NICOLAS VANONACKER: 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 VANONACKER
Largest movements
- Cash -€158,901
down €158,901 (-55.1%), from €288,315 to €129,415
mainly Investment in fixed assets (net) (-€199,885) and Debts after one year (-€32,873)
- Tangible fixed assets +€143,471
up €143,471 (+28.8%), from €497,582 to €641,053
of which Land and buildings: +€150,197
- Deferred charges and accrued income -€12,296
down €12,296 (-49.2%), from €25,006 to €12,710
- Debts after one year -€32,873
down €32,873 (-6.4%), from €511,996 to €479,122
- Gross operating margin -€16,912
down €16,912 (-17.8%), from €94,800 to €77,888
- Depreciation -€12,142
down €12,142 (-17.7%), from €68,556 to €56,413
- Taxes +€1,897
up €1,897 (+39.7%), from €4,779 to €6,676
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 | €812,582 | €786,007 | -€26,575 | -3.3% |
| Fixed assets | 21/28 | €499,261 | €642,733 | +€143,471 | +28.7% |
| Intangible fixed assets | 21 | €1,680 | €1,680 | = | 0.0% |
| Tangible fixed assets | 22/27 | €497,582 | €641,053 | +€143,471 | +28.8% |
| Land and buildings | 22 | €464,104 | €614,301 | +€150,197 | +32.4% |
| Furniture and vehicles | 24 | €2,203 | €1,089 | -€1,114 | -50.6% |
| Other tangible fixed assets | 26 | €31,275 | €25,663 | -€5,612 | -17.9% |
| Current assets | 29/58 | €313,321 | €143,274 | -€170,046 | -54.3% |
| Amounts receivable within one year | 40/41 | - | €1,150 | +€1,150 | |
| Trade receivables | 40 | - | €1,150 | +€1,150 | |
| Cash at bank and in hand | 54/58 | €288,315 | €129,415 | -€158,901 | -55.1% |
| Deferred charges and accrued income | 490/1 | €25,006 | €12,710 | -€12,296 | -49.2% |
| Total equity and liabilities | 10/49 | €812,582 | €786,007 | -€26,575 | -3.3% |
| Equity | 10/15 | €250,473 | €254,326 | +€3,854 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €231,873 | €235,726 | +€3,854 | +1.7% |
| Distributable reserves | 133 | €231,873 | €235,726 | +€3,854 | +1.7% |
| Amounts payable | 17/49 | €562,109 | €531,681 | -€30,429 | -5.4% |
| Amounts payable after more than one year | 17 | €511,996 | €479,122 | -€32,873 | -6.4% |
| Financial debts | 170/4 | €511,996 | €479,122 | -€32,873 | -6.4% |
| Amounts payable within one year | 42/48 | €50,114 | €52,302 | +€2,188 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €32,082 | €32,873 | +€791 | +2.5% |
| Trade debts | 44 | €252 | €457 | +€205 | +81.2% |
| Suppliers | 440/4 | €252 | €457 | +€205 | +81.2% |
| Taxes, remuneration and social security | 45 | €15,974 | €12,923 | -€3,051 | -19.1% |
| Taxes | 450/3 | €15,974 | €12,923 | -€3,051 | -19.1% |
| Other amounts payable | 47/48 | €1,805 | €6,049 | +€4,243 | +235.0% |
| Accrued charges and deferred income | 492/3 | - | €256 | +€256 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,556 | €56,413 | -€12,142 | -17.7% |
| Other operating charges | 640/8 | €1,392 | €1,030 | -€362 | -26.0% |
| Gross operating margin | 9900 | €94,800 | €77,888 | -€16,912 | -17.8% |
| Operating profit (loss) | 9901 | €24,853 | €20,445 | -€4,408 | -17.7% |
| Financial income | 75/76B | €1,002 | €1,006 | +€4 | +0.4% |
| Recurring financial income | 75 | €1,002 | €1,006 | +€4 | +0.4% |
| Financial charges | 65/66B | €11,357 | €10,920 | -€437 | -3.8% |
| Recurring financial charges | 65 | €11,357 | €10,920 | -€437 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €14,498 | €10,530 | -€3,968 | -27.4% |
| Income taxes | 67/77 | €4,779 | €6,676 | +€1,897 | +39.7% |
| Profit (loss) for the period | 9904 | €9,718 | €3,854 | -€5,865 | -60.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,718 | €3,854 | -€5,865 | -60.3% |
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 3 October 2026 via checked.be.