50N5E: 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.
50N5E
Largest movements
- Receivables within one year -€149,268
down €149,268 (-51.7%), from €288,817 to €139,549
of which Trade receivables: -€101,616
- Cash -€144,450
down €144,450 (-78.2%), from €184,603 to €40,153
mainly Net result for the year (-€239,193) and Trade debts (-€84,364)
- Tangible fixed assets -€69,797
down €69,797 (-22.9%), from €305,333 to €235,536
of which Plant, machinery and equipment: -€58,290
- Stocks and contracts -€24,018
down €24,018 (-36.0%), from €66,788 to €42,770
- Deferred charges and accrued income +€13,122
up €13,122 (+447%), from €2,934 to €16,057
- Profit (loss) carried forward -€239,193
down €239,193 (-1,650%), from -€14,501 to -€253,693
- Trade debts -€84,364
down €84,364 (-44.0%), from €191,692 to €107,327
- Debts after one year -€74,495
down €74,495 (-26.2%), from €284,871 to €210,376
- Reserves -€32,086
down €32,086 (-11.8%), from €272,800 to €240,714
of which Distributable reserves: -€32,086
- Other debts +€32,086
new in 2025: €32,086
- Gross operating margin -€175,122
down €175,122, from €145,522 to -€29,600
- Financial charges +€11,027
up €11,027 (+76.6%), from €14,392 to €25,419
of which Financial charges: +€6,170
- Staff costs -€8,986
down €8,986 (-8.8%), from €102,546 to €93,560
- Financial income -€8,130
down €8,130 (-87.4%), from €9,305 to €1,175
- Depreciation +€5,212
up €5,212 (+17.6%), from €29,651 to €34,863
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 | €853,882 | €476,064 | -€377,817 | -44.2% |
| Fixed assets | 21/28 | €310,739 | €237,536 | -€73,203 | -23.6% |
| Tangible fixed assets | 22/27 | €305,333 | €235,536 | -€69,797 | -22.9% |
| Plant, machinery and equipment | 23 | €267,988 | €209,699 | -€58,290 | -21.8% |
| Furniture and vehicles | 24 | €16,803 | €10,951 | -€5,852 | -34.8% |
| Other tangible fixed assets | 26 | €20,542 | €14,887 | -€5,656 | -27.5% |
| Financial fixed assets | 28 | €5,406 | €2,000 | -€3,406 | -63.0% |
| Current assets | 29/58 | €543,142 | €238,528 | -€304,614 | -56.1% |
| Stocks and contracts in progress | 3 | €66,788 | €42,770 | -€24,018 | -36.0% |
| Stocks | 30/36 | €66,788 | €42,770 | -€24,018 | -36.0% |
| Amounts receivable within one year | 40/41 | €288,817 | €139,549 | -€149,268 | -51.7% |
| Trade receivables | 40 | €209,738 | €108,122 | -€101,616 | -48.4% |
| Other amounts receivable | 41 | €79,079 | €31,427 | -€47,651 | -60.3% |
| Cash at bank and in hand | 54/58 | €184,603 | €40,153 | -€144,450 | -78.2% |
| Deferred charges and accrued income | 490/1 | €2,934 | €16,057 | +€13,122 | +447% |
| Total equity and liabilities | 10/49 | €853,882 | €476,064 | -€377,817 | -44.2% |
| Equity | 10/15 | €288,299 | €17,021 | -€271,278 | -94.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €272,800 | €240,714 | -€32,086 | -11.8% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €269,800 | €237,714 | -€32,086 | -11.9% |
| Profit (loss) carried forward | 14 | -€14,501 | -€253,693 | -€239,193 | -1,650% |
| Amounts payable | 17/49 | €565,582 | €459,043 | -€106,539 | -18.8% |
| Amounts payable after more than one year | 17 | €284,871 | €210,376 | -€74,495 | -26.2% |
| Financial debts | 170/4 | €284,871 | €210,376 | -€74,495 | -26.2% |
| Amounts payable within one year | 42/48 | €280,711 | €248,667 | -€32,044 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €65,129 | €80,539 | +€15,410 | +23.7% |
| Trade debts | 44 | €191,692 | €107,327 | -€84,364 | -44.0% |
| Suppliers | 440/4 | €191,692 | €107,327 | -€84,364 | -44.0% |
| Taxes, remuneration and social security | 45 | €23,891 | €28,716 | +€4,825 | +20.2% |
| Taxes | 450/3 | €5,550 | €1,714 | -€3,836 | -69.1% |
| Remuneration and social security | 454/9 | €18,341 | €27,002 | +€8,661 | +47.2% |
| Other amounts payable | 47/48 | - | €32,086 | +€32,086 | |
| Remuneration, social security and pensions | 62 | €102,546 | €93,560 | -€8,986 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,651 | €34,863 | +€5,212 | +17.6% |
| Other operating charges | 640/8 | €2,036 | €1,531 | -€505 | -24.8% |
| Non-recurring operating charges | 66A | - | €55,034 | +€55,034 | |
| Gross operating margin | 9900 | €145,522 | -€29,600 | -€175,122 | |
| Operating profit (loss) | 9901 | €11,289 | -€214,588 | -€225,877 | |
| Financial income | 75/76B | €9,305 | €1,175 | -€8,130 | -87.4% |
| Recurring financial income | 75 | €9,305 | €1,175 | -€8,130 | -87.4% |
| Financial charges | 65/66B | €14,392 | €25,419 | +€11,027 | +76.6% |
| Recurring financial charges | 65 | €14,392 | €20,561 | +€6,170 | +42.9% |
| Non-recurring financial charges | 66B | - | €4,857 | +€4,857 | |
| Profit (loss) for the period before taxes | 9903 | €6,202 | -€238,832 | -€245,034 | |
| Income taxes | 67/77 | €392 | €361 | -€32 | -8.1% |
| Profit (loss) for the period | 9904 | €5,810 | -€239,193 | -€245,002 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,810 | -€239,193 | -€245,002 |
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 13 October 2026 via checked.be.