N2COM: 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.
N2COM
Largest movements
- Intangible fixed assets +€924,272
up €924,272 (+2,736%), from €33,779 to €958,052
- Receivables within one year +€343,914
up €343,914 (+103%), from €333,347 to €677,261
of which Trade receivables: +€345,329
- Cash +€103,357
up €103,357 (+13.3%), from €775,314 to €878,671
mainly Contributions, distributions and other (+€1.3m) and Net result for the year (+€303,150)
- Contributions +€1.3m
up €1.3m (+658%), from €190,000 to €1.4m
- Other debts -€500,000
down €500,000 (-100%), from €500,000 to €0
- Reserves +€303,150
up €303,150 (+224%), from €135,491 to €438,641
of which Distributable reserves: +€287,993
- Tax, wage and social debts +€136,317
up €136,317 (+241%), from €56,576 to €192,893
of which Taxes: +€123,676
- Trade debts +€82,600
up €82,600 (+26.8%), from €307,650 to €390,250
- Gross operating margin +€596,183
up €596,183 (+105%), from €568,576 to €1.2m
- Staff costs +€179,435
up €179,435 (+42.2%), from €424,744 to €604,179
- Taxes +€107,703
up €107,703 (+830%), from €12,984 to €120,687
- Depreciation +€14,554
up €14,554 (+13.3%), from €109,352 to €123,906
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 | €1,214,871 | €2,562,142 | +€1.3m | +111% |
| Fixed assets | 21/28 | €65,159 | €982,647 | +€917,488 | +1,408% |
| Intangible fixed assets | 21 | €33,779 | €958,052 | +€924,272 | +2,736% |
| Tangible fixed assets | 22/27 | €20,872 | €14,087 | -€6,785 | -32.5% |
| Plant, machinery and equipment | 23 | €3,062 | €5,123 | +€2,061 | +67.3% |
| Furniture and vehicles | 24 | €2,455 | €5,890 | +€3,434 | +140% |
| Other tangible fixed assets | 26 | €15,354 | €3,075 | -€12,279 | -80.0% |
| Financial fixed assets | 28 | €10,508 | €10,508 | = | 0.0% |
| Current assets | 29/58 | €1,149,712 | €1,579,496 | +€429,783 | +37.4% |
| Stocks and contracts in progress | 3 | €40,558 | €23,563 | -€16,995 | -41.9% |
| Stocks | 30/36 | €40,558 | €23,563 | -€16,995 | -41.9% |
| Amounts receivable within one year | 40/41 | €333,347 | €677,261 | +€343,914 | +103% |
| Trade receivables | 40 | €331,932 | €677,261 | +€345,329 | +104% |
| Other amounts receivable | 41 | €1,415 | €0 | -€1,415 | -100% |
| Cash at bank and in hand | 54/58 | €775,314 | €878,671 | +€103,357 | +13.3% |
| Deferred charges and accrued income | 490/1 | €493 | €0 | -€493 | -100% |
| Total equity and liabilities | 10/49 | €1,214,871 | €2,562,142 | +€1.3m | +111% |
| Equity | 10/15 | €325,491 | €1,878,641 | +€1.6m | +477% |
| Contributions | 10/11 | €190,000 | €1,440,000 | +€1.3m | +658% |
| Capital | 10 | €190,000 | €1,440,000 | +€1.3m | +658% |
| Issued capital | 100 | €190,000 | €1,440,000 | +€1.3m | +658% |
| Reserves | 13 | €135,491 | €438,641 | +€303,150 | +224% |
| Non-distributable reserves | 130/1 | €45,000 | €60,158 | +€15,158 | +33.7% |
| Legal reserve | 130 | €45,000 | €60,158 | +€15,158 | +33.7% |
| Distributable reserves | 133 | €90,491 | €378,483 | +€287,993 | +318% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €889,381 | €683,501 | -€205,879 | -23.1% |
| Amounts payable within one year | 42/48 | €864,226 | €583,143 | -€281,083 | -32.5% |
| Trade debts | 44 | €307,650 | €390,250 | +€82,600 | +26.8% |
| Suppliers | 440/4 | €307,650 | €390,250 | +€82,600 | +26.8% |
| Taxes, remuneration and social security | 45 | €56,576 | €192,893 | +€136,317 | +241% |
| Taxes | 450/3 | €39,872 | €163,548 | +€123,676 | +310% |
| Remuneration and social security | 454/9 | €16,705 | €29,346 | +€12,641 | +75.7% |
| Other amounts payable | 47/48 | €500,000 | €0 | -€500,000 | -100% |
| Accrued charges and deferred income | 492/3 | €25,154 | €100,358 | +€75,204 | +299% |
| Remuneration, social security and pensions | 62 | €424,744 | €604,179 | +€179,435 | +42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,352 | €123,906 | +€14,554 | +13.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,283 | +€5,283 | |
| Other operating charges | 640/8 | €2,294 | €1,666 | -€629 | -27.4% |
| Gross operating margin | 9900 | €568,576 | €1,164,759 | +€596,183 | +105% |
| Operating profit (loss) | 9901 | €32,186 | €429,725 | +€397,539 | +1,235% |
| Financial income | 75/76B | €9,897 | €2,185 | -€7,713 | -77.9% |
| Recurring financial income | 75 | €9,897 | €2,185 | -€7,713 | -77.9% |
| Financial charges | 65/66B | €3,920 | €8,072 | +€4,153 | +106% |
| Recurring financial charges | 65 | €3,920 | €2,121 | -€1,799 | -45.9% |
| Non-recurring financial charges | 66B | - | €5,951 | +€5,951 | |
| Profit (loss) for the period before taxes | 9903 | €38,163 | €423,837 | +€385,674 | +1,011% |
| Income taxes | 67/77 | €12,984 | €120,687 | +€107,703 | +830% |
| Profit (loss) for the period | 9904 | €25,180 | €303,150 | +€277,970 | +1,104% |
| Profit (loss) for the period to be appropriated | 9905 | €25,180 | €303,150 | +€277,970 | +1,104% |
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 16 October 2026 via checked.be.