NICOLAS PRIMAVERA: what changed
Two fiscal 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 PRIMAVERA
Largest movements
- Cash +€26,509
up €26,509 (+91.6%), from €28,952 to €55,461
mainly Net result for the year (+€40,809) and Depreciation (+€8,434)
- Tangible fixed assets +€18,306
up €18,306 (+171.8%), from €10,653 to €28,959
- Intangible fixed assets -€6,900
down €6,900 (-11.7%), from €58,792 to €51,892
- Reserves +€33,894
up €33,894 (+68.9%), from €49,195 to €83,089
- Other debts +€6,841
up €6,841 (+13.5%), from €50,838 to €57,678
- Tax, wage and social debts -€3,094
down €3,094 (-48.5%), from €6,385 to €3,291
of which Taxes: -€1,599
- Gross operating margin +€15,407
up €15,407 (+29.4%), from €52,396 to €67,804
- Depreciation -€4,458
down €4,458 (-34.6%), from €12,892 to €8,434
- Taxes +€3,907
up €3,907 (+38.5%), from €10,135 to €14,041
- Financial charges +€1,132
up €1,132 (+45.2%), from €2,501 to €3,633
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.
Cash bridge derived
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 | €115,059 | €153,166 | +€38,107 | +33.1% |
| Fixed assets | 21/28 | €69,445 | €80,851 | +€11,406 | +16.4% |
| Intangible fixed assets | 21 | €58,792 | €51,892 | -€6,900 | -11.7% |
| Tangible fixed assets | 22/27 | €10,653 | €28,959 | +€18,306 | +171.8% |
| Furniture and vehicles | 24 | €10,653 | €28,959 | +€18,306 | +171.8% |
| Current assets | 29/58 | €45,614 | €72,314 | +€26,700 | +58.5% |
| Amounts receivable within one year | 40/41 | €16,076 | €15,226 | -€850 | -5.3% |
| Trade receivables | 40 | €14,210 | €15,226 | +€1,015 | +7.1% |
| Other amounts receivable | 41 | €1,865 | - | -€1,865 | |
| Cash at bank and in hand | 54/58 | €28,952 | €55,461 | +€26,509 | +91.6% |
| Deferred charges and accrued income | 490/1 | €586 | €1,628 | +€1,041 | +177.6% |
| Total equity and liabilities | 10/49 | €115,059 | €153,166 | +€38,107 | +33.1% |
| Equity | 10/15 | €54,195 | €88,089 | +€33,894 | +62.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €49,195 | €83,089 | +€33,894 | +68.9% |
| Distributable reserves | 133 | €49,195 | €83,089 | +€33,894 | +68.9% |
| Amounts payable | 17/49 | €60,864 | €65,077 | +€4,212 | +6.9% |
| Amounts payable within one year | 42/48 | €58,440 | €61,601 | +€3,161 | +5.4% |
| Trade debts | 44 | €1,217 | €631 | -€586 | -48.1% |
| Suppliers | 440/4 | €1,217 | €631 | -€586 | -48.1% |
| Taxes, remuneration and social security | 45 | €6,385 | €3,291 | -€3,094 | -48.5% |
| Taxes | 450/3 | €3,140 | €1,541 | -€1,599 | -50.9% |
| Remuneration and social security | 454/9 | €3,244 | €1,750 | -€1,494 | -46.1% |
| Other amounts payable | 47/48 | €50,838 | €57,678 | +€6,841 | +13.5% |
| Accrued charges and deferred income | 492/3 | €2,425 | €3,476 | +€1,051 | +43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,892 | €8,434 | -€4,458 | -34.6% |
| Other operating charges | 640/8 | €537 | €887 | +€350 | +65.1% |
| Gross operating margin | 9900 | €52,396 | €67,804 | +€15,407 | +29.4% |
| Operating profit (loss) | 9901 | €38,968 | €58,483 | +€19,515 | +50.1% |
| Financial income | 75/76B | €2 | €1 | -€2 | -74.9% |
| Recurring financial income | 75 | €2 | €1 | -€2 | -74.9% |
| Financial charges | 65/66B | €2,501 | €3,633 | +€1,132 | +45.2% |
| Recurring financial charges | 65 | €2,501 | €3,633 | +€1,132 | +45.2% |
| Profit (loss) for the period before taxes | 9903 | €36,469 | €54,851 | +€18,382 | +50.4% |
| Income taxes | 67/77 | €10,135 | €14,041 | +€3,907 | +38.5% |
| Profit (loss) for the period | 9904 | €26,334 | €40,809 | +€14,475 | +55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,334 | €40,809 | +€14,475 | +55.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.