NEEFS: 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.
NEEFS
Largest movements
- Receivables within one year +€102,781
up €102,781 (+790.2%), from €13,007 to €115,788
of which Trade receivables: +€102,776
- Receivables after one year +€101,208
up €101,208 (+30.8%), from €328,205 to €429,412
- Tangible fixed assets -€62,474
down €62,474 (-6.0%), from €1.0m to €978,639
of which Land and buildings: -€51,704
- Debts after one year +€697,327
up €697,327 (+189.4%), from €368,269 to €1.1m
- Other debts -€626,501
no longer reported in 2025 (was €626,501)
- Reserves +€72,289
up €72,289 (+27.2%), from €265,637 to €337,926
of which Distributable reserves: +€72,289
- Gross operating margin +€58,704
up €58,704 (+84.4%), from €69,559 to €128,264
- Depreciation -€5,646
down €5,646 (-15.1%), from €37,306 to €31,660
- Other operating charges +€3,551
up €3,551 (+58.0%), from €6,125 to €9,676
- Financial charges -€3,484
down €3,484 (-12.7%), from €27,431 to €23,947
of which Financial charges: -€4,144
- Financial income +€1,846
up €1,846 (+12.6%), from €14,692 to €16,538
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 | €1,445,706 | €1,587,283 | +€141,577 | +9.8% |
| Fixed assets | 21/28 | €1,103,067 | €1,040,593 | -€62,474 | -5.7% |
| Tangible fixed assets | 22/27 | €1,041,113 | €978,639 | -€62,474 | -6.0% |
| Land and buildings | 22 | €1,009,809 | €958,105 | -€51,704 | -5.1% |
| Furniture and vehicles | 24 | €10,283 | €9,859 | -€424 | -4.1% |
| Other tangible fixed assets | 26 | €21,021 | €10,675 | -€10,346 | -49.2% |
| Financial fixed assets | 28 | €61,954 | €61,954 | = | 0.0% |
| Current assets | 29/58 | €342,639 | €546,690 | +€204,051 | +59.6% |
| Amounts receivable after more than one year | 29 | €328,205 | €429,412 | +€101,208 | +30.8% |
| Other amounts receivable | 291 | €328,205 | €429,412 | +€101,208 | +30.8% |
| Amounts receivable within one year | 40/41 | €13,007 | €115,788 | +€102,781 | +790.2% |
| Trade receivables | 40 | €13,007 | €115,783 | +€102,776 | +790.2% |
| Other amounts receivable | 41 | - | €5 | +€5 | |
| Cash at bank and in hand | 54/58 | €1 | €7 | +€7 | +782.1% |
| Deferred charges and accrued income | 490/1 | €1,426 | €1,482 | +€56 | +3.9% |
| Total equity and liabilities | 10/49 | €1,445,706 | €1,587,283 | +€141,577 | +9.8% |
| Equity | 10/15 | €345,637 | €417,926 | +€72,289 | +20.9% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €265,637 | €337,926 | +€72,289 | +27.2% |
| Non-distributable reserves | 130/1 | €11,000 | €11,000 | = | 0.0% |
| Legal reserve | 130 | €11,000 | €11,000 | = | 0.0% |
| Distributable reserves | 133 | €254,637 | €326,926 | +€72,289 | +28.4% |
| Amounts payable | 17/49 | €1,100,069 | €1,169,357 | +€69,288 | +6.3% |
| Amounts payable after more than one year | 17 | €368,269 | €1,065,596 | +€697,327 | +189.4% |
| Financial debts | 170/4 | €368,269 | €1,065,596 | +€697,327 | +189.4% |
| Amounts payable within one year | 42/48 | €731,800 | €103,761 | -€628,039 | -85.8% |
| Current portion of amounts payable after more than one year | 42 | €33,538 | €35,285 | +€1,747 | +5.2% |
| Financial debts | 43 | €2,468 | €2,484 | +€16 | +0.7% |
| Credit institutions | 430/8 | €2,468 | €2,484 | +€16 | +0.7% |
| Trade debts | 44 | €46,596 | €52,693 | +€6,097 | +13.1% |
| Suppliers | 440/4 | €46,596 | €52,693 | +€6,097 | +13.1% |
| Taxes, remuneration and social security | 45 | €22,697 | €13,299 | -€9,398 | -41.4% |
| Taxes | 450/3 | €22,697 | €13,299 | -€9,398 | -41.4% |
| Other amounts payable | 47/48 | €626,501 | - | -€626,501 | |
| Non-recurring operating income | 76A | - | €19,261 | +€19,261 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,306 | €31,660 | -€5,646 | -15.1% |
| Other operating charges | 640/8 | €6,125 | €9,676 | +€3,551 | +58.0% |
| Gross operating margin | 9900 | €69,559 | €128,264 | +€58,704 | +84.4% |
| Operating profit (loss) | 9901 | €26,128 | €86,928 | +€60,800 | +232.7% |
| Financial income | 75/76B | €14,692 | €16,538 | +€1,846 | +12.6% |
| Recurring financial income | 75 | €14,692 | €16,538 | +€1,846 | +12.6% |
| Financial charges | 65/66B | €27,431 | €23,947 | -€3,484 | -12.7% |
| Recurring financial charges | 65 | €27,431 | €23,287 | -€4,144 | -15.1% |
| Non-recurring financial charges | 66B | - | €660 | +€660 | |
| Profit (loss) for the period before taxes | 9903 | €13,389 | €79,518 | +€66,130 | +493.9% |
| Income taxes | 67/77 | €5,629 | €7,229 | +€1,600 | +28.4% |
| Profit (loss) for the period | 9904 | €7,759 | €72,289 | +€64,530 | +831.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,759 | €72,289 | +€64,530 | +831.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.