NICOLAS STEPHANE: what changed
NICOLAS STEPHANE
Largest movements
- Cash +€13,237
up €13,237 (+17.5%), from €75,450 to €88,687
mainly Other debts (+€81,305) and Net result for the year (+€29,539)
- Receivables within one year +€1,716
up €1,716 (+10.9%), from €15,793 to €17,509
of which Trade receivables: +€9,335
- Other debts +€81,305
up €81,305 (+957%), from €8,500 to €89,805
- Reserves -€60,000
no longer reported in 2025 (was €60,000)
- Tax, wage and social debts -€8,861
down €8,861 (-65.1%), from €13,618 to €4,758
of which Taxes: -€8,861
- Trade debts +€1,853
up €1,853 (+698%), from €266 to €2,119
- Gross operating margin +€24,675
up €24,675 (+158%), from €15,582 to €40,257
- Taxes +€7,378
up €7,378 (+251%), from €2,940 to €10,318
- Depreciation -€1,631
down €1,631 (-84.3%), from €1,935 to €305
- Financial income +€500
up €500 (+332%), from €151 to €651
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €92,650 | €106,682 | +€14,031 | +15.1% |
| Fixed assets | 21/28 | €360 | €55 | -€305 | -84.7% |
| Tangible fixed assets | 22/27 | €305 | - | -€305 | |
| Furniture and vehicles | 24 | €305 | - | -€305 | |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €92,290 | €106,627 | +€14,336 | +15.5% |
| Amounts receivable within one year | 40/41 | €15,793 | €17,509 | +€1,716 | +10.9% |
| Trade receivables | 40 | €3,139 | €12,473 | +€9,335 | +297% |
| Other amounts receivable | 41 | €12,654 | €5,035 | -€7,619 | -60.2% |
| Cash at bank and in hand | 54/58 | €75,450 | €88,687 | +€13,237 | +17.5% |
| Deferred charges and accrued income | 490/1 | €1,047 | €431 | -€617 | -58.9% |
| Total equity and liabilities | 10/49 | €92,650 | €106,682 | +€14,031 | +15.1% |
| Equity | 10/15 | €70,266 | €10,000 | -€60,266 | -85.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €60,000 | - | -€60,000 | |
| Distributable reserves | 133 | €60,000 | - | -€60,000 | |
| Profit (loss) carried forward | 14 | €266 | - | -€266 | |
| Amounts payable | 17/49 | €22,384 | €96,682 | +€74,298 | +332% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €22,384 | €96,682 | +€74,298 | +332% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €266 | €2,119 | +€1,853 | +698% |
| Suppliers | 440/4 | €266 | €2,119 | +€1,853 | +698% |
| Taxes, remuneration and social security | 45 | €13,618 | €4,758 | -€8,861 | -65.1% |
| Taxes | 450/3 | €13,618 | €4,758 | -€8,861 | -65.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €8,500 | €89,805 | +€81,305 | +957% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,935 | €305 | -€1,631 | -84.3% |
| Other operating charges | 640/8 | €561 | €606 | +€45 | +8.1% |
| Non-recurring operating charges | 66A | €7 | - | -€7 | |
| Gross operating margin | 9900 | €15,582 | €40,257 | +€24,675 | +158% |
| Operating profit (loss) | 9901 | €13,079 | €39,346 | +€26,267 | +201% |
| Financial income | 75/76B | €151 | €651 | +€500 | +332% |
| Recurring financial income | 75 | €151 | €651 | +€500 | +332% |
| Financial charges | 65/66B | €245 | €140 | -€105 | -42.7% |
| Recurring financial charges | 65 | €245 | €140 | -€105 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | €12,985 | €39,857 | +€26,871 | +207% |
| Income taxes | 67/77 | €2,940 | €10,318 | +€7,378 | +251% |
| Profit (loss) for the period | 9904 | €10,045 | €29,539 | +€19,494 | +194% |
| Profit (loss) for the period to be appropriated | 9905 | €10,045 | €29,539 | +€19,494 | +194% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.