N. START: 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. START
Largest movements
- Receivables within one year -€8,128
down €8,128 (-99.2%), from €8,194 to €66
of which Other amounts receivable: -€4,952
- Tangible fixed assets -€6,619
down €6,619 (-6.6%), from €100,661 to €94,042
of which Land and buildings: -€6,262
- Cash +€3,586
up €3,586 (+121.7%), from €2,947 to €6,533
- Stocks and contracts -€2,605
down €2,605 (-81.8%), from €3,185 to €580
- Debts after one year -€10,805
down €10,805 (-17.5%), from €61,871 to €51,066
- Tax, wage and social debts +€6,103
up €6,103 (+330.3%), from €1,848 to €7,951
of which Remuneration and social security: +€4,417
- Profit (loss) carried forward -€4,892
down €4,892 (-21.2%), from €23,061 to €18,169
- Trade debts -€3,063
down €3,063 (-81.3%), from €3,767 to €703
- Gross operating margin +€28,960
up €28,960 (+268.0%), from €10,806 to €39,766
- Staff costs +€26,150
new in 2025: €26,150
- Depreciation -€863
down €863 (-21.6%), from €3,994 to €3,131
- Other operating charges +€803
up €803 (+20.0%), from €4,018 to €4,822
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €115,350 | €102,545 | -€12,805 | -11.1% |
| Fixed assets | 21/28 | €101,024 | €94,405 | -€6,619 | -6.6% |
| Tangible fixed assets | 22/27 | €100,661 | €94,042 | -€6,619 | -6.6% |
| Land and buildings | 22 | €100,304 | €94,042 | -€6,262 | -6.2% |
| Plant, machinery and equipment | 23 | €357 | - | -€357 | |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €14,326 | €8,140 | -€6,186 | -43.2% |
| Stocks and contracts in progress | 3 | €3,185 | €580 | -€2,605 | -81.8% |
| Stocks | 30/36 | €3,185 | €580 | -€2,605 | -81.8% |
| Amounts receivable within one year | 40/41 | €8,194 | €66 | -€8,128 | -99.2% |
| Trade receivables | 40 | €3,176 | - | -€3,176 | |
| Other amounts receivable | 41 | €5,018 | €66 | -€4,952 | -98.7% |
| Cash at bank and in hand | 54/58 | €2,947 | €6,533 | +€3,586 | +121.7% |
| Deferred charges and accrued income | 490/1 | - | €961 | +€961 | |
| Total equity and liabilities | 10/49 | €115,350 | €102,545 | -€12,805 | -11.1% |
| Equity | 10/15 | €42,321 | €37,429 | -€4,892 | -11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €660 | €660 | = | 0.0% |
| Non-distributable reserves | 130/1 | €660 | €660 | = | 0.0% |
| Reserves not available under the articles | 1311 | €660 | €660 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,061 | €18,169 | -€4,892 | -21.2% |
| Amounts payable | 17/49 | €73,029 | €65,116 | -€7,913 | -10.8% |
| Amounts payable after more than one year | 17 | €61,871 | €51,066 | -€10,805 | -17.5% |
| Financial debts | 170/4 | €61,871 | €51,066 | -€10,805 | -17.5% |
| Amounts payable within one year | 42/48 | €11,158 | €14,050 | +€2,892 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €5,544 | €5,396 | -€148 | -2.7% |
| Trade debts | 44 | €3,767 | €703 | -€3,063 | -81.3% |
| Suppliers | 440/4 | €3,767 | €703 | -€3,063 | -81.3% |
| Taxes, remuneration and social security | 45 | €1,848 | €7,951 | +€6,103 | +330.3% |
| Taxes | 450/3 | €1,848 | €3,534 | +€1,686 | +91.2% |
| Remuneration and social security | 454/9 | - | €4,417 | +€4,417 | |
| Remuneration, social security and pensions | 62 | - | €26,150 | +€26,150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,994 | €3,131 | -€863 | -21.6% |
| Other operating charges | 640/8 | €4,018 | €4,822 | +€803 | +20.0% |
| Gross operating margin | 9900 | €10,806 | €39,766 | +€28,960 | +268.0% |
| Operating profit (loss) | 9901 | €2,794 | €5,664 | +€2,870 | +102.7% |
| Financial charges | 65/66B | €2,726 | €3,109 | +€383 | +14.1% |
| Recurring financial charges | 65 | €2,726 | €3,109 | +€383 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €68 | €2,555 | +€2,487 | +3660.4% |
| Profit (loss) for the period | 9904 | €68 | €2,555 | +€2,487 | +3660.4% |
| Profit (loss) for the period to be appropriated | 9905 | €68 | €2,555 | +€2,487 | +3660.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.