Nicolas LOUIS: 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 LOUIS
Largest movements
- Current investments +€350,000
up €350,000 (+175%), from €200,000 to €550,000
- Cash -€201,561
down €201,561 (-77.8%), from €259,199 to €57,637
mainly Current investments (-€350,000) and Receivables within one year (-€20,564)
- Receivables within one year +€20,564
up €20,564 (+589%), from €3,490 to €24,053
of which Trade receivables: +€10,423
- Reserves +€186,588
up €186,588 (+30.5%), from €611,083 to €797,671
- Other debts -€11,742
no longer reported in 2025 (was €11,742)
- Financial income +€13,176
up €13,176 (+8.2%), from €160,498 to €173,674
- Gross operating margin -€11,739
down €11,739 (-20.6%), from €56,908 to €45,169
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 | €701,146 | €871,661 | +€170,516 | +24.3% |
| Fixed assets | 21/28 | €238,457 | €238,028 | -€429 | -0.2% |
| Tangible fixed assets | 22/27 | €457 | €28 | -€429 | -93.8% |
| Furniture and vehicles | 24 | €457 | €28 | -€429 | -93.8% |
| Financial fixed assets | 28 | €238,000 | €238,000 | = | 0.0% |
| Current assets | 29/58 | €462,688 | €633,633 | +€170,944 | +36.9% |
| Amounts receivable within one year | 40/41 | €3,490 | €24,053 | +€20,564 | +589% |
| Trade receivables | 40 | €2,111 | €12,534 | +€10,423 | +494% |
| Other amounts receivable | 41 | €1,379 | €11,520 | +€10,141 | +735% |
| Current investments | 50/53 | €200,000 | €550,000 | +€350,000 | +175% |
| Cash at bank and in hand | 54/58 | €259,199 | €57,637 | -€201,561 | -77.8% |
| Deferred charges and accrued income | 490/1 | €0 | €1,942 | +€1,942 | |
| Total equity and liabilities | 10/49 | €701,146 | €871,661 | +€170,516 | +24.3% |
| Equity | 10/15 | €678,583 | €865,171 | +€186,588 | +27.5% |
| Contributions | 10/11 | €67,500 | €67,500 | = | 0.0% |
| Reserves | 13 | €611,083 | €797,671 | +€186,588 | +30.5% |
| Distributable reserves | 133 | €611,083 | €797,671 | +€186,588 | +30.5% |
| Amounts payable | 17/49 | €22,563 | €6,490 | -€16,072 | -71.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €22,554 | €6,490 | -€16,064 | -71.2% |
| Current portion of amounts payable after more than one year | 42 | €3,919 | - | -€3,919 | |
| Trade debts | 44 | €2,383 | €4,499 | +€2,116 | +88.8% |
| Suppliers | 440/4 | €2,383 | €4,499 | +€2,116 | +88.8% |
| Taxes, remuneration and social security | 45 | €4,509 | €1,991 | -€2,518 | -55.8% |
| Taxes | 450/3 | €4,509 | €1,991 | -€2,518 | -55.8% |
| Other amounts payable | 47/48 | €11,742 | - | -€11,742 | |
| Accrued charges and deferred income | 492/3 | €9 | - | -€9 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €429 | €429 | = | 0.0% |
| Other operating charges | 640/8 | €528 | €387 | -€141 | -26.6% |
| Gross operating margin | 9900 | €56,908 | €45,169 | -€11,739 | -20.6% |
| Operating profit (loss) | 9901 | €55,952 | €44,353 | -€11,598 | -20.7% |
| Financial income | 75/76B | €160,498 | €173,674 | +€13,176 | +8.2% |
| Recurring financial income | 75 | €160,498 | €173,674 | +€13,176 | +8.2% |
| Financial charges | 65/66B | €2,198 | €1,841 | -€357 | -16.3% |
| Recurring financial charges | 65 | €2,198 | €1,841 | -€357 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €214,251 | €216,186 | +€1,935 | +0.9% |
| Income taxes | 67/77 | €29,713 | €29,598 | -€115 | -0.4% |
| Profit (loss) for the period | 9904 | €184,539 | €186,588 | +€2,049 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €184,539 | €186,588 | +€2,049 | +1.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.