NACHTEGALEN: what changed
What changed
NACHTEGALEN
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€122
2024 · €19,427-€19,305
Equity
€296,221
2024 · €371,098-€74,878
Cash
€162,665
2024 · €156,528+€6,137
Balance sheet total
€513,911
2024 · €434,551+€79,359
Largest movements
Assets
- Receivables within one year +€43,348
up €43,348 (+31.4%), from €138,137 to €181,485
of which Trade receivables: +€29,879
- Stocks and contracts +€26,747
up €26,747 (+147%), from €18,253 to €45,000
- Receivables after one year -€12,000
down €12,000 (-32.9%), from €36,430 to €24,430
- Tangible fixed assets +€9,546
up €9,546 (+12.9%), from €73,781 to €83,327
of which Furniture and vehicles: +€8,517
- Cash +€6,137
up €6,137 (+3.9%), from €156,528 to €162,665
mainly Other debts (+€75,123) and Trade debts (+€48,148)
Equity and liabilities
- Other debts +€75,123
new in 2025: €75,123
- Reserves -€74,878
down €74,878 (-20.9%), from €358,698 to €283,821
- Trade debts +€48,148
up €48,148 (+121%), from €39,758 to €87,907
- Debts after one year +€21,085
new in 2025: €21,085
- Current portion of long-term debt +€7,687
new in 2025: €7,687
Income statement
- Staff costs +€37,274
up €37,274 (+61.8%), from €60,323 to €97,598
- Gross operating margin +€28,466
up €28,466 (+24.0%), from €118,840 to €147,307
- Depreciation +€6,066
up €6,066 (+16.5%), from €36,800 to €42,866
- Taxes +€3,139
up €3,139 (+139%), from €2,251 to €5,390
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€19,427
Gross operating margin
+€28,466
Staff costs
-€37,274
Depreciation
-€6,066
Other operating charges
-€277
Financial income
-€708
Financial charges
-€306
Taxes
-€3,139
Result 2025
€122
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€107,975
Investment
-€55,610
Financing
-€46,228
Cash 2024
€156,528
From operations (derived)
+€107,975
Net result for the year
+€122
Depreciation
+€42,866
Receivables after one year
+€12,000
Stocks and contracts
-€26,747
Receivables within one year
-€43,348
Deferred charges and accrued income
-€2,384
Trade debts
+€48,148
Tax, wage and social debts
-€1,005
Other debts
+€75,123
Accrued charges and deferred income
+€3,198
Investment (derived)
-€55,610
Investment in fixed assets (net)
-€52,412
Current investments
-€3,198
Financing
-€46,228
Debts after one year
+€21,085
Current portion of long-term debt
+€7,687
Contributions, distributions and other
-€75,000
Cash 2025
€162,665
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €434,551 | €513,911 | +€79,359 | +18.3% |
| Fixed assets | 21/28 | €73,781 | €83,327 | +€9,546 | +12.9% |
| Tangible fixed assets | 22/27 | €73,781 | €83,327 | +€9,546 | +12.9% |
| Plant, machinery and equipment | 23 | €28,036 | €30,983 | +€2,947 | +10.5% |
| Furniture and vehicles | 24 | €41,004 | €49,521 | +€8,517 | +20.8% |
| Other tangible fixed assets | 26 | €4,741 | €2,823 | -€1,918 | -40.4% |
| Current assets | 29/58 | €360,771 | €430,584 | +€69,813 | +19.4% |
| Amounts receivable after more than one year | 29 | €36,430 | €24,430 | -€12,000 | -32.9% |
| Other amounts receivable | 291 | €36,430 | €24,430 | -€12,000 | -32.9% |
| Stocks and contracts in progress | 3 | €18,253 | €45,000 | +€26,747 | +147% |
| Stocks | 30/36 | €18,253 | €45,000 | +€26,747 | +147% |
| Amounts receivable within one year | 40/41 | €138,137 | €181,485 | +€43,348 | +31.4% |
| Trade receivables | 40 | €138,137 | €168,016 | +€29,879 | +21.6% |
| Other amounts receivable | 41 | - | €13,469 | +€13,469 | |
| Current investments | 50/53 | €9,649 | €12,847 | +€3,198 | +33.1% |
| Cash at bank and in hand | 54/58 | €156,528 | €162,665 | +€6,137 | +3.9% |
| Deferred charges and accrued income | 490/1 | €1,773 | €4,156 | +€2,384 | +134% |
| Total equity and liabilities | 10/49 | €434,551 | €513,911 | +€79,359 | +18.3% |
| Equity | 10/15 | €371,098 | €296,221 | -€74,878 | -20.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €358,698 | €283,821 | -€74,878 | -20.9% |
| Distributable reserves | 133 | €358,698 | €283,821 | -€74,878 | -20.9% |
| Amounts payable | 17/49 | €63,453 | €217,690 | +€154,237 | +243% |
| Amounts payable after more than one year | 17 | - | €21,085 | +€21,085 | |
| Financial debts | 170/4 | - | €21,085 | +€21,085 | |
| Amounts payable within one year | 42/48 | €58,257 | €188,211 | +€129,954 | +223% |
| Current portion of amounts payable after more than one year | 42 | - | €7,687 | +€7,687 | |
| Trade debts | 44 | €39,758 | €87,907 | +€48,148 | +121% |
| Suppliers | 440/4 | €39,758 | €87,907 | +€48,148 | +121% |
| Taxes, remuneration and social security | 45 | €18,499 | €17,494 | -€1,005 | -5.4% |
| Taxes | 450/3 | €9,526 | €5,390 | -€4,137 | -43.4% |
| Remuneration and social security | 454/9 | €8,972 | €12,105 | +€3,132 | +34.9% |
| Other amounts payable | 47/48 | - | €75,123 | +€75,123 | |
| Accrued charges and deferred income | 492/3 | €5,196 | €8,394 | +€3,198 | +61.5% |
| Remuneration, social security and pensions | 62 | €60,323 | €97,598 | +€37,274 | +61.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,800 | €42,866 | +€6,066 | +16.5% |
| Other operating charges | 640/8 | €740 | €1,018 | +€277 | +37.5% |
| Gross operating margin | 9900 | €118,840 | €147,307 | +€28,466 | +24.0% |
| Operating profit (loss) | 9901 | €20,977 | €5,826 | -€15,151 | -72.2% |
| Financial income | 75/76B | €1,571 | €862 | -€708 | -45.1% |
| Recurring financial income | 75 | €1,571 | €862 | -€708 | -45.1% |
| Financial charges | 65/66B | €870 | €1,176 | +€306 | +35.2% |
| Recurring financial charges | 65 | €870 | €1,176 | +€306 | +35.2% |
| Profit (loss) for the period before taxes | 9903 | €21,678 | €5,512 | -€16,166 | -74.6% |
| Income taxes | 67/77 | €2,251 | €5,390 | +€3,139 | +139% |
| Profit (loss) for the period | 9904 | €19,427 | €122 | -€19,305 | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,427 | €122 | -€19,305 | -99.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.