N-L: 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.
What changed
N-L
NACE 47.711, Retail sale of women's outerwear
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€45,549
2024 · €30,946+€14,602
Equity
€401,376
2024 · €355,828+€45,549
Cash
€71,686
2024 · €72,142-€456
Balance sheet total
€1.3m
2024 · €1.3m-€26,677
Largest movements
Assets
- Tangible fixed assets -€48,442
down €48,442 (-8.0%), from €603,903 to €555,461
of which Land and buildings: -€34,230
- Stocks and contracts +€16,259
up €16,259 (+2.7%), from €598,584 to €614,843
Equity and liabilities
- Debts after one year -€65,774
down €65,774 (-14.8%), from €444,493 to €378,719
of which Financial debts: -€69,810
- Profit (loss) carried forward +€45,549
up €45,549 (+17.2%), from €265,078 to €310,626
- Short-term financial debts +€25,000
up €25,000, from €0 to €25,000
- Current portion of long-term debt -€14,035
down €14,035 (-15.1%), from €93,236 to €79,201
Income statement
- Write-downs -€26,153
down €26,153 (-50.4%), from €51,845 to €25,691
- Gross operating margin -€18,365
down €18,365 (-7.3%), from €251,589 to €233,224
- Financial charges -€9,737
down €9,737 (-19.7%), from €49,531 to €39,794
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.
Result 2024
€30,946
Gross operating margin
-€18,365
Staff costs
-€1,205
Depreciation
+€137
Write-downs
+€26,153
Other operating charges
-€1,118
Other operating items
-€1,158
Financial income
+€841
Financial charges
+€9,737
Taxes
-€419
Result 2025
€45,549
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€57,360
Investment
-€3,007
Financing
-€54,809
Cash 2024
€72,142
From operations (derived)
+€57,360
Net result for the year
+€45,549
Depreciation
+€51,449
Stocks and contracts
-€16,259
Receivables within one year
-€8,538
Deferred charges and accrued income
+€2,576
Trade debts
-€12,711
Tax, wage and social debts
-€6,418
Advances received
+€5,785
Other debts
-€10,087
Accrued charges and deferred income
+€6,014
Investment (derived)
-€3,007
Investment in fixed assets (net)
-€3,007
Financing
-€54,809
Debts after one year
-€65,774
Current portion of long-term debt
-€14,035
Short-term financial debts
+€25,000
Cash 2025
€71,686
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,296,690 | €1,270,013 | -€26,677 | -2.1% |
| Fixed assets | 21/28 | €605,133 | €556,691 | -€48,442 | -8.0% |
| Tangible fixed assets | 22/27 | €603,903 | €555,461 | -€48,442 | -8.0% |
| Land and buildings | 22 | €556,175 | €521,945 | -€34,230 | -6.2% |
| Plant, machinery and equipment | 23 | €1,364 | €1,030 | -€334 | -24.5% |
| Furniture and vehicles | 24 | €2,645 | €2,325 | -€320 | -12.1% |
| Leasing and similar rights | 25 | €43,719 | €30,162 | -€13,558 | -31.0% |
| Financial fixed assets | 28 | €1,230 | €1,230 | = | 0.0% |
| Current assets | 29/58 | €691,557 | €713,322 | +€21,765 | +3.1% |
| Stocks and contracts in progress | 3 | €598,584 | €614,843 | +€16,259 | +2.7% |
| Stocks | 30/36 | €598,584 | €614,843 | +€16,259 | +2.7% |
| Amounts receivable within one year | 40/41 | €7,930 | €16,468 | +€8,538 | +108% |
| Trade receivables | 40 | €7,602 | €13,613 | +€6,011 | +79.1% |
| Other amounts receivable | 41 | €327 | €2,854 | +€2,527 | +773% |
| Cash at bank and in hand | 54/58 | €72,142 | €71,686 | -€456 | -0.6% |
| Deferred charges and accrued income | 490/1 | €12,901 | €10,325 | -€2,576 | -20.0% |
| Total equity and liabilities | 10/49 | €1,296,690 | €1,270,013 | -€26,677 | -2.1% |
| Equity | 10/15 | €355,828 | €401,376 | +€45,549 | +12.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €70,750 | €70,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €52,000 | €52,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €265,078 | €310,626 | +€45,549 | +17.2% |
| Amounts payable | 17/49 | €940,862 | €868,636 | -€72,226 | -7.7% |
| Amounts payable after more than one year | 17 | €444,493 | €378,719 | -€65,774 | -14.8% |
| Financial debts | 170/4 | €409,493 | €339,683 | -€69,810 | -17.0% |
| Other amounts payable | 178/9 | €35,000 | €39,036 | +€4,036 | +11.5% |
| Amounts payable within one year | 42/48 | €471,009 | €458,543 | -€12,466 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €93,236 | €79,201 | -€14,035 | -15.1% |
| Financial debts | 43 | €0 | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | €0 | €25,000 | +€25,000 | |
| Trade debts | 44 | €273,906 | €261,195 | -€12,711 | -4.6% |
| Suppliers | 440/4 | €273,906 | €261,195 | -€12,711 | -4.6% |
| Advances received on contracts in progress | 46 | €12,047 | €17,832 | +€5,785 | +48.0% |
| Taxes, remuneration and social security | 45 | €81,734 | €75,315 | -€6,418 | -7.9% |
| Taxes | 450/3 | €77,266 | €71,309 | -€5,957 | -7.7% |
| Remuneration and social security | 454/9 | €4,468 | €4,006 | -€461 | -10.3% |
| Other amounts payable | 47/48 | €10,087 | €0 | -€10,087 | -100% |
| Accrued charges and deferred income | 492/3 | €25,360 | €31,374 | +€6,014 | +23.7% |
| Non-recurring operating income | 76A | €1,225 | €30 | -€1,195 | -97.6% |
| Remuneration, social security and pensions | 62 | €34,784 | €35,990 | +€1,205 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,586 | €51,449 | -€137 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €51,845 | €25,691 | -€26,153 | -50.4% |
| Other operating charges | 640/8 | €11,000 | €12,119 | +€1,118 | +10.2% |
| Non-recurring operating charges | 66A | €790 | €1,948 | +€1,158 | +147% |
| Gross operating margin | 9900 | €251,589 | €233,224 | -€18,365 | -7.3% |
| Operating profit (loss) | 9901 | €101,584 | €106,027 | +€4,443 | +4.4% |
| Financial income | 75/76B | €621 | €1,462 | +€841 | +135% |
| Recurring financial income | 75 | €621 | €1,462 | +€841 | +135% |
| Financial charges | 65/66B | €49,531 | €39,794 | -€9,737 | -19.7% |
| Recurring financial charges | 65 | €49,531 | €39,794 | -€9,737 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €52,674 | €67,695 | +€15,021 | +28.5% |
| Income taxes | 67/77 | €21,727 | €22,146 | +€419 | +1.9% |
| Profit (loss) for the period | 9904 | €30,946 | €45,549 | +€14,602 | +47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €30,946 | €45,549 | +€14,602 | +47.2% |
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 17 October 2026 via checked.be.