NET SYSTEM: 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.
NET SYSTEM
Largest movements
- Receivables within one year -€144,753
down €144,753 (-34.7%), from €417,680 to €272,927
of which Trade receivables: -€139,922
- Cash +€67,799
up €67,799 (+106.8%), from €63,504 to €131,302
mainly Receivables within one year (+€144,753) and Trade debts (+€31,516)
- Tangible fixed assets +€27,465
up €27,465 (+14.4%), from €190,902 to €218,367
of which Furniture and vehicles: +€38,010
- Other debts -€40,376
down €40,376 (-55.5%), from €72,771 to €32,394
- Trade debts +€31,516
up €31,516 (+208.8%), from €15,093 to €46,610
- Tax, wage and social debts -€25,038
down €25,038 (-37.3%), from €67,214 to €42,176
of which Taxes: -€27,372
- Reserves -€20,512
down €20,512 (-5.5%), from €372,771 to €352,259
of which Distributable reserves: -€20,512
- Current portion of long-term debt +€8,010
up €8,010 (+49.2%), from €16,265 to €24,275
- Gross operating margin -€86,052
down €86,052 (-71.2%), from €120,852 to €34,800
- Taxes -€26,757
down €26,757 (-84.8%), from €31,549 to €4,792
- Depreciation +€2,119
up €2,119 (+18.8%), from €11,288 to €13,407
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 | €672,086 | €623,567 | -€48,518 | -7.2% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €190,902 | €218,367 | +€27,465 | +14.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €190,902 | €218,367 | +€27,465 | +14.4% |
| Land and buildings | 22 | €189,704 | €179,159 | -€10,545 | -5.6% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €1,199 | €39,208 | +€38,010 | +3171.4% |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Current assets | 29/58 | €481,183 | €405,200 | -€75,983 | -15.8% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Stocks | 30/36 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €417,680 | €272,927 | -€144,753 | -34.7% |
| Trade receivables | 40 | €392,284 | €252,361 | -€139,922 | -35.7% |
| Other amounts receivable | 41 | €25,396 | €20,565 | -€4,831 | -19.0% |
| Cash at bank and in hand | 54/58 | €63,504 | €131,302 | +€67,799 | +106.8% |
| Deferred charges and accrued income | 490/1 | - | €971 | +€971 | |
| Total equity and liabilities | 10/49 | €672,086 | €623,567 | -€48,518 | -7.2% |
| Equity | 10/15 | €404,283 | €383,771 | -€20,512 | -5.1% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €372,771 | €352,259 | -€20,512 | -5.5% |
| Tax-exempt reserves | 132 | €70,883 | €70,883 | = | 0.0% |
| Distributable reserves | 133 | €301,888 | €281,376 | -€20,512 | -6.8% |
| Profit (loss) carried forward | 14 | €17,252 | €17,252 | = | 0.0% |
| Amounts payable | 17/49 | €267,802 | €239,797 | -€28,006 | -10.5% |
| Amounts payable after more than one year | 17 | €96,459 | €94,096 | -€2,363 | -2.4% |
| Financial debts | 170/4 | €96,459 | €94,096 | -€2,363 | -2.4% |
| Amounts payable within one year | 42/48 | €171,343 | €145,456 | -€25,888 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €16,265 | €24,275 | +€8,010 | +49.2% |
| Trade debts | 44 | €15,093 | €46,610 | +€31,516 | +208.8% |
| Suppliers | 440/4 | €15,093 | €46,610 | +€31,516 | +208.8% |
| Taxes, remuneration and social security | 45 | €67,214 | €42,176 | -€25,038 | -37.3% |
| Taxes | 450/3 | €67,214 | €39,842 | -€27,372 | -40.7% |
| Remuneration and social security | 454/9 | - | €2,334 | +€2,334 | |
| Other amounts payable | 47/48 | €72,771 | €32,394 | -€40,376 | -55.5% |
| Accrued charges and deferred income | 492/3 | - | €245 | +€245 | |
| Non-recurring operating income | 76A | - | €7,559 | +€7,559 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,288 | €13,407 | +€2,119 | +18.8% |
| Other operating charges | 640/8 | €3,411 | €4,065 | +€654 | +19.2% |
| Non-recurring operating charges | 66A | €2,831 | - | -€2,831 | |
| Gross operating margin | 9900 | €120,852 | €34,800 | -€86,052 | -71.2% |
| Operating profit (loss) | 9901 | €103,321 | €17,327 | -€85,994 | -83.2% |
| Financial income | 75/76B | €521 | €519 | -€2 | -0.4% |
| Recurring financial income | 75 | €521 | €519 | -€2 | -0.4% |
| Financial charges | 65/66B | €2,202 | €2,262 | +€60 | +2.7% |
| Recurring financial charges | 65 | €2,202 | €2,262 | +€60 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €101,640 | €15,584 | -€86,056 | -84.7% |
| Income taxes | 67/77 | €31,549 | €4,792 | -€26,757 | -84.8% |
| Profit (loss) for the period | 9904 | €70,092 | €10,792 | -€59,299 | -84.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,092 | €10,792 | -€59,299 | -84.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.