N-Vax: 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-Vax
Largest movements
- Receivables within one year -€6,192
down €6,192 (-13.2%), from €46,862 to €40,670
of which Trade receivables: -€3,267
- Tangible fixed assets -€4,040
down €4,040 (-71.0%), from €5,690 to €1,650
of which Furniture and vehicles: -€4,225
- Deferred charges and accrued income +€1,277
up €1,277 (+63.6%), from €2,008 to €3,285
- Other debts -€5,000
no longer reported in 2025 (was €5,000)
- Short-term financial debts -€4,581
down €4,581 (-37.3%), from €12,270 to €7,689
- Reserves -€3,657
down €3,657 (-16.2%), from €22,632 to €18,975
- Trade debts +€2,315
up €2,315 (+60.3%), from €3,838 to €6,153
- Tax, wage and social debts +€1,967
up €1,967 (+21.1%), from €9,321 to €11,288
- Gross operating margin -€21,451
down €21,451, from €21,253 to -€198
- Taxes -€5,359
no longer reported in 2025 (was €5,359)
- Financial charges +€1,707
up €1,707 (+144%), from €1,185 to €2,892
- Depreciation -€470
down €470 (-31.6%), from €1,488 to €1,018
- Other operating charges -€454
down €454 (-30.8%), from €1,475 to €1,021
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.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €54,560 | €45,605 | -€8,956 | -16.4% |
| Fixed assets | 21/28 | €5,690 | €1,650 | -€4,040 | -71.0% |
| Tangible fixed assets | 22/27 | €5,690 | €1,650 | -€4,040 | -71.0% |
| Plant, machinery and equipment | 23 | €1,465 | €1,650 | +€185 | +12.6% |
| Furniture and vehicles | 24 | €4,225 | - | -€4,225 | |
| Current assets | 29/58 | €48,870 | €43,955 | -€4,915 | -10.1% |
| Amounts receivable within one year | 40/41 | €46,862 | €40,670 | -€6,192 | -13.2% |
| Trade receivables | 40 | €18,252 | €14,984 | -€3,267 | -17.9% |
| Other amounts receivable | 41 | €28,611 | €25,686 | -€2,925 | -10.2% |
| Deferred charges and accrued income | 490/1 | €2,008 | €3,285 | +€1,277 | +63.6% |
| Total equity and liabilities | 10/49 | €54,560 | €45,605 | -€8,956 | -16.4% |
| Equity | 10/15 | €24,132 | €20,475 | -€3,657 | -15.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €22,632 | €18,975 | -€3,657 | -16.2% |
| Distributable reserves | 133 | €22,632 | €18,975 | -€3,657 | -16.2% |
| Amounts payable | 17/49 | €30,428 | €25,130 | -€5,298 | -17.4% |
| Amounts payable within one year | 42/48 | €30,428 | €25,130 | -€5,298 | -17.4% |
| Financial debts | 43 | €12,270 | €7,689 | -€4,581 | -37.3% |
| Credit institutions | 430/8 | €12,270 | €7,689 | -€4,581 | -37.3% |
| Trade debts | 44 | €3,838 | €6,153 | +€2,315 | +60.3% |
| Suppliers | 440/4 | €3,838 | €6,153 | +€2,315 | +60.3% |
| Taxes, remuneration and social security | 45 | €9,321 | €11,288 | +€1,967 | +21.1% |
| Taxes | 450/3 | €9,321 | €11,288 | +€1,967 | +21.1% |
| Other amounts payable | 47/48 | €5,000 | - | -€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,488 | €1,018 | -€470 | -31.6% |
| Other operating charges | 640/8 | €1,475 | €1,021 | -€454 | -30.8% |
| Gross operating margin | 9900 | €21,253 | -€198 | -€21,451 | |
| Operating profit (loss) | 9901 | €18,290 | -€2,237 | -€20,528 | |
| Financial income | 75/76B | €1,258 | €1,472 | +€214 | +17.0% |
| Recurring financial income | 75 | €1,258 | €1,472 | +€214 | +17.0% |
| Financial charges | 65/66B | €1,185 | €2,892 | +€1,707 | +144% |
| Recurring financial charges | 65 | €1,185 | €2,892 | +€1,707 | +144% |
| Profit (loss) for the period before taxes | 9903 | €18,364 | -€3,657 | -€22,021 | |
| Income taxes | 67/77 | €5,359 | - | -€5,359 | |
| Profit (loss) for the period | 9904 | €13,005 | -€3,657 | -€16,662 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,005 | -€3,657 | -€16,662 |
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 23 October 2026 via checked.be.