N.E.N.: 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.E.N.
Largest movements
- Tangible fixed assets -€15,366
down €15,366 (-58.1%), from €26,459 to €11,093
of which Furniture and vehicles: -€15,196
- Cash +€5,085
up €5,085 (+27.8%), from €18,320 to €23,405
mainly Net result for the year (+€36,712) and Depreciation (+€15,366)
- Receivables within one year -€2,421
down €2,421 (-21.5%), from €11,286 to €8,865
of which Other amounts receivable: -€8,506
- Deferred charges and accrued income -€1,458
down €1,458 (-19.5%), from €7,470 to €6,012
- Reserves -€9,800
no longer reported in 2025 (was €9,800)
- Other debts +€6,864
up €6,864 (+50.1%), from €13,710 to €20,575
- Debts after one year -€5,117
down €5,117 (-33.8%), from €15,117 to €10,000
of which Financial debts: -€5,117
- Current portion of long-term debt -€3,593
down €3,593 (-41.2%), from €8,710 to €5,117
- Trade debts -€3,310
down €3,310 (-42.1%), from €7,854 to €4,544
- Gross operating margin +€25,678
up €25,678 (+65.9%), from €38,974 to €64,652
- Taxes +€5,606
up €5,606 (+103.9%), from €5,394 to €11,000
- Other operating charges +€958
up €958 (+100.9%), from €949 to €1,906
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 | €63,607 | €49,447 | -€14,160 | -22.3% |
| Fixed assets | 21/28 | €26,532 | €11,166 | -€15,366 | -57.9% |
| Tangible fixed assets | 22/27 | €26,459 | €11,093 | -€15,366 | -58.1% |
| Plant, machinery and equipment | 23 | €1,342 | €1,172 | -€170 | -12.7% |
| Furniture and vehicles | 24 | €25,117 | €9,921 | -€15,196 | -60.5% |
| Financial fixed assets | 28 | €73 | €73 | = | 0.0% |
| Current assets | 29/58 | €37,076 | €38,281 | +€1,206 | +3.3% |
| Amounts receivable within one year | 40/41 | €11,286 | €8,865 | -€2,421 | -21.5% |
| Trade receivables | 40 | €2,780 | €8,865 | +€6,085 | +218.9% |
| Other amounts receivable | 41 | €8,506 | - | -€8,506 | |
| Cash at bank and in hand | 54/58 | €18,320 | €23,405 | +€5,085 | +27.8% |
| Deferred charges and accrued income | 490/1 | €7,470 | €6,012 | -€1,458 | -19.5% |
| Total equity and liabilities | 10/49 | €63,607 | €49,447 | -€14,160 | -22.3% |
| Equity | 10/15 | €14,505 | €4,717 | -€9,788 | -67.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €9,800 | - | -€9,800 | |
| Distributable reserves | 133 | €9,800 | - | -€9,800 | |
| Profit (loss) carried forward | 14 | €705 | €717 | +€12 | +1.6% |
| Amounts payable | 17/49 | €49,102 | €44,731 | -€4,371 | -8.9% |
| Amounts payable after more than one year | 17 | €15,117 | €10,000 | -€5,117 | -33.8% |
| Financial debts | 170/4 | €5,117 | - | -€5,117 | |
| Other amounts payable | 178/9 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €33,985 | €34,731 | +€745 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €8,710 | €5,117 | -€3,593 | -41.2% |
| Trade debts | 44 | €7,854 | €4,544 | -€3,310 | -42.1% |
| Suppliers | 440/4 | €7,854 | €4,544 | -€3,310 | -42.1% |
| Taxes, remuneration and social security | 45 | €3,711 | €4,495 | +€784 | +21.1% |
| Taxes | 450/3 | €3,711 | €4,495 | +€784 | +21.1% |
| Other amounts payable | 47/48 | €13,710 | €20,575 | +€6,864 | +50.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,935 | €15,366 | +€430 | +2.9% |
| Other operating charges | 640/8 | €949 | €1,906 | +€958 | +100.9% |
| Gross operating margin | 9900 | €38,974 | €64,652 | +€25,678 | +65.9% |
| Operating profit (loss) | 9901 | €23,090 | €47,380 | +€24,290 | +105.2% |
| Financial income | 75/76B | €621 | €487 | -€134 | -21.6% |
| Recurring financial income | 75 | €621 | €487 | -€134 | -21.6% |
| Financial charges | 65/66B | €244 | €155 | -€89 | -36.4% |
| Recurring financial charges | 65 | €244 | €155 | -€89 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | €23,467 | €47,712 | +€24,245 | +103.3% |
| Income taxes | 67/77 | €5,394 | €11,000 | +€5,606 | +103.9% |
| Profit (loss) for the period | 9904 | €18,072 | €36,712 | +€18,639 | +103.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,072 | €36,712 | +€18,639 | +103.1% |
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 28 September 2026 via checked.be.