Théo Nicolas: 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.
Théo Nicolas
Largest movements
- Receivables within one year +€8,052
up €8,052 (+127%), from €6,365 to €14,417
of which Trade receivables: +€10,025
- Cash +€3,698
up €3,698 (+53.4%), from €6,931 to €10,629
mainly Other debts (+€12,499) and Net result for the year (+€5,511)
- Other debts +€12,499
up €12,499 (+267%), from €4,686 to €17,185
- Profit (loss) carried forward -€4,489
down €4,489 (-94.3%), from €4,758 to €269
- Trade debts +€4,340
up €4,340 (+4,783%), from €91 to €4,431
- Depreciation +€1,737
up €1,737 (+80.6%), from €2,156 to €3,893
- Gross operating margin -€618
down €618 (-4.9%), from €12,496 to €11,879
- Taxes -€566
down €566 (-24.7%), from €2,291 to €1,725
- Other operating charges +€400
up €400 (+416%), from €96 to €496
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 | €24,802 | €37,002 | +€12,200 | +49.2% |
| Fixed assets | 21/28 | €10,987 | €11,142 | +€155 | +1.4% |
| Tangible fixed assets | 22/27 | €10,987 | €11,142 | +€155 | +1.4% |
| Plant, machinery and equipment | 23 | €9,641 | €8,531 | -€1,111 | -11.5% |
| Furniture and vehicles | 24 | €1,346 | €2,611 | +€1,265 | +94.0% |
| Current assets | 29/58 | €13,815 | €25,860 | +€12,046 | +87.2% |
| Amounts receivable within one year | 40/41 | €6,365 | €14,417 | +€8,052 | +127% |
| Trade receivables | 40 | €3,585 | €13,609 | +€10,025 | +280% |
| Other amounts receivable | 41 | €2,780 | €808 | -€1,972 | -70.9% |
| Cash at bank and in hand | 54/58 | €6,931 | €10,629 | +€3,698 | +53.4% |
| Deferred charges and accrued income | 490/1 | €519 | €814 | +€295 | +57.0% |
| Total equity and liabilities | 10/49 | €24,802 | €37,002 | +€12,200 | +49.2% |
| Equity | 10/15 | €17,758 | €13,269 | -€4,489 | -25.3% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,758 | €269 | -€4,489 | -94.3% |
| Amounts payable | 17/49 | €7,043 | €23,733 | +€16,689 | +237% |
| Amounts payable within one year | 42/48 | €7,043 | €23,733 | +€16,689 | +237% |
| Trade debts | 44 | €91 | €4,431 | +€4,340 | +4,783% |
| Suppliers | 440/4 | €91 | €4,431 | +€4,340 | +4,783% |
| Taxes, remuneration and social security | 45 | €2,267 | €2,117 | -€150 | -6.6% |
| Taxes | 450/3 | €2,267 | €2,117 | -€150 | -6.6% |
| Other amounts payable | 47/48 | €4,686 | €17,185 | +€12,499 | +267% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,156 | €3,893 | +€1,737 | +80.6% |
| Other operating charges | 640/8 | €96 | €496 | +€400 | +416% |
| Gross operating margin | 9900 | €12,496 | €11,879 | -€618 | -4.9% |
| Operating profit (loss) | 9901 | €10,245 | €7,490 | -€2,754 | -26.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €187 | €255 | +€68 | +36.4% |
| Recurring financial charges | 65 | €187 | €255 | +€68 | +36.4% |
| Profit (loss) for the period before taxes | 9903 | €10,058 | €7,236 | -€2,822 | -28.1% |
| Income taxes | 67/77 | €2,291 | €1,725 | -€566 | -24.7% |
| Profit (loss) for the period | 9904 | €7,767 | €5,511 | -€2,256 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,767 | €5,511 | -€2,256 | -29.1% |
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 27 October 2026 via checked.be.