N=N: what changed
N=N
Largest movements
- Receivables within one year +€437,889
up €437,889 (+95.5%), from €458,323 to €896,212
of which Other amounts receivable: +€521,577
- Cash -€212,255
down €212,255 (-38.3%), from €554,475 to €342,220
mainly Receivables within one year (-€437,889) and Other debts (-€100,000)
- Tangible fixed assets +€60,427
up €60,427 (+229%), from €26,443 to €86,870
of which Furniture and vehicles: +€49,595
- Intangible fixed assets -€51,240
down €51,240 (-83.3%), from €61,488 to €10,248
- Tax, wage and social debts +€142,840
up €142,840 (+20.3%), from €703,393 to €846,233
of which Remuneration and social security: +€131,753
- Short-term financial debts +€132,197
new in 2025: €132,197
- Other debts -€100,000
no longer reported in 2025 (was €100,000)
- Trade debts +€35,127
up €35,127 (+57.9%), from €60,720 to €95,846
- Profit (loss) carried forward +€29,416
up €29,416 (+15.5%), from €189,274 to €218,690
- Staff costs +€771,671
up €771,671 (+14.2%), from €5.4m to €6.2m
- Gross operating margin +€624,667
up €624,667 (+10.9%), from €5.7m to €6.4m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,120,225 | €1,362,551 | +€242,326 | +21.6% |
| Fixed assets | 21/28 | €94,176 | €103,388 | +€9,212 | +9.8% |
| Intangible fixed assets | 21 | €61,488 | €10,248 | -€51,240 | -83.3% |
| Tangible fixed assets | 22/27 | €26,443 | €86,870 | +€60,427 | +229% |
| Furniture and vehicles | 24 | €26,443 | €76,037 | +€49,595 | +188% |
| Other tangible fixed assets | 26 | - | €10,833 | +€10,833 | |
| Financial fixed assets | 28 | €6,245 | €6,270 | +€25 | +0.4% |
| Current assets | 29/58 | €1,026,049 | €1,259,164 | +€233,114 | +22.7% |
| Amounts receivable within one year | 40/41 | €458,323 | €896,212 | +€437,889 | +95.5% |
| Trade receivables | 40 | €446,334 | €362,646 | -€83,688 | -18.8% |
| Other amounts receivable | 41 | €11,988 | €533,566 | +€521,577 | +4,351% |
| Cash at bank and in hand | 54/58 | €554,475 | €342,220 | -€212,255 | -38.3% |
| Deferred charges and accrued income | 490/1 | €13,252 | €20,732 | +€7,480 | +56.4% |
| Total equity and liabilities | 10/49 | €1,120,225 | €1,362,551 | +€242,326 | +21.6% |
| Equity | 10/15 | €239,274 | €268,690 | +€29,416 | +12.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €189,274 | €218,690 | +€29,416 | +15.5% |
| Amounts payable | 17/49 | €880,951 | €1,093,862 | +€212,910 | +24.2% |
| Amounts payable within one year | 42/48 | €864,112 | €1,074,277 | +€210,164 | +24.3% |
| Financial debts | 43 | - | €132,197 | +€132,197 | |
| Credit institutions | 430/8 | - | €132,197 | +€132,197 | |
| Trade debts | 44 | €60,720 | €95,846 | +€35,127 | +57.9% |
| Suppliers | 440/4 | €60,720 | €95,846 | +€35,127 | +57.9% |
| Taxes, remuneration and social security | 45 | €703,393 | €846,233 | +€142,840 | +20.3% |
| Taxes | 450/3 | €10,100 | €21,187 | +€11,087 | +110% |
| Remuneration and social security | 454/9 | €693,293 | €825,046 | +€131,753 | +19.0% |
| Other amounts payable | 47/48 | €100,000 | - | -€100,000 | |
| Accrued charges and deferred income | 492/3 | €16,839 | €19,585 | +€2,746 | +16.3% |
| Remuneration, social security and pensions | 62 | €5,444,702 | €6,216,373 | +€771,671 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,700 | €70,926 | -€10,774 | -13.2% |
| Other operating charges | 640/8 | €5,261 | €10,016 | +€4,755 | +90.4% |
| Non-recurring operating charges | 66A | €2,200 | - | -€2,200 | |
| Gross operating margin | 9900 | €5,728,486 | €6,353,153 | +€624,667 | +10.9% |
| Operating profit (loss) | 9901 | €194,624 | €55,839 | -€138,785 | -71.3% |
| Financial income | 75/76B | €3,530 | €3,483 | -€47 | -1.3% |
| Recurring financial income | 75 | €3,530 | €3,483 | -€47 | -1.3% |
| Financial charges | 65/66B | €3,310 | €9,863 | +€6,553 | +198% |
| Recurring financial charges | 65 | €3,310 | €9,863 | +€6,553 | +198% |
| Profit (loss) for the period before taxes | 9903 | €194,843 | €49,458 | -€145,385 | -74.6% |
| Income taxes | 67/77 | €44,487 | €20,043 | -€24,444 | -54.9% |
| Profit (loss) for the period | 9904 | €150,356 | €29,416 | -€120,940 | -80.4% |
| Profit (loss) for the period to be appropriated | 9905 | €150,356 | €29,416 | -€120,940 | -80.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.