N.T.O.: 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.T.O.
Largest movements
- Cash -€170,461
down €170,461 (-53.5%), from €318,909 to €148,448
mainly Short-term financial debts (-€405,000) and Net result for the year (-€398,143)
- Stocks and contracts -€131,835
down €131,835 (-21.5%), from €613,525 to €481,690
- Receivables within one year +€30,605
up €30,605 (+3.4%), from €913,562 to €944,167
of which Other amounts receivable: +€98,115
- Current portion of long-term debt +€520,000
new in 2024: €520,000
- Short-term financial debts -€405,000
no longer reported in 2024 (was €405,000)
- Profit (loss) carried forward -€398,143
down €398,143 (-27.2%), from €1.5m to €1.1m
- Gross operating margin -€240,731
down €240,731 (-57.1%), from €421,241 to €180,510
- Staff costs +€98,683
up €98,683 (+26.7%), from €370,069 to €468,752
- Write-downs +€57,170
up €57,170 (+1,398%), from €4,090 to €61,260
- Taxes -€9,312
down €9,312 (-90.2%), from €10,321 to €1,009
- Financial charges +€5,985
up €5,985 (+20.0%), from €29,982 to €35,968
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,322,444 | €2,044,243 | -€278,201 | -12.0% |
| Fixed assets | 21/28 | €461,995 | €464,569 | +€2,574 | +0.6% |
| Tangible fixed assets | 22/27 | €461,315 | €463,889 | +€2,574 | +0.6% |
| Land and buildings | 22 | €446,411 | €427,357 | -€19,054 | -4.3% |
| Plant, machinery and equipment | 23 | €1,712 | €1,137 | -€576 | -33.6% |
| Furniture and vehicles | 24 | €13,191 | €35,394 | +€22,203 | +168% |
| Financial fixed assets | 28 | €680 | €680 | = | 0.0% |
| Current assets | 29/58 | €1,860,449 | €1,579,674 | -€280,774 | -15.1% |
| Stocks and contracts in progress | 3 | €613,525 | €481,690 | -€131,835 | -21.5% |
| Stocks | 30/36 | €613,525 | €481,690 | -€131,835 | -21.5% |
| Amounts receivable within one year | 40/41 | €913,562 | €944,167 | +€30,605 | +3.4% |
| Trade receivables | 40 | €533,197 | €465,687 | -€67,510 | -12.7% |
| Other amounts receivable | 41 | €380,365 | €478,480 | +€98,115 | +25.8% |
| Current investments | 50/53 | - | €231 | +€231 | |
| Cash at bank and in hand | 54/58 | €318,909 | €148,448 | -€170,461 | -53.5% |
| Deferred charges and accrued income | 490/1 | €14,453 | €5,138 | -€9,315 | -64.5% |
| Total equity and liabilities | 10/49 | €2,322,444 | €2,044,243 | -€278,201 | -12.0% |
| Equity | 10/15 | €1,562,828 | €1,161,265 | -€401,563 | -25.7% |
| Contributions | 10/11 | €41,000 | €41,000 | = | 0.0% |
| Reserves | 13 | €4,100 | €4,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,100 | €4,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,100 | €4,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,466,084 | €1,067,941 | -€398,143 | -27.2% |
| Investment grants | 15 | €51,644 | €48,224 | -€3,420 | -6.6% |
| Amounts payable | 17/49 | €759,616 | €882,978 | +€123,362 | +16.2% |
| Amounts payable within one year | 42/48 | €754,422 | €875,907 | +€121,485 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | - | €520,000 | +€520,000 | |
| Financial debts | 43 | €405,000 | - | -€405,000 | |
| Credit institutions | 430/8 | €405,000 | - | -€405,000 | |
| Trade debts | 44 | €231,452 | €244,861 | +€13,408 | +5.8% |
| Suppliers | 440/4 | €231,452 | €244,861 | +€13,408 | +5.8% |
| Taxes, remuneration and social security | 45 | €117,970 | €111,046 | -€6,924 | -5.9% |
| Taxes | 450/3 | €40,086 | €33,613 | -€6,473 | -16.1% |
| Remuneration and social security | 454/9 | €77,884 | €77,433 | -€451 | -0.6% |
| Accrued charges and deferred income | 492/3 | €5,194 | €7,071 | +€1,878 | +36.2% |
| Remuneration, social security and pensions | 62 | €370,069 | €468,752 | +€98,683 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,911 | €29,358 | +€448 | +1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,090 | €61,260 | +€57,170 | +1,398% |
| Other operating charges | 640/8 | €11,980 | €13,675 | +€1,695 | +14.1% |
| Gross operating margin | 9900 | €421,241 | €180,510 | -€240,731 | -57.1% |
| Operating profit (loss) | 9901 | €6,191 | -€392,535 | -€398,726 | |
| Financial income | 75/76B | €35,515 | €31,369 | -€4,145 | -11.7% |
| Recurring financial income | 75 | €35,515 | €31,369 | -€4,145 | -11.7% |
| Financial charges | 65/66B | €29,982 | €35,968 | +€5,985 | +20.0% |
| Recurring financial charges | 65 | €29,982 | €35,968 | +€5,985 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | €11,723 | -€397,133 | -€408,857 | |
| Income taxes | 67/77 | €10,321 | €1,009 | -€9,312 | -90.2% |
| Profit (loss) for the period | 9904 | €1,402 | -€398,143 | -€399,545 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,402 | -€398,143 | -€399,545 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.