N+C: what changed
Two fiscal 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+C
Largest movements
- Cash -€82,049
down €82,049 (-45.1%), from €181,884 to €99,834
mainly Contributions, distributions and other (-€326,852) and Tax, wage and social debts (-€44,180)
- Receivables within one year -€64,801
down €64,801 (-18.6%), from €347,615 to €282,814
of which Trade receivables: -€99,617
- Tangible fixed assets -€22,910
down €22,910 (-5.0%), from €457,489 to €434,579
of which Land and buildings: -€15,152
- Reserves -€318,685
down €318,685 (-67.1%), from €474,845 to €156,159
- Other debts +€203,840
up €203,840 (+1606.1%), from €12,692 to €216,532
- Profit (loss) carried forward +€54,954
up €54,954, from €0 to €54,954
- Tax, wage and social debts -€44,180
down €44,180 (-74.7%), from €59,180 to €15,000
of which Taxes: -€28,937
- Debts after one year -€30,879
down €30,879 (-8.6%), from €359,122 to €328,244
- Gross operating margin -€276,348
down €276,348 (-45.6%), from €606,430 to €330,082
- Staff costs -€77,327
down €77,327 (-26.0%), from €297,283 to €219,955
- Taxes -€45,529
down €45,529 (-62.6%), from €72,747 to €27,218
- Depreciation -€6,092
down €6,092 (-24.6%), from €24,721 to €18,629
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 | €1,007,458 | €831,679 | -€175,778 | -17.4% |
| Fixed assets | 21/28 | €475,449 | €448,649 | -€26,800 | -5.6% |
| Intangible fixed assets | 21 | €3,890 | €0 | -€3,890 | -100.0% |
| Tangible fixed assets | 22/27 | €457,489 | €434,579 | -€22,910 | -5.0% |
| Land and buildings | 22 | €449,730 | €434,579 | -€15,152 | -3.4% |
| Plant, machinery and equipment | 23 | €5,357 | €0 | -€5,357 | -100.0% |
| Furniture and vehicles | 24 | €2,402 | €0 | -€2,402 | -100.0% |
| Financial fixed assets | 28 | €14,070 | €14,070 | = | 0.0% |
| Current assets | 29/58 | €532,009 | €383,031 | -€148,978 | -28.0% |
| Amounts receivable after more than one year | 29 | - | €382 | +€382 | |
| Other amounts receivable | 291 | - | €382 | +€382 | |
| Amounts receivable within one year | 40/41 | €347,615 | €282,814 | -€64,801 | -18.6% |
| Trade receivables | 40 | €324,732 | €225,115 | -€99,617 | -30.7% |
| Other amounts receivable | 41 | €22,883 | €57,699 | +€34,816 | +152.1% |
| Cash at bank and in hand | 54/58 | €181,884 | €99,834 | -€82,049 | -45.1% |
| Deferred charges and accrued income | 490/1 | €2,511 | €0 | -€2,511 | -100.0% |
| Total equity and liabilities | 10/49 | €1,007,458 | €831,679 | -€175,778 | -17.4% |
| Equity | 10/15 | €493,445 | €221,547 | -€271,898 | -55.1% |
| Contributions | 10/11 | €18,600 | €10,433 | -€8,167 | -43.9% |
| Reserves | 13 | €474,845 | €156,159 | -€318,685 | -67.1% |
| Distributable reserves | 133 | €474,845 | €156,159 | -€318,685 | -67.1% |
| Profit (loss) carried forward | 14 | €0 | €54,954 | +€54,954 | |
| Amounts payable | 17/49 | €514,013 | €610,133 | +€96,120 | +18.7% |
| Amounts payable after more than one year | 17 | €359,122 | €328,244 | -€30,879 | -8.6% |
| Financial debts | 170/4 | €359,122 | €328,244 | -€30,879 | -8.6% |
| Amounts payable within one year | 42/48 | €154,891 | €281,889 | +€126,998 | +82.0% |
| Current portion of amounts payable after more than one year | 42 | €30,391 | €30,879 | +€487 | +1.6% |
| Financial debts | 43 | €13,100 | €3,349 | -€9,751 | -74.4% |
| Credit institutions | 430/8 | €13,100 | €3,349 | -€9,751 | -74.4% |
| Trade debts | 44 | €39,527 | €16,129 | -€23,398 | -59.2% |
| Suppliers | 440/4 | €39,527 | €16,129 | -€23,398 | -59.2% |
| Taxes, remuneration and social security | 45 | €59,180 | €15,000 | -€44,180 | -74.7% |
| Taxes | 450/3 | €43,937 | €15,000 | -€28,937 | -65.9% |
| Remuneration and social security | 454/9 | €15,243 | €0 | -€15,243 | -100.0% |
| Other amounts payable | 47/48 | €12,692 | €216,532 | +€203,840 | +1606.1% |
| Remuneration, social security and pensions | 62 | €297,283 | €219,955 | -€77,327 | -26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,721 | €18,629 | -€6,092 | -24.6% |
| Other operating charges | 640/8 | €7,964 | €2,221 | -€5,742 | -72.1% |
| Gross operating margin | 9900 | €606,430 | €330,082 | -€276,348 | -45.6% |
| Operating profit (loss) | 9901 | €276,463 | €89,277 | -€187,186 | -67.7% |
| Financial income | 75/76B | €131 | €271 | +€140 | +106.1% |
| Recurring financial income | 75 | €131 | €271 | +€140 | +106.1% |
| Financial charges | 65/66B | €12,355 | €7,376 | -€4,979 | -40.3% |
| Recurring financial charges | 65 | €12,355 | €7,376 | -€4,979 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | €264,240 | €82,172 | -€182,068 | -68.9% |
| Income taxes | 67/77 | €72,747 | €27,218 | -€45,529 | -62.6% |
| Profit (loss) for the period | 9904 | €191,493 | €54,954 | -€136,538 | -71.3% |
| Profit (loss) for the period to be appropriated | 9905 | €191,493 | €54,954 | -€136,538 | -71.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.