NED-BEL: 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.
NED-BEL
Largest movements
- Stocks and contracts +€9,470
up €9,470 (+101.5%), from €9,329 to €18,800
- Reserves +€25,120
up €25,120 (+11.2%), from €225,181 to €250,301
of which Distributable reserves: +€25,120
- Debts after one year -€11,886
no longer reported in 2025 (was €11,886)
- Trade debts -€7,718
down €7,718 (-67.9%), from €11,370 to €3,653
- Tax, wage and social debts +€7,485
up €7,485 (+246.9%), from €3,032 to €10,517
- Gross operating margin +€23,258
up €23,258 (+132.8%), from €17,517 to €40,774
- Taxes +€6,138
up €6,138 (+202.5%), from €3,032 to €9,170
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 | €665,034 | €678,007 | +€12,973 | +2.0% |
| Fixed assets | 21/28 | €634,407 | €632,079 | -€2,328 | -0.4% |
| Tangible fixed assets | 22/27 | €634,407 | €632,079 | -€2,328 | -0.4% |
| Land and buildings | 22 | €630,491 | €630,491 | = | 0.0% |
| Furniture and vehicles | 24 | €3,916 | €1,589 | -€2,328 | -59.4% |
| Current assets | 29/58 | €30,627 | €45,927 | +€15,301 | +50.0% |
| Stocks and contracts in progress | 3 | €9,329 | €18,800 | +€9,470 | +101.5% |
| Stocks | 30/36 | €9,329 | €18,800 | +€9,470 | +101.5% |
| Amounts receivable within one year | 40/41 | €2,269 | €3,215 | +€946 | +41.7% |
| Trade receivables | 40 | €1,800 | €3,215 | +€1,415 | +78.6% |
| Other amounts receivable | 41 | €468 | - | -€468 | |
| Cash at bank and in hand | 54/58 | €18,543 | €21,245 | +€2,702 | +14.6% |
| Deferred charges and accrued income | 490/1 | €486 | €2,668 | +€2,182 | +449.4% |
| Total equity and liabilities | 10/49 | €665,034 | €678,007 | +€12,973 | +2.0% |
| Equity | 10/15 | €626,765 | €651,885 | +€25,120 | +4.0% |
| Contributions | 10/11 | €401,584 | €401,584 | = | 0.0% |
| Capital | 10 | €401,584 | €401,584 | = | 0.0% |
| Issued capital | 100 | €401,584 | €401,584 | = | 0.0% |
| Reserves | 13 | €225,181 | €250,301 | +€25,120 | +11.2% |
| Non-distributable reserves | 130/1 | €44,001 | €44,001 | = | 0.0% |
| Legal reserve | 130 | €44,001 | €44,001 | = | 0.0% |
| Distributable reserves | 133 | €181,180 | €206,300 | +€25,120 | +13.9% |
| Amounts payable | 17/49 | €38,269 | €26,122 | -€12,147 | -31.7% |
| Amounts payable after more than one year | 17 | €11,886 | - | -€11,886 | |
| Financial debts | 170/4 | €11,886 | - | -€11,886 | |
| Amounts payable within one year | 42/48 | €26,288 | €26,056 | -€232 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €11,886 | €11,886 | = | 0.0% |
| Trade debts | 44 | €11,370 | €3,653 | -€7,718 | -67.9% |
| Suppliers | 440/4 | €11,370 | €3,653 | -€7,718 | -67.9% |
| Taxes, remuneration and social security | 45 | €3,032 | €10,517 | +€7,485 | +246.9% |
| Taxes | 450/3 | €3,032 | €10,517 | +€7,485 | +246.9% |
| Accrued charges and deferred income | 492/3 | €94 | €66 | -€28 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,328 | €2,328 | = | 0.0% |
| Other operating charges | 640/8 | €3,610 | €3,728 | +€119 | +3.3% |
| Gross operating margin | 9900 | €17,517 | €40,774 | +€23,258 | +132.8% |
| Operating profit (loss) | 9901 | €11,580 | €34,718 | +€23,139 | +199.8% |
| Financial charges | 65/66B | €453 | €428 | -€25 | -5.5% |
| Recurring financial charges | 65 | €453 | €428 | -€25 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €11,126 | €34,290 | +€23,164 | +208.2% |
| Income taxes | 67/77 | €3,032 | €9,170 | +€6,138 | +202.5% |
| Profit (loss) for the period | 9904 | €8,095 | €25,120 | +€17,025 | +210.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,095 | €25,120 | +€17,025 | +210.3% |
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 9 October 2026 via checked.be.