NABEX: 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.
NABEX
Largest movements
- Receivables within one year +€351,543
up €351,543 (+143.3%), from €245,358 to €596,901
- Cash -€85,778
down €85,778 (-97.1%), from €88,327 to €2,549
mainly Receivables within one year (-€351,543) and Trade debts (-€914)
- Profit (loss) carried forward +€210,596
up €210,596 (+91.8%), from €229,350 to €439,945
- Tax, wage and social debts +€54,741
up €54,741 (+54.5%), from €100,395 to €155,136
of which Taxes: +€50,429
- Gross operating margin -€23,139
down €23,139 (-7.7%), from €300,225 to €277,086
- Taxes -€6,053
down €6,053 (-8.7%), from €69,783 to €63,730
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 | €333,686 | €599,450 | +€265,764 | +79.6% |
| Current assets | 29/58 | €333,686 | €599,450 | +€265,764 | +79.6% |
| Amounts receivable within one year | 40/41 | €245,358 | €596,901 | +€351,543 | +143.3% |
| Trade receivables | 40 | €245,358 | €596,901 | +€351,543 | +143.3% |
| Cash at bank and in hand | 54/58 | €88,327 | €2,549 | -€85,778 | -97.1% |
| Total equity and liabilities | 10/49 | €333,686 | €599,450 | +€265,764 | +79.6% |
| Equity | 10/15 | €232,350 | €442,945 | +€210,596 | +90.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €229,350 | €439,945 | +€210,596 | +91.8% |
| Amounts payable | 17/49 | €101,336 | €156,505 | +€55,169 | +54.4% |
| Amounts payable within one year | 42/48 | €101,336 | €156,505 | +€55,169 | +54.4% |
| Trade debts | 44 | €931 | €17 | -€914 | -98.2% |
| Suppliers | 440/4 | €931 | €17 | -€914 | -98.2% |
| Taxes, remuneration and social security | 45 | €100,395 | €155,136 | +€54,741 | +54.5% |
| Taxes | 450/3 | €100,395 | €150,823 | +€50,429 | +50.2% |
| Remuneration and social security | 454/9 | - | €4,312 | +€4,312 | |
| Other amounts payable | 47/48 | €10 | €1,353 | +€1,342 | +12830.9% |
| Remuneration, social security and pensions | 62 | - | €1,035 | +€1,035 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,092 | - | -€1,092 | |
| Gross operating margin | 9900 | €300,225 | €277,086 | -€23,139 | -7.7% |
| Operating profit (loss) | 9901 | €299,133 | €276,051 | -€23,082 | -7.7% |
| Financial charges | 65/66B | - | €1,725 | +€1,725 | |
| Recurring financial charges | 65 | - | €1,725 | +€1,725 | |
| Profit (loss) for the period before taxes | 9903 | €299,133 | €274,326 | -€24,807 | -8.3% |
| Income taxes | 67/77 | €69,783 | €63,730 | -€6,053 | -8.7% |
| Profit (loss) for the period | 9904 | €229,350 | €210,596 | -€18,754 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €229,350 | €210,596 | -€18,754 | -8.2% |
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 6 October 2026 via checked.be.