aN-29: 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.
aN-29
Largest movements
- Cash -€24,241
down €24,241 (-56.5%), from €42,901 to €18,660
mainly Debts after one year (-€13,333) and Tax, wage and social debts (-€12,169)
- Tangible fixed assets -€17,752
down €17,752 (-13.5%), from €131,929 to €114,176
of which Land and buildings: -€17,236
- Receivables within one year -€13,230
down €13,230 (-22.8%), from €57,901 to €44,671
of which Trade receivables: -€24,364
- Debts after one year -€13,333
down €13,333 (-15.6%), from €85,556 to €72,222
of which Financial debts: -€13,333
- Tax, wage and social debts -€12,169
down €12,169 (-99.8%), from €12,193 to €24
- Trade debts -€11,906
down €11,906 (-47.8%), from €24,904 to €12,998
- Accrued charges and deferred income -€10,569
down €10,569 (-88.6%), from €11,924 to €1,355
- Reserves -€4,991
down €4,991 (-3.6%), from €136,868 to €131,877
- Gross operating margin +€5,858
up €5,858 (+30.4%), from €19,284 to €25,142
- Financial charges +€2,766
up €2,766 (+109%), from €2,542 to €5,308
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 | €437,757 | €381,363 | -€56,395 | -12.9% |
| Fixed assets | 21/28 | €135,289 | €117,536 | -€17,752 | -13.1% |
| Tangible fixed assets | 22/27 | €131,929 | €114,176 | -€17,752 | -13.5% |
| Land and buildings | 22 | €131,401 | €114,165 | -€17,236 | -13.1% |
| Furniture and vehicles | 24 | €528 | €11 | -€517 | -97.9% |
| Financial fixed assets | 28 | €3,360 | €3,360 | = | 0.0% |
| Current assets | 29/58 | €302,469 | €263,826 | -€38,642 | -12.8% |
| Stocks and contracts in progress | 3 | €201,667 | €200,496 | -€1,171 | -0.6% |
| Stocks | 30/36 | €201,667 | €200,496 | -€1,171 | -0.6% |
| Amounts receivable within one year | 40/41 | €57,901 | €44,671 | -€13,230 | -22.8% |
| Trade receivables | 40 | €57,901 | €33,537 | -€24,364 | -42.1% |
| Other amounts receivable | 41 | - | €11,134 | +€11,134 | |
| Cash at bank and in hand | 54/58 | €42,901 | €18,660 | -€24,241 | -56.5% |
| Total equity and liabilities | 10/49 | €437,757 | €381,363 | -€56,395 | -12.9% |
| Equity | 10/15 | €236,868 | €231,877 | -€4,991 | -2.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €136,868 | €131,877 | -€4,991 | -3.6% |
| Distributable reserves | 133 | €136,868 | €131,877 | -€4,991 | -3.6% |
| Amounts payable | 17/49 | €200,889 | €149,485 | -€51,404 | -25.6% |
| Amounts payable after more than one year | 17 | €85,556 | €72,222 | -€13,333 | -15.6% |
| Financial debts | 170/4 | €25,556 | €12,222 | -€13,333 | -52.2% |
| Other amounts payable | 178/9 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €103,409 | €75,908 | -€27,501 | -26.6% |
| Current portion of amounts payable after more than one year | 42 | €13,333 | €13,333 | = | 0.0% |
| Trade debts | 44 | €24,904 | €12,998 | -€11,906 | -47.8% |
| Suppliers | 440/4 | €24,904 | €12,998 | -€11,906 | -47.8% |
| Taxes, remuneration and social security | 45 | €12,193 | €24 | -€12,169 | -99.8% |
| Taxes | 450/3 | €12,193 | €24 | -€12,169 | -99.8% |
| Other amounts payable | 47/48 | €52,979 | €49,552 | -€3,426 | -6.5% |
| Accrued charges and deferred income | 492/3 | €11,924 | €1,355 | -€10,569 | -88.6% |
| Non-recurring operating income | 76A | €7,438 | - | -€7,438 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,752 | €17,752 | -€0 | 0.0% |
| Other operating charges | 640/8 | €6,836 | €7,073 | +€237 | +3.5% |
| Gross operating margin | 9900 | €19,284 | €25,142 | +€5,858 | +30.4% |
| Operating profit (loss) | 9901 | -€5,305 | €316 | +€5,622 | |
| Financial income | 75/76B | €131 | €1 | -€130 | -99.2% |
| Recurring financial income | 75 | €131 | €1 | -€130 | -99.2% |
| Financial charges | 65/66B | €2,542 | €5,308 | +€2,766 | +109% |
| Recurring financial charges | 65 | €2,542 | €5,308 | +€2,766 | +109% |
| Profit (loss) for the period before taxes | 9903 | -€7,716 | -€4,991 | +€2,725 | +35.3% |
| Income taxes | 67/77 | €24 | - | -€24 | |
| Profit (loss) for the period | 9904 | -€7,741 | -€4,991 | +€2,750 | +35.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,741 | -€4,991 | +€2,750 | +35.5% |
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.