NETCODE: 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.
NETCODE
Largest movements
- Receivables within one year -€108,264
down €108,264 (-82.8%), from €130,795 to €22,532
of which Trade receivables: -€88,954
- Current investments +€99,423
up €99,423 (+34.0%), from €292,597 to €392,021
- Receivables after one year -€49,272
down €49,272 (-18.5%), from €265,975 to €216,703
- Tangible fixed assets -€12,838
down €12,838 (-17.6%), from €72,859 to €60,020
of which Land and buildings: -€12,212
- Other debts +€254,914
up €254,914 (+8,356%), from €3,051 to €257,965
- Reserves -€254,343
down €254,343 (-32.0%), from €793,651 to €539,308
of which Distributable reserves: -€254,343
- Tax, wage and social debts -€47,504
down €47,504 (-58.2%), from €81,636 to €34,132
- Trade debts -€13,162
down €13,162 (-77.9%), from €16,889 to €3,727
- Debts after one year -€11,250
down €11,250 (-57.1%), from €19,688 to €8,438
- Gross operating margin -€300,199
down €300,199 (-92.3%), from €325,341 to €25,142
- Taxes -€88,780
down €88,780 (-89.7%), from €98,939 to €10,159
- Financial income +€4,674
up €4,674 (+38.7%), from €12,076 to €16,751
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 | €941,082 | €869,738 | -€71,344 | -7.6% |
| Fixed assets | 21/28 | €72,859 | €60,020 | -€12,838 | -17.6% |
| Tangible fixed assets | 22/27 | €72,859 | €60,020 | -€12,838 | -17.6% |
| Land and buildings | 22 | €72,232 | €60,020 | -€12,212 | -16.9% |
| Furniture and vehicles | 24 | €626 | - | -€626 | |
| Current assets | 29/58 | €868,223 | €809,717 | -€58,506 | -6.7% |
| Amounts receivable after more than one year | 29 | €265,975 | €216,703 | -€49,272 | -18.5% |
| Other amounts receivable | 291 | €265,975 | €216,703 | -€49,272 | -18.5% |
| Amounts receivable within one year | 40/41 | €130,795 | €22,532 | -€108,264 | -82.8% |
| Trade receivables | 40 | €108,900 | €19,946 | -€88,954 | -81.7% |
| Other amounts receivable | 41 | €21,895 | €2,585 | -€19,310 | -88.2% |
| Current investments | 50/53 | €292,597 | €392,021 | +€99,423 | +34.0% |
| Cash at bank and in hand | 54/58 | €174,944 | €178,412 | +€3,468 | +2.0% |
| Deferred charges and accrued income | 490/1 | €3,911 | €50 | -€3,861 | -98.7% |
| Total equity and liabilities | 10/49 | €941,082 | €869,738 | -€71,344 | -7.6% |
| Equity | 10/15 | €808,569 | €554,226 | -€254,343 | -31.5% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €793,651 | €539,308 | -€254,343 | -32.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €791,791 | €537,448 | -€254,343 | -32.1% |
| Profit (loss) carried forward | 14 | €2,418 | €2,418 | = | 0.0% |
| Amounts payable | 17/49 | €132,513 | €315,512 | +€182,999 | +138% |
| Amounts payable after more than one year | 17 | €19,688 | €8,438 | -€11,250 | -57.1% |
| Financial debts | 170/4 | €19,688 | €8,438 | -€11,250 | -57.1% |
| Amounts payable within one year | 42/48 | €112,825 | €307,074 | +€194,249 | +172% |
| Current portion of amounts payable after more than one year | 42 | €11,250 | €11,250 | = | 0.0% |
| Trade debts | 44 | €16,889 | €3,727 | -€13,162 | -77.9% |
| Suppliers | 440/4 | €16,889 | €3,727 | -€13,162 | -77.9% |
| Taxes, remuneration and social security | 45 | €81,636 | €34,132 | -€47,504 | -58.2% |
| Taxes | 450/3 | €81,636 | €34,132 | -€47,504 | -58.2% |
| Other amounts payable | 47/48 | €3,051 | €257,965 | +€254,914 | +8,356% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,548 | €12,212 | -€2,336 | -16.1% |
| Other operating charges | 640/8 | €9,322 | €8,171 | -€1,151 | -12.3% |
| Gross operating margin | 9900 | €325,341 | €25,142 | -€300,199 | -92.3% |
| Operating profit (loss) | 9901 | €301,472 | €4,759 | -€296,712 | -98.4% |
| Financial income | 75/76B | €12,076 | €16,751 | +€4,674 | +38.7% |
| Recurring financial income | 75 | €12,076 | €16,751 | +€4,674 | +38.7% |
| Financial charges | 65/66B | €3,633 | €3,839 | +€206 | +5.7% |
| Recurring financial charges | 65 | €3,633 | €3,839 | +€206 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €309,915 | €17,671 | -€292,244 | -94.3% |
| Income taxes | 67/77 | €98,939 | €10,159 | -€88,780 | -89.7% |
| Profit (loss) for the period | 9904 | €210,976 | €7,511 | -€203,465 | -96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €210,976 | €7,511 | -€203,465 | -96.4% |
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 14 October 2026 via checked.be.