Brexit TNOT: 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.
Brexit TNOT
Largest movements
- Tangible fixed assets +€103,080
up €103,080 (+14.6%), from €705,477 to €808,558
of which Land and buildings: +€79,645
- Receivables within one year -€86,282
down €86,282 (-58.1%), from €148,605 to €62,323
of which Other amounts receivable: -€92,346
- Formation expenses -€27,843
down €27,843 (-34.3%), from €81,208 to €53,365
- Stocks and contracts +€27,176
up €27,176 (+113%), from €24,150 to €51,326
- Reserves +€56,054
up €56,054 (+36.0%), from €155,591 to €211,645
- Other debts -€41,111
down €41,111 (-51.1%), from €80,407 to €39,296
- Trade debts +€31,996
up €31,996 (+11.9%), from €269,289 to €301,285
- Current portion of long-term debt -€21,000
down €21,000 (-38.4%), from €54,700 to €33,700
- Staff costs +€125,990
up €125,990 (+42.3%), from €297,603 to €423,594
- Gross operating margin +€95,306
up €95,306 (+15.7%), from €605,804 to €701,111
- Depreciation +€32,575
up €32,575 (+32.4%), from €100,387 to €132,962
- Taxes -€29,480
down €29,480 (-59.3%), from €49,729 to €20,249
- Other operating charges +€9,196
up €9,196 (+169%), from €5,448 to €14,644
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 | €983,815 | €1,001,745 | +€17,930 | +1.8% |
| Formation expenses | 20 | €81,208 | €53,365 | -€27,843 | -34.3% |
| Fixed assets | 21/28 | €713,870 | €819,065 | +€105,195 | +14.7% |
| Tangible fixed assets | 22/27 | €705,477 | €808,558 | +€103,080 | +14.6% |
| Land and buildings | 22 | €456,698 | €536,343 | +€79,645 | +17.4% |
| Plant, machinery and equipment | 23 | €215,940 | €243,276 | +€27,336 | +12.7% |
| Furniture and vehicles | 24 | €11,919 | €10,433 | -€1,486 | -12.5% |
| Leasing and similar rights | 25 | €17,280 | €15,120 | -€2,160 | -12.5% |
| Other tangible fixed assets | 26 | €3,640 | €3,385 | -€255 | -7.0% |
| Financial fixed assets | 28 | €8,393 | €10,508 | +€2,115 | +25.2% |
| Current assets | 29/58 | €188,737 | €129,314 | -€59,423 | -31.5% |
| Stocks and contracts in progress | 3 | €24,150 | €51,326 | +€27,176 | +113% |
| Stocks | 30/36 | €24,150 | €51,326 | +€27,176 | +113% |
| Amounts receivable within one year | 40/41 | €148,605 | €62,323 | -€86,282 | -58.1% |
| Trade receivables | 40 | €36,783 | €42,847 | +€6,064 | +16.5% |
| Other amounts receivable | 41 | €111,822 | €19,476 | -€92,346 | -82.6% |
| Cash at bank and in hand | 54/58 | €10,093 | €13,613 | +€3,521 | +34.9% |
| Deferred charges and accrued income | 490/1 | €5,889 | €2,051 | -€3,838 | -65.2% |
| Total equity and liabilities | 10/49 | €983,815 | €1,001,745 | +€17,930 | +1.8% |
| Equity | 10/15 | €174,191 | €230,245 | +€56,054 | +32.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €155,591 | €211,645 | +€56,054 | +36.0% |
| Distributable reserves | 133 | €155,591 | €211,645 | +€56,054 | +36.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €809,624 | €771,500 | -€38,124 | -4.7% |
| Amounts payable within one year | 42/48 | €797,824 | €762,362 | -€35,462 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €54,700 | €33,700 | -€21,000 | -38.4% |
| Trade debts | 44 | €269,289 | €301,285 | +€31,996 | +11.9% |
| Suppliers | 440/4 | €269,289 | €301,285 | +€31,996 | +11.9% |
| Taxes, remuneration and social security | 45 | €393,429 | €388,081 | -€5,348 | -1.4% |
| Taxes | 450/3 | €214,555 | €232,514 | +€17,959 | +8.4% |
| Remuneration and social security | 454/9 | €178,874 | €155,567 | -€23,307 | -13.0% |
| Other amounts payable | 47/48 | €80,407 | €39,296 | -€41,111 | -51.1% |
| Accrued charges and deferred income | 492/3 | €11,800 | €9,138 | -€2,662 | -22.6% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €297,603 | €423,594 | +€125,990 | +42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,387 | €132,962 | +€32,575 | +32.4% |
| Other operating charges | 640/8 | €5,448 | €14,644 | +€9,196 | +169% |
| Non-recurring operating charges | 66A | - | €14,400 | +€14,400 | |
| Gross operating margin | 9900 | €605,804 | €701,111 | +€95,306 | +15.7% |
| Operating profit (loss) | 9901 | €202,366 | €115,511 | -€86,855 | -42.9% |
| Financial income | 75/76B | €6,293 | €1,959 | -€4,334 | -68.9% |
| Recurring financial income | 75 | €6,293 | €1,959 | -€4,334 | -68.9% |
| Financial charges | 65/66B | €35,265 | €39,553 | +€4,288 | +12.2% |
| Recurring financial charges | 65 | €35,265 | €39,553 | +€4,288 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €173,394 | €77,917 | -€95,477 | -55.1% |
| Income taxes | 67/77 | €49,729 | €20,249 | -€29,480 | -59.3% |
| Profit (loss) for the period | 9904 | €123,665 | €57,668 | -€65,997 | -53.4% |
| Profit (loss) for the period to be appropriated | 9905 | €123,665 | €57,668 | -€65,997 | -53.4% |
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 28 October 2026 via checked.be.