NADPHIL: 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.
NADPHIL
Largest movements
- Cash +€64,405
up €64,405 (+37,375%), from €172 to €64,578
mainly Current portion of long-term debt (+€383,451) and Depreciation (+€45,418)
- Receivables within one year +€55,120
up €55,120 (+71.1%), from €77,525 to €132,645
of which Other amounts receivable: +€50,000
- Tangible fixed assets -€45,418
down €45,418 (-2.1%), from €2.1m to €2.1m
of which Land and buildings: -€43,931
- Current portion of long-term debt +€383,451
up €383,451 (+497%), from €77,193 to €460,644
- Debts after one year -€250,644
down €250,644 (-17.3%), from €1.5m to €1.2m
of which Trade debts: -€170,000
- Short-term financial debts -€50,594
down €50,594 (-80.1%), from €63,171 to €12,578
- Profit (loss) carried forward +€36,558
up €36,558 (+7.5%), from -€486,362 to -€449,805
- Other debts +€34,523
up €34,523 (+47.1%), from €73,260 to €107,784
- Financial charges +€38,502
up €38,502 (+115%), from €33,453 to €71,955
- Gross operating margin -€17,649
down €17,649 (-11.6%), from €151,585 to €133,936
- Depreciation -€17,578
down €17,578 (-27.9%), from €62,996 to €45,418
- Other operating charges +€2,745
up €2,745 (+52.8%), from €5,197 to €7,941
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.
Derived cash bridge
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 | €2,204,596 | €2,279,516 | +€74,920 | +3.4% |
| Fixed assets | 21/28 | €2,124,946 | €2,079,528 | -€45,418 | -2.1% |
| Tangible fixed assets | 22/27 | €2,124,946 | €2,079,528 | -€45,418 | -2.1% |
| Land and buildings | 22 | €2,118,539 | €2,074,608 | -€43,931 | -2.1% |
| Plant, machinery and equipment | 23 | €2,647 | €1,592 | -€1,055 | -39.8% |
| Other tangible fixed assets | 26 | €3,760 | €3,328 | -€432 | -11.5% |
| Current assets | 29/58 | €79,651 | €199,988 | +€120,338 | +151% |
| Amounts receivable within one year | 40/41 | €77,525 | €132,645 | +€55,120 | +71.1% |
| Trade receivables | 40 | €54,000 | €59,120 | +€5,120 | +9.5% |
| Other amounts receivable | 41 | €23,525 | €73,525 | +€50,000 | +213% |
| Cash at bank and in hand | 54/58 | €172 | €64,578 | +€64,405 | +37,375% |
| Deferred charges and accrued income | 490/1 | €1,953 | €2,766 | +€812 | +41.6% |
| Total equity and liabilities | 10/49 | €2,204,596 | €2,279,516 | +€74,920 | +3.4% |
| Equity | 10/15 | €182,650 | €199,673 | +€17,022 | +9.3% |
| Contributions | 10/11 | €74,500 | €74,500 | = | 0.0% |
| Capital | 10 | €74,500 | €74,500 | = | 0.0% |
| Issued capital | 100 | €74,500 | €74,500 | = | 0.0% |
| Reserves | 13 | €594,513 | €574,978 | -€19,535 | -3.3% |
| Non-distributable reserves | 130/1 | €104 | €104 | = | 0.0% |
| Legal reserve | 130 | €104 | €104 | = | 0.0% |
| Tax-exempt reserves | 132 | €594,409 | €574,874 | -€19,535 | -3.3% |
| Profit (loss) carried forward | 14 | -€486,362 | -€449,805 | +€36,558 | +7.5% |
| Provisions and deferred taxes | 16 | €297,499 | €287,440 | -€10,059 | -3.4% |
| Deferred taxes | 168 | €297,499 | €287,440 | -€10,059 | -3.4% |
| Amounts payable | 17/49 | €1,724,447 | €1,792,404 | +€67,957 | +3.9% |
| Amounts payable after more than one year | 17 | €1,451,829 | €1,201,186 | -€250,644 | -17.3% |
| Financial debts | 170/4 | €329,250 | €248,607 | -€80,644 | -24.5% |
| Trade debts | 175 | €432,579 | €262,579 | -€170,000 | -39.3% |
| Other amounts payable | 178/9 | €690,000 | €690,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €272,618 | €591,218 | +€318,600 | +117% |
| Current portion of amounts payable after more than one year | 42 | €77,193 | €460,644 | +€383,451 | +497% |
| Financial debts | 43 | €63,171 | €12,578 | -€50,594 | -80.1% |
| Credit institutions | 430/8 | €63,171 | €12,578 | -€50,594 | -80.1% |
| Trade debts | 44 | €13,167 | €7,212 | -€5,955 | -45.2% |
| Suppliers | 440/4 | €13,167 | €7,212 | -€5,955 | -45.2% |
| Advances received on contracts in progress | 46 | €32,670 | - | -€32,670 | |
| Taxes, remuneration and social security | 45 | €13,156 | €3,001 | -€10,155 | -77.2% |
| Taxes | 450/3 | €13,156 | €2,841 | -€10,315 | -78.4% |
| Remuneration and social security | 454/9 | - | €160 | +€160 | |
| Other amounts payable | 47/48 | €73,260 | €107,784 | +€34,523 | +47.1% |
| Remuneration, social security and pensions | 62 | €1,520 | €1,658 | +€138 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,996 | €45,418 | -€17,578 | -27.9% |
| Other operating charges | 640/8 | €5,197 | €7,941 | +€2,745 | +52.8% |
| Gross operating margin | 9900 | €151,585 | €133,936 | -€17,649 | -11.6% |
| Operating profit (loss) | 9901 | €81,873 | €78,919 | -€2,954 | -3.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €33,453 | €71,955 | +€38,502 | +115% |
| Recurring financial charges | 65 | €33,453 | €71,955 | +€38,502 | +115% |
| Profit (loss) for the period before taxes | 9903 | €48,419 | €6,963 | -€41,456 | -85.6% |
| Transfer from deferred taxes | 780 | €10,059 | €10,059 | -€0 | 0.0% |
| Profit (loss) for the period | 9904 | €58,479 | €17,022 | -€41,456 | -70.9% |
| Transfer from tax-exempt reserves | 789 | €19,535 | €19,535 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,014 | €36,558 | -€41,456 | -53.1% |
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 13 October 2026 via checked.be.