De Nachtegaal: 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.
De Nachtegaal
Largest movements
- Cash -€12,224
down €12,224 (-43.5%), from €28,104 to €15,880
mainly Net result for the year (-€18,722) and Other debts (-€7,444)
- Tangible fixed assets -€3,830
down €3,830 (-36.9%), from €10,380 to €6,550
- Stocks and contracts +€1,465
up €1,465 (+17.6%), from €8,311 to €9,776
- Receivables within one year +€1,403
up €1,403 (+19.1%), from €7,344 to €8,747
- Deferred charges and accrued income -€1,090
no longer reported in 2025 (was €1,090)
- Profit (loss) carried forward -€18,722
down €18,722 (-31.2%), from -€60,037 to -€78,759
- Other debts -€7,444
down €7,444 (-18.7%), from €39,802 to €32,359
- Tax, wage and social debts +€6,612
up €6,612 (+96.5%), from €6,853 to €13,465
of which Remuneration and social security: +€5,985
- Trade debts +€5,278
up €5,278 (+14.2%), from €37,196 to €42,474
- Gross operating margin -€14,708
down €14,708 (-10.6%), from €139,304 to €124,597
- Other operating charges -€2,884
down €2,884 (-47.3%), from €6,092 to €3,207
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 | €65,175 | €50,899 | -€14,276 | -21.9% |
| Fixed assets | 21/28 | €20,326 | €16,496 | -€3,830 | -18.8% |
| Tangible fixed assets | 22/27 | €10,380 | €6,550 | -€3,830 | -36.9% |
| Plant, machinery and equipment | 23 | €10,380 | €6,550 | -€3,830 | -36.9% |
| Financial fixed assets | 28 | €9,946 | €9,946 | = | 0.0% |
| Current assets | 29/58 | €44,849 | €34,403 | -€10,446 | -23.3% |
| Stocks and contracts in progress | 3 | €8,311 | €9,776 | +€1,465 | +17.6% |
| Stocks | 30/36 | €8,311 | €9,776 | +€1,465 | +17.6% |
| Amounts receivable within one year | 40/41 | €7,344 | €8,747 | +€1,403 | +19.1% |
| Other amounts receivable | 41 | €7,344 | €8,747 | +€1,403 | +19.1% |
| Cash at bank and in hand | 54/58 | €28,104 | €15,880 | -€12,224 | -43.5% |
| Deferred charges and accrued income | 490/1 | €1,090 | - | -€1,090 | |
| Total equity and liabilities | 10/49 | €65,175 | €50,899 | -€14,276 | -21.9% |
| Equity | 10/15 | -€18,677 | -€37,399 | -€18,722 | -100% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €22,768 | €22,768 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,109 | €8,109 | = | 0.0% |
| Distributable reserves | 133 | €12,800 | €12,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,037 | -€78,759 | -€18,722 | -31.2% |
| Amounts payable | 17/49 | €83,852 | €88,298 | +€4,446 | +5.3% |
| Amounts payable within one year | 42/48 | €83,852 | €88,298 | +€4,446 | +5.3% |
| Trade debts | 44 | €37,196 | €42,474 | +€5,278 | +14.2% |
| Suppliers | 440/4 | €37,196 | €42,474 | +€5,278 | +14.2% |
| Taxes, remuneration and social security | 45 | €6,853 | €13,465 | +€6,612 | +96.5% |
| Taxes | 450/3 | €6,853 | €7,480 | +€627 | +9.2% |
| Remuneration and social security | 454/9 | - | €5,985 | +€5,985 | |
| Other amounts payable | 47/48 | €39,802 | €32,359 | -€7,444 | -18.7% |
| Remuneration, social security and pensions | 62 | €133,001 | €133,950 | +€949 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,041 | €3,830 | +€788 | +25.9% |
| Other operating charges | 640/8 | €6,092 | €3,207 | -€2,884 | -47.3% |
| Gross operating margin | 9900 | €139,304 | €124,597 | -€14,708 | -10.6% |
| Operating profit (loss) | 9901 | -€2,830 | -€16,391 | -€13,560 | -479% |
| Financial charges | 65/66B | €2,205 | €2,115 | -€90 | -4.1% |
| Recurring financial charges | 65 | €2,205 | €2,115 | -€90 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,036 | -€18,506 | -€13,470 | -268% |
| Income taxes | 67/77 | €217 | €216 | -€1 | -0.4% |
| Profit (loss) for the period | 9904 | -€5,253 | -€18,722 | -€13,469 | -256% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,253 | -€18,722 | -€13,469 | -256% |
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.