NETHELINE: 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.
NETHELINE
Largest movements
- Receivables within one year -€37,769
down €37,769 (-6.0%), from €628,067 to €590,298
of which Other amounts receivable: -€41,717
- Stocks and contracts +€21,422
up €21,422 (+40.0%), from €53,578 to €75,000
- Debts after one year -€29,488
down €29,488 (-63.7%), from €46,286 to €16,798
- Reserves +€15,973
up €15,973 (+3.9%), from €413,409 to €429,382
- Current portion of long-term debt -€9,382
down €9,382 (-24.1%), from €38,870 to €29,488
- Gross operating margin -€20,655
down €20,655 (-26.2%), from €78,917 to €58,261
- Taxes -€5,274
down €5,274 (-35.9%), from €14,679 to €9,405
- Financial charges -€3,994
down €3,994 (-17.0%), from €23,455 to €19,461
- Staff costs +€1,105
up €1,105 (+3.4%), from €32,089 to €33,194
- Depreciation -€838
down €838 (-8.8%), from €9,574 to €8,735
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 | €757,901 | €741,384 | -€16,518 | -2.2% |
| Fixed assets | 21/28 | €31,093 | €24,170 | -€6,923 | -22.3% |
| Tangible fixed assets | 22/27 | €31,093 | €24,170 | -€6,923 | -22.3% |
| Land and buildings | 22 | €10,124 | €8,682 | -€1,442 | -14.2% |
| Plant, machinery and equipment | 23 | €20,478 | €15,435 | -€5,043 | -24.6% |
| Furniture and vehicles | 24 | €491 | €52 | -€439 | -89.4% |
| Current assets | 29/58 | €726,808 | €717,214 | -€9,594 | -1.3% |
| Stocks and contracts in progress | 3 | €53,578 | €75,000 | +€21,422 | +40.0% |
| Stocks | 30/36 | €53,578 | €75,000 | +€21,422 | +40.0% |
| Amounts receivable within one year | 40/41 | €628,067 | €590,298 | -€37,769 | -6.0% |
| Trade receivables | 40 | €18,734 | €22,682 | +€3,948 | +21.1% |
| Other amounts receivable | 41 | €609,334 | €567,617 | -€41,717 | -6.8% |
| Cash at bank and in hand | 54/58 | €41,113 | €48,521 | +€7,407 | +18.0% |
| Deferred charges and accrued income | 490/1 | €4,049 | €3,394 | -€655 | -16.2% |
| Total equity and liabilities | 10/49 | €757,901 | €741,384 | -€16,518 | -2.2% |
| Equity | 10/15 | €432,009 | €447,982 | +€15,973 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €413,409 | €429,382 | +€15,973 | +3.9% |
| Distributable reserves | 133 | €413,409 | €429,382 | +€15,973 | +3.9% |
| Amounts payable | 17/49 | €325,892 | €293,402 | -€32,490 | -10.0% |
| Amounts payable after more than one year | 17 | €46,286 | €16,798 | -€29,488 | -63.7% |
| Financial debts | 170/4 | €46,286 | €16,798 | -€29,488 | -63.7% |
| Amounts payable within one year | 42/48 | €279,606 | €276,604 | -€3,002 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €38,870 | €29,488 | -€9,382 | -24.1% |
| Financial debts | 43 | €176,616 | €175,000 | -€1,616 | -0.9% |
| Credit institutions | 430/8 | €176,616 | €175,000 | -€1,616 | -0.9% |
| Trade debts | 44 | €61,781 | €68,111 | +€6,331 | +10.2% |
| Suppliers | 440/4 | €61,781 | €68,111 | +€6,331 | +10.2% |
| Taxes, remuneration and social security | 45 | €2,339 | €4,004 | +€1,665 | +71.2% |
| Taxes | 450/3 | - | €4,004 | +€4,004 | |
| Remuneration and social security | 454/9 | €2,339 | - | -€2,339 | |
| Remuneration, social security and pensions | 62 | €32,089 | €33,194 | +€1,105 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,574 | €8,735 | -€838 | -8.8% |
| Other operating charges | 640/8 | €1,536 | €1,491 | -€45 | -2.9% |
| Gross operating margin | 9900 | €78,917 | €58,261 | -€20,655 | -26.2% |
| Operating profit (loss) | 9901 | €35,718 | €14,842 | -€20,876 | -58.4% |
| Financial income | 75/76B | €29,996 | €29,997 | +€0 | 0.0% |
| Recurring financial income | 75 | €29,996 | €29,997 | +€0 | 0.0% |
| Financial charges | 65/66B | €23,455 | €19,461 | -€3,994 | -17.0% |
| Recurring financial charges | 65 | €23,455 | €19,461 | -€3,994 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €42,260 | €25,378 | -€16,882 | -39.9% |
| Income taxes | 67/77 | €14,679 | €9,405 | -€5,274 | -35.9% |
| Profit (loss) for the period | 9904 | €27,581 | €15,973 | -€11,608 | -42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,581 | €15,973 | -€11,608 | -42.1% |
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 9 October 2026 via checked.be.