NICOLAS SPRINGAEL: 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 SPRINGAEL
Largest movements
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Cash +€243,249
up €243,249 (+194.4%), from €125,105 to €368,354
mainly Current investments (+€400,000) and Net result for the year (+€109,458)
- Receivables after one year +€188,000
new in 2025: €188,000
- Receivables within one year +€28,036
up €28,036 (+32.7%), from €85,855 to €113,891
of which Other amounts receivable: +€16,604
- Reserves +€59,486
up €59,486 (+14.2%), from €420,249 to €479,735
of which Distributable reserves: +€68,572
- Current portion of long-term debt +€25,493
up €25,493 (+102.3%), from €24,919 to €50,412
- Tax, wage and social debts -€18,251
down €18,251 (-25.2%), from €72,311 to €54,060
of which Taxes: -€14,368
- Trade debts +€10,083
up €10,083 (+27.4%), from €36,799 to €46,882
- Financial income -€12,280
down €12,280 (-83.4%), from €14,730 to €2,450
- Taxes -€6,152
down €6,152 (-9.8%), from €62,579 to €56,427
- Write-downs -€4,186
down €4,186 (-159.7%), from -€2,621 to -€6,807
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 | €872,477 | €939,238 | +€66,761 | +7.7% |
| Fixed assets | 21/28 | €256,985 | €260,592 | +€3,607 | +1.4% |
| Tangible fixed assets | 22/27 | €256,179 | €259,786 | +€3,607 | +1.4% |
| Land and buildings | 22 | €225,151 | €216,840 | -€8,311 | -3.7% |
| Furniture and vehicles | 24 | €31,028 | €42,946 | +€11,918 | +38.4% |
| Financial fixed assets | 28 | €806 | €806 | = | 0.0% |
| Current assets | 29/58 | €615,492 | €678,646 | +€63,154 | +10.3% |
| Amounts receivable after more than one year | 29 | - | €188,000 | +€188,000 | |
| Trade receivables | 290 | - | €188,000 | +€188,000 | |
| Amounts receivable within one year | 40/41 | €85,855 | €113,891 | +€28,036 | +32.7% |
| Trade receivables | 40 | €85,000 | €96,432 | +€11,432 | +13.4% |
| Other amounts receivable | 41 | €855 | €17,459 | +€16,604 | +1942.0% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €125,105 | €368,354 | +€243,249 | +194.4% |
| Deferred charges and accrued income | 490/1 | €4,532 | €8,401 | +€3,869 | +85.4% |
| Total equity and liabilities | 10/49 | €872,477 | €939,238 | +€66,761 | +7.7% |
| Equity | 10/15 | €529,809 | €589,295 | +€59,486 | +11.2% |
| Contributions | 10/11 | €30,885 | €30,885 | = | 0.0% |
| Reserves | 13 | €420,249 | €479,735 | +€59,486 | +14.2% |
| Tax-exempt reserves | 132 | €133,603 | €124,517 | -€9,086 | -6.8% |
| Distributable reserves | 133 | €286,646 | €355,218 | +€68,572 | +23.9% |
| Profit (loss) carried forward | 14 | €78,675 | €78,675 | = | 0.0% |
| Provisions and deferred taxes | 16 | €22,716 | €20,444 | -€2,272 | -10.0% |
| Deferred taxes | 168 | €22,716 | €20,444 | -€2,272 | -10.0% |
| Amounts payable | 17/49 | €319,952 | €329,499 | +€9,547 | +3.0% |
| Amounts payable after more than one year | 17 | €185,516 | €176,438 | -€9,078 | -4.9% |
| Financial debts | 170/4 | €185,516 | €176,438 | -€9,078 | -4.9% |
| Amounts payable within one year | 42/48 | €134,436 | €153,061 | +€18,625 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €24,919 | €50,412 | +€25,493 | +102.3% |
| Trade debts | 44 | €36,799 | €46,882 | +€10,083 | +27.4% |
| Suppliers | 440/4 | €36,799 | €46,882 | +€10,083 | +27.4% |
| Taxes, remuneration and social security | 45 | €72,311 | €54,060 | -€18,251 | -25.2% |
| Taxes | 450/3 | €53,838 | €39,470 | -€14,368 | -26.7% |
| Remuneration and social security | 454/9 | €18,473 | €14,590 | -€3,883 | -21.0% |
| Other amounts payable | 47/48 | €407 | €1,707 | +€1,300 | +319.4% |
| Remuneration, social security and pensions | 62 | €153,870 | €156,680 | +€2,810 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,746 | €21,733 | -€1,013 | -4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,621 | -€6,807 | -€4,186 | -159.7% |
| Other operating charges | 640/8 | €8,367 | €9,583 | +€1,216 | +14.5% |
| Gross operating margin | 9900 | €352,500 | €349,659 | -€2,841 | -0.8% |
| Operating profit (loss) | 9901 | €170,138 | €168,470 | -€1,668 | -1.0% |
| Financial income | 75/76B | €14,730 | €2,450 | -€12,280 | -83.4% |
| Recurring financial income | 75 | €14,730 | €2,450 | -€12,280 | -83.4% |
| Financial charges | 65/66B | €6,548 | €7,307 | +€759 | +11.6% |
| Recurring financial charges | 65 | €6,548 | €7,307 | +€759 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €178,320 | €163,613 | -€14,707 | -8.2% |
| Transfer from deferred taxes | 780 | €2,272 | €2,272 | = | 0.0% |
| Income taxes | 67/77 | €62,579 | €56,427 | -€6,152 | -9.8% |
| Profit (loss) for the period | 9904 | €118,013 | €109,458 | -€8,555 | -7.2% |
| Transfer from tax-exempt reserves | 789 | €9,086 | €9,086 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €127,099 | €118,544 | -€8,555 | -6.7% |
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 9 October 2026 via checked.be.