NA: 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.
NA
Largest movements
- Receivables within one year +€55,908
up €55,908 (+239.2%), from €23,372 to €79,280
of which Trade receivables: +€56,989
- Tangible fixed assets -€23,023
down €23,023 (-9.5%), from €241,795 to €218,771
of which Land and buildings: -€21,977
- Profit (loss) carried forward +€100,015
up €100,015, from -€100,015 to €0
- Other debts -€28,000
down €28,000 (-27.5%), from €101,700 to €73,700
- Reserves -€23,669
down €23,669 (-28.4%), from €83,195 to €59,526
of which Distributable reserves: -€23,669
- Trade debts -€8,612
down €8,612 (-95.7%), from €9,001 to €389
- Tax, wage and social debts +€8,442
new in 2025: €8,442
- Gross operating margin +€78,718
up €78,718 (+330.9%), from €23,788 to €102,506
- Taxes +€8,442
new in 2025: €8,442
- Financial charges -€5,315
down €5,315 (-79.6%), from €6,679 to €1,365
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 | €393,239 | €425,897 | +€32,658 | +8.3% |
| Fixed assets | 21/28 | €283,455 | €260,432 | -€23,023 | -8.1% |
| Intangible fixed assets | 21 | €41,660 | €41,660 | = | 0.0% |
| Tangible fixed assets | 22/27 | €241,795 | €218,771 | -€23,023 | -9.5% |
| Land and buildings | 22 | €239,092 | €217,115 | -€21,977 | -9.2% |
| Plant, machinery and equipment | 23 | €2,702 | €1,656 | -€1,046 | -38.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €109,784 | €165,465 | +€55,681 | +50.7% |
| Stocks and contracts in progress | 3 | €81,840 | €81,840 | = | 0.0% |
| Stocks | 30/36 | €81,840 | €81,840 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,372 | €79,280 | +€55,908 | +239.2% |
| Trade receivables | 40 | €7,919 | €64,908 | +€56,989 | +719.6% |
| Other amounts receivable | 41 | €15,453 | €14,372 | -€1,081 | -7.0% |
| Cash at bank and in hand | 54/58 | €2,911 | €2,572 | -€338 | -11.6% |
| Deferred charges and accrued income | 490/1 | €1,661 | €1,773 | +€112 | +6.7% |
| Total equity and liabilities | 10/49 | €393,239 | €425,897 | +€32,658 | +8.3% |
| Equity | 10/15 | €208,252 | €276,773 | +€68,521 | +32.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €163,071 | €155,246 | -€7,825 | -4.8% |
| Reserves | 13 | €83,195 | €59,526 | -€23,669 | -28.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €76,995 | €53,326 | -€23,669 | -30.7% |
| Profit (loss) carried forward | 14 | -€100,015 | €0 | +€100,015 | |
| Amounts payable | 17/49 | €184,987 | €149,124 | -€35,863 | -19.4% |
| Amounts payable after more than one year | 17 | €66,593 | €58,686 | -€7,908 | -11.9% |
| Financial debts | 170/4 | €66,593 | €58,686 | -€7,908 | -11.9% |
| Amounts payable within one year | 42/48 | €118,394 | €90,438 | -€27,955 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €7,692 | €7,908 | +€215 | +2.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €9,001 | €389 | -€8,612 | -95.7% |
| Suppliers | 440/4 | €9,001 | €389 | -€8,612 | -95.7% |
| Taxes, remuneration and social security | 45 | - | €8,442 | +€8,442 | |
| Taxes | 450/3 | - | €8,442 | +€8,442 | |
| Other amounts payable | 47/48 | €101,700 | €73,700 | -€28,000 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,024 | €23,023 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,572 | €2,008 | -€563 | -21.9% |
| Gross operating margin | 9900 | €23,788 | €102,506 | +€78,718 | +330.9% |
| Operating profit (loss) | 9901 | -€1,807 | €77,474 | +€79,281 | |
| Financial income | 75/76B | €807 | €853 | +€46 | +5.7% |
| Recurring financial income | 75 | €807 | €853 | +€46 | +5.7% |
| Financial charges | 65/66B | €6,679 | €1,365 | -€5,315 | -79.6% |
| Recurring financial charges | 65 | €6,679 | €1,365 | -€5,315 | -79.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,679 | €76,963 | +€84,642 | |
| Income taxes | 67/77 | - | €8,442 | +€8,442 | |
| Profit (loss) for the period | 9904 | -€7,679 | €68,521 | +€76,200 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,679 | €68,521 | +€76,200 |
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 28 September 2026 via checked.be.