N-TRADING: 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-TRADING
Largest movements
- Tangible fixed assets +€79,381
up €79,381 (+64.2%), from €123,640 to €203,021
of which Furniture and vehicles: +€104,211
- Receivables within one year -€41,029
down €41,029 (-6.9%), from €591,248 to €550,219
of which Trade receivables: -€95,891
- Profit (loss) carried forward +€36,542
up €36,542 (+6.2%), from €586,834 to €623,376
- Trade debts +€20,211
up €20,211 (+13.8%), from €146,184 to €166,394
- Debts after one year -€11,824
down €11,824 (-16.4%), from €72,188 to €60,364
- Gross operating margin -€92,193
down €92,193 (-45.1%), from €204,594 to €112,401
- Taxes -€31,709
down €31,709 (-65.9%), from €48,086 to €16,378
- Depreciation +€7,069
up €7,069 (+27.1%), from €26,050 to €33,119
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 | €962,039 | €994,316 | +€32,277 | +3.4% |
| Fixed assets | 21/28 | €148,112 | €227,493 | +€79,381 | +53.6% |
| Tangible fixed assets | 22/27 | €123,640 | €203,021 | +€79,381 | +64.2% |
| Land and buildings | 22 | €118,840 | €94,010 | -€24,830 | -20.9% |
| Furniture and vehicles | 24 | €4,800 | €109,011 | +€104,211 | +2171.1% |
| Financial fixed assets | 28 | €24,472 | €24,472 | = | 0.0% |
| Current assets | 29/58 | €813,927 | €766,823 | -€47,104 | -5.8% |
| Amounts receivable within one year | 40/41 | €591,248 | €550,219 | -€41,029 | -6.9% |
| Trade receivables | 40 | €153,675 | €57,785 | -€95,891 | -62.4% |
| Other amounts receivable | 41 | €437,572 | €492,434 | +€54,862 | +12.5% |
| Cash at bank and in hand | 54/58 | €222,679 | €216,604 | -€6,075 | -2.7% |
| Total equity and liabilities | 10/49 | €962,039 | €994,316 | +€32,277 | +3.4% |
| Equity | 10/15 | €601,089 | €637,631 | +€36,542 | +6.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Uncalled capital | 101 | €6,150 | €6,150 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €586,834 | €623,376 | +€36,542 | +6.2% |
| Amounts payable | 17/49 | €360,950 | €356,685 | -€4,265 | -1.2% |
| Amounts payable after more than one year | 17 | €72,188 | €60,364 | -€11,824 | -16.4% |
| Financial debts | 170/4 | €72,188 | €60,364 | -€11,824 | -16.4% |
| Amounts payable within one year | 42/48 | €235,884 | €251,790 | +€15,907 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €11,675 | €11,824 | +€149 | +1.3% |
| Trade debts | 44 | €146,184 | €166,394 | +€20,211 | +13.8% |
| Suppliers | 440/4 | €146,184 | €166,394 | +€20,211 | +13.8% |
| Taxes, remuneration and social security | 45 | €78,025 | €73,572 | -€4,453 | -5.7% |
| Taxes | 450/3 | €77,925 | €73,572 | -€4,353 | -5.6% |
| Remuneration and social security | 454/9 | €100 | - | -€100 | |
| Accrued charges and deferred income | 492/3 | €52,879 | €44,531 | -€8,348 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,050 | €33,119 | +€7,069 | +27.1% |
| Other operating charges | 640/8 | €24,898 | €23,391 | -€1,506 | -6.0% |
| Non-recurring operating charges | 66A | - | €2,211 | +€2,211 | |
| Gross operating margin | 9900 | €204,594 | €112,401 | -€92,193 | -45.1% |
| Operating profit (loss) | 9901 | €153,646 | €53,679 | -€99,967 | -65.1% |
| Financial income | 75/76B | €268 | €1,206 | +€938 | +349.4% |
| Recurring financial income | 75 | €268 | €1,206 | +€938 | +349.4% |
| Financial charges | 65/66B | €2,604 | €1,966 | -€637 | -24.5% |
| Recurring financial charges | 65 | €2,604 | €1,966 | -€637 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €151,311 | €52,920 | -€98,391 | -65.0% |
| Income taxes | 67/77 | €48,086 | €16,378 | -€31,709 | -65.9% |
| Profit (loss) for the period | 9904 | €103,225 | €36,542 | -€66,683 | -64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €103,225 | €36,542 | -€66,683 | -64.6% |
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 9 October 2026 via checked.be.