NEPTUNUS: 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.
NEPTUNUS
Largest movements
- Tangible fixed assets -€79,348
down €79,348 (-21.9%), from €361,715 to €282,367
of which Furniture and vehicles: -€63,848
- Cash -€44,832
no longer reported in 2025 (was €44,832)
- Profit (loss) carried forward -€109,300
down €109,300, from €38,456 to -€70,845
- Debts after one year -€48,115
down €48,115 (-73.8%), from €65,223 to €17,108
- Other debts +€40,736
up €40,736 (+34.7%), from €117,551 to €158,287
- Tax, wage and social debts -€12,642
down €12,642 (-93.1%), from €13,576 to €934
- Trade debts +€4,761
up €4,761 (+354.0%), from €1,345 to €6,106
- Gross operating margin -€69,114
down €69,114 (-79.1%), from €87,323 to €18,209
- Taxes -€13,059
down €13,059 (-96.2%), from €13,576 to €517
- Depreciation +€3,276
up €3,276 (+8.6%), from €38,213 to €41,489
- Financial charges -€1,494
down €1,494 (-37.2%), from €4,021 to €2,527
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €406,548 | €285,440 | -€121,107 | -29.8% |
| Fixed assets | 21/28 | €361,715 | €282,367 | -€79,348 | -21.9% |
| Tangible fixed assets | 22/27 | €361,715 | €282,367 | -€79,348 | -21.9% |
| Land and buildings | 22 | €227,113 | €211,613 | -€15,500 | -6.8% |
| Furniture and vehicles | 24 | €134,602 | €70,754 | -€63,848 | -47.4% |
| Current assets | 29/58 | €44,832 | €3,073 | -€41,759 | -93.1% |
| Cash at bank and in hand | 54/58 | €44,832 | - | -€44,832 | |
| Deferred charges and accrued income | 490/1 | - | €3,073 | +€3,073 | |
| Total equity and liabilities | 10/49 | €406,548 | €285,440 | -€121,107 | -29.8% |
| Equity | 10/15 | €185,907 | €76,607 | -€109,300 | -58.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €128,859 | €128,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €127,000 | €127,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,456 | -€70,845 | -€109,300 | |
| Amounts payable | 17/49 | €220,641 | €208,834 | -€11,807 | -5.4% |
| Amounts payable after more than one year | 17 | €65,223 | €17,108 | -€48,115 | -73.8% |
| Financial debts | 170/4 | €65,223 | €17,108 | -€48,115 | -73.8% |
| Amounts payable within one year | 42/48 | €155,418 | €191,726 | +€36,308 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €22,945 | €24,371 | +€1,425 | +6.2% |
| Financial debts | 43 | - | €2,029 | +€2,029 | |
| Credit institutions | 430/8 | - | €2,029 | +€2,029 | |
| Trade debts | 44 | €1,345 | €6,106 | +€4,761 | +354.0% |
| Suppliers | 440/4 | €1,345 | €6,106 | +€4,761 | +354.0% |
| Taxes, remuneration and social security | 45 | €13,576 | €934 | -€12,642 | -93.1% |
| Taxes | 450/3 | €13,576 | €934 | -€12,642 | -93.1% |
| Other amounts payable | 47/48 | €117,551 | €158,287 | +€40,736 | +34.7% |
| Non-recurring operating income | 76A | €30,000 | - | -€30,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,213 | €41,489 | +€3,276 | +8.6% |
| Other operating charges | 640/8 | €5,196 | €5,637 | +€441 | +8.5% |
| Gross operating margin | 9900 | €87,323 | €18,209 | -€69,114 | -79.1% |
| Operating profit (loss) | 9901 | €43,914 | -€28,918 | -€72,831 | |
| Financial charges | 65/66B | €4,021 | €2,527 | -€1,494 | -37.2% |
| Recurring financial charges | 65 | €4,021 | €2,527 | -€1,494 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | €39,893 | -€31,444 | -€71,337 | |
| Income taxes | 67/77 | €13,576 | €517 | -€13,059 | -96.2% |
| Profit (loss) for the period | 9904 | €26,317 | -€31,962 | -€58,279 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,317 | -€31,962 | -€58,279 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.