NEGO: 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.
NEGO
Largest movements
- Receivables within one year +€253,626
up €253,626 (+117.5%), from €215,809 to €469,434
of which Other amounts receivable: +€271,704
- Current investments +€139,919
up €139,919 (+14.4%), from €972,192 to €1.1m
- Cash -€117,522
down €117,522 (-73.0%), from €160,992 to €43,470
mainly Receivables within one year (-€253,626) and Current investments (-€139,919)
- Tangible fixed assets -€28,335
down €28,335 (-21.5%), from €131,768 to €103,433
of which Land and buildings: -€15,904
- Reserves +€284,390
up €284,390 (+20.3%), from €1.4m to €1.7m
of which Non-distributable reserves: +€284,390
- Other debts -€19,812
down €19,812 (-78.4%), from €25,281 to €5,469
- Financial income +€139,460
up €139,460 (+509.2%), from €27,390 to €166,851
- Financial charges +€43,838
up €43,838, from -€22,620 to €21,218
- Taxes +€11,402
up €11,402 (+14.1%), from €80,633 to €92,035
- Staff costs -€9,805
no longer reported in 2025 (was €9,805)
- Gross operating margin +€4,911
up €4,911 (+1.8%), from €268,625 to €273,537
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 | €1,495,539 | €1,746,688 | +€251,149 | +16.8% |
| Fixed assets | 21/28 | €131,768 | €103,433 | -€28,335 | -21.5% |
| Tangible fixed assets | 22/27 | €131,768 | €103,433 | -€28,335 | -21.5% |
| Land and buildings | 22 | €77,059 | €61,155 | -€15,904 | -20.6% |
| Furniture and vehicles | 24 | €39,149 | €29,776 | -€9,372 | -23.9% |
| Other tangible fixed assets | 26 | €15,561 | €12,501 | -€3,059 | -19.7% |
| Current assets | 29/58 | €1,363,771 | €1,643,255 | +€279,484 | +20.5% |
| Amounts receivable within one year | 40/41 | €215,809 | €469,434 | +€253,626 | +117.5% |
| Trade receivables | 40 | €34,709 | €16,630 | -€18,079 | -52.1% |
| Other amounts receivable | 41 | €181,100 | €452,804 | +€271,704 | +150.0% |
| Current investments | 50/53 | €972,192 | €1,112,111 | +€139,919 | +14.4% |
| Cash at bank and in hand | 54/58 | €160,992 | €43,470 | -€117,522 | -73.0% |
| Deferred charges and accrued income | 490/1 | €14,779 | €18,240 | +€3,461 | +23.4% |
| Total equity and liabilities | 10/49 | €1,495,539 | €1,746,688 | +€251,149 | +16.8% |
| Equity | 10/15 | €1,421,969 | €1,706,359 | +€284,390 | +20.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,403,369 | €1,687,759 | +€284,390 | +20.3% |
| Non-distributable reserves | 130/1 | €1,377,841 | €1,662,231 | +€284,390 | +20.6% |
| Other | 1319 | €1,377,841 | €1,662,231 | +€284,390 | +20.6% |
| Tax-exempt reserves | 132 | €21,049 | €21,049 | = | 0.0% |
| Distributable reserves | 133 | €4,478 | €4,478 | = | 0.0% |
| Amounts payable | 17/49 | €73,571 | €40,329 | -€33,242 | -45.2% |
| Amounts payable within one year | 42/48 | €70,380 | €38,920 | -€31,460 | -44.7% |
| Trade debts | 44 | €12,282 | €12,148 | -€134 | -1.1% |
| Suppliers | 440/4 | €12,282 | €12,148 | -€134 | -1.1% |
| Advances received on contracts in progress | 46 | €9,895 | - | -€9,895 | |
| Taxes, remuneration and social security | 45 | €22,921 | €21,303 | -€1,618 | -7.1% |
| Taxes | 450/3 | €22,921 | €21,303 | -€1,618 | -7.1% |
| Other amounts payable | 47/48 | €25,281 | €5,469 | -€19,812 | -78.4% |
| Accrued charges and deferred income | 492/3 | €3,191 | €1,409 | -€1,782 | -55.8% |
| Non-recurring operating income | 76A | €4,124 | - | -€4,124 | |
| Remuneration, social security and pensions | 62 | €9,805 | - | -€9,805 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,773 | €39,799 | +€3,026 | +8.2% |
| Other operating charges | 640/8 | €4,453 | €2,829 | -€1,624 | -36.5% |
| Non-recurring operating charges | 66A | €131 | €116 | -€15 | -11.3% |
| Gross operating margin | 9900 | €268,625 | €273,537 | +€4,911 | +1.8% |
| Operating profit (loss) | 9901 | €217,464 | €230,792 | +€13,328 | +6.1% |
| Financial income | 75/76B | €27,390 | €166,851 | +€139,460 | +509.2% |
| Recurring financial income | 75 | €27,390 | €166,851 | +€139,460 | +509.2% |
| Financial charges | 65/66B | -€22,620 | €21,218 | +€43,838 | |
| Recurring financial charges | 65 | -€22,620 | €21,218 | +€43,838 | |
| Profit (loss) for the period before taxes | 9903 | €267,474 | €376,425 | +€108,951 | +40.7% |
| Income taxes | 67/77 | €80,633 | €92,035 | +€11,402 | +14.1% |
| Profit (loss) for the period | 9904 | €186,841 | €284,390 | +€97,549 | +52.2% |
| Profit (loss) for the period to be appropriated | 9905 | €186,841 | €284,390 | +€97,549 | +52.2% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.