N2O: 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.
N2O
Largest movements
- Cash +€452,451
up €452,451 (+530%), from €85,292 to €537,744
mainly Other debts (+€336,065) and Net result for the year (+€306,125)
- Current investments -€283,000
down €283,000 (-76.7%), from €369,000 to €86,000
- Receivables within one year +€55,000
new in 2025: €55,000
- Tangible fixed assets +€46,568
up €46,568 (+264%), from €17,619 to €64,186
of which Other tangible fixed assets: +€48,417
- Deferred charges and accrued income +€9,961
up €9,961 (+4.8%), from €208,826 to €218,787
- Other debts +€336,065
up €336,065 (+165%), from €203,820 to €539,885
- Reserves -€93,700
down €93,700 (-23.4%), from €401,200 to €307,500
- Current portion of long-term debt +€63,087
new in 2025: €63,087
- Tax, wage and social debts -€30,237
down €30,237 (-66.6%), from €45,391 to €15,154
of which Remuneration and social security: -€15,150
- Gross operating margin +€168,477
up €168,477 (+61.5%), from €273,842 to €442,319
- Taxes +€33,353
up €33,353 (+52.7%), from €63,308 to €96,660
- Financial charges +€24,684
up €24,684 (+172%), from €14,388 to €39,071
- Financial income -€6,680
down €6,680 (-52.6%), from €12,706 to €6,026
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 | €680,737 | €961,717 | +€280,980 | +41.3% |
| Fixed assets | 21/28 | €17,619 | €64,186 | +€46,568 | +264% |
| Tangible fixed assets | 22/27 | €17,619 | €64,186 | +€46,568 | +264% |
| Furniture and vehicles | 24 | €2,769 | €920 | -€1,850 | -66.8% |
| Other tangible fixed assets | 26 | €14,849 | €63,267 | +€48,417 | +326% |
| Current assets | 29/58 | €663,118 | €897,530 | +€234,412 | +35.4% |
| Amounts receivable within one year | 40/41 | - | €55,000 | +€55,000 | |
| Other amounts receivable | 41 | - | €55,000 | +€55,000 | |
| Current investments | 50/53 | €369,000 | €86,000 | -€283,000 | -76.7% |
| Cash at bank and in hand | 54/58 | €85,292 | €537,744 | +€452,451 | +530% |
| Deferred charges and accrued income | 490/1 | €208,826 | €218,787 | +€9,961 | +4.8% |
| Total equity and liabilities | 10/49 | €680,737 | €961,717 | +€280,980 | +41.3% |
| Equity | 10/15 | €422,752 | €327,677 | -€95,075 | -22.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €401,200 | €307,500 | -€93,700 | -23.4% |
| Distributable reserves | 133 | €401,200 | €307,500 | -€93,700 | -23.4% |
| Profit (loss) carried forward | 14 | €3,002 | €1,627 | -€1,375 | -45.8% |
| Amounts payable | 17/49 | €257,985 | €634,040 | +€376,055 | +146% |
| Amounts payable within one year | 42/48 | €249,373 | €618,513 | +€369,140 | +148% |
| Current portion of amounts payable after more than one year | 42 | - | €63,087 | +€63,087 | |
| Trade debts | 44 | €162 | €387 | +€224 | +139% |
| Suppliers | 440/4 | €162 | €387 | +€224 | +139% |
| Taxes, remuneration and social security | 45 | €45,391 | €15,154 | -€30,237 | -66.6% |
| Taxes | 450/3 | €28,391 | €13,304 | -€15,087 | -53.1% |
| Remuneration and social security | 454/9 | €17,000 | €1,850 | -€15,150 | -89.1% |
| Other amounts payable | 47/48 | €203,820 | €539,885 | +€336,065 | +165% |
| Accrued charges and deferred income | 492/3 | €8,612 | €15,526 | +€6,915 | +80.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,656 | €4,739 | +€1,083 | +29.6% |
| Other operating charges | 640/8 | €1,165 | €1,749 | +€583 | +50.0% |
| Gross operating margin | 9900 | €273,842 | €442,319 | +€168,477 | +61.5% |
| Operating profit (loss) | 9901 | €269,020 | €435,831 | +€166,811 | +62.0% |
| Financial income | 75/76B | €12,706 | €6,026 | -€6,680 | -52.6% |
| Recurring financial income | 75 | €12,706 | €6,026 | -€6,680 | -52.6% |
| Financial charges | 65/66B | €14,388 | €39,071 | +€24,684 | +172% |
| Recurring financial charges | 65 | €14,388 | €39,071 | +€24,684 | +172% |
| Profit (loss) for the period before taxes | 9903 | €267,339 | €402,785 | +€135,446 | +50.7% |
| Income taxes | 67/77 | €63,308 | €96,660 | +€33,353 | +52.7% |
| Profit (loss) for the period | 9904 | €204,031 | €306,125 | +€102,094 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €204,031 | €306,125 | +€102,094 | +50.0% |
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 15 October 2026 via checked.be.