N2M: what changed
Two fiscal 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.
N2M
Largest movements
- Tangible fixed assets +€62,486
up €62,486 (+288.1%), from €21,689 to €84,175
- Cash +€15,964
up €15,964 (+145.4%), from €10,979 to €26,943
mainly Net result for the year (+€47,596) and Tax, wage and social debts (+€21,032)
- Receivables within one year +€2,926
up €2,926 (+41.2%), from €7,099 to €10,024
of which Trade receivables: +€2,926
- Profit (loss) carried forward +€47,596
up €47,596 (+4812.8%), from €989 to €48,585
- Tax, wage and social debts +€21,032
up €21,032 (+222.9%), from €9,437 to €30,469
of which Taxes: +€14,943
- Current portion of long-term debt +€15,093
new in 2025: €15,093
- Trade debts -€6,295
down €6,295 (-67.4%), from €9,341 to €3,046
- Other debts +€3,052
new in 2025: €3,052
- Gross operating margin +€138,675
up €138,675 (+510.4%), from €27,168 to €165,843
- Staff costs +€86,816
up €86,816 (+437.4%), from €19,848 to €106,664
- Depreciation +€6,600
up €6,600 (+199.3%), from €3,311 to €9,911
- Other operating charges -€2,317
down €2,317 (-82.8%), from €2,798 to €481
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.
Cash bridge derived
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 | €39,766 | €121,142 | +€81,376 | +204.6% |
| Fixed assets | 21/28 | €21,689 | €84,175 | +€62,486 | +288.1% |
| Tangible fixed assets | 22/27 | €21,689 | €84,175 | +€62,486 | +288.1% |
| Furniture and vehicles | 24 | €21,689 | €84,175 | +€62,486 | +288.1% |
| Current assets | 29/58 | €18,078 | €36,968 | +€18,890 | +104.5% |
| Amounts receivable within one year | 40/41 | €7,099 | €10,024 | +€2,926 | +41.2% |
| Trade receivables | 40 | €4,659 | €7,584 | +€2,926 | +62.8% |
| Other amounts receivable | 41 | €2,440 | €2,440 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,979 | €26,943 | +€15,964 | +145.4% |
| Total equity and liabilities | 10/49 | €39,766 | €121,142 | +€81,376 | +204.6% |
| Equity | 10/15 | €20,989 | €68,585 | +€47,596 | +226.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €989 | €48,585 | +€47,596 | +4812.8% |
| Amounts payable | 17/49 | €18,777 | €52,558 | +€33,780 | +179.9% |
| Amounts payable within one year | 42/48 | €18,777 | €51,659 | +€32,882 | +175.1% |
| Current portion of amounts payable after more than one year | 42 | - | €15,093 | +€15,093 | |
| Trade debts | 44 | €9,341 | €3,046 | -€6,295 | -67.4% |
| Suppliers | 440/4 | €9,341 | €3,046 | -€6,295 | -67.4% |
| Taxes, remuneration and social security | 45 | €9,437 | €30,469 | +€21,032 | +222.9% |
| Taxes | 450/3 | €6,423 | €21,366 | +€14,943 | +232.6% |
| Remuneration and social security | 454/9 | €3,013 | €9,103 | +€6,090 | +202.1% |
| Other amounts payable | 47/48 | - | €3,052 | +€3,052 | |
| Accrued charges and deferred income | 492/3 | - | €898 | +€898 | |
| Remuneration, social security and pensions | 62 | €19,848 | €106,664 | +€86,816 | +437.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,311 | €9,911 | +€6,600 | +199.3% |
| Other operating charges | 640/8 | €2,798 | €481 | -€2,317 | -82.8% |
| Gross operating margin | 9900 | €27,168 | €165,843 | +€138,675 | +510.4% |
| Operating profit (loss) | 9901 | €1,210 | €48,787 | +€47,577 | +3931.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €221 | €982 | +€761 | +343.8% |
| Recurring financial charges | 65 | €221 | €982 | +€761 | +343.8% |
| Profit (loss) for the period before taxes | 9903 | €989 | €47,805 | +€46,816 | +4734.0% |
| Income taxes | 67/77 | - | €209 | +€209 | |
| Profit (loss) for the period | 9904 | €989 | €47,596 | +€46,607 | +4712.8% |
| Profit (loss) for the period to be appropriated | 9905 | €989 | €47,596 | +€46,607 | +4712.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.