Nils Leemans: 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.
Nils Leemans
Largest movements
- Cash +€81,236
up €81,236 (+148%), from €55,075 to €136,310
mainly Net result for the year (+€60,964) and Tax, wage and social debts (+€17,838)
- Tangible fixed assets -€15,562
down €15,562 (-36.2%), from €43,008 to €27,445
of which Leasing and similar rights: -€14,849
- Reserves +€60,964
up €60,964 (+101%), from €60,535 to €121,500
- Tax, wage and social debts +€17,838
up €17,838 (+154%), from €11,574 to €29,412
of which Taxes: +€17,718
- Debts after one year -€10,114
down €10,114 (-37.7%), from €26,856 to €16,741
- Other debts -€3,942
down €3,942 (-90.3%), from €4,364 to €422
- Gross operating margin +€21,939
up €21,939 (+26.2%), from €83,881 to €105,820
- Taxes +€8,996
up €8,996 (+55.1%), from €16,324 to €25,320
- Other operating charges +€6,964
up €6,964 (+2,638%), from €264 to €7,228
- Depreciation +€5,278
up €5,278 (+86.0%), from €6,137 to €11,415
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 | €116,101 | €182,187 | +€66,085 | +56.9% |
| Fixed assets | 21/28 | €43,008 | €27,445 | -€15,562 | -36.2% |
| Tangible fixed assets | 22/27 | €43,008 | €27,445 | -€15,562 | -36.2% |
| Plant, machinery and equipment | 23 | €3,270 | €4,029 | +€759 | +23.2% |
| Furniture and vehicles | 24 | €3,431 | €1,958 | -€1,473 | -42.9% |
| Leasing and similar rights | 25 | €36,307 | €21,458 | -€14,849 | -40.9% |
| Current assets | 29/58 | €73,094 | €154,742 | +€81,648 | +112% |
| Amounts receivable within one year | 40/41 | €1,080 | €0 | -€1,080 | -100% |
| Trade receivables | 40 | €1,080 | €0 | -€1,080 | -100% |
| Cash at bank and in hand | 54/58 | €55,075 | €136,310 | +€81,236 | +148% |
| Deferred charges and accrued income | 490/1 | €16,940 | €18,431 | +€1,492 | +8.8% |
| Total equity and liabilities | 10/49 | €116,101 | €182,187 | +€66,085 | +56.9% |
| Equity | 10/15 | €63,535 | €124,500 | +€60,964 | +96.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €60,535 | €121,500 | +€60,964 | +101% |
| Distributable reserves | 133 | €60,535 | €121,500 | +€60,964 | +101% |
| Amounts payable | 17/49 | €52,566 | €57,687 | +€5,121 | +9.7% |
| Amounts payable after more than one year | 17 | €26,856 | €16,741 | -€10,114 | -37.7% |
| Financial debts | 170/4 | €26,856 | €16,741 | -€10,114 | -37.7% |
| Amounts payable within one year | 42/48 | €25,711 | €40,946 | +€15,235 | +59.3% |
| Current portion of amounts payable after more than one year | 42 | €9,773 | €10,114 | +€341 | +3.5% |
| Trade debts | 44 | - | €998 | +€998 | |
| Suppliers | 440/4 | - | €998 | +€998 | |
| Taxes, remuneration and social security | 45 | €11,574 | €29,412 | +€17,838 | +154% |
| Taxes | 450/3 | €9,574 | €27,292 | +€17,718 | +185% |
| Remuneration and social security | 454/9 | €2,000 | €2,120 | +€120 | +6.0% |
| Other amounts payable | 47/48 | €4,364 | €422 | -€3,942 | -90.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,137 | €11,415 | +€5,278 | +86.0% |
| Other operating charges | 640/8 | €264 | €7,228 | +€6,964 | +2,638% |
| Gross operating margin | 9900 | €83,881 | €105,820 | +€21,939 | +26.2% |
| Operating profit (loss) | 9901 | €77,480 | €87,178 | +€9,698 | +12.5% |
| Financial income | 75/76B | - | €375 | +€375 | |
| Recurring financial income | 75 | - | €375 | +€375 | |
| Financial charges | 65/66B | €621 | €1,268 | +€647 | +104% |
| Recurring financial charges | 65 | €621 | €1,268 | +€647 | +104% |
| Profit (loss) for the period before taxes | 9903 | €76,859 | €86,284 | +€9,426 | +12.3% |
| Income taxes | 67/77 | €16,324 | €25,320 | +€8,996 | +55.1% |
| Profit (loss) for the period | 9904 | €60,535 | €60,964 | +€429 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €60,535 | €60,964 | +€429 | +0.7% |
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 24 October 2026 via checked.be.