Pierre Nothomb: 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.
Pierre Nothomb
Largest movements
- Receivables within one year +€221,857
up €221,857 (+163%), from €136,521 to €358,378
of which Other amounts receivable: +€228,186
- Reserves +€469,764
up €469,764 (+57.7%), from €813,636 to €1.3m
- Other debts -€351,642
no longer reported in 2025 (was €351,642)
- Trade debts +€78,148
up €78,148 (+201%), from €38,976 to €117,124
- Financial income +€361,760
up €361,760 (+15,068%), from €2,401 to €364,161
- Depreciation +€104,016
up €104,016 (+843%), from €12,344 to €116,360
- Taxes -€22,188
down €22,188 (-36.9%), from €60,065 to €37,878
- Gross operating margin +€12,845
up €12,845 (+5.1%), from €253,497 to €266,343
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 | €2,249,216 | €2,461,699 | +€212,483 | +9.4% |
| Fixed assets | 21/28 | €2,076,541 | €2,073,561 | -€2,980 | -0.1% |
| Intangible fixed assets | 21 | €81,867 | €81,188 | -€680 | -0.8% |
| Tangible fixed assets | 22/27 | €15,599 | €13,299 | -€2,301 | -14.7% |
| Furniture and vehicles | 24 | €15,599 | €13,299 | -€2,301 | -14.7% |
| Financial fixed assets | 28 | €1,979,075 | €1,979,075 | = | 0.0% |
| Current assets | 29/58 | €172,675 | €388,137 | +€215,463 | +125% |
| Amounts receivable within one year | 40/41 | €136,521 | €358,378 | +€221,857 | +163% |
| Trade receivables | 40 | €79,827 | €73,498 | -€6,329 | -7.9% |
| Other amounts receivable | 41 | €56,695 | €284,881 | +€228,186 | +402% |
| Cash at bank and in hand | 54/58 | €35,951 | €29,527 | -€6,424 | -17.9% |
| Deferred charges and accrued income | 490/1 | €202 | €233 | +€30 | +14.9% |
| Total equity and liabilities | 10/49 | €2,249,216 | €2,461,699 | +€212,483 | +9.4% |
| Equity | 10/15 | €1,818,636 | €2,288,400 | +€469,764 | +25.8% |
| Contributions | 10/11 | €1,005,000 | €1,005,000 | = | 0.0% |
| Reserves | 13 | €813,636 | €1,283,400 | +€469,764 | +57.7% |
| Distributable reserves | 133 | €813,636 | €1,283,400 | +€469,764 | +57.7% |
| Amounts payable | 17/49 | €430,580 | €173,299 | -€257,282 | -59.8% |
| Amounts payable within one year | 42/48 | €430,492 | €173,209 | -€257,283 | -59.8% |
| Financial debts | 43 | €691 | €1,573 | +€882 | +128% |
| Credit institutions | 430/8 | €691 | €1,573 | +€882 | +128% |
| Trade debts | 44 | €38,976 | €117,124 | +€78,148 | +201% |
| Suppliers | 440/4 | €38,976 | €117,124 | +€78,148 | +201% |
| Taxes, remuneration and social security | 45 | €39,183 | €54,512 | +€15,329 | +39.1% |
| Taxes | 450/3 | €39,183 | €54,512 | +€15,329 | +39.1% |
| Other amounts payable | 47/48 | €351,642 | - | -€351,642 | |
| Accrued charges and deferred income | 492/3 | €88 | €89 | +€2 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,344 | €116,360 | +€104,016 | +843% |
| Other operating charges | 640/8 | €1,037 | €1,070 | +€33 | +3.2% |
| Gross operating margin | 9900 | €253,497 | €266,343 | +€12,845 | +5.1% |
| Operating profit (loss) | 9901 | €240,116 | €148,912 | -€91,204 | -38.0% |
| Financial income | 75/76B | €2,401 | €364,161 | +€361,760 | +15,068% |
| Recurring financial income | 75 | €2,401 | €364,161 | +€361,760 | +15,068% |
| Financial charges | 65/66B | €7,031 | €5,432 | -€1,599 | -22.7% |
| Recurring financial charges | 65 | €7,031 | €5,432 | -€1,599 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €235,486 | €507,642 | +€272,155 | +116% |
| Income taxes | 67/77 | €60,065 | €37,878 | -€22,188 | -36.9% |
| Profit (loss) for the period | 9904 | €175,421 | €469,764 | +€294,343 | +168% |
| Profit (loss) for the period to be appropriated | 9905 | €175,421 | €469,764 | +€294,343 | +168% |
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 30 October 2026 via checked.be.