N2 PROPERTY: 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.
N2 PROPERTY
Largest movements
- Cash +€268,153
up €268,153 (+394%), from €68,133 to €336,286
mainly Current investments (+€200,000) and Net result for the year (+€125,605)
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Tangible fixed assets -€92,850
down €92,850 (-5.8%), from €1.6m to €1.5m
- Receivables within one year -€27,641
down €27,641 (-46.8%), from €59,098 to €31,457
of which Trade receivables: -€25,236
- Debts after one year -€180,983
down €180,983 (-13.1%), from €1.4m to €1.2m
- Profit (loss) carried forward +€125,605
up €125,605 (+81.2%), from €154,737 to €280,342
- Gross operating margin -€59,238
down €59,238 (-16.3%), from €363,766 to €304,527
- Financial charges -€24,218
down €24,218 (-46.0%), from €52,703 to €28,485
- Taxes -€10,843
down €10,843 (-20.6%), from €52,536 to €41,692
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 | €1,929,749 | €1,877,042 | -€52,707 | -2.7% |
| Fixed assets | 21/28 | €1,598,409 | €1,505,559 | -€92,850 | -5.8% |
| Tangible fixed assets | 22/27 | €1,598,409 | €1,505,559 | -€92,850 | -5.8% |
| Land and buildings | 22 | €1,598,409 | €1,505,559 | -€92,850 | -5.8% |
| Current assets | 29/58 | €331,340 | €371,483 | +€40,143 | +12.1% |
| Amounts receivable within one year | 40/41 | €59,098 | €31,457 | -€27,641 | -46.8% |
| Trade receivables | 40 | €53,193 | €27,957 | -€25,236 | -47.4% |
| Other amounts receivable | 41 | €5,905 | €3,500 | -€2,405 | -40.7% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €68,133 | €336,286 | +€268,153 | +394% |
| Deferred charges and accrued income | 490/1 | €4,109 | €3,740 | -€369 | -9.0% |
| Total equity and liabilities | 10/49 | €1,929,749 | €1,877,042 | -€52,707 | -2.7% |
| Equity | 10/15 | €274,737 | €400,342 | +€125,605 | +45.7% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €154,737 | €280,342 | +€125,605 | +81.2% |
| Amounts payable | 17/49 | €1,655,012 | €1,476,700 | -€178,312 | -10.8% |
| Amounts payable after more than one year | 17 | €1,381,323 | €1,200,340 | -€180,983 | -13.1% |
| Financial debts | 170/4 | €1,381,323 | €1,200,340 | -€180,983 | -13.1% |
| Amounts payable within one year | 42/48 | €215,173 | €217,536 | +€2,363 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €180,165 | €180,983 | +€818 | +0.5% |
| Trade debts | 44 | €13,008 | €10,477 | -€2,532 | -19.5% |
| Suppliers | 440/4 | €13,008 | €10,477 | -€2,532 | -19.5% |
| Taxes, remuneration and social security | 45 | €22,000 | €26,077 | +€4,077 | +18.5% |
| Taxes | 450/3 | €22,000 | €26,077 | +€4,077 | +18.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €58,515 | €58,824 | +€308 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,915 | €92,850 | -€65 | -0.1% |
| Other operating charges | 640/8 | €16,655 | €17,178 | +€523 | +3.1% |
| Gross operating margin | 9900 | €363,766 | €304,527 | -€59,238 | -16.3% |
| Operating profit (loss) | 9901 | €254,196 | €194,500 | -€59,696 | -23.5% |
| Financial income | 75/76B | €1,992 | €1,282 | -€710 | -35.7% |
| Recurring financial income | 75 | €1,992 | €1,282 | -€710 | -35.7% |
| Financial charges | 65/66B | €52,703 | €28,485 | -€24,218 | -46.0% |
| Recurring financial charges | 65 | €52,703 | €28,485 | -€24,218 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €203,485 | €167,297 | -€36,188 | -17.8% |
| Income taxes | 67/77 | €52,536 | €41,692 | -€10,843 | -20.6% |
| Profit (loss) for the period | 9904 | €150,950 | €125,605 | -€25,345 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €150,950 | €125,605 | -€25,345 | -16.8% |
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 19 October 2026 via checked.be.