NEFX: 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.
NEFX
Largest movements
- Tangible fixed assets +€312,725
up €312,725 (+4327.0%), from €7,227 to €319,952
of which Plant, machinery and equipment: +€291,593
- Receivables within one year +€225,256
up €225,256 (+87.2%), from €258,259 to €483,515
of which Trade receivables: +€208,015
- Cash +€44,805
up €44,805 (+83.5%), from €53,630 to €98,435
mainly Trade debts (+€228,881) and Debts after one year (+€162,238)
- Trade debts +€228,881
up €228,881 (+164.2%), from €139,391 to €368,273
- Debts after one year +€162,238
new in 2026: €162,238
- Reserves +€95,000
up €95,000 (+633.3%), from €15,000 to €110,000
- Tax, wage and social debts +€91,685
up €91,685 (+716.5%), from €12,796 to €104,481
of which Remuneration and social security: +€48,705
- Current portion of long-term debt +€62,535
new in 2026: €62,535
- Gross operating margin +€387,114
up €387,114 (+682.2%), from €56,746 to €443,859
- Staff costs +€227,454
up €227,454 (+951.1%), from €23,914 to €251,368
- Depreciation +€57,428
up €57,428 (+3912.7%), from €1,468 to €58,896
- Taxes +€16,621
up €16,621 (+437.4%), from €3,800 to €20,421
- Financial charges +€7,085
up €7,085 (+246.2%), from €2,878 to €9,963
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €352,650 | €948,914 | +€596,265 | +169.1% |
| Fixed assets | 21/28 | €33,761 | €352,043 | +€318,282 | +942.8% |
| Intangible fixed assets | 21 | €20,414 | €26,247 | +€5,834 | +28.6% |
| Tangible fixed assets | 22/27 | €7,227 | €319,952 | +€312,725 | +4327.0% |
| Plant, machinery and equipment | 23 | €2,366 | €293,959 | +€291,593 | +12322.9% |
| Furniture and vehicles | 24 | €4,861 | €25,993 | +€21,132 | +434.7% |
| Financial fixed assets | 28 | €6,120 | €5,844 | -€276 | -4.5% |
| Current assets | 29/58 | €318,889 | €596,871 | +€277,982 | +87.2% |
| Stocks and contracts in progress | 3 | €7,000 | €7,000 | = | 0.0% |
| Stocks | 30/36 | €7,000 | €7,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €258,259 | €483,515 | +€225,256 | +87.2% |
| Trade receivables | 40 | €228,585 | €436,600 | +€208,015 | +91.0% |
| Other amounts receivable | 41 | €29,674 | €46,915 | +€17,242 | +58.1% |
| Cash at bank and in hand | 54/58 | €53,630 | €98,435 | +€44,805 | +83.5% |
| Deferred charges and accrued income | 490/1 | - | €7,921 | +€7,921 | |
| Total equity and liabilities | 10/49 | €352,650 | €948,914 | +€596,265 | +169.1% |
| Equity | 10/15 | €25,029 | €123,876 | +€98,847 | +394.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | - | -€10,000 | |
| Issued capital | 100 | €10,000 | - | -€10,000 | |
| Reserves | 13 | €15,000 | €110,000 | +€95,000 | +633.3% |
| Distributable reserves | 133 | €15,000 | €110,000 | +€95,000 | +633.3% |
| Profit (loss) carried forward | 14 | €29 | €3,876 | +€3,847 | +13412.9% |
| Amounts payable | 17/49 | €327,621 | €825,039 | +€497,418 | +151.8% |
| Amounts payable after more than one year | 17 | - | €162,238 | +€162,238 | |
| Financial debts | 170/4 | - | €162,238 | +€162,238 | |
| Amounts payable within one year | 42/48 | €321,810 | €658,701 | +€336,891 | +104.7% |
| Current portion of amounts payable after more than one year | 42 | - | €62,535 | +€62,535 | |
| Trade debts | 44 | €139,391 | €368,273 | +€228,881 | +164.2% |
| Suppliers | 440/4 | €139,391 | €368,273 | +€228,881 | +164.2% |
| Taxes, remuneration and social security | 45 | €12,796 | €104,481 | +€91,685 | +716.5% |
| Taxes | 450/3 | €9,818 | €52,798 | +€42,980 | +437.8% |
| Remuneration and social security | 454/9 | €2,978 | €51,683 | +€48,705 | +1635.3% |
| Other amounts payable | 47/48 | €169,622 | €123,412 | -€46,211 | -27.2% |
| Accrued charges and deferred income | 492/3 | €5,812 | €4,100 | -€1,712 | -29.5% |
| Remuneration, social security and pensions | 62 | €23,914 | €251,368 | +€227,454 | +951.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,468 | €58,896 | +€57,428 | +3912.7% |
| Other operating charges | 640/8 | €10,014 | €5,027 | -€4,987 | -49.8% |
| Gross operating margin | 9900 | €56,746 | €443,859 | +€387,114 | +682.2% |
| Operating profit (loss) | 9901 | €21,350 | €128,568 | +€107,218 | +502.2% |
| Financial income | 75/76B | €357 | €663 | +€306 | +85.7% |
| Recurring financial income | 75 | €357 | €663 | +€306 | +85.7% |
| Financial charges | 65/66B | €2,878 | €9,963 | +€7,085 | +246.2% |
| Recurring financial charges | 65 | €2,878 | €9,963 | +€7,085 | +246.2% |
| Profit (loss) for the period before taxes | 9903 | €18,829 | €119,268 | +€100,439 | +533.4% |
| Income taxes | 67/77 | €3,800 | €20,421 | +€16,621 | +437.4% |
| Profit (loss) for the period | 9904 | €15,029 | €98,847 | +€83,818 | +557.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,029 | €98,847 | +€83,818 | +557.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.