N 39 BIS: 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.
N 39 BIS
Largest movements
- Tangible fixed assets -€119,526
down €119,526 (-6.5%), from €1.8m to €1.7m
of which Land and buildings: -€108,267
- Debts after one year -€163,019
down €163,019 (-28.0%), from €582,082 to €419,063
- Reserves +€49,192
up €49,192 (+20.3%), from €242,022 to €291,214
of which Distributable reserves: +€49,192
- Turnover -€249,580
no longer reported in 2025 (was €249,580)
- Gross operating margin +€37,577
up €37,577 (+16.5%), from €227,182 to €264,759
- Taxes +€15,493
up €15,493 (+170%), from €9,124 to €24,617
- Depreciation -€14,780
down €14,780 (-10.8%), from €136,859 to €122,079
- Financial charges +€4,841
up €4,841 (+11.5%), from €42,150 to €46,991
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 | €1,897,245 | €1,794,767 | -€102,478 | -5.4% |
| Fixed assets | 21/28 | €1,840,236 | €1,720,710 | -€119,526 | -6.5% |
| Tangible fixed assets | 22/27 | €1,840,236 | €1,720,710 | -€119,526 | -6.5% |
| Land and buildings | 22 | €1,789,646 | €1,681,379 | -€108,267 | -6.0% |
| Plant, machinery and equipment | 23 | €50,135 | €38,974 | -€11,161 | -22.3% |
| Furniture and vehicles | 24 | €455 | €357 | -€98 | -21.5% |
| Current assets | 29/58 | €57,009 | €74,057 | +€17,048 | +29.9% |
| Cash at bank and in hand | 54/58 | €57,009 | €74,057 | +€17,048 | +29.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,897,245 | €1,794,767 | -€102,478 | -5.4% |
| Equity | 10/15 | €638,907 | €688,098 | +€49,192 | +7.7% |
| Contributions | 10/11 | €240,560 | €240,560 | = | 0.0% |
| Capital | 10 | €240,560 | €240,560 | = | 0.0% |
| Issued capital | 100 | €240,560 | €240,560 | = | 0.0% |
| Reserves | 13 | €242,022 | €291,214 | +€49,192 | +20.3% |
| Non-distributable reserves | 130/1 | €8,677 | €8,677 | = | 0.0% |
| Legal reserve | 130 | €8,677 | €8,677 | = | 0.0% |
| Distributable reserves | 133 | €233,345 | €282,537 | +€49,192 | +21.1% |
| Profit (loss) carried forward | 14 | €156,325 | €156,325 | = | 0.0% |
| Amounts payable | 17/49 | €1,258,338 | €1,106,669 | -€151,670 | -12.1% |
| Amounts payable after more than one year | 17 | €582,082 | €419,063 | -€163,019 | -28.0% |
| Financial debts | 170/4 | €582,082 | €419,063 | -€163,019 | -28.0% |
| Amounts payable within one year | 42/48 | €676,256 | €687,606 | +€11,350 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €164,402 | €163,019 | -€1,383 | -0.8% |
| Trade debts | 44 | €23,822 | €9,124 | -€14,698 | -61.7% |
| Suppliers | 440/4 | €23,822 | €9,124 | -€14,698 | -61.7% |
| Taxes, remuneration and social security | 45 | €16,440 | €34,395 | +€17,955 | +109% |
| Taxes | 450/3 | €16,440 | €34,395 | +€17,955 | +109% |
| Other amounts payable | 47/48 | €471,592 | €481,067 | +€9,475 | +2.0% |
| Turnover | 70 | €249,580 | - | -€249,580 | |
| Goods, raw materials, services and sundry goods | 60/61 | €22,398 | €25,681 | +€3,283 | +14.7% |
| Remuneration, social security and pensions | 62 | €968 | €998 | +€31 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,859 | €122,079 | -€14,780 | -10.8% |
| Other operating charges | 640/8 | €20,465 | €20,882 | +€417 | +2.0% |
| Gross operating margin | 9900 | €227,182 | €264,759 | +€37,577 | +16.5% |
| Operating profit (loss) | 9901 | €68,891 | €120,799 | +€51,909 | +75.3% |
| Financial income | 75/76B | €3 | €1 | -€3 | -83.3% |
| Recurring financial income | 75 | €3 | €1 | -€3 | -83.3% |
| Financial charges | 65/66B | €42,150 | €46,991 | +€4,841 | +11.5% |
| Recurring financial charges | 65 | €42,150 | €46,991 | +€4,841 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €26,743 | €73,808 | +€47,065 | +176% |
| Income taxes | 67/77 | €9,124 | €24,617 | +€15,493 | +170% |
| Profit (loss) for the period | 9904 | €17,620 | €49,192 | +€31,572 | +179% |
| Profit (loss) for the period to be appropriated | 9905 | €17,620 | €49,192 | +€31,572 | +179% |
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 14 October 2026 via checked.be.