% |
| Total equity and liabilities | 10/49 | €378,100 | €455,250 | +€77,151 | +20.4% |
| Equity | 10/15 | €87,807 | €196,784 | +€108,977 | +124% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,807 | €186,784 | +€108,977 | +140% |
| Amounts payable | 17/49 | €290,292 | €258,466 | -€31,826 | -11.0% |
| Amounts payable after more than one year | 17 | €137,900 | €94,062 | -€43,838 | -31.8% |
| Financial debts | 170/4 | €137,900 | €94,062 | -€43,838 | -31.8% |
| Amounts payable within one year | 42/48 | €152,392 | €164,404 | +€12,012 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €42,583 | €43,838 | +€1,255 | +2.9% |
| Trade debts | 44 | €12,274 | €6,068 | -€6,206 | -50.6% |
| Suppliers | 440/4 | €12,274 | €6,068 | -€6,206 | -50.6% |
| Taxes, remuneration and social security | 45 | €29,165 | €45,624 | +€16,459 | +56.4% |
| Taxes | 450/3 | €26,165 | €38,124 | +€11,959 | +45.7% |
| Remuneration and social security | 454/9 | €3,000 | €7,500 | +€4,500 | +150% |
| Other amounts payable | 47/48 | €68,371 | €68,875 | +€504 | +0.7% |
| Non-recurring operating income | 76A | €6,242 | €0 | -€6,242 | -100% |
| Remuneration, social security and pensions | 62 | €792 | €0 | -€792 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,451 | €53,305 | +€16,854 | +46.2% |
| Other operating charges | 640/8 | - | €336 | +€336 | |
| Gross operating margin | 9900 | €134,672 | €200,134 | +€65,461 | +48.6% |
| Operating profit (loss) | 9901 | €97,430 | €146,493 | +€49,063 | +50.4% |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €2,113 | €7,541 | +€5,428 | +257% |
| Recurring financial charges | 65 | €2,113 | €7,541 | +€5,428 | +257% |
| Profit (loss) for the period before taxes | 9903 | €95,317 | €138,960 | +€43,643 | +45.8% |
| Income taxes | 67/77 | €17,509 | €29,983 | +€12,474 | +71.2% |
| Profit (loss) for the period | 9904 | €77,807 | €108,977 | +€31,169 | +40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €77,807 | €108,977 | +€31,169 | +40.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.