Nicolas PUTOIS: 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 PUTOIS
Largest movements
- Tangible fixed assets +€953,656
up €953,656 (+253%), from €377,009 to €1.3m
of which Land and buildings: +€963,896
- Receivables within one year +€227,920
up €227,920 (+2,533%), from €8,998 to €236,919
of which Other amounts receivable: +€207,242
- Cash +€28,738
new in 2025: €28,738
mainly Debts after one year (+€904,347) and Current portion of long-term debt (+€240,940)
- Debts after one year +€904,347
up €904,347 (+304%), from €297,321 to €1.2m
of which Financial debts: +€907,347
- Current portion of long-term debt +€240,940
up €240,940 (+347%), from €69,501 to €310,441
- Other debts +€46,774
up €46,774 (+25.1%), from €186,113 to €232,887
- Trade debts +€29,379
up €29,379 (+1,205%), from €2,439 to €31,818
- Depreciation +€32,940
up €32,940 (+114%), from €28,881 to €61,821
- Gross operating margin +€20,026
up €20,026 (+35.9%), from €55,791 to €75,817
- Financial income -€6,955
down €6,955 (-14.8%), from €46,945 to €39,990
of which Non-recurring financial income: -€6,955
- Taxes -€5,158
down €5,158 (-66.5%), from €7,754 to €2,596
- Financial charges +€4,952
up €4,952 (+31.6%), from €15,648 to €20,600
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 | €922,571 | €2,139,838 | +€1.2m | +132% |
| Fixed assets | 21/28 | €907,011 | €1,871,167 | +€964,156 | +106% |
| Tangible fixed assets | 22/27 | €377,009 | €1,330,665 | +€953,656 | +253% |
| Land and buildings | 22 | €294,166 | €1,258,062 | +€963,896 | +328% |
| Plant, machinery and equipment | 23 | €28,666 | €30,819 | +€2,153 | +7.5% |
| Furniture and vehicles | 24 | €54,177 | €41,784 | -€12,393 | -22.9% |
| Financial fixed assets | 28 | €530,002 | €540,502 | +€10,500 | +2.0% |
| Current assets | 29/58 | €15,559 | €268,671 | +€253,112 | +1,627% |
| Amounts receivable within one year | 40/41 | €8,998 | €236,919 | +€227,920 | +2,533% |
| Trade receivables | 40 | €2,152 | €22,831 | +€20,679 | +961% |
| Other amounts receivable | 41 | €6,846 | €214,088 | +€207,242 | +3,027% |
| Cash at bank and in hand | 54/58 | - | €28,738 | +€28,738 | |
| Deferred charges and accrued income | 490/1 | €6,561 | €3,014 | -€3,547 | -54.1% |
| Total equity and liabilities | 10/49 | €922,571 | €2,139,838 | +€1.2m | +132% |
| Equity | 10/15 | €332,272 | €326,236 | -€6,036 | -1.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €256,500 | €249,500 | -€7,000 | -2.7% |
| Distributable reserves | 133 | €256,500 | €249,500 | -€7,000 | -2.7% |
| Profit (loss) carried forward | 14 | €772 | €1,736 | +€964 | +125% |
| Amounts payable | 17/49 | €590,298 | €1,813,602 | +€1.2m | +207% |
| Amounts payable after more than one year | 17 | €297,321 | €1,201,668 | +€904,347 | +304% |
| Financial debts | 170/4 | €294,241 | €1,201,588 | +€907,347 | +308% |
| Trade debts | 175 | €3,000 | - | -€3,000 | |
| Other amounts payable | 178/9 | €80 | €80 | = | 0.0% |
| Amounts payable within one year | 42/48 | €283,744 | €602,658 | +€318,915 | +112% |
| Current portion of amounts payable after more than one year | 42 | €69,501 | €310,441 | +€240,940 | +347% |
| Financial debts | 43 | €553 | - | -€553 | |
| Credit institutions | 430/8 | €553 | - | -€553 | |
| Trade debts | 44 | €2,439 | €31,818 | +€29,379 | +1,205% |
| Suppliers | 440/4 | €2,439 | €31,818 | +€29,379 | +1,205% |
| Taxes, remuneration and social security | 45 | €25,137 | €27,512 | +€2,374 | +9.4% |
| Taxes | 450/3 | €25,137 | €27,512 | +€2,374 | +9.4% |
| Other amounts payable | 47/48 | €186,113 | €232,887 | +€46,774 | +25.1% |
| Accrued charges and deferred income | 492/3 | €9,234 | €9,276 | +€42 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,881 | €61,821 | +€32,940 | +114% |
| Other operating charges | 640/8 | €3,533 | €4,993 | +€1,460 | +41.3% |
| Gross operating margin | 9900 | €55,791 | €75,817 | +€20,026 | +35.9% |
| Operating profit (loss) | 9901 | €23,377 | €9,003 | -€14,374 | -61.5% |
| Financial income | 75/76B | €46,945 | €39,990 | -€6,955 | -14.8% |
| Recurring financial income | 75 | €39,990 | €39,990 | = | 0.0% |
| Non-recurring financial income | 76B | €6,955 | - | -€6,955 | |
| Financial charges | 65/66B | €15,648 | €20,600 | +€4,952 | +31.6% |
| Recurring financial charges | 65 | €15,648 | €20,600 | +€4,952 | +31.6% |
| Profit (loss) for the period before taxes | 9903 | €54,674 | €28,393 | -€26,281 | -48.1% |
| Income taxes | 67/77 | €7,754 | €2,596 | -€5,158 | -66.5% |
| Profit (loss) for the period | 9904 | €46,920 | €25,797 | -€21,123 | -45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,920 | €25,797 | -€21,123 | -45.0% |
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 26 October 2026 via checked.be.