N&G: 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&G
Largest movements
- Tangible fixed assets -€53,862
down €53,862 (-14.5%), from €371,542 to €317,681
of which Plant, machinery and equipment: -€37,396
- Cash -€19,740
down €19,740 (-29.8%), from €66,292 to €46,552
mainly Debts after one year (-€81,000) and Other debts (-€12,594)
- Receivables within one year +€11,663
up €11,663 (+45.9%), from €25,414 to €37,077
of which Trade receivables: +€14,538
- Debts after one year -€81,000
down €81,000 (-29.8%), from €271,500 to €190,500
- Current portion of long-term debt +€21,304
up €21,304 (+62.7%), from €33,982 to €55,286
- Other debts -€12,594
down €12,594 (-89.3%), from €14,106 to €1,512
- Trade debts +€10,577
up €10,577 (+18.9%), from €55,934 to €66,511
- Tax, wage and social debts -€6,252
down €6,252 (-58.2%), from €10,737 to €4,484
of which Taxes: -€5,250
- Gross operating margin -€156,227
down €156,227 (-58.5%), from €266,949 to €110,722
- Depreciation +€21,564
up €21,564 (+59.4%), from €36,297 to €57,862
- Staff costs -€6,705
down €6,705 (-17.3%), from €38,853 to €32,148
- Financial charges +€4,614
up €4,614 (+51.0%), from €9,040 to €13,654
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 | €514,356 | €447,004 | -€67,352 | -13.1% |
| Fixed assets | 21/28 | €407,323 | €347,789 | -€59,534 | -14.6% |
| Intangible fixed assets | 21 | €28,033 | €24,033 | -€4,000 | -14.3% |
| Tangible fixed assets | 22/27 | €371,542 | €317,681 | -€53,862 | -14.5% |
| Plant, machinery and equipment | 23 | €332,601 | €295,205 | -€37,396 | -11.2% |
| Furniture and vehicles | 24 | €38,941 | €22,476 | -€16,465 | -42.3% |
| Financial fixed assets | 28 | €7,747 | €6,075 | -€1,672 | -21.6% |
| Current assets | 29/58 | €107,034 | €99,216 | -€7,818 | -7.3% |
| Stocks and contracts in progress | 3 | €14,303 | €13,856 | -€447 | -3.1% |
| Stocks | 30/36 | €14,303 | €13,856 | -€447 | -3.1% |
| Amounts receivable within one year | 40/41 | €25,414 | €37,077 | +€11,663 | +45.9% |
| Trade receivables | 40 | €6,970 | €21,509 | +€14,538 | +209% |
| Other amounts receivable | 41 | €18,444 | €15,569 | -€2,875 | -15.6% |
| Cash at bank and in hand | 54/58 | €66,292 | €46,552 | -€19,740 | -29.8% |
| Deferred charges and accrued income | 490/1 | €1,024 | €1,730 | +€706 | +68.9% |
| Total equity and liabilities | 10/49 | €514,356 | €447,004 | -€67,352 | -13.1% |
| Equity | 10/15 | €128,097 | €128,711 | +€614 | +0.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €41,337 | €41,337 | = | 0.0% |
| Distributable reserves | 133 | €41,337 | €41,337 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,760 | €77,374 | +€614 | +0.8% |
| Amounts payable | 17/49 | €386,259 | €318,293 | -€67,966 | -17.6% |
| Amounts payable after more than one year | 17 | €271,500 | €190,500 | -€81,000 | -29.8% |
| Financial debts | 170/4 | €271,500 | €190,500 | -€81,000 | -29.8% |
| Amounts payable within one year | 42/48 | €114,759 | €127,793 | +€13,034 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €33,982 | €55,286 | +€21,304 | +62.7% |
| Trade debts | 44 | €55,934 | €66,511 | +€10,577 | +18.9% |
| Suppliers | 440/4 | €55,934 | €66,511 | +€10,577 | +18.9% |
| Taxes, remuneration and social security | 45 | €10,737 | €4,484 | -€6,252 | -58.2% |
| Taxes | 450/3 | €7,500 | €2,250 | -€5,250 | -70.0% |
| Remuneration and social security | 454/9 | €3,237 | €2,234 | -€1,002 | -31.0% |
| Other amounts payable | 47/48 | €14,106 | €1,512 | -€12,594 | -89.3% |
| Remuneration, social security and pensions | 62 | €38,853 | €32,148 | -€6,705 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,297 | €57,862 | +€21,564 | +59.4% |
| Other operating charges | 640/8 | €3,815 | €6,129 | +€2,314 | +60.7% |
| Non-recurring operating charges | 66A | €147,345 | €0 | -€147,345 | -100% |
| Gross operating margin | 9900 | €266,949 | €110,722 | -€156,227 | -58.5% |
| Operating profit (loss) | 9901 | €40,638 | €14,583 | -€26,056 | -64.1% |
| Financial income | 75/76B | €926 | €758 | -€169 | -18.2% |
| Recurring financial income | 75 | €926 | €758 | -€169 | -18.2% |
| Financial charges | 65/66B | €9,040 | €13,654 | +€4,614 | +51.0% |
| Recurring financial charges | 65 | €9,040 | €13,654 | +€4,614 | +51.0% |
| Profit (loss) for the period before taxes | 9903 | €32,525 | €1,687 | -€30,838 | -94.8% |
| Income taxes | 67/77 | €2,186 | €1,073 | -€1,113 | -50.9% |
| Profit (loss) for the period | 9904 | €30,339 | €614 | -€29,726 | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,339 | €614 | -€29,726 | -98.0% |
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 18 October 2026 via checked.be.