NBL: 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.
NBL
Largest movements
- Tangible fixed assets +€128,869
up €128,869 (+850.2%), from €15,158 to €144,027
of which Land and buildings: +€130,877
- Cash -€37,870
down €37,870 (-53.0%), from €71,439 to €33,569
mainly Investment in fixed assets (net) (-€132,383) and Contributions, distributions and other (-€39,867)
- Receivables within one year +€2,891
up €2,891 (+37.2%), from €7,773 to €10,665
of which Trade receivables: +€4,546
- Debts after one year +€107,641
new in 2025: €107,641
- Reserves -€32,902
down €32,902 (-55.7%), from €59,086 to €26,184
- Other debts +€16,617
up €16,617 (+48.5%), from €34,235 to €50,852
- Current portion of long-term debt +€5,879
new in 2025: €5,879
- Accrued charges and deferred income -€2,296
down €2,296 (-100.0%), from €2,296 to €0
- Gross operating margin -€2,897
down €2,897 (-14.8%), from €19,640 to €16,743
- Financial charges -€1,380
down €1,380 (-59.0%), from €2,337 to €957
- Financial income -€778
down €778 (-100.0%), from €778 to €0
- Taxes -€579
down €579 (-13.4%), from €4,325 to €3,746
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 | €119,595 | €213,869 | +€94,274 | +78.8% |
| Fixed assets | 21/28 | €15,158 | €144,027 | +€128,869 | +850.2% |
| Tangible fixed assets | 22/27 | €15,158 | €144,027 | +€128,869 | +850.2% |
| Land and buildings | 22 | €439 | €131,316 | +€130,877 | +29785.4% |
| Other tangible fixed assets | 26 | €14,718 | €12,710 | -€2,008 | -13.6% |
| Current assets | 29/58 | €104,437 | €69,842 | -€34,595 | -33.1% |
| Amounts receivable within one year | 40/41 | €7,773 | €10,665 | +€2,891 | +37.2% |
| Trade receivables | 40 | €3,865 | €8,411 | +€4,546 | +117.6% |
| Other amounts receivable | 41 | €3,909 | €2,254 | -€1,655 | -42.3% |
| Current investments | 50/53 | €25,000 | €25,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €71,439 | €33,569 | -€37,870 | -53.0% |
| Deferred charges and accrued income | 490/1 | €224 | €608 | +€384 | +171.4% |
| Total equity and liabilities | 10/49 | €119,595 | €213,869 | +€94,274 | +78.8% |
| Equity | 10/15 | €77,686 | €44,784 | -€32,902 | -42.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €59,086 | €26,184 | -€32,902 | -55.7% |
| Distributable reserves | 133 | €59,086 | €26,184 | -€32,902 | -55.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €41,908 | €169,085 | +€127,177 | +303.5% |
| Amounts payable after more than one year | 17 | - | €107,641 | +€107,641 | |
| Financial debts | 170/4 | - | €107,641 | +€107,641 | |
| Amounts payable within one year | 42/48 | €39,612 | €61,444 | +€21,832 | +55.1% |
| Current portion of amounts payable after more than one year | 42 | - | €5,879 | +€5,879 | |
| Trade debts | 44 | €1,019 | €1,030 | +€10 | +1.0% |
| Suppliers | 440/4 | €1,019 | €1,030 | +€10 | +1.0% |
| Taxes, remuneration and social security | 45 | €4,358 | €3,683 | -€675 | -15.5% |
| Taxes | 450/3 | €4,358 | €3,683 | -€675 | -15.5% |
| Other amounts payable | 47/48 | €34,235 | €50,852 | +€16,617 | +48.5% |
| Accrued charges and deferred income | 492/3 | €2,296 | €0 | -€2,296 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,558 | €3,514 | -€44 | -1.2% |
| Other operating charges | 640/8 | €1,365 | €1,561 | +€196 | +14.4% |
| Gross operating margin | 9900 | €19,640 | €16,743 | -€2,897 | -14.8% |
| Operating profit (loss) | 9901 | €14,717 | €11,668 | -€3,049 | -20.7% |
| Financial income | 75/76B | €778 | €0 | -€778 | -100.0% |
| Recurring financial income | 75 | €778 | €0 | -€778 | -100.0% |
| Financial charges | 65/66B | €2,337 | €957 | -€1,380 | -59.0% |
| Recurring financial charges | 65 | €2,337 | €957 | -€1,380 | -59.0% |
| Profit (loss) for the period before taxes | 9903 | €13,158 | €10,711 | -€2,447 | -18.6% |
| Income taxes | 67/77 | €4,325 | €3,746 | -€579 | -13.4% |
| Profit (loss) for the period | 9904 | €8,834 | €6,965 | -€1,869 | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,834 | €6,965 | -€1,869 | -21.2% |
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 5 October 2026 via checked.be.