PHILIPPE NESTERGAL: 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.
PHILIPPE NESTERGAL
Largest movements
- Cash -€73,481
down €73,481 (-60.5%), from €121,534 to €48,054
mainly Contributions, distributions and other (-€111,000) and Other debts (-€24,375)
- Receivables within one year +€20,929
up €20,929 (+4,223%), from €496 to €21,425
of which Trade receivables: +€18,150
- Deferred charges and accrued income +€3,909
up €3,909, from €0 to €3,909
- Financial fixed assets +€2,340
new in 2025: €2,340
- Profit (loss) carried forward -€31,171
down €31,171 (-90.4%), from €34,494 to €3,323
- Other debts -€24,375
down €24,375 (-30.1%), from €80,953 to €56,579
- Trade debts +€4,846
up €4,846, from €0 to €4,846
- Tax, wage and social debts +€3,327
up €3,327 (+44.5%), from €7,483 to €10,810
- Gross operating margin +€14,014
up €14,014 (+15.5%), from €90,465 to €104,478
- Taxes +€3,621
up €3,621 (+20.0%), from €18,104 to €21,725
- Other operating charges +€1,192
up €1,192 (+1,490%), from €80 to €1,272
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 | €124,430 | €77,057 | -€47,373 | -38.1% |
| Formation expenses | 20 | €602 | €396 | -€206 | -34.3% |
| Fixed assets | 21/28 | €1,798 | €3,274 | +€1,476 | +82.1% |
| Tangible fixed assets | 22/27 | €1,798 | €934 | -€864 | -48.1% |
| Furniture and vehicles | 24 | €1,798 | €934 | -€864 | -48.1% |
| Financial fixed assets | 28 | - | €2,340 | +€2,340 | |
| Current assets | 29/58 | €122,030 | €73,388 | -€48,642 | -39.9% |
| Amounts receivable within one year | 40/41 | €496 | €21,425 | +€20,929 | +4,223% |
| Trade receivables | 40 | €0 | €18,150 | +€18,150 | |
| Other amounts receivable | 41 | €496 | €3,275 | +€2,779 | +561% |
| Cash at bank and in hand | 54/58 | €121,534 | €48,054 | -€73,481 | -60.5% |
| Deferred charges and accrued income | 490/1 | €0 | €3,909 | +€3,909 | |
| Total equity and liabilities | 10/49 | €124,430 | €77,057 | -€47,373 | -38.1% |
| Equity | 10/15 | €35,994 | €4,823 | -€31,171 | -86.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,494 | €3,323 | -€31,171 | -90.4% |
| Amounts payable | 17/49 | €88,436 | €72,235 | -€16,202 | -18.3% |
| Amounts payable within one year | 42/48 | €88,436 | €72,235 | -€16,202 | -18.3% |
| Trade debts | 44 | €0 | €4,846 | +€4,846 | |
| Suppliers | 440/4 | €0 | €4,846 | +€4,846 | |
| Taxes, remuneration and social security | 45 | €7,483 | €10,810 | +€3,327 | +44.5% |
| Taxes | 450/3 | €7,483 | €10,810 | +€3,327 | +44.5% |
| Other amounts payable | 47/48 | €80,953 | €56,579 | -€24,375 | -30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €644 | €1,070 | +€427 | +66.3% |
| Other operating charges | 640/8 | €80 | €1,272 | +€1,192 | +1,490% |
| Gross operating margin | 9900 | €90,465 | €104,478 | +€14,014 | +15.5% |
| Operating profit (loss) | 9901 | €89,741 | €102,136 | +€12,395 | +13.8% |
| Financial charges | 65/66B | - | €581 | +€581 | |
| Recurring financial charges | 65 | - | €581 | +€581 | |
| Profit (loss) for the period before taxes | 9903 | €89,741 | €101,554 | +€11,813 | +13.2% |
| Income taxes | 67/77 | €18,104 | €21,725 | +€3,621 | +20.0% |
| Profit (loss) for the period | 9904 | €71,637 | €79,829 | +€8,192 | +11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €71,637 | €79,829 | +€8,192 | +11.4% |
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 14 October 2026 via checked.be.