NEUF: 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.
NEUF
Largest movements
- Receivables after one year -€52,000
no longer reported in 2025 (was €52,000)
- Cash +€8,996
up €8,996 (+48,081%), from €19 to €9,015
mainly Receivables after one year (+€52,000) and Debts after one year (+€13,790)
- Receivables within one year +€5,636
up €5,636 (+5.1%), from €110,107 to €115,743
of which Other amounts receivable: +€57,158
- Tangible fixed assets -€2,940
down €2,940 (-27.4%), from €10,716 to €7,776
of which Leasing and similar rights: -€2,888
- Profit (loss) carried forward -€26,720
down €26,720, from €5,101 to -€21,619
- Debts after one year +€13,790
up €13,790 (+316%), from €4,359 to €18,149
- Trade debts -€13,729
down €13,729 (-22.5%), from €60,946 to €47,217
- Tax, wage and social debts -€12,315
down €12,315 (-47.6%), from €25,850 to €13,535
of which Taxes: -€13,401
- Short-term financial debts -€4,500
no longer reported in 2025 (was €4,500)
- Financial charges +€36,657
up €36,657 (+667%), from €5,500 to €42,157
of which Non-recurring financial charges: +€34,727
- Write-downs +€33,837
new in 2025: €33,837
- Taxes -€9,323
down €9,323 (-98.5%), from €9,464 to €141
- Financial income +€2,689
up €2,689 (+54.1%), from €4,971 to €7,661
of which Non-recurring financial income: +€3,143
- Staff costs +€1,874
up €1,874 (+7.0%), from €26,923 to €28,797
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 | €183,367 | €141,483 | -€41,884 | -22.8% |
| Fixed assets | 21/28 | €11,666 | €8,410 | -€3,256 | -27.9% |
| Intangible fixed assets | 21 | €316 | - | -€316 | |
| Tangible fixed assets | 22/27 | €10,716 | €7,776 | -€2,940 | -27.4% |
| Plant, machinery and equipment | 23 | €2,008 | €3,244 | +€1,236 | +61.6% |
| Furniture and vehicles | 24 | €4,491 | €3,203 | -€1,288 | -28.7% |
| Leasing and similar rights | 25 | €4,217 | €1,329 | -€2,888 | -68.5% |
| Financial fixed assets | 28 | €634 | €634 | = | 0.0% |
| Current assets | 29/58 | €171,701 | €133,073 | -€38,628 | -22.5% |
| Amounts receivable after more than one year | 29 | €52,000 | - | -€52,000 | |
| Other amounts receivable | 291 | €52,000 | - | -€52,000 | |
| Stocks and contracts in progress | 3 | €6,541 | €6,541 | = | 0.0% |
| Stocks | 30/36 | €6,541 | €6,541 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €110,107 | €115,743 | +€5,636 | +5.1% |
| Trade receivables | 40 | €75,545 | €24,023 | -€51,522 | -68.2% |
| Other amounts receivable | 41 | €34,562 | €91,720 | +€57,158 | +165% |
| Cash at bank and in hand | 54/58 | €19 | €9,015 | +€8,996 | +48,081% |
| Deferred charges and accrued income | 490/1 | €3,034 | €1,774 | -€1,259 | -41.5% |
| Total equity and liabilities | 10/49 | €183,367 | €141,483 | -€41,884 | -22.8% |
| Equity | 10/15 | €81,619 | €54,899 | -€26,720 | -32.7% |
| Contributions | 10/11 | €7,437 | €7,437 | = | 0.0% |
| Capital | 10 | €7,437 | €7,437 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €11,155 | €11,155 | = | 0.0% |
| Reserves | 13 | €69,081 | €69,081 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €62,355 | €62,355 | = | 0.0% |
| Distributable reserves | 133 | €4,867 | €4,867 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,101 | -€21,619 | -€26,720 | |
| Amounts payable | 17/49 | €101,748 | €86,585 | -€15,163 | -14.9% |
| Amounts payable after more than one year | 17 | €4,359 | €18,149 | +€13,790 | +316% |
| Financial debts | 170/4 | €4,359 | €18,149 | +€13,790 | +316% |
| Amounts payable within one year | 42/48 | €97,389 | €68,435 | -€28,953 | -29.7% |
| Current portion of amounts payable after more than one year | 42 | €6,092 | €7,317 | +€1,225 | +20.1% |
| Financial debts | 43 | €4,500 | - | -€4,500 | |
| Credit institutions | 430/8 | €4,500 | - | -€4,500 | |
| Trade debts | 44 | €60,946 | €47,217 | -€13,729 | -22.5% |
| Suppliers | 440/4 | €60,946 | €47,217 | -€13,729 | -22.5% |
| Taxes, remuneration and social security | 45 | €25,850 | €13,535 | -€12,315 | -47.6% |
| Taxes | 450/3 | €23,762 | €10,360 | -€13,401 | -56.4% |
| Remuneration and social security | 454/9 | €2,089 | €3,175 | +€1,086 | +52.0% |
| Other amounts payable | 47/48 | - | €366 | +€366 | |
| Remuneration, social security and pensions | 62 | €26,923 | €28,797 | +€1,874 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,868 | €5,751 | -€117 | -2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €33,837 | +€33,837 | |
| Other operating charges | 640/8 | €3,123 | €1,356 | -€1,767 | -56.6% |
| Gross operating margin | 9900 | €78,435 | €77,659 | -€776 | -1.0% |
| Operating profit (loss) | 9901 | €42,522 | €7,918 | -€34,604 | -81.4% |
| Financial income | 75/76B | €4,971 | €7,661 | +€2,689 | +54.1% |
| Recurring financial income | 75 | €4,890 | €4,436 | -€453 | -9.3% |
| Non-recurring financial income | 76B | €82 | €3,224 | +€3,143 | +3,856% |
| Financial charges | 65/66B | €5,500 | €42,157 | +€36,657 | +667% |
| Recurring financial charges | 65 | €5,259 | €7,189 | +€1,930 | +36.7% |
| Non-recurring financial charges | 66B | €241 | €34,969 | +€34,727 | +14,389% |
| Profit (loss) for the period before taxes | 9903 | €41,993 | -€26,579 | -€68,572 | |
| Income taxes | 67/77 | €9,464 | €141 | -€9,323 | -98.5% |
| Profit (loss) for the period | 9904 | €32,530 | -€26,720 | -€59,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,530 | -€26,720 | -€59,250 |
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 17 October 2026 via checked.be.