Eef Naessens: 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.
Eef Naessens
Largest movements
- Cash -€39,184
down €39,184 (-16.6%), from €235,527 to €196,343
mainly Contributions, distributions and other (-€463,676) and Investment in fixed assets (net) (-€37,591)
- Receivables after one year -€37,358
down €37,358 (-8.3%), from €448,912 to €411,554
- Financial fixed assets +€32,379
up €32,379 (+1295.2%), from €2,500 to €34,879
- Receivables within one year -€12,458
down €12,458 (-33.6%), from €37,100 to €24,642
- Reserves -€75,083
down €75,083 (-51.5%), from €145,868 to €70,785
- Other debts +€19,942
up €19,942 (+4.5%), from €447,523 to €467,465
- Debts after one year -€16,068
down €16,068 (-4.9%), from €325,982 to €309,914
- Tax, wage and social debts +€11,840
up €11,840 (+251.9%), from €4,700 to €16,540
- Gross operating margin +€33,812
up €33,812 (+7.0%), from €485,246 to €519,058
- Taxes +€11,631
up €11,631 (+10.2%), from €113,728 to €125,358
- Financial income +€8,985
up €8,985 (+65.6%), from €13,704 to €22,689
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.
Cash bridge derived
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 | €971,775 | €910,405 | -€61,370 | -6.3% |
| Fixed assets | 21/28 | €244,660 | €271,115 | +€26,455 | +10.8% |
| Tangible fixed assets | 22/27 | €242,160 | €236,236 | -€5,924 | -2.4% |
| Land and buildings | 22 | €237,222 | €229,153 | -€8,069 | -3.4% |
| Plant, machinery and equipment | 23 | €1,330 | €366 | -€964 | -72.5% |
| Furniture and vehicles | 24 | €730 | €2,885 | +€2,155 | +295.3% |
| Other tangible fixed assets | 26 | €2,878 | €3,832 | +€955 | +33.2% |
| Financial fixed assets | 28 | €2,500 | €34,879 | +€32,379 | +1295.2% |
| Current assets | 29/58 | €727,116 | €639,291 | -€87,825 | -12.1% |
| Amounts receivable after more than one year | 29 | €448,912 | €411,554 | -€37,358 | -8.3% |
| Other amounts receivable | 291 | €448,912 | €411,554 | -€37,358 | -8.3% |
| Amounts receivable within one year | 40/41 | €37,100 | €24,642 | -€12,458 | -33.6% |
| Other amounts receivable | 41 | €37,100 | €24,642 | -€12,458 | -33.6% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €235,527 | €196,343 | -€39,184 | -16.6% |
| Deferred charges and accrued income | 490/1 | €5,577 | €6,753 | +€1,176 | +21.1% |
| Total equity and liabilities | 10/49 | €971,775 | €910,405 | -€61,370 | -6.3% |
| Equity | 10/15 | €164,468 | €89,385 | -€75,083 | -45.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €145,868 | €70,785 | -€75,083 | -51.5% |
| Distributable reserves | 133 | €145,868 | €70,785 | -€75,083 | -51.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €807,307 | €821,020 | +€13,713 | +1.7% |
| Amounts payable after more than one year | 17 | €325,982 | €309,914 | -€16,068 | -4.9% |
| Financial debts | 170/4 | €325,982 | €309,914 | -€16,068 | -4.9% |
| Amounts payable within one year | 42/48 | €475,369 | €504,315 | +€28,946 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €15,900 | €16,068 | +€168 | +1.1% |
| Trade debts | 44 | €7,246 | €4,242 | -€3,005 | -41.5% |
| Suppliers | 440/4 | €7,246 | €4,242 | -€3,005 | -41.5% |
| Taxes, remuneration and social security | 45 | €4,700 | €16,540 | +€11,840 | +251.9% |
| Taxes | 450/3 | €4,700 | €16,540 | +€11,840 | +251.9% |
| Other amounts payable | 47/48 | €447,523 | €467,465 | +€19,942 | +4.5% |
| Accrued charges and deferred income | 492/3 | €5,956 | €6,792 | +€835 | +14.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,310 | €11,136 | -€175 | -1.5% |
| Other operating charges | 640/8 | €3,199 | €3,556 | +€357 | +11.2% |
| Gross operating margin | 9900 | €485,246 | €519,058 | +€33,812 | +7.0% |
| Operating profit (loss) | 9901 | €470,737 | €504,366 | +€33,629 | +7.1% |
| Financial income | 75/76B | €13,704 | €22,689 | +€8,985 | +65.6% |
| Recurring financial income | 75 | €13,704 | €22,689 | +€8,985 | +65.6% |
| Financial charges | 65/66B | €8,133 | €13,103 | +€4,970 | +61.1% |
| Recurring financial charges | 65 | €8,133 | €13,103 | +€4,970 | +61.1% |
| Profit (loss) for the period before taxes | 9903 | €476,308 | €513,952 | +€37,644 | +7.9% |
| Income taxes | 67/77 | €113,728 | €125,358 | +€11,631 | +10.2% |
| Profit (loss) for the period | 9904 | €362,580 | €388,593 | +€26,014 | +7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €362,580 | €388,593 | +€26,014 | +7.2% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.