N-N & M: 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-N & M
Largest movements
No asset line moved by more than 1% of the balance sheet total.
No liability line moved by more than 1% of the balance sheet total.
- Financial charges +€1,534
up €1,534 (+64.4%), from €2,381 to €3,915
of which Non-recurring financial charges: +€2,392
- Gross operating margin +€1,182
up €1,182 (+29.1%), from -€4,059 to -€2,876
- Financial income -€1,096
down €1,096 (-6.1%), from €17,998 to €16,902
- Other operating charges +€793
up €793 (+25.1%), from €3,163 to €3,956
- Staff costs -€622
down €622 (-90.2%), from €689 to €68
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 | €330,720 | €332,633 | +€1,913 | +0.6% |
| Fixed assets | 21/28 | €7,807 | €4,739 | -€3,067 | -39.3% |
| Tangible fixed assets | 22/27 | €7,807 | €4,739 | -€3,067 | -39.3% |
| Furniture and vehicles | 24 | €7,807 | €4,739 | -€3,067 | -39.3% |
| Current assets | 29/58 | €322,914 | €327,894 | +€4,980 | +1.5% |
| Amounts receivable within one year | 40/41 | €321,022 | €323,704 | +€2,683 | +0.8% |
| Other amounts receivable | 41 | €321,022 | €323,704 | +€2,683 | +0.8% |
| Cash at bank and in hand | 54/58 | €474 | €1,170 | +€696 | +147% |
| Deferred charges and accrued income | 490/1 | €1,418 | €3,019 | +€1,601 | +113% |
| Total equity and liabilities | 10/49 | €330,720 | €332,633 | +€1,913 | +0.6% |
| Equity | 10/15 | €317,252 | €318,551 | +€1,299 | +0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,606 | €61,905 | +€1,299 | +2.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €58,746 | €60,045 | +€1,299 | +2.2% |
| Profit (loss) carried forward | 14 | €238,046 | €238,046 | = | 0.0% |
| Amounts payable | 17/49 | €13,468 | €14,082 | +€613 | +4.6% |
| Amounts payable within one year | 42/48 | €13,468 | €14,082 | +€613 | +4.6% |
| Trade debts | 44 | €9,646 | €10,141 | +€495 | +5.1% |
| Suppliers | 440/4 | €9,646 | €10,141 | +€495 | +5.1% |
| Taxes, remuneration and social security | 45 | €3,822 | €3,941 | +€119 | +3.1% |
| Taxes | 450/3 | €3,822 | €3,941 | +€119 | +3.1% |
| Remuneration, social security and pensions | 62 | €689 | €68 | -€622 | -90.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,246 | €3,067 | -€179 | -5.5% |
| Other operating charges | 640/8 | €3,163 | €3,956 | +€793 | +25.1% |
| Gross operating margin | 9900 | -€4,059 | -€2,876 | +€1,182 | +29.1% |
| Operating profit (loss) | 9901 | -€11,157 | -€9,967 | +€1,190 | +10.7% |
| Financial income | 75/76B | €17,998 | €16,902 | -€1,096 | -6.1% |
| Recurring financial income | 75 | €17,998 | €16,902 | -€1,096 | -6.1% |
| Financial charges | 65/66B | €2,381 | €3,915 | +€1,534 | +64.4% |
| Recurring financial charges | 65 | €2,381 | €1,524 | -€858 | -36.0% |
| Non-recurring financial charges | 66B | - | €2,392 | +€2,392 | |
| Profit (loss) for the period before taxes | 9903 | €4,459 | €3,019 | -€1,440 | -32.3% |
| Income taxes | 67/77 | €2,221 | €1,720 | -€501 | -22.6% |
| Profit (loss) for the period | 9904 | €2,238 | €1,299 | -€939 | -42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,238 | €1,299 | -€939 | -42.0% |
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 15 October 2026 via checked.be.