NICOLAS LODDEWYCKX: 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 LODDEWYCKX
Largest movements
- Deferred charges and accrued income -€27,862
down €27,862 (-83.9%), from €33,202 to €5,340
- Cash +€26,611
up €26,611 (+206%), from €12,905 to €39,516
mainly Net result for the year (+€90,818) and Other debts (+€41,516)
- Intangible fixed assets -€16,000
down €16,000 (-19.2%), from €83,279 to €67,279
- Tangible fixed assets -€10,801
down €10,801 (-5.0%), from €216,965 to €206,165
of which Land and buildings: -€10,141
- Profit (loss) carried forward -€49,182
down €49,182 (-60.5%), from €81,239 to €32,057
- Other debts +€41,516
up €41,516 (+42.0%), from €98,763 to €140,280
- Debts after one year -€13,177
down €13,177 (-9.3%), from €141,404 to €128,227
- Current portion of long-term debt -€10,715
down €10,715 (-44.8%), from €23,892 to €13,177
- Gross operating margin +€11,329
up €11,329 (+8.1%), from €139,537 to €150,866
- Taxes +€1,959
up €1,959 (+8.1%), from €24,168 to €26,127
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 | €347,611 | €318,299 | -€29,312 | -8.4% |
| Fixed assets | 21/28 | €300,244 | €273,443 | -€26,801 | -8.9% |
| Intangible fixed assets | 21 | €83,279 | €67,279 | -€16,000 | -19.2% |
| Tangible fixed assets | 22/27 | €216,965 | €206,165 | -€10,801 | -5.0% |
| Land and buildings | 22 | €214,337 | €204,196 | -€10,141 | -4.7% |
| Plant, machinery and equipment | 23 | €2,628 | €1,968 | -€660 | -25.1% |
| Current assets | 29/58 | €47,367 | €44,856 | -€2,511 | -5.3% |
| Amounts receivable within one year | 40/41 | €1,260 | - | -€1,260 | |
| Trade receivables | 40 | €208 | - | -€208 | |
| Other amounts receivable | 41 | €1,053 | - | -€1,053 | |
| Cash at bank and in hand | 54/58 | €12,905 | €39,516 | +€26,611 | +206% |
| Deferred charges and accrued income | 490/1 | €33,202 | €5,340 | -€27,862 | -83.9% |
| Total equity and liabilities | 10/49 | €347,611 | €318,299 | -€29,312 | -8.4% |
| Equity | 10/15 | €82,239 | €33,057 | -€49,182 | -59.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,239 | €32,057 | -€49,182 | -60.5% |
| Amounts payable | 17/49 | €265,372 | €285,243 | +€19,870 | +7.5% |
| Amounts payable after more than one year | 17 | €141,404 | €128,227 | -€13,177 | -9.3% |
| Financial debts | 170/4 | €141,404 | €128,227 | -€13,177 | -9.3% |
| Amounts payable within one year | 42/48 | €123,969 | €157,016 | +€33,047 | +26.7% |
| Current portion of amounts payable after more than one year | 42 | €23,892 | €13,177 | -€10,715 | -44.8% |
| Trade debts | 44 | €1,145 | €1,264 | +€119 | +10.4% |
| Suppliers | 440/4 | €1,145 | €1,264 | +€119 | +10.4% |
| Taxes, remuneration and social security | 45 | €168 | €2,296 | +€2,127 | +1,264% |
| Taxes | 450/3 | €168 | €2,296 | +€2,127 | +1,264% |
| Other amounts payable | 47/48 | €98,763 | €140,280 | +€41,516 | +42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,723 | €26,801 | +€78 | +0.3% |
| Other operating charges | 640/8 | €5,095 | €5,245 | +€150 | +2.9% |
| Gross operating margin | 9900 | €139,537 | €150,866 | +€11,329 | +8.1% |
| Operating profit (loss) | 9901 | €107,719 | €118,820 | +€11,101 | +10.3% |
| Financial income | 75/76B | €4 | €10 | +€6 | +150% |
| Recurring financial income | 75 | €4 | €10 | +€6 | +150% |
| Financial charges | 65/66B | €2,316 | €1,885 | -€431 | -18.6% |
| Recurring financial charges | 65 | €2,316 | €1,885 | -€431 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €105,407 | €116,945 | +€11,538 | +10.9% |
| Income taxes | 67/77 | €24,168 | €26,127 | +€1,959 | +8.1% |
| Profit (loss) for the period | 9904 | €81,239 | €90,818 | +€9,579 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €81,239 | €90,818 | +€9,579 | +11.8% |
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.