N-Phase: 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-Phase
Largest movements
- Tangible fixed assets +€11,918
up €11,918 (+951.9%), from €1,252 to €13,170
- Cash -€10,504
down €10,504 (-88.4%), from €11,880 to €1,376
mainly Investment in fixed assets (net) (-€14,550) and Receivables within one year (-€2,686)
- Receivables within one year +€2,686
new in 2025: €2,686
- Receivables after one year -€566
no longer reported in 2025 (was €566)
of which Trade receivables: -€394
- Stocks and contracts +€184
new in 2025: €184
- Reserves +€3,251
up €3,251 (+39.3%), from €8,272 to €11,523
- Tax, wage and social debts +€955
up €955 (+46.1%), from €2,070 to €3,025
- Other debts -€488
down €488 (-15.0%), from €3,256 to €2,768
- Gross operating margin -€5,235
down €5,235 (-43.4%), from €12,068 to €6,833
- Depreciation +€1,400
up €1,400 (+113.6%), from €1,232 to €2,632
- Taxes -€1,240
down €1,240 (-59.9%), from €2,070 to €830
- Other operating charges -€397
down €397 (-82.0%), from €484 to €87
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.
Cash bridge derived
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 | €13,698 | €17,416 | +€3,718 | +27.1% |
| Fixed assets | 21/28 | €1,252 | €13,170 | +€11,918 | +951.9% |
| Tangible fixed assets | 22/27 | €1,252 | €13,170 | +€11,918 | +951.9% |
| Plant, machinery and equipment | 23 | €1,252 | €13,170 | +€11,918 | +951.9% |
| Current assets | 29/58 | €12,446 | €4,246 | -€8,200 | -65.9% |
| Amounts receivable after more than one year | 29 | €566 | - | -€566 | |
| Trade receivables | 290 | €394 | - | -€394 | |
| Other amounts receivable | 291 | €172 | - | -€172 | |
| Stocks and contracts in progress | 3 | - | €184 | +€184 | |
| Stocks | 30/36 | - | €184 | +€184 | |
| Amounts receivable within one year | 40/41 | - | €2,686 | +€2,686 | |
| Trade receivables | 40 | - | €2,686 | +€2,686 | |
| Cash at bank and in hand | 54/58 | €11,880 | €1,376 | -€10,504 | -88.4% |
| Total equity and liabilities | 10/49 | €13,698 | €17,416 | +€3,718 | +27.1% |
| Equity | 10/15 | €8,372 | €11,623 | +€3,251 | +38.8% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €8,272 | €11,523 | +€3,251 | +39.3% |
| Distributable reserves | 133 | €8,272 | €11,523 | +€3,251 | +39.3% |
| Amounts payable | 17/49 | €5,326 | €5,793 | +€467 | +8.8% |
| Amounts payable within one year | 42/48 | €5,326 | €5,793 | +€467 | +8.8% |
| Taxes, remuneration and social security | 45 | €2,070 | €3,025 | +€955 | +46.1% |
| Taxes | 450/3 | €2,070 | €3,025 | +€955 | +46.1% |
| Other amounts payable | 47/48 | €3,256 | €2,768 | -€488 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,232 | €2,632 | +€1,400 | +113.6% |
| Other operating charges | 640/8 | €484 | €87 | -€397 | -82.0% |
| Gross operating margin | 9900 | €12,068 | €6,833 | -€5,235 | -43.4% |
| Operating profit (loss) | 9901 | €10,352 | €4,114 | -€6,238 | -60.3% |
| Financial charges | 65/66B | €10 | €33 | +€23 | +230.0% |
| Recurring financial charges | 65 | €10 | €33 | +€23 | +230.0% |
| Profit (loss) for the period before taxes | 9903 | €10,342 | €4,081 | -€6,261 | -60.5% |
| Income taxes | 67/77 | €2,070 | €830 | -€1,240 | -59.9% |
| Profit (loss) for the period | 9904 | €8,272 | €3,251 | -€5,021 | -60.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,272 | €3,251 | -€5,021 | -60.7% |
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 12 October 2026 via checked.be.