NENKO BELGIE: 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.
NENKO BELGIE
Largest movements
- Cash +€129,622
up €129,622 (+75.2%), from €172,370 to €301,992
mainly Trade debts (+€97,499) and Tax, wage and social debts (+€46,532)
- Receivables within one year +€50,611
up €50,611 (+303%), from €16,696 to €67,307
of which Trade receivables: +€52,328
- Tangible fixed assets +€5,978
up €5,978 (+39.9%), from €14,986 to €20,964
- Trade debts +€97,499
up €97,499 (+142%), from €68,805 to €166,304
- Tax, wage and social debts +€46,532
up €46,532 (+98.8%), from €47,113 to €93,645
- Other debts +€41,204
up €41,204 (+59.5%), from €69,211 to €110,415
- Gross operating margin -€16,202
down €16,202 (-19.7%), from €82,359 to €66,157
- Taxes -€5,772
down €5,772 (-27.3%), from €21,118 to €15,346
- Depreciation +€4,996
up €4,996 (+36,577%), from €14 to €5,010
- Other operating charges +€2,246
up €2,246 (+1,497%), from €150 to €2,396
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 | €204,052 | €390,263 | +€186,211 | +91.3% |
| Fixed assets | 21/28 | €14,986 | €20,964 | +€5,978 | +39.9% |
| Tangible fixed assets | 22/27 | €14,986 | €20,964 | +€5,978 | +39.9% |
| Furniture and vehicles | 24 | €14,986 | €20,964 | +€5,978 | +39.9% |
| Current assets | 29/58 | €189,066 | €369,298 | +€180,233 | +95.3% |
| Amounts receivable within one year | 40/41 | €16,696 | €67,307 | +€50,611 | +303% |
| Trade receivables | 40 | €14,679 | €67,007 | +€52,328 | +356% |
| Other amounts receivable | 41 | €2,017 | €300 | -€1,717 | -85.1% |
| Cash at bank and in hand | 54/58 | €172,370 | €301,992 | +€129,622 | +75.2% |
| Total equity and liabilities | 10/49 | €204,052 | €390,263 | +€186,211 | +91.3% |
| Equity | 10/15 | €18,592 | €18,592 | = | 0.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €185,460 | €371,671 | +€186,211 | +100% |
| Amounts payable within one year | 42/48 | €185,460 | €371,439 | +€185,979 | +100% |
| Trade debts | 44 | €68,805 | €166,304 | +€97,499 | +142% |
| Suppliers | 440/4 | €68,805 | €166,304 | +€97,499 | +142% |
| Advances received on contracts in progress | 46 | €331 | €1,075 | +€744 | +225% |
| Taxes, remuneration and social security | 45 | €47,113 | €93,645 | +€46,532 | +98.8% |
| Taxes | 450/3 | €47,113 | €93,645 | +€46,532 | +98.8% |
| Other amounts payable | 47/48 | €69,211 | €110,415 | +€41,204 | +59.5% |
| Accrued charges and deferred income | 492/3 | - | €231 | +€231 | |
| Remuneration, social security and pensions | 62 | €217 | €0 | -€217 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14 | €5,010 | +€4,996 | +36,577% |
| Other operating charges | 640/8 | €150 | €2,396 | +€2,246 | +1,497% |
| Gross operating margin | 9900 | €82,359 | €66,157 | -€16,202 | -19.7% |
| Operating profit (loss) | 9901 | €81,978 | €58,752 | -€23,226 | -28.3% |
| Financial income | 75/76B | €0 | €167 | +€167 | |
| Recurring financial income | 75 | €0 | €167 | +€167 | |
| Financial charges | 65/66B | €1,901 | €2,368 | +€467 | +24.5% |
| Recurring financial charges | 65 | €1,901 | €2,368 | +€467 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €80,076 | €56,550 | -€23,527 | -29.4% |
| Income taxes | 67/77 | €21,118 | €15,346 | -€5,772 | -27.3% |
| Profit (loss) for the period | 9904 | €58,959 | €41,204 | -€17,755 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €58,959 | €41,204 | -€17,755 | -30.1% |
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 31 October 2026 via checked.be.