N.S.: what changed
Two fiscal 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.S.
Largest movements
- Receivables within one year +€13,188
up €13,188 (+69.5%), from €18,984 to €32,172
of which Trade receivables: +€8,615
- Cash +€12,136
up €12,136 (+22.5%), from €53,881 to €66,018
mainly Depreciation (+€11,521) and Net result for the year (+€9,164)
- Tangible fixed assets -€11,521
down €11,521 (-24.8%), from €46,463 to €34,943
of which Other tangible fixed assets: -€10,839
- Reserves +€9,164
up €9,164 (+5.7%), from €159,525 to €168,690
of which Distributable reserves: +€9,164
- Accrued charges and deferred income +€6,300
new in 2025: €6,300
- Gross operating margin -€2,838
down €2,838 (-9.9%), from €28,696 to €25,858
- Taxes -€819
down €819 (-15.6%), from €5,263 to €4,444
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 | €189,328 | €203,178 | +€13,850 | +7.3% |
| Fixed assets | 21/28 | €46,463 | €34,943 | -€11,521 | -24.8% |
| Tangible fixed assets | 22/27 | €46,463 | €34,943 | -€11,521 | -24.8% |
| Plant, machinery and equipment | 23 | €1,681 | €999 | -€682 | -40.6% |
| Other tangible fixed assets | 26 | €44,783 | €33,944 | -€10,839 | -24.2% |
| Current assets | 29/58 | €142,865 | €168,235 | +€25,370 | +17.8% |
| Stocks and contracts in progress | 3 | €68,256 | €68,256 | = | 0.0% |
| Stocks | 30/36 | €68,256 | €68,256 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €18,984 | €32,172 | +€13,188 | +69.5% |
| Trade receivables | 40 | €16,740 | €25,354 | +€8,615 | +51.5% |
| Other amounts receivable | 41 | €2,245 | €6,818 | +€4,573 | +203.8% |
| Cash at bank and in hand | 54/58 | €53,881 | €66,018 | +€12,136 | +22.5% |
| Deferred charges and accrued income | 490/1 | €1,743 | €1,789 | +€46 | +2.7% |
| Total equity and liabilities | 10/49 | €189,328 | €203,178 | +€13,850 | +7.3% |
| Equity | 10/15 | €171,925 | €181,090 | +€9,164 | +5.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €159,525 | €168,690 | +€9,164 | +5.7% |
| 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 | €157,665 | €166,830 | +€9,164 | +5.8% |
| Amounts payable | 17/49 | €17,403 | €22,088 | +€4,685 | +26.9% |
| Amounts payable within one year | 42/48 | €17,403 | €15,788 | -€1,615 | -9.3% |
| Trade debts | 44 | €3,138 | €1,890 | -€1,248 | -39.8% |
| Suppliers | 440/4 | €3,138 | €1,890 | -€1,248 | -39.8% |
| Taxes, remuneration and social security | 45 | €14,264 | €13,898 | -€367 | -2.6% |
| Taxes | 450/3 | €14,264 | €13,898 | -€367 | -2.6% |
| Accrued charges and deferred income | 492/3 | - | €6,300 | +€6,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,535 | €11,521 | -€15 | -0.1% |
| Other operating charges | 640/8 | €591 | €602 | +€11 | +1.8% |
| Gross operating margin | 9900 | €28,696 | €25,858 | -€2,838 | -9.9% |
| Operating profit (loss) | 9901 | €16,570 | €13,735 | -€2,835 | -17.1% |
| Financial charges | 65/66B | €258 | €127 | -€131 | -50.8% |
| Recurring financial charges | 65 | €258 | €127 | -€131 | -50.8% |
| Profit (loss) for the period before taxes | 9903 | €16,312 | €13,609 | -€2,704 | -16.6% |
| Income taxes | 67/77 | €5,263 | €4,444 | -€819 | -15.6% |
| Profit (loss) for the period | 9904 | €11,049 | €9,164 | -€1,884 | -17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,049 | €9,164 | -€1,884 | -17.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.