N8R: 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.
N8R
Largest movements
- Tangible fixed assets +€16,427
up €16,427 (+1.3%), from €1.3m to €1.3m
of which Land and buildings: +€11,692
- Other debts +€122,192
up €122,192 (+27.5%), from €444,807 to €566,999
- Debts after one year -€75,952
down €75,952 (-24.7%), from €307,710 to €231,758
- Current portion of long-term debt -€36,618
down €36,618 (-30.8%), from €118,900 to €82,282
- Reserves -€16,804
down €16,804 (-4.7%), from €354,463 to €337,659
- Gross operating margin -€22,537
down €22,537 (-8.5%), from €264,626 to €242,089
- Staff costs +€14,087
up €14,087 (+7.9%), from €178,510 to €192,596
- Financial charges -€8,518
down €8,518 (-39.6%), from €21,500 to €12,982
- Other operating charges -€3,551
down €3,551 (-72.8%), from €4,878 to €1,327
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 | €1,355,796 | €1,362,227 | +€6,431 | +0.5% |
| Fixed assets | 21/28 | €1,311,188 | €1,327,615 | +€16,427 | +1.3% |
| Tangible fixed assets | 22/27 | €1,311,188 | €1,327,615 | +€16,427 | +1.3% |
| Land and buildings | 22 | €1,311,188 | €1,322,881 | +€11,692 | +0.9% |
| Furniture and vehicles | 24 | €0 | €4,735 | +€4,735 | |
| Current assets | 29/58 | €44,608 | €34,612 | -€9,996 | -22.4% |
| Amounts receivable within one year | 40/41 | €29,786 | €30,117 | +€330 | +1.1% |
| Trade receivables | 40 | €17,242 | €13,620 | -€3,622 | -21.0% |
| Other amounts receivable | 41 | €12,544 | €16,496 | +€3,952 | +31.5% |
| Cash at bank and in hand | 54/58 | €14,205 | €4,495 | -€9,710 | -68.4% |
| Deferred charges and accrued income | 490/1 | €616 | €0 | -€616 | -100.0% |
| Total equity and liabilities | 10/49 | €1,355,796 | €1,362,227 | +€6,431 | +0.5% |
| Equity | 10/15 | €454,463 | €437,659 | -€16,804 | -3.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €354,463 | €337,659 | -€16,804 | -4.7% |
| Distributable reserves | 133 | €354,463 | €337,659 | -€16,804 | -4.7% |
| Amounts payable | 17/49 | €901,333 | €924,568 | +€23,235 | +2.6% |
| Amounts payable after more than one year | 17 | €307,710 | €231,758 | -€75,952 | -24.7% |
| Financial debts | 170/4 | €307,710 | €231,758 | -€75,952 | -24.7% |
| Amounts payable within one year | 42/48 | €569,595 | €669,420 | +€99,825 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €118,900 | €82,282 | -€36,618 | -30.8% |
| Financial debts | 43 | €4,063 | €4,046 | -€17 | -0.4% |
| Credit institutions | 430/8 | €4,063 | €4,046 | -€17 | -0.4% |
| Trade debts | 44 | €1,315 | €2,338 | +€1,023 | +77.8% |
| Suppliers | 440/4 | €1,315 | €2,338 | +€1,023 | +77.8% |
| Taxes, remuneration and social security | 45 | €510 | €13,756 | +€13,246 | +2597.2% |
| Taxes | 450/3 | €510 | €510 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €13,246 | +€13,246 | |
| Other amounts payable | 47/48 | €444,807 | €566,999 | +€122,192 | +27.5% |
| Accrued charges and deferred income | 492/3 | €24,028 | €23,391 | -€637 | -2.7% |
| Remuneration, social security and pensions | 62 | €178,510 | €192,596 | +€14,087 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,498 | €51,991 | +€1,492 | +3.0% |
| Other operating charges | 640/8 | €4,878 | €1,327 | -€3,551 | -72.8% |
| Non-recurring operating charges | 66A | €1,011 | €0 | -€1,011 | -100.0% |
| Gross operating margin | 9900 | €264,626 | €242,089 | -€22,537 | -8.5% |
| Operating profit (loss) | 9901 | €29,729 | -€3,825 | -€33,555 | |
| Financial income | 75/76B | €1 | €3 | +€2 | +129.5% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +129.5% |
| Financial charges | 65/66B | €21,500 | €12,982 | -€8,518 | -39.6% |
| Recurring financial charges | 65 | €21,500 | €12,982 | -€8,518 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €8,230 | -€16,804 | -€25,035 | |
| Income taxes | 67/77 | €2,619 | €0 | -€2,619 | -100.0% |
| Profit (loss) for the period | 9904 | €5,612 | -€16,804 | -€22,416 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,612 | -€16,804 | -€22,416 |
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 11 October 2026 via checked.be.