NICOLAS MAES: 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 MAES
Largest movements
- Cash -€8,335
down €8,335 (-17.2%), from €48,419 to €40,084
mainly Contributions, distributions and other (-€45,000) and Trade debts (-€4,067)
- Tangible fixed assets -€1,169
down €1,169 (-29.4%), from €3,978 to €2,810
- Deferred charges and accrued income -€1,062
down €1,062 (-80.9%), from €1,313 to €251
- Profit (loss) carried forward -€14,698
down €14,698 (-63.6%), from €23,121 to €8,423
- Accrued charges and deferred income +€5,850
up €5,850 (+292%), from €2,000 to €7,850
- Trade debts -€4,067
down €4,067 (-34.0%), from €11,954 to €7,887
- Tax, wage and social debts +€3,524
up €3,524 (+40.3%), from €8,737 to €12,260
- Gross operating margin +€10,805
up €10,805 (+32.0%), from €33,731 to €44,536
- Taxes +€2,514
up €2,514 (+29.3%), from €8,582 to €11,096
- Depreciation +€927
up €927 (+82.9%), from €1,118 to €2,045
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 | €65,358 | €55,159 | -€10,199 | -15.6% |
| Fixed assets | 21/28 | €3,978 | €2,810 | -€1,169 | -29.4% |
| Tangible fixed assets | 22/27 | €3,978 | €2,810 | -€1,169 | -29.4% |
| Furniture and vehicles | 24 | €3,978 | €2,810 | -€1,169 | -29.4% |
| Current assets | 29/58 | €61,380 | €52,349 | -€9,031 | -14.7% |
| Amounts receivable within one year | 40/41 | €11,648 | €12,014 | +€366 | +3.1% |
| Trade receivables | 40 | €2,774 | €5,200 | +€2,426 | +87.5% |
| Other amounts receivable | 41 | €8,875 | €6,814 | -€2,061 | -23.2% |
| Cash at bank and in hand | 54/58 | €48,419 | €40,084 | -€8,335 | -17.2% |
| Deferred charges and accrued income | 490/1 | €1,313 | €251 | -€1,062 | -80.9% |
| Total equity and liabilities | 10/49 | €65,358 | €55,159 | -€10,199 | -15.6% |
| Equity | 10/15 | €41,671 | €26,973 | -€14,698 | -35.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,121 | €8,423 | -€14,698 | -63.6% |
| Amounts payable | 17/49 | €23,687 | €28,185 | +€4,498 | +19.0% |
| Amounts payable within one year | 42/48 | €21,687 | €20,335 | -€1,352 | -6.2% |
| Financial debts | 43 | €762 | €188 | -€574 | -75.3% |
| Credit institutions | 430/8 | €762 | €188 | -€574 | -75.3% |
| Trade debts | 44 | €11,954 | €7,887 | -€4,067 | -34.0% |
| Suppliers | 440/4 | €11,954 | €7,887 | -€4,067 | -34.0% |
| Taxes, remuneration and social security | 45 | €8,737 | €12,260 | +€3,524 | +40.3% |
| Taxes | 450/3 | €8,737 | €12,260 | +€3,524 | +40.3% |
| Other amounts payable | 47/48 | €235 | - | -€235 | |
| Accrued charges and deferred income | 492/3 | €2,000 | €7,850 | +€5,850 | +292% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,118 | €2,045 | +€927 | +82.9% |
| Other operating charges | 640/8 | €37 | €387 | +€350 | +943% |
| Gross operating margin | 9900 | €33,731 | €44,536 | +€10,805 | +32.0% |
| Operating profit (loss) | 9901 | €32,577 | €42,104 | +€9,528 | +29.2% |
| Financial income | 75/76B | €355 | €225 | -€130 | -36.7% |
| Recurring financial income | 75 | €355 | €225 | -€130 | -36.7% |
| Financial charges | 65/66B | €1,234 | €931 | -€303 | -24.6% |
| Recurring financial charges | 65 | €1,234 | €931 | -€303 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €31,697 | €41,398 | +€9,700 | +30.6% |
| Income taxes | 67/77 | €8,582 | €11,096 | +€2,514 | +29.3% |
| Profit (loss) for the period | 9904 | €23,116 | €30,302 | +€7,186 | +31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,116 | €30,302 | +€7,186 | +31.1% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.