NULLUS MELIOR: 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.
NULLUS MELIOR
Largest movements
- Current investments +€138,522
new in 2025: €138,522
- Cash -€109,077
down €109,077 (-39.4%), from €276,554 to €167,477
mainly Current investments (-€138,522) and Receivables within one year (-€37,777)
- Receivables within one year +€37,777
up €37,777 (+650.4%), from €5,808 to €43,585
of which Trade receivables: +€35,332
- Tangible fixed assets -€4,163
down €4,163 (-44.3%), from €9,393 to €5,230
of which Furniture and vehicles: -€3,664
- Reserves +€68,679
up €68,679 (+26.5%), from €259,645 to €328,324
of which Distributable reserves: +€68,679
- Trade debts -€5,242
down €5,242 (-79.1%), from €6,626 to €1,384
- Financial income +€14,652
up €14,652, from €0 to €14,652
- Gross operating margin +€11,714
up €11,714 (+17.3%), from €67,904 to €79,617
- Taxes +€2,266
up €2,266 (+16.2%), from €14,021 to €16,287
- Financial charges +€1,489
up €1,489 (+396.4%), from €376 to €1,864
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 | €293,810 | €357,260 | +€63,450 | +21.6% |
| Fixed assets | 21/28 | €9,393 | €5,230 | -€4,163 | -44.3% |
| Tangible fixed assets | 22/27 | €9,393 | €5,230 | -€4,163 | -44.3% |
| Land and buildings | 22 | €1,006 | €853 | -€153 | -15.2% |
| Plant, machinery and equipment | 23 | €1,721 | €1,374 | -€346 | -20.1% |
| Furniture and vehicles | 24 | €6,666 | €3,002 | -€3,664 | -55.0% |
| Current assets | 29/58 | €284,417 | €352,031 | +€67,613 | +23.8% |
| Amounts receivable within one year | 40/41 | €5,808 | €43,585 | +€37,777 | +650.4% |
| Trade receivables | 40 | €5,645 | €40,977 | +€35,332 | +625.9% |
| Other amounts receivable | 41 | €164 | €2,609 | +€2,445 | +1493.6% |
| Current investments | 50/53 | - | €138,522 | +€138,522 | |
| Cash at bank and in hand | 54/58 | €276,554 | €167,477 | -€109,077 | -39.4% |
| Deferred charges and accrued income | 490/1 | €2,056 | €2,447 | +€391 | +19.0% |
| Total equity and liabilities | 10/49 | €293,810 | €357,260 | +€63,450 | +21.6% |
| Equity | 10/15 | €272,045 | €340,724 | +€68,679 | +25.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €259,645 | €328,324 | +€68,679 | +26.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,295 | €19,295 | = | 0.0% |
| Distributable reserves | 133 | €238,490 | €307,169 | +€68,679 | +28.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €21,765 | €16,536 | -€5,229 | -24.0% |
| Amounts payable within one year | 42/48 | €20,911 | €16,026 | -€4,886 | -23.4% |
| Trade debts | 44 | €6,626 | €1,384 | -€5,242 | -79.1% |
| Suppliers | 440/4 | €6,626 | €1,384 | -€5,242 | -79.1% |
| Taxes, remuneration and social security | 45 | €11,010 | €9,281 | -€1,729 | -15.7% |
| Taxes | 450/3 | €8,010 | €9,281 | +€1,271 | +15.9% |
| Remuneration and social security | 454/9 | €3,000 | €0 | -€3,000 | -100.0% |
| Other amounts payable | 47/48 | €3,276 | €5,361 | +€2,085 | +63.7% |
| Accrued charges and deferred income | 492/3 | €854 | €511 | -€343 | -40.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,815 | €5,683 | -€132 | -2.3% |
| Other operating charges | 640/8 | €1,183 | €897 | -€287 | -24.2% |
| Gross operating margin | 9900 | €67,904 | €79,617 | +€11,714 | +17.3% |
| Operating profit (loss) | 9901 | €60,905 | €73,037 | +€12,132 | +19.9% |
| Financial income | 75/76B | €0 | €14,652 | +€14,652 | |
| Recurring financial income | 75 | €0 | €14,652 | +€14,652 | |
| Financial charges | 65/66B | €376 | €1,864 | +€1,489 | +396.4% |
| Recurring financial charges | 65 | €376 | €1,864 | +€1,489 | +396.4% |
| Profit (loss) for the period before taxes | 9903 | €60,529 | €85,825 | +€25,296 | +41.8% |
| Income taxes | 67/77 | €14,021 | €16,287 | +€2,266 | +16.2% |
| Profit (loss) for the period | 9904 | €46,508 | €69,538 | +€23,030 | +49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,508 | €69,538 | +€23,030 | +49.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.