IMAGE NEUF: 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.
IMAGE NEUF
Largest movements
- Cash +€246,044
up €246,044 (+49.3%), from €498,870 to €744,914
mainly Net result for the year (+€279,229) and Current investments (+€200,000)
- Current investments -€200,000
down €200,000 (-40.0%), from €500,000 to €300,000
- Receivables within one year +€46,257
up €46,257 (+32.3%), from €143,405 to €189,662
of which Trade receivables: +€46,257
- Reserves +€139,000
up €139,000 (+13.5%), from €1.0m to €1.2m
- Debts after one year -€51,534
down €51,534 (-22.9%), from €224,922 to €173,387
- Tax, wage and social debts +€39,625
up €39,625 (+60.8%), from €65,140 to €104,765
of which Taxes: +€39,216
- Other debts -€36,991
down €36,991 (-7.3%), from €505,478 to €468,487
- Gross operating margin +€46,969
up €46,969 (+8.8%), from €535,906 to €582,876
- Taxes +€21,464
up €21,464 (+21.0%), from €102,246 to €123,710
- Financial income +€18,713
up €18,713 (+335%), from €5,586 to €24,299
- Financial charges -€10,735
down €10,735 (-32.7%), from €32,778 to €22,043
- Depreciation +€7,935
up €7,935 (+7.7%), from €102,621 to €110,556
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 | €1,932,907 | €2,008,705 | +€75,798 | +3.9% |
| Fixed assets | 21/28 | €771,314 | €757,321 | -€13,993 | -1.8% |
| Tangible fixed assets | 22/27 | €771,314 | €757,321 | -€13,993 | -1.8% |
| Land and buildings | 22 | €619,162 | €637,278 | +€18,116 | +2.9% |
| Plant, machinery and equipment | 23 | €64,945 | €55,756 | -€9,188 | -14.1% |
| Furniture and vehicles | 24 | €87,207 | €64,287 | -€22,920 | -26.3% |
| Current assets | 29/58 | €1,161,593 | €1,251,383 | +€89,790 | +7.7% |
| Stocks and contracts in progress | 3 | €13,472 | €11,314 | -€2,158 | -16.0% |
| Stocks | 30/36 | €13,472 | €11,314 | -€2,158 | -16.0% |
| Amounts receivable within one year | 40/41 | €143,405 | €189,662 | +€46,257 | +32.3% |
| Trade receivables | 40 | €142,814 | €189,071 | +€46,257 | +32.4% |
| Other amounts receivable | 41 | €591 | €591 | = | 0.0% |
| Current investments | 50/53 | €500,000 | €300,000 | -€200,000 | -40.0% |
| Cash at bank and in hand | 54/58 | €498,870 | €744,914 | +€246,044 | +49.3% |
| Deferred charges and accrued income | 490/1 | €5,846 | €5,494 | -€352 | -6.0% |
| Total equity and liabilities | 10/49 | €1,932,907 | €2,008,705 | +€75,798 | +3.9% |
| Equity | 10/15 | €1,058,795 | €1,198,024 | +€139,229 | +13.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,032,760 | €1,171,760 | +€139,000 | +13.5% |
| Distributable reserves | 133 | €1,032,760 | €1,171,760 | +€139,000 | +13.5% |
| Profit (loss) carried forward | 14 | €7,435 | €7,664 | +€229 | +3.1% |
| Amounts payable | 17/49 | €874,111 | €810,681 | -€63,431 | -7.3% |
| Amounts payable after more than one year | 17 | €224,922 | €173,387 | -€51,534 | -22.9% |
| Financial debts | 170/4 | €224,922 | €173,387 | -€51,534 | -22.9% |
| Amounts payable within one year | 42/48 | €649,190 | €634,649 | -€14,540 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €67,916 | €51,534 | -€16,382 | -24.1% |
| Trade debts | 44 | €10,656 | €9,864 | -€792 | -7.4% |
| Suppliers | 440/4 | €10,656 | €9,864 | -€792 | -7.4% |
| Taxes, remuneration and social security | 45 | €65,140 | €104,765 | +€39,625 | +60.8% |
| Taxes | 450/3 | €53,227 | €92,443 | +€39,216 | +73.7% |
| Remuneration and social security | 454/9 | €11,913 | €12,322 | +€409 | +3.4% |
| Other amounts payable | 47/48 | €505,478 | €468,487 | -€36,991 | -7.3% |
| Accrued charges and deferred income | 492/3 | - | €2,644 | +€2,644 | |
| Remuneration, social security and pensions | 62 | €65,579 | €65,694 | +€115 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,621 | €110,556 | +€7,935 | +7.7% |
| Other operating charges | 640/8 | €8,751 | €5,942 | -€2,808 | -32.1% |
| Gross operating margin | 9900 | €535,906 | €582,876 | +€46,969 | +8.8% |
| Operating profit (loss) | 9901 | €358,955 | €400,683 | +€41,727 | +11.6% |
| Financial income | 75/76B | €5,586 | €24,299 | +€18,713 | +335% |
| Recurring financial income | 75 | €5,586 | €24,299 | +€18,713 | +335% |
| Financial charges | 65/66B | €32,778 | €22,043 | -€10,735 | -32.7% |
| Recurring financial charges | 65 | €32,778 | €22,043 | -€10,735 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €331,763 | €402,939 | +€71,175 | +21.5% |
| Income taxes | 67/77 | €102,246 | €123,710 | +€21,464 | +21.0% |
| Profit (loss) for the period | 9904 | €229,517 | €279,229 | +€49,711 | +21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €229,517 | €279,229 | +€49,711 | +21.7% |
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 18 October 2026 via checked.be.