NICOLAS STUART: 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 STUART
Largest movements
- Cash +€84,914
up €84,914 (+115%), from €73,837 to €158,751
mainly Net result for the year (+€94,522) and Advances received (+€33,855)
- Receivables within one year +€49,217
up €49,217 (+20.4%), from €240,901 to €290,118
of which Other amounts receivable: +€40,626
- Tangible fixed assets -€29,941
down €29,941 (-5.9%), from €506,891 to €476,951
of which Land and buildings: -€22,500
- Reserves +€94,522
up €94,522 (+22.2%), from €426,625 to €521,147
of which Distributable reserves: +€94,522
- Advances received +€33,855
new in 2025: €33,855
- Debts after one year -€27,888
down €27,888 (-9.0%), from €310,198 to €282,310
- Tax, wage and social debts +€11,446
up €11,446 (+53.4%), from €21,428 to €32,874
No income-statement line moved by more than 1% of the activity.
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 | €823,747 | €927,711 | +€103,965 | +12.6% |
| Fixed assets | 21/28 | €506,891 | €476,951 | -€29,941 | -5.9% |
| Tangible fixed assets | 22/27 | €506,891 | €476,951 | -€29,941 | -5.9% |
| Land and buildings | 22 | €482,670 | €460,170 | -€22,500 | -4.7% |
| Plant, machinery and equipment | 23 | €7,927 | €7,046 | -€881 | -11.1% |
| Furniture and vehicles | 24 | €4,743 | €2,579 | -€2,164 | -45.6% |
| Other tangible fixed assets | 26 | €11,552 | €7,156 | -€4,396 | -38.1% |
| Current assets | 29/58 | €316,855 | €450,760 | +€133,905 | +42.3% |
| Amounts receivable within one year | 40/41 | €240,901 | €290,118 | +€49,217 | +20.4% |
| Trade receivables | 40 | €54,388 | €62,979 | +€8,591 | +15.8% |
| Other amounts receivable | 41 | €186,513 | €227,139 | +€40,626 | +21.8% |
| Cash at bank and in hand | 54/58 | €73,837 | €158,751 | +€84,914 | +115% |
| Deferred charges and accrued income | 490/1 | €2,117 | €1,891 | -€226 | -10.7% |
| Total equity and liabilities | 10/49 | €823,747 | €927,711 | +€103,965 | +12.6% |
| Equity | 10/15 | €442,561 | €537,083 | +€94,522 | +21.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €426,625 | €521,147 | +€94,522 | +22.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €424,765 | €519,287 | +€94,522 | +22.3% |
| Profit (loss) carried forward | 14 | €3,536 | €3,536 | = | 0.0% |
| Amounts payable | 17/49 | €381,186 | €390,628 | +€9,442 | +2.5% |
| Amounts payable after more than one year | 17 | €310,198 | €282,310 | -€27,888 | -9.0% |
| Financial debts | 170/4 | €310,198 | €282,310 | -€27,888 | -9.0% |
| Amounts payable within one year | 42/48 | €70,987 | €108,318 | +€37,330 | +52.6% |
| Current portion of amounts payable after more than one year | 42 | €37,603 | €37,888 | +€285 | +0.8% |
| Trade debts | 44 | €11,956 | €3,701 | -€8,256 | -69.0% |
| Suppliers | 440/4 | €11,956 | €3,701 | -€8,256 | -69.0% |
| Advances received on contracts in progress | 46 | - | €33,855 | +€33,855 | |
| Taxes, remuneration and social security | 45 | €21,428 | €32,874 | +€11,446 | +53.4% |
| Taxes | 450/3 | €21,428 | €32,874 | +€11,446 | +53.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,637 | €29,941 | +€303 | +1.0% |
| Other operating charges | 640/8 | €2,769 | €3,618 | +€850 | +30.7% |
| Gross operating margin | 9900 | €162,768 | €162,496 | -€271 | -0.2% |
| Operating profit (loss) | 9901 | €130,362 | €128,937 | -€1,424 | -1.1% |
| Financial income | 75/76B | €10,296 | €10,259 | -€37 | -0.4% |
| Recurring financial income | 75 | €10,296 | €10,259 | -€37 | -0.4% |
| Financial charges | 65/66B | €5,404 | €5,135 | -€269 | -5.0% |
| Recurring financial charges | 65 | €5,404 | €5,135 | -€269 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €135,254 | €134,062 | -€1,192 | -0.9% |
| Income taxes | 67/77 | €39,473 | €39,540 | +€67 | +0.2% |
| Profit (loss) for the period | 9904 | €95,781 | €94,522 | -€1,259 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €95,781 | €94,522 | -€1,259 | -1.3% |
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.