N.O.B.: 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.O.B.
Largest movements
- Tangible fixed assets +€709,243
up €709,243 (+1,712%), from €41,439 to €750,682
of which Land and buildings: +€676,205
- Cash -€159,185
down €159,185 (-38.6%), from €412,257 to €253,072
mainly Investment in fixed assets (net) (-€736,926) and Receivables within one year (-€118,424)
- Receivables within one year +€118,424
up €118,424 (+90.5%), from €130,913 to €249,337
of which Trade receivables: +€136,983
- Debts after one year +€462,791
new in 2025: €462,791
- Accrued charges and deferred income +€184,632
up €184,632 (+4,410%), from €4,187 to €188,819
- Reserves +€41,800
up €41,800 (+19.0%), from €219,860 to €261,660
of which Distributable reserves: +€51,800
- Advances received -€27,628
down €27,628 (-97.8%), from €28,243 to €615
- Current portion of long-term debt +€26,448
new in 2025: €26,448
- Depreciation +€24,430
up €24,430 (+751%), from €3,253 to €27,683
- Taxes -€16,773
down €16,773 (-62.1%), from €27,005 to €10,232
- Staff costs +€13,674
up €13,674 (+6.4%), from €214,125 to €227,799
- Gross operating margin +€12,538
up €12,538 (+4.1%), from €307,961 to €320,499
- Financial charges +€9,511
up €9,511 (+3,385%), from €281 to €9,792
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 | €613,176 | €1,290,518 | +€677,342 | +110% |
| Fixed assets | 21/28 | €41,976 | €751,219 | +€709,243 | +1,690% |
| Tangible fixed assets | 22/27 | €41,439 | €750,682 | +€709,243 | +1,712% |
| Land and buildings | 22 | - | €676,205 | +€676,205 | |
| Plant, machinery and equipment | 23 | €404 | €8,162 | +€7,758 | +1,920% |
| Furniture and vehicles | 24 | €41,035 | €66,315 | +€25,280 | +61.6% |
| Financial fixed assets | 28 | €537 | €537 | = | 0.0% |
| Current assets | 29/58 | €571,200 | €539,299 | -€31,901 | -5.6% |
| Stocks and contracts in progress | 3 | €25,933 | €36,890 | +€10,957 | +42.3% |
| Stocks | 30/36 | €25,933 | €36,890 | +€10,957 | +42.3% |
| Amounts receivable within one year | 40/41 | €130,913 | €249,337 | +€118,424 | +90.5% |
| Trade receivables | 40 | €29,385 | €166,368 | +€136,983 | +466% |
| Other amounts receivable | 41 | €101,528 | €82,969 | -€18,559 | -18.3% |
| Cash at bank and in hand | 54/58 | €412,257 | €253,072 | -€159,185 | -38.6% |
| Deferred charges and accrued income | 490/1 | €2,097 | - | -€2,097 | |
| Total equity and liabilities | 10/49 | €613,176 | €1,290,518 | +€677,342 | +110% |
| Equity | 10/15 | €515,243 | €557,071 | +€41,828 | +8.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €219,860 | €261,660 | +€41,800 | +19.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,000 | - | -€10,000 | |
| Distributable reserves | 133 | €208,000 | €259,800 | +€51,800 | +24.9% |
| Profit (loss) carried forward | 14 | €276,783 | €276,811 | +€28 | 0.0% |
| Amounts payable | 17/49 | €97,933 | €733,447 | +€635,514 | +649% |
| Amounts payable after more than one year | 17 | - | €462,791 | +€462,791 | |
| Financial debts | 170/4 | - | €462,791 | +€462,791 | |
| Amounts payable within one year | 42/48 | €93,746 | €81,837 | -€11,909 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | - | €26,448 | +€26,448 | |
| Trade debts | 44 | €23,736 | €14,441 | -€9,295 | -39.2% |
| Suppliers | 440/4 | €23,736 | €14,441 | -€9,295 | -39.2% |
| Advances received on contracts in progress | 46 | €28,243 | €615 | -€27,628 | -97.8% |
| Taxes, remuneration and social security | 45 | €41,305 | €40,333 | -€972 | -2.4% |
| Taxes | 450/3 | €32,976 | €14,603 | -€18,373 | -55.7% |
| Remuneration and social security | 454/9 | €8,329 | €25,730 | +€17,401 | +209% |
| Other amounts payable | 47/48 | €462 | - | -€462 | |
| Accrued charges and deferred income | 492/3 | €4,187 | €188,819 | +€184,632 | +4,410% |
| Remuneration, social security and pensions | 62 | €214,125 | €227,799 | +€13,674 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,253 | €27,683 | +€24,430 | +751% |
| Other operating charges | 640/8 | €1,083 | €5,133 | +€4,050 | +374% |
| Gross operating margin | 9900 | €307,961 | €320,499 | +€12,538 | +4.1% |
| Operating profit (loss) | 9901 | €89,500 | €59,884 | -€29,616 | -33.1% |
| Financial income | 75/76B | €2,179 | €1,968 | -€211 | -9.7% |
| Recurring financial income | 75 | €2,179 | €1,968 | -€211 | -9.7% |
| Financial charges | 65/66B | €281 | €9,792 | +€9,511 | +3,385% |
| Recurring financial charges | 65 | €281 | €9,792 | +€9,511 | +3,385% |
| Profit (loss) for the period before taxes | 9903 | €91,398 | €52,060 | -€39,338 | -43.0% |
| Income taxes | 67/77 | €27,005 | €10,232 | -€16,773 | -62.1% |
| Profit (loss) for the period | 9904 | €64,393 | €41,828 | -€22,565 | -35.0% |
| Transfer from tax-exempt reserves | 789 | - | €10,000 | +€10,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €64,393 | €51,828 | -€12,565 | -19.5% |
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 19 October 2026 via checked.be.