NIELS DEWULF: 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.
NIELS DEWULF
Largest movements
- Tangible fixed assets +€234,929
up €234,929 (+237%), from €99,024 to €333,953
of which Land and buildings: +€254,394
- Cash -€49,310
down €49,310 (-42.6%), from €115,715 to €66,405
mainly Investment in fixed assets (net) (-€260,116) and Tax, wage and social debts (-€28,134)
- Receivables within one year +€19,986
up €19,986 (+43.6%), from €45,890 to €65,876
of which Trade receivables: +€18,860
- Stocks and contracts +€12,435
up €12,435 (+40.6%), from €30,644 to €43,079
of which Stocks: +€18,644
- Debts after one year +€201,316
up €201,316 (+421%), from €47,841 to €249,158
- Tax, wage and social debts -€28,134
down €28,134 (-55.7%), from €50,475 to €22,342
of which Taxes: -€26,429
- Reserves +€16,850
up €16,850 (+11.4%), from €147,365 to €164,214
- Current portion of long-term debt +€12,464
up €12,464 (+84.6%), from €14,741 to €27,205
- Trade debts +€10,591
up €10,591 (+36.8%), from €28,742 to €39,333
- Gross operating margin -€41,102
down €41,102 (-32.4%), from €126,668 to €85,566
- Other operating charges +€32,802
up €32,802 (+1,951%), from €1,681 to €34,483
- Taxes -€11,873
down €11,873 (-67.8%), from €17,525 to €5,652
- Depreciation +€8,576
up €8,576 (+51.6%), from €16,611 to €25,187
- Financial charges +€2,032
up €2,032 (+144%), from €1,413 to €3,445
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 | €292,164 | €509,314 | +€217,150 | +74.3% |
| Fixed assets | 21/28 | €99,024 | €333,953 | +€234,929 | +237% |
| Tangible fixed assets | 22/27 | €99,024 | €333,953 | +€234,929 | +237% |
| Land and buildings | 22 | - | €254,394 | +€254,394 | |
| Plant, machinery and equipment | 23 | €21,871 | €19,335 | -€2,536 | -11.6% |
| Furniture and vehicles | 24 | €77,153 | €60,225 | -€16,928 | -21.9% |
| Current assets | 29/58 | €193,140 | €175,361 | -€17,780 | -9.2% |
| Stocks and contracts in progress | 3 | €30,644 | €43,079 | +€12,435 | +40.6% |
| Stocks | 30/36 | €9,148 | €27,792 | +€18,644 | +204% |
| Contracts in progress | 37 | €21,496 | €15,288 | -€6,209 | -28.9% |
| Amounts receivable within one year | 40/41 | €45,890 | €65,876 | +€19,986 | +43.6% |
| Trade receivables | 40 | €27,819 | €46,679 | +€18,860 | +67.8% |
| Other amounts receivable | 41 | €18,071 | €19,197 | +€1,126 | +6.2% |
| Cash at bank and in hand | 54/58 | €115,715 | €66,405 | -€49,310 | -42.6% |
| Deferred charges and accrued income | 490/1 | €891 | - | -€891 | |
| Total equity and liabilities | 10/49 | €292,164 | €509,314 | +€217,150 | +74.3% |
| Equity | 10/15 | €150,365 | €167,214 | +€16,850 | +11.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €147,365 | €164,214 | +€16,850 | +11.4% |
| Distributable reserves | 133 | €147,365 | €164,214 | +€16,850 | +11.4% |
| Amounts payable | 17/49 | €141,800 | €342,100 | +€200,300 | +141% |
| Amounts payable after more than one year | 17 | €47,841 | €249,158 | +€201,316 | +421% |
| Financial debts | 170/4 | €47,841 | €249,158 | +€201,316 | +421% |
| Amounts payable within one year | 42/48 | €93,958 | €92,942 | -€1,016 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €14,741 | €27,205 | +€12,464 | +84.6% |
| Trade debts | 44 | €28,742 | €39,333 | +€10,591 | +36.8% |
| Suppliers | 440/4 | €28,742 | €39,333 | +€10,591 | +36.8% |
| Taxes, remuneration and social security | 45 | €50,475 | €22,342 | -€28,134 | -55.7% |
| Taxes | 450/3 | €48,770 | €22,342 | -€26,429 | -54.2% |
| Remuneration and social security | 454/9 | €1,705 | - | -€1,705 | |
| Other amounts payable | 47/48 | - | €4,063 | +€4,063 | |
| Non-recurring operating income | 76A | - | €4,500 | +€4,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,611 | €25,187 | +€8,576 | +51.6% |
| Other operating charges | 640/8 | €1,681 | €34,483 | +€32,802 | +1,951% |
| Non-recurring operating charges | 66A | €34,471 | - | -€34,471 | |
| Gross operating margin | 9900 | €126,668 | €85,566 | -€41,102 | -32.4% |
| Operating profit (loss) | 9901 | €73,904 | €25,895 | -€48,009 | -65.0% |
| Financial income | 75/76B | €796 | €51 | -€745 | -93.5% |
| Recurring financial income | 75 | €796 | €51 | -€745 | -93.5% |
| Financial charges | 65/66B | €1,413 | €3,445 | +€2,032 | +144% |
| Recurring financial charges | 65 | €1,413 | €3,445 | +€2,032 | +144% |
| Profit (loss) for the period before taxes | 9903 | €73,287 | €22,502 | -€50,786 | -69.3% |
| Income taxes | 67/77 | €17,525 | €5,652 | -€11,873 | -67.8% |
| Profit (loss) for the period | 9904 | €55,762 | €16,850 | -€38,912 | -69.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,762 | €16,850 | -€38,912 | -69.8% |
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 31 October 2026 via checked.be.