NBN: 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.
NBN
Largest movements
- Tangible fixed assets -€24,133
down €24,133 (-5.9%), from €407,884 to €383,751
- Receivables after one year -€21,619
down €21,619 (-9.6%), from €225,367 to €203,748
- Receivables within one year +€15,696
up €15,696 (+482.7%), from €3,252 to €18,948
- Cash -€9,981
down €9,981 (-69.2%), from €14,418 to €4,437
mainly Debts after one year (-€39,449) and Receivables within one year (-€15,696)
- Debts after one year -€39,449
down €39,449 (-16.7%), from €236,633 to €197,184
of which Financial debts: -€39,449
- Profit (loss) carried forward +€9,200
up €9,200 (+6.7%), from €137,070 to €146,270
- Reserves -€7,009
down €7,009 (-5.6%), from €125,939 to €118,930
of which Tax-exempt reserves: -€7,009
- Financial charges -€5,450
down €5,450 (-34.1%), from €15,962 to €10,513
- Gross operating margin +€1,986
up €1,986 (+4.4%), from €45,515 to €47,501
- Taxes +€1,810
up €1,810 (+117.6%), from €1,539 to €3,349
- Other operating charges +€503
up €503 (+4.4%), from €11,381 to €11,883
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 | €652,711 | €612,148 | -€40,564 | -6.2% |
| Fixed assets | 21/28 | €407,884 | €383,751 | -€24,133 | -5.9% |
| Tangible fixed assets | 22/27 | €407,884 | €383,751 | -€24,133 | -5.9% |
| Land and buildings | 22 | €407,884 | €383,751 | -€24,133 | -5.9% |
| Current assets | 29/58 | €244,827 | €228,397 | -€16,430 | -6.7% |
| Amounts receivable after more than one year | 29 | €225,367 | €203,748 | -€21,619 | -9.6% |
| Other amounts receivable | 291 | €225,367 | €203,748 | -€21,619 | -9.6% |
| Amounts receivable within one year | 40/41 | €3,252 | €18,948 | +€15,696 | +482.7% |
| Trade receivables | 40 | €3,252 | €18,948 | +€15,696 | +482.7% |
| Cash at bank and in hand | 54/58 | €14,418 | €4,437 | -€9,981 | -69.2% |
| Deferred charges and accrued income | 490/1 | €1,790 | €1,263 | -€527 | -29.4% |
| Total equity and liabilities | 10/49 | €652,711 | €612,148 | -€40,564 | -6.2% |
| Equity | 10/15 | €325,009 | €327,200 | +€2,191 | +0.7% |
| 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% |
| Reserves | 13 | €125,939 | €118,930 | -€7,009 | -5.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €119,739 | €112,730 | -€7,009 | -5.9% |
| Profit (loss) carried forward | 14 | €137,070 | €146,270 | +€9,200 | +6.7% |
| Provisions and deferred taxes | 16 | €39,913 | €37,577 | -€2,336 | -5.9% |
| Deferred taxes | 168 | €39,913 | €37,577 | -€2,336 | -5.9% |
| Amounts payable | 17/49 | €287,789 | €247,371 | -€40,418 | -14.0% |
| Amounts payable after more than one year | 17 | €236,633 | €197,184 | -€39,449 | -16.7% |
| Financial debts | 170/4 | €232,293 | €192,844 | -€39,449 | -17.0% |
| Other amounts payable | 178/9 | €4,340 | €4,340 | = | 0.0% |
| Amounts payable within one year | 42/48 | €49,031 | €48,412 | -€619 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €36,267 | €38,713 | +€2,447 | +6.7% |
| Financial debts | 43 | €2,934 | €3,160 | +€226 | +7.7% |
| Other loans | 439 | €2,934 | €3,160 | +€226 | +7.7% |
| Trade debts | 44 | €6,499 | €1,652 | -€4,848 | -74.6% |
| Suppliers | 440/4 | €6,499 | €1,652 | -€4,848 | -74.6% |
| Taxes, remuneration and social security | 45 | €3,332 | €4,888 | +€1,556 | +46.7% |
| Taxes | 450/3 | €3,332 | €4,888 | +€1,556 | +46.7% |
| Accrued charges and deferred income | 492/3 | €2,125 | €1,775 | -€351 | -16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,133 | €24,133 | = | 0.0% |
| Other operating charges | 640/8 | €11,381 | €11,883 | +€503 | +4.4% |
| Gross operating margin | 9900 | €45,515 | €47,501 | +€1,986 | +4.4% |
| Operating profit (loss) | 9901 | €10,001 | €11,484 | +€1,483 | +14.8% |
| Financial income | 75/76B | €2,263 | €2,233 | -€31 | -1.4% |
| Recurring financial income | 75 | €2,263 | €2,233 | -€31 | -1.4% |
| Financial charges | 65/66B | €15,962 | €10,513 | -€5,450 | -34.1% |
| Recurring financial charges | 65 | €15,962 | €10,513 | -€5,450 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,698 | €3,204 | +€6,902 | |
| Transfer from deferred taxes | 780 | €2,336 | €2,336 | -€0 | 0.0% |
| Income taxes | 67/77 | €1,539 | €3,349 | +€1,810 | +117.6% |
| Profit (loss) for the period | 9904 | -€2,901 | €2,191 | +€5,092 | |
| Transfer from tax-exempt reserves | 789 | €7,009 | €7,009 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,109 | €9,200 | +€5,092 | +123.9% |
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 10 October 2026 via checked.be.