N.L.S.: 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.L.S.
Largest movements
- Receivables within one year +€20,677
up €20,677 (+33.5%), from €61,692 to €82,369
of which Other amounts receivable: +€21,722
- Cash +€20,226
up €20,226 (+20.3%), from €99,850 to €120,076
mainly Net result for the year (+€45,170) and Depreciation (+€4,255)
- Tangible fixed assets -€4,255
down €4,255 (-86.8%), from €4,900 to €644
of which Furniture and vehicles: -€3,763
- Reserves +€45,170
up €45,170 (+34.6%), from €130,580 to €175,750
- Trade debts -€7,730
down €7,730 (-47.3%), from €16,349 to €8,619
- Gross operating margin +€30,566
up €30,566 (+71.0%), from €43,071 to €73,637
- Taxes +€9,396
up €9,396 (+68.9%), from €13,627 to €23,022
- Depreciation -€3,524
down €3,524 (-45.3%), from €7,780 to €4,255
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 | €172,281 | €210,505 | +€38,224 | +22.2% |
| Fixed assets | 21/28 | €4,900 | €644 | -€4,255 | -86.8% |
| Tangible fixed assets | 22/27 | €4,900 | €644 | -€4,255 | -86.8% |
| Plant, machinery and equipment | 23 | €1,136 | €644 | -€492 | -43.3% |
| Furniture and vehicles | 24 | €3,763 | €0 | -€3,763 | -100% |
| Current assets | 29/58 | €167,381 | €209,861 | +€42,479 | +25.4% |
| Stocks and contracts in progress | 3 | €3,245 | €4,832 | +€1,587 | +48.9% |
| Stocks | 30/36 | €3,245 | €4,832 | +€1,587 | +48.9% |
| Amounts receivable within one year | 40/41 | €61,692 | €82,369 | +€20,677 | +33.5% |
| Trade receivables | 40 | €15,057 | €14,012 | -€1,045 | -6.9% |
| Other amounts receivable | 41 | €46,635 | €68,356 | +€21,722 | +46.6% |
| Cash at bank and in hand | 54/58 | €99,850 | €120,076 | +€20,226 | +20.3% |
| Deferred charges and accrued income | 490/1 | €2,594 | €2,583 | -€11 | -0.4% |
| Total equity and liabilities | 10/49 | €172,281 | €210,505 | +€38,224 | +22.2% |
| Equity | 10/15 | €150,580 | €195,750 | +€45,170 | +30.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €130,580 | €175,750 | +€45,170 | +34.6% |
| Distributable reserves | 133 | €130,580 | €175,750 | +€45,170 | +34.6% |
| Amounts payable | 17/49 | €21,701 | €14,755 | -€6,946 | -32.0% |
| Amounts payable within one year | 42/48 | €21,701 | €14,755 | -€6,946 | -32.0% |
| Trade debts | 44 | €16,349 | €8,619 | -€7,730 | -47.3% |
| Suppliers | 440/4 | €16,349 | €8,619 | -€7,730 | -47.3% |
| Taxes, remuneration and social security | 45 | €5,352 | €6,135 | +€784 | +14.6% |
| Taxes | 450/3 | €5,352 | €6,135 | +€784 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,780 | €4,255 | -€3,524 | -45.3% |
| Other operating charges | 640/8 | €3,722 | €3,562 | -€159 | -4.3% |
| Gross operating margin | 9900 | €43,071 | €73,637 | +€30,566 | +71.0% |
| Operating profit (loss) | 9901 | €31,570 | €65,820 | +€34,250 | +108% |
| Financial income | 75/76B | €2,375 | €2,701 | +€326 | +13.7% |
| Recurring financial income | 75 | €2,375 | €2,701 | +€326 | +13.7% |
| Financial charges | 65/66B | €74 | €328 | +€254 | +346% |
| Recurring financial charges | 65 | €74 | €328 | +€254 | +346% |
| Profit (loss) for the period before taxes | 9903 | €33,871 | €68,192 | +€34,322 | +101% |
| Income taxes | 67/77 | €13,627 | €23,022 | +€9,396 | +68.9% |
| Profit (loss) for the period | 9904 | €20,244 | €45,170 | +€24,926 | +123% |
| Profit (loss) for the period to be appropriated | 9905 | €20,244 | €45,170 | +€24,926 | +123% |
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 28 October 2026 via checked.be.