N.W. MANAGEMENT: 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.W. MANAGEMENT
Largest movements
- Receivables after one year -€400,000
down €400,000 (-100%), from €400,000 to €0
- Cash +€268,595
up €268,595 (+187%), from €143,995 to €412,590
mainly Receivables after one year (+€400,000) and Net result for the year (+€27,912)
- Deferred charges and accrued income +€13,380
up €13,380 (+65.2%), from €20,513 to €33,893
- Profit (loss) carried forward -€64,556
down €64,556 (-100%), from €64,556 to €0
- Reserves -€51,807
down €51,807 (-24.7%), from €209,961 to €158,153
- Gross operating margin +€24,509
up €24,509 (+176%), from €13,887 to €38,397
- Taxes +€1,852
up €1,852 (+197%), from €940 to €2,791
- Financial income -€1,613
down €1,613 (-10.8%), from €14,976 to €13,363
- Staff costs +€1,047
up €1,047 (+6.2%), from €16,871 to €17,919
- Depreciation +€692
up €692 (+67.2%), from €1,029 to €1,721
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
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 | €578,024 | €456,744 | -€121,280 | -21.0% |
| Fixed assets | 21/28 | €10,240 | €9,548 | -€692 | -6.8% |
| Tangible fixed assets | 22/27 | €10,240 | €9,548 | -€692 | -6.8% |
| Furniture and vehicles | 24 | €10,240 | €9,548 | -€692 | -6.8% |
| Current assets | 29/58 | €567,785 | €447,196 | -€120,588 | -21.2% |
| Amounts receivable after more than one year | 29 | €400,000 | €0 | -€400,000 | -100% |
| Other amounts receivable | 291 | €400,000 | €0 | -€400,000 | -100% |
| Amounts receivable within one year | 40/41 | €3,277 | €713 | -€2,564 | -78.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,277 | €713 | -€2,564 | -78.2% |
| Cash at bank and in hand | 54/58 | €143,995 | €412,590 | +€268,595 | +187% |
| Deferred charges and accrued income | 490/1 | €20,513 | €33,893 | +€13,380 | +65.2% |
| Total equity and liabilities | 10/49 | €578,024 | €456,744 | -€121,280 | -21.0% |
| Equity | 10/15 | €294,516 | €178,153 | -€116,363 | -39.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €209,961 | €158,153 | -€51,807 | -24.7% |
| Distributable reserves | 133 | €209,961 | €158,153 | -€51,807 | -24.7% |
| Profit (loss) carried forward | 14 | €64,556 | €0 | -€64,556 | -100% |
| Provisions and deferred taxes | 16 | €269,872 | €269,872 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €269,872 | €269,872 | = | 0.0% |
| Pensions and similar obligations | 160 | €269,872 | €269,872 | = | 0.0% |
| Amounts payable | 17/49 | €13,636 | €8,719 | -€4,917 | -36.1% |
| Amounts payable within one year | 42/48 | €13,636 | €8,719 | -€4,917 | -36.1% |
| Financial debts | 43 | - | €159 | +€159 | |
| Credit institutions | 430/8 | - | €159 | +€159 | |
| Trade debts | 44 | €5,888 | €653 | -€5,235 | -88.9% |
| Suppliers | 440/4 | €5,888 | €653 | -€5,235 | -88.9% |
| Taxes, remuneration and social security | 45 | €3,478 | €5,440 | +€1,963 | +56.4% |
| Taxes | 450/3 | €940 | €2,791 | +€1,852 | +197% |
| Remuneration and social security | 454/9 | €2,538 | €2,649 | +€111 | +4.4% |
| Other amounts payable | 47/48 | €4,270 | €2,466 | -€1,804 | -42.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €16,871 | €17,919 | +€1,047 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,029 | €1,721 | +€692 | +67.2% |
| Other operating charges | 640/8 | €126 | €528 | +€402 | +319% |
| Gross operating margin | 9900 | €13,887 | €38,397 | +€24,509 | +176% |
| Operating profit (loss) | 9901 | -€4,139 | €18,229 | +€22,369 | |
| Financial income | 75/76B | €14,976 | €13,363 | -€1,613 | -10.8% |
| Recurring financial income | 75 | €14,976 | €13,363 | -€1,613 | -10.8% |
| Financial charges | 65/66B | €501 | €889 | +€388 | +77.3% |
| Recurring financial charges | 65 | €501 | €889 | +€388 | +77.3% |
| Profit (loss) for the period before taxes | 9903 | €10,335 | €30,703 | +€20,368 | +197% |
| Income taxes | 67/77 | €940 | €2,791 | +€1,852 | +197% |
| Profit (loss) for the period | 9904 | €9,396 | €27,912 | +€18,516 | +197% |
| Profit (loss) for the period to be appropriated | 9905 | €9,396 | €27,912 | +€18,516 | +197% |
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 20 October 2026 via checked.be.