Nukshuk: 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.
Nukshuk
Largest movements
- Cash +€55,940
up €55,940 (+79.7%), from €70,202 to €126,142
mainly Net result for the year (+€65,818) and Trade debts (+€20,217)
- Receivables within one year +€14,288
up €14,288 (+62.5%), from €22,862 to €37,150
of which Trade receivables: +€11,759
- Tangible fixed assets +€12,427
up €12,427 (+95.5%), from €13,005 to €25,432
of which Plant, machinery and equipment: +€6,229
- Reserves +€139,433
new in 2025: €139,433
- Profit (loss) carried forward -€73,615
no longer reported in 2025 (was €73,615)
- Trade debts +€20,217
up €20,217 (+630%), from €3,209 to €23,426
- Tax, wage and social debts -€2,565
down €2,565 (-9.4%), from €27,422 to €24,857
- Gross operating margin -€7,726
down €7,726 (-8.1%), from €95,415 to €87,688
- Depreciation +€1,677
up €1,677 (+61.7%), from €2,716 to €4,392
- Taxes -€1,509
down €1,509 (-8.0%), from €18,797 to €17,288
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 | €106,175 | €189,216 | +€83,041 | +78.2% |
| Formation expenses | 20 | €105 | - | -€105 | |
| Fixed assets | 21/28 | €13,005 | €25,432 | +€12,427 | +95.5% |
| Tangible fixed assets | 22/27 | €13,005 | €25,432 | +€12,427 | +95.5% |
| Plant, machinery and equipment | 23 | €2,773 | €9,002 | +€6,229 | +225% |
| Furniture and vehicles | 24 | €7,558 | €12,897 | +€5,339 | +70.6% |
| Other tangible fixed assets | 26 | €2,675 | €3,533 | +€859 | +32.1% |
| Current assets | 29/58 | €93,065 | €163,784 | +€70,719 | +76.0% |
| Amounts receivable within one year | 40/41 | €22,862 | €37,150 | +€14,288 | +62.5% |
| Trade receivables | 40 | €22,862 | €34,621 | +€11,759 | +51.4% |
| Other amounts receivable | 41 | - | €2,529 | +€2,529 | |
| Cash at bank and in hand | 54/58 | €70,202 | €126,142 | +€55,940 | +79.7% |
| Deferred charges and accrued income | 490/1 | - | €492 | +€492 | |
| Total equity and liabilities | 10/49 | €106,175 | €189,216 | +€83,041 | +78.2% |
| Equity | 10/15 | €75,115 | €140,933 | +€65,818 | +87.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | - | €139,433 | +€139,433 | |
| Distributable reserves | 133 | - | €139,433 | +€139,433 | |
| Profit (loss) carried forward | 14 | €73,615 | - | -€73,615 | |
| Amounts payable | 17/49 | €31,060 | €48,283 | +€17,223 | +55.5% |
| Amounts payable within one year | 42/48 | €31,060 | €48,283 | +€17,223 | +55.5% |
| Trade debts | 44 | €3,209 | €23,426 | +€20,217 | +630% |
| Suppliers | 440/4 | €3,209 | €23,426 | +€20,217 | +630% |
| Taxes, remuneration and social security | 45 | €27,422 | €24,857 | -€2,565 | -9.4% |
| Taxes | 450/3 | €27,422 | €24,857 | -€2,565 | -9.4% |
| Other amounts payable | 47/48 | €429 | - | -€429 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,716 | €4,392 | +€1,677 | +61.7% |
| Other operating charges | 640/8 | €224 | €207 | -€17 | -7.5% |
| Gross operating margin | 9900 | €95,415 | €87,688 | -€7,726 | -8.1% |
| Operating profit (loss) | 9901 | €92,475 | €83,089 | -€9,386 | -10.2% |
| Financial income | 75/76B | €20 | €162 | +€142 | +712% |
| Recurring financial income | 75 | €20 | €162 | +€142 | +712% |
| Financial charges | 65/66B | €83 | €145 | +€62 | +74.6% |
| Recurring financial charges | 65 | €83 | €145 | +€62 | +74.6% |
| Profit (loss) for the period before taxes | 9903 | €92,412 | €83,106 | -€9,306 | -10.1% |
| Income taxes | 67/77 | €18,797 | €17,288 | -€1,509 | -8.0% |
| Profit (loss) for the period | 9904 | €73,615 | €65,818 | -€7,797 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €73,615 | €65,818 | -€7,797 | -10.6% |
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 16 October 2026 via checked.be.