Neefs: 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.
Neefs
Largest movements
- Cash -€256,946
down €256,946 (-54.8%), from €468,618 to €211,672
mainly Receivables after one year (-€226,392) and Receivables within one year (-€182,310)
- Receivables after one year +€226,392
new in 2025: €226,392
- Receivables within one year +€182,310
up €182,310 (+5,124%), from €3,558 to €185,868
of which Trade receivables: +€185,837
- Reserves +€164,629
up €164,629 (+37.1%), from €443,377 to €608,006
- Profit (loss) carried forward +€49,183
up €49,183 (+6.1%), from €806,046 to €855,230
- Debts after one year -€35,341
no longer reported in 2025 (was €35,341)
- Current portion of long-term debt -€24,553
down €24,553 (-41.0%), from €59,894 to €35,341
- Gross operating margin +€30,457
up €30,457 (+11.1%), from €274,525 to €304,982
- Taxes +€14,731
up €14,731 (+18.2%), from €80,890 to €95,620
- Financial income +€6,392
new in 2025: €6,392
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 | €1,482,194 | €1,639,245 | +€157,051 | +10.6% |
| Fixed assets | 21/28 | €1,007,594 | €1,007,594 | = | 0.0% |
| Financial fixed assets | 28 | €1,007,594 | €1,007,594 | = | 0.0% |
| Current assets | 29/58 | €474,600 | €631,651 | +€157,051 | +33.1% |
| Amounts receivable after more than one year | 29 | - | €226,392 | +€226,392 | |
| Other amounts receivable | 291 | - | €226,392 | +€226,392 | |
| Amounts receivable within one year | 40/41 | €3,558 | €185,868 | +€182,310 | +5,124% |
| Trade receivables | 40 | - | €185,837 | +€185,837 | |
| Other amounts receivable | 41 | €3,558 | €31 | -€3,527 | -99.1% |
| Cash at bank and in hand | 54/58 | €468,618 | €211,672 | -€256,946 | -54.8% |
| Deferred charges and accrued income | 490/1 | €2,424 | €7,719 | +€5,295 | +218% |
| Total equity and liabilities | 10/49 | €1,482,194 | €1,639,245 | +€157,051 | +10.6% |
| Equity | 10/15 | €1,299,423 | €1,513,235 | +€213,812 | +16.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €443,377 | €608,006 | +€164,629 | +37.1% |
| Distributable reserves | 133 | €443,377 | €608,006 | +€164,629 | +37.1% |
| Profit (loss) carried forward | 14 | €806,046 | €855,230 | +€49,183 | +6.1% |
| Amounts payable | 17/49 | €182,771 | €126,009 | -€56,762 | -31.1% |
| Amounts payable after more than one year | 17 | €35,341 | - | -€35,341 | |
| Financial debts | 170/4 | €35,341 | - | -€35,341 | |
| Amounts payable within one year | 42/48 | €147,430 | €124,470 | -€22,960 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €59,894 | €35,341 | -€24,553 | -41.0% |
| Trade debts | 44 | €4,154 | €5,023 | +€869 | +20.9% |
| Suppliers | 440/4 | €4,154 | €5,023 | +€869 | +20.9% |
| Taxes, remuneration and social security | 45 | €56,012 | €56,389 | +€376 | +0.7% |
| Taxes | 450/3 | €56,012 | €56,389 | +€376 | +0.7% |
| Other amounts payable | 47/48 | €27,370 | €27,718 | +€348 | +1.3% |
| Accrued charges and deferred income | 492/3 | - | €1,539 | +€1,539 | |
| Other operating charges | 640/8 | €118 | €188 | +€70 | +59.3% |
| Gross operating margin | 9900 | €274,525 | €304,982 | +€30,457 | +11.1% |
| Operating profit (loss) | 9901 | €274,407 | €304,794 | +€30,387 | +11.1% |
| Financial income | 75/76B | - | €6,392 | +€6,392 | |
| Recurring financial income | 75 | - | €6,392 | +€6,392 | |
| Financial charges | 65/66B | €2,502 | €1,753 | -€749 | -29.9% |
| Recurring financial charges | 65 | €2,502 | €1,753 | -€749 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €271,904 | €309,433 | +€37,528 | +13.8% |
| Income taxes | 67/77 | €80,890 | €95,620 | +€14,731 | +18.2% |
| Profit (loss) for the period | 9904 | €191,015 | €213,812 | +€22,798 | +11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €191,015 | €213,812 | +€22,798 | +11.9% |
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 18 October 2026 via checked.be.