VICTOR NICHOLSON: 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.
VICTOR NICHOLSON
Largest movements
- Cash +€22,819
up €22,819 (+377%), from €6,047 to €28,867
mainly Net result for the year (+€14,342) and Depreciation (+€6,182)
- Tangible fixed assets -€6,182
down €6,182 (-32.4%), from €19,087 to €12,905
of which Furniture and vehicles: -€5,107
- Receivables within one year +€3,153
up €3,153 (+128%), from €2,458 to €5,611
- Profit (loss) carried forward +€14,342
up €14,342 (+57.1%), from -€25,130 to -€10,788
- Tax, wage and social debts +€4,375
up €4,375 (+83.2%), from €5,257 to €9,632
- Trade debts +€2,218
up €2,218 (+332%), from €669 to €2,887
- Other debts -€1,224
down €1,224 (-3.5%), from €34,586 to €33,361
- Gross operating margin +€25,243
up €25,243 (+536%), from €4,707 to €29,950
- Taxes +€6,797
up €6,797 (+415%), from €1,639 to €8,436
- Depreciation -€615
down €615 (-9.0%), from €6,797 to €6,182
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 | €27,782 | €47,579 | +€19,798 | +71.3% |
| Fixed assets | 21/28 | €19,277 | €13,095 | -€6,182 | -32.1% |
| Tangible fixed assets | 22/27 | €19,087 | €12,905 | -€6,182 | -32.4% |
| Plant, machinery and equipment | 23 | €1,551 | €476 | -€1,075 | -69.3% |
| Furniture and vehicles | 24 | €17,535 | €12,429 | -€5,107 | -29.1% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €8,505 | €34,484 | +€25,979 | +305% |
| Amounts receivable within one year | 40/41 | €2,458 | €5,611 | +€3,153 | +128% |
| Trade receivables | 40 | €2,458 | €5,611 | +€3,153 | +128% |
| Cash at bank and in hand | 54/58 | €6,047 | €28,867 | +€22,819 | +377% |
| Deferred charges and accrued income | 490/1 | - | €7 | +€7 | |
| Total equity and liabilities | 10/49 | €27,782 | €47,579 | +€19,798 | +71.3% |
| Equity | 10/15 | -€12,730 | €1,612 | +€14,342 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,130 | -€10,788 | +€14,342 | +57.1% |
| Amounts payable | 17/49 | €40,512 | €45,967 | +€5,456 | +13.5% |
| Amounts payable within one year | 42/48 | €40,512 | €45,880 | +€5,369 | +13.3% |
| Trade debts | 44 | €669 | €2,887 | +€2,218 | +332% |
| Suppliers | 440/4 | €669 | €2,887 | +€2,218 | +332% |
| Taxes, remuneration and social security | 45 | €5,257 | €9,632 | +€4,375 | +83.2% |
| Taxes | 450/3 | €5,257 | €9,632 | +€4,375 | +83.2% |
| Other amounts payable | 47/48 | €34,586 | €33,361 | -€1,224 | -3.5% |
| Accrued charges and deferred income | 492/3 | - | €87 | +€87 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,797 | €6,182 | -€615 | -9.0% |
| Other operating charges | 640/8 | €840 | €861 | +€21 | +2.6% |
| Gross operating margin | 9900 | €4,707 | €29,950 | +€25,243 | +536% |
| Operating profit (loss) | 9901 | -€2,929 | €22,907 | +€25,836 | |
| Financial income | 75/76B | €5 | €35 | +€30 | +583% |
| Recurring financial income | 75 | €5 | €35 | +€30 | +583% |
| Financial charges | 65/66B | €93 | €164 | +€71 | +77.0% |
| Recurring financial charges | 65 | €93 | €164 | +€71 | +77.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,016 | €22,778 | +€25,794 | |
| Income taxes | 67/77 | €1,639 | €8,436 | +€6,797 | +415% |
| Profit (loss) for the period | 9904 | -€4,656 | €14,342 | +€18,998 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,656 | €14,342 | +€18,998 |
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 23 October 2026 via checked.be.