NIL SINE SOLE: what changed
NIL SINE SOLE
Largest movements
- Tangible fixed assets +€238,083
up €238,083 (+103%), from €231,702 to €469,785
of which Other tangible fixed assets: +€239,068
- Cash -€187,958
down €187,958 (-71.7%), from €262,266 to €74,308
mainly Investment in fixed assets (net) (-€351,662) and Current investments (-€75,000)
- Current investments +€75,000
new in 2025: €75,000
- Financial fixed assets +€63,000
new in 2025: €63,000
- Debts after one year +€186,099
up €186,099 (+98.8%), from €188,384 to €374,483
- Other debts -€18,635
down €18,635 (-22.2%), from €83,894 to €65,259
- Current portion of long-term debt +€13,744
up €13,744 (+95.4%), from €14,414 to €28,158
- Reserves +€8,075
up €8,075 (+3.4%), from €234,151 to €242,226
of which Distributable reserves: +€8,075
- Depreciation +€29,854
up €29,854 (+144%), from €20,725 to €50,579
- Gross operating margin +€16,910
up €16,910 (+24.7%), from €68,442 to €85,353
- Taxes -€4,382
down €4,382 (-49.7%), from €8,812 to €4,430
- Financial charges +€3,070
up €3,070 (+16.2%), from €18,914 to €21,984
- Financial income +€1,966
up €1,966 (+323%), from €609 to €2,574
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 | €552,214 | €743,510 | +€191,296 | +34.6% |
| Fixed assets | 21/28 | €231,702 | €532,785 | +€301,083 | +130% |
| Tangible fixed assets | 22/27 | €231,702 | €469,785 | +€238,083 | +103% |
| Furniture and vehicles | 24 | €1,970 | €985 | -€985 | -50.0% |
| Other tangible fixed assets | 26 | €229,732 | €468,800 | +€239,068 | +104% |
| Financial fixed assets | 28 | - | €63,000 | +€63,000 | |
| Current assets | 29/58 | €320,512 | €210,725 | -€109,787 | -34.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €25,746 | €29,054 | +€3,308 | +12.8% |
| Trade receivables | 40 | €14,510 | €22,044 | +€7,535 | +51.9% |
| Other amounts receivable | 41 | €11,236 | €7,010 | -€4,226 | -37.6% |
| Current investments | 50/53 | - | €75,000 | +€75,000 | |
| Cash at bank and in hand | 54/58 | €262,266 | €74,308 | -€187,958 | -71.7% |
| Deferred charges and accrued income | 490/1 | €32,500 | €32,363 | -€137 | -0.4% |
| Total equity and liabilities | 10/49 | €552,214 | €743,510 | +€191,296 | +34.6% |
| Equity | 10/15 | €252,751 | €260,826 | +€8,075 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €234,151 | €242,226 | +€8,075 | +3.4% |
| 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 | €232,291 | €240,366 | +€8,075 | +3.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €299,463 | €482,684 | +€183,221 | +61.2% |
| Amounts payable after more than one year | 17 | €188,384 | €374,483 | +€186,099 | +98.8% |
| Financial debts | 170/4 | €188,384 | €374,483 | +€186,099 | +98.8% |
| Amounts payable within one year | 42/48 | €103,150 | €104,182 | +€1,031 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €14,414 | €28,158 | +€13,744 | +95.4% |
| Financial debts | 43 | - | €354 | +€354 | |
| Credit institutions | 430/8 | - | €354 | +€354 | |
| Trade debts | 44 | €695 | €2,130 | +€1,435 | +207% |
| Suppliers | 440/4 | €695 | €2,130 | +€1,435 | +207% |
| Taxes, remuneration and social security | 45 | €4,147 | €8,280 | +€4,133 | +99.7% |
| Taxes | 450/3 | €4,147 | €8,280 | +€4,133 | +99.7% |
| Other amounts payable | 47/48 | €83,894 | €65,259 | -€18,635 | -22.2% |
| Accrued charges and deferred income | 492/3 | €7,928 | €4,019 | -€3,909 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,725 | €50,579 | +€29,854 | +144% |
| Other operating charges | 640/8 | €1,280 | €2,859 | +€1,579 | +123% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €68,442 | €85,353 | +€16,910 | +24.7% |
| Operating profit (loss) | 9901 | €46,437 | €31,915 | -€14,523 | -31.3% |
| Financial income | 75/76B | €609 | €2,574 | +€1,966 | +323% |
| Recurring financial income | 75 | €609 | €2,574 | +€1,966 | +323% |
| Financial charges | 65/66B | €18,914 | €21,984 | +€3,070 | +16.2% |
| Recurring financial charges | 65 | €18,914 | €21,984 | +€3,070 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €28,132 | €12,505 | -€15,627 | -55.5% |
| Income taxes | 67/77 | €8,812 | €4,430 | -€4,382 | -49.7% |
| Profit (loss) for the period | 9904 | €19,321 | €8,075 | -€11,245 | -58.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,321 | €8,075 | -€11,245 | -58.2% |
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 2 November 2026 via checked.be.