N48: 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.
N48
Largest movements
- Cash +€8,585
up €8,585 (+248.0%), from €3,462 to €12,048
mainly Other debts (+€5,419) and Tax, wage and social debts (+€3,019)
- Receivables within one year -€371
no longer reported in 2025 (was €371)
- Other debts +€5,419
new in 2025: €5,419
- Tax, wage and social debts +€3,019
up €3,019 (+163.0%), from €1,852 to €4,871
of which Taxes: +€2,272
- Profit (loss) carried forward -€1,561
down €1,561 (-57.1%), from -€2,733 to -€4,294
- Trade debts +€1,267
new in 2025: €1,267
- Staff costs +€6,962
up €6,962 (+969.4%), from €718 to €7,680
- Gross operating margin +€4,269
up €4,269 (+118.8%), from €3,593 to €7,863
- Other operating charges -€309
down €309 (-19.7%), from €1,568 to €1,259
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 | €4,119 | €12,263 | +€8,144 | +197.7% |
| Current assets | 29/58 | €4,119 | €12,263 | +€8,144 | +197.7% |
| Stocks and contracts in progress | 3 | €285 | €215 | -€70 | -24.6% |
| Stocks | 30/36 | €285 | €215 | -€70 | -24.6% |
| Amounts receivable within one year | 40/41 | €371 | - | -€371 | |
| Other amounts receivable | 41 | €371 | - | -€371 | |
| Cash at bank and in hand | 54/58 | €3,462 | €12,048 | +€8,585 | +248.0% |
| Total equity and liabilities | 10/49 | €4,119 | €12,263 | +€8,144 | +197.7% |
| Equity | 10/15 | €2,267 | €706 | -€1,561 | -68.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,733 | -€4,294 | -€1,561 | -57.1% |
| Amounts payable | 17/49 | €1,852 | €11,557 | +€9,705 | +524.0% |
| Amounts payable within one year | 42/48 | €1,852 | €11,557 | +€9,705 | +524.0% |
| Trade debts | 44 | - | €1,267 | +€1,267 | |
| Suppliers | 440/4 | - | €1,267 | +€1,267 | |
| Taxes, remuneration and social security | 45 | €1,852 | €4,871 | +€3,019 | +163.0% |
| Taxes | 450/3 | €1,242 | €3,513 | +€2,272 | +183.0% |
| Remuneration and social security | 454/9 | €610 | €1,358 | +€748 | +122.5% |
| Other amounts payable | 47/48 | - | €5,419 | +€5,419 | |
| Remuneration, social security and pensions | 62 | €718 | €7,680 | +€6,962 | +969.4% |
| Other operating charges | 640/8 | €1,568 | €1,259 | -€309 | -19.7% |
| Gross operating margin | 9900 | €3,593 | €7,863 | +€4,269 | +118.8% |
| Operating profit (loss) | 9901 | €1,307 | -€1,077 | -€2,384 | |
| Financial charges | 65/66B | €542 | €484 | -€57 | -10.6% |
| Recurring financial charges | 65 | €542 | €484 | -€57 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €766 | -€1,561 | -€2,326 | |
| Profit (loss) for the period | 9904 | €766 | -€1,561 | -€2,326 | |
| Profit (loss) for the period to be appropriated | 9905 | €766 | -€1,561 | -€2,326 |
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.