N-Vorm: 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.
What changed
N-Vorm
NACE 47.120, Other non-specialised retail sale
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€78,202
2024 · €87,713-€9,511
Equity
€427,993
2024 · €349,791+€78,202
Cash
€142,693
2024 · €187,098-€44,404
Balance sheet total
€1.9m
2024 · €2.0m-€81,058
Largest movements
Assets
- Cash -€44,404
down €44,404 (-23.7%), from €187,098 to €142,693
mainly Investment in fixed assets (net) (-€96,147) and Debts after one year (-€51,998)
- Tangible fixed assets -€38,005
down €38,005 (-2.8%), from €1.3m to €1.3m
of which Land and buildings: -€35,999
Equity and liabilities
- Reserves +€78,202
up €78,202 (+23.6%), from €331,191 to €409,393
- Debts after one year -€51,998
down €51,998 (-6.3%), from €823,920 to €771,922
- Other debts -€46,286
down €46,286 (-49.2%), from €94,000 to €47,714
- Trade debts -€44,251
down €44,251 (-17.7%), from €249,720 to €205,469
Income statement
- Staff costs +€94,926
up €94,926 (+38.0%), from €249,640 to €344,566
- Gross operating margin +€89,358
up €89,358 (+16.0%), from €556,845 to €646,202
- Write-downs -€7,713
down €7,713 (-75.7%), from €10,194 to €2,480
- Depreciation +€6,649
up €6,649 (+5.2%), from €127,503 to €134,152
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.
Result 2024
€87,713
Gross operating margin
+€89,358
Staff costs
-€94,926
Depreciation
-€6,649
Write-downs
+€7,713
Other operating charges
-€207
Other operating items
-€2,783
Financial income
-€820
Financial charges
-€4,128
Taxes
+€2,932
Result 2025
€78,202
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€126,610
Investment
-€96,147
Financing
-€74,867
Cash 2024
€187,098
From operations (derived)
+€126,610
Net result for the year
+€78,202
Depreciation
+€134,152
Stocks and contracts
+€15,931
Receivables within one year
-€8,750
Deferred charges and accrued income
-€8,533
Trade debts
-€44,251
Tax, wage and social debts
+€6,963
Other debts
-€46,286
Accrued charges and deferred income
-€818
Investment (derived)
-€96,147
Investment in fixed assets (net)
-€96,147
Financing
-€74,867
Debts after one year
-€51,998
Current portion of long-term debt
-€17,846
Short-term financial debts
-€5,023
Cash 2025
€142,693
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,966,722 | €1,885,665 | -€81,058 | -4.1% |
| Fixed assets | 21/28 | €1,347,566 | €1,309,561 | -€38,005 | -2.8% |
| Tangible fixed assets | 22/27 | €1,347,566 | €1,309,561 | -€38,005 | -2.8% |
| Land and buildings | 22 | €990,209 | €954,210 | -€35,999 | -3.6% |
| Plant, machinery and equipment | 23 | €26,211 | €26,513 | +€303 | +1.2% |
| Furniture and vehicles | 24 | €73,416 | €55,667 | -€17,749 | -24.2% |
| Leasing and similar rights | 25 | €63,296 | €80,732 | +€17,436 | +27.5% |
| Other tangible fixed assets | 26 | €194,434 | €192,438 | -€1,996 | -1.0% |
| Current assets | 29/58 | €619,157 | €576,104 | -€43,053 | -7.0% |
| Stocks and contracts in progress | 3 | €291,472 | €275,541 | -€15,931 | -5.5% |
| Stocks | 30/36 | €269,772 | €275,541 | +€5,769 | +2.1% |
| Contracts in progress | 37 | €21,700 | €0 | -€21,700 | -100% |
| Amounts receivable within one year | 40/41 | €133,807 | €142,557 | +€8,750 | +6.5% |
| Trade receivables | 40 | €97,443 | €134,911 | +€37,468 | +38.5% |
| Other amounts receivable | 41 | €36,364 | €7,645 | -€28,718 | -79.0% |
| Cash at bank and in hand | 54/58 | €187,098 | €142,693 | -€44,404 | -23.7% |
| Deferred charges and accrued income | 490/1 | €6,781 | €15,313 | +€8,533 | +126% |
| Total equity and liabilities | 10/49 | €1,966,722 | €1,885,665 | -€81,058 | -4.1% |
| Equity | 10/15 | €349,791 | €427,993 | +€78,202 | +22.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €331,191 | €409,393 | +€78,202 | +23.6% |
| Distributable reserves | 133 | €331,191 | €409,393 | +€78,202 | +23.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,616,932 | €1,457,672 | -€159,260 | -9.8% |
| Amounts payable after more than one year | 17 | €823,920 | €771,922 | -€51,998 | -6.3% |
| Financial debts | 170/4 | €823,920 | €771,922 | -€51,998 | -6.3% |
| Amounts payable within one year | 42/48 | €792,194 | €685,750 | -€106,444 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €149,721 | €131,875 | -€17,846 | -11.9% |
| Financial debts | 43 | €210,088 | €205,065 | -€5,023 | -2.4% |
| Credit institutions | 430/8 | €210,088 | €205,065 | -€5,023 | -2.4% |
| Trade debts | 44 | €249,720 | €205,469 | -€44,251 | -17.7% |
| Suppliers | 440/4 | €249,720 | €205,469 | -€44,251 | -17.7% |
| Taxes, remuneration and social security | 45 | €88,664 | €95,627 | +€6,963 | +7.9% |
| Taxes | 450/3 | €47,614 | €39,012 | -€8,602 | -18.1% |
| Remuneration and social security | 454/9 | €41,050 | €56,615 | +€15,565 | +37.9% |
| Other amounts payable | 47/48 | €94,000 | €47,714 | -€46,286 | -49.2% |
| Accrued charges and deferred income | 492/3 | €818 | €0 | -€818 | -100% |
| Remuneration, social security and pensions | 62 | €249,640 | €344,566 | +€94,926 | +38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,503 | €134,152 | +€6,649 | +5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,194 | €2,480 | -€7,713 | -75.7% |
| Other operating charges | 640/8 | €6,503 | €6,710 | +€207 | +3.2% |
| Non-recurring operating charges | 66A | €1,452 | €4,235 | +€2,783 | +192% |
| Gross operating margin | 9900 | €556,845 | €646,202 | +€89,358 | +16.0% |
| Operating profit (loss) | 9901 | €161,553 | €154,058 | -€7,495 | -4.6% |
| Financial income | 75/76B | €2,089 | €1,269 | -€820 | -39.3% |
| Recurring financial income | 75 | €2,089 | €1,269 | -€820 | -39.3% |
| Financial charges | 65/66B | €47,302 | €51,430 | +€4,128 | +8.7% |
| Recurring financial charges | 65 | €47,302 | €51,430 | +€4,128 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €116,340 | €103,897 | -€12,443 | -10.7% |
| Income taxes | 67/77 | €28,627 | €25,695 | -€2,932 | -10.2% |
| Profit (loss) for the period | 9904 | €87,713 | €78,202 | -€9,511 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €87,713 | €78,202 | -€9,511 | -10.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.