GROUP N: 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.
GROUP N
Largest movements
- Stocks and contracts -€186,382
down €186,382 (-93.4%), from €199,641 to €13,259
- Receivables within one year +€66,943
up €66,943 (+16.0%), from €419,506 to €486,450
of which Trade receivables: +€98,694
- Receivables after one year -€20,250
no longer reported in 2025 (was €20,250)
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Trade debts -€22,049
down €22,049 (-83.1%), from €26,531 to €4,482
- Other debts -€17,156
down €17,156 (-71.3%), from €24,059 to €6,903
- Gross operating margin -€6,366
down €6,366 (-35.1%), from €18,148 to €11,782
- Financial charges -€3,662
down €3,662 (-46.2%), from €7,929 to €4,267
- Financial income -€2,809
down €2,809 (-30.5%), from €9,216 to €6,407
- Other operating charges +€1,844
up €1,844 (+129%), from €1,435 to €3,278
- Taxes -€1,713
down €1,713 (-19.5%), from €8,772 to €7,058
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 | €646,723 | €508,340 | -€138,383 | -21.4% |
| Fixed assets | 21/28 | €3,417 | €2,734 | -€683 | -20.0% |
| Tangible fixed assets | 22/27 | €2,943 | €2,260 | -€683 | -23.2% |
| Furniture and vehicles | 24 | €2,943 | €2,260 | -€683 | -23.2% |
| Financial fixed assets | 28 | €474 | €474 | = | 0.0% |
| Current assets | 29/58 | €643,306 | €505,606 | -€137,699 | -21.4% |
| Amounts receivable after more than one year | 29 | €20,250 | - | -€20,250 | |
| Other amounts receivable | 291 | €20,250 | - | -€20,250 | |
| Stocks and contracts in progress | 3 | €199,641 | €13,259 | -€186,382 | -93.4% |
| Stocks | 30/36 | €199,641 | €13,259 | -€186,382 | -93.4% |
| Amounts receivable within one year | 40/41 | €419,506 | €486,450 | +€66,943 | +16.0% |
| Trade receivables | 40 | €10,018 | €108,712 | +€98,694 | +985% |
| Other amounts receivable | 41 | €409,489 | €377,738 | -€31,751 | -7.8% |
| Cash at bank and in hand | 54/58 | €3,908 | €5,897 | +€1,990 | +50.9% |
| Total equity and liabilities | 10/49 | €646,723 | €508,340 | -€138,383 | -21.4% |
| Equity | 10/15 | €486,411 | €489,314 | +€2,903 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €467,811 | €470,714 | +€2,903 | +0.6% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €465,951 | €470,714 | +€4,763 | +1.0% |
| Amounts payable | 17/49 | €160,312 | €19,026 | -€141,286 | -88.1% |
| Amounts payable within one year | 42/48 | €160,312 | €19,026 | -€141,286 | -88.1% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €26,531 | €4,482 | -€22,049 | -83.1% |
| Suppliers | 440/4 | €26,531 | €4,482 | -€22,049 | -83.1% |
| Advances received on contracts in progress | 46 | €179 | €178 | -€1 | -0.5% |
| Taxes, remuneration and social security | 45 | €9,543 | €7,463 | -€2,079 | -21.8% |
| Taxes | 450/3 | €9,197 | €7,117 | -€2,079 | -22.6% |
| Remuneration and social security | 454/9 | €346 | €346 | = | 0.0% |
| Other amounts payable | 47/48 | €24,059 | €6,903 | -€17,156 | -71.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €683 | €683 | = | 0.0% |
| Other operating charges | 640/8 | €1,435 | €3,278 | +€1,844 | +129% |
| Gross operating margin | 9900 | €18,148 | €11,782 | -€6,366 | -35.1% |
| Operating profit (loss) | 9901 | €16,030 | €7,821 | -€8,209 | -51.2% |
| Financial income | 75/76B | €9,216 | €6,407 | -€2,809 | -30.5% |
| Recurring financial income | 75 | €9,216 | €6,407 | -€2,809 | -30.5% |
| Financial charges | 65/66B | €7,929 | €4,267 | -€3,662 | -46.2% |
| Recurring financial charges | 65 | €7,929 | €4,267 | -€3,662 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | €17,317 | €9,961 | -€7,356 | -42.5% |
| Income taxes | 67/77 | €8,772 | €7,058 | -€1,713 | -19.5% |
| Profit (loss) for the period | 9904 | €8,546 | €2,903 | -€5,643 | -66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,546 | €2,903 | -€5,643 | -66.0% |
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 31 October 2026 via checked.be.