NEVER: 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.
NEVER
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+21.2%), from €5.4m to €6.5m
of which Land and buildings: +€1.1m
- Deferred charges and accrued income -€233,764
down €233,764 (-96.5%), from €242,214 to €8,450
- Cash -€189,788
down €189,788 (-82.9%), from €228,979 to €39,191
mainly Investment in fixed assets (net) (-€1.4m) and Net result for the year (-€172,065)
- Other debts +€913,881
up €913,881 (+883.4%), from €103,455 to €1.0m
- Reserves -€119,915
down €119,915 (-2.8%), from €4.3m to €4.2m
of which Tax-exempt reserves: -€119,915
- Depreciation +€46,915
up €46,915 (+25.9%), from €181,380 to €228,295
- Financial income -€17,388
down €17,388 (-83.8%), from €20,761 to €3,373
- Gross operating margin +€7,372
up €7,372 (+32.9%), from €22,385 to €29,757
- Other operating charges +€3,726
up €3,726 (+30.5%), from €12,227 to €15,953
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 | €5,859,282 | €6,564,448 | +€705,166 | +12.0% |
| Fixed assets | 21/28 | €5,377,941 | €6,515,795 | +€1.1m | +21.2% |
| Tangible fixed assets | 22/27 | €5,376,301 | €6,514,155 | +€1.1m | +21.2% |
| Land and buildings | 22 | €5,275,572 | €6,424,661 | +€1.1m | +21.8% |
| Furniture and vehicles | 24 | €100,729 | €89,494 | -€11,235 | -11.2% |
| Financial fixed assets | 28 | €1,640 | €1,640 | = | 0.0% |
| Current assets | 29/58 | €481,341 | €48,653 | -€432,688 | -89.9% |
| Amounts receivable within one year | 40/41 | €10,148 | €1,012 | -€9,136 | -90.0% |
| Trade receivables | 40 | €70 | €0 | -€70 | -100.0% |
| Other amounts receivable | 41 | €10,078 | €1,012 | -€9,066 | -90.0% |
| Cash at bank and in hand | 54/58 | €228,979 | €39,191 | -€189,788 | -82.9% |
| Deferred charges and accrued income | 490/1 | €242,214 | €8,450 | -€233,764 | -96.5% |
| Total equity and liabilities | 10/49 | €5,859,282 | €6,564,448 | +€705,166 | +12.0% |
| Equity | 10/15 | €4,478,843 | €4,306,778 | -€172,065 | -3.8% |
| Contributions | 10/11 | €327,219 | €327,219 | = | 0.0% |
| Capital | 10 | €327,219 | €327,219 | = | 0.0% |
| Issued capital | 100 | €327,219 | €327,219 | = | 0.0% |
| Reserves | 13 | €4,342,437 | €4,222,522 | -€119,915 | -2.8% |
| Non-distributable reserves | 130/1 | €32,722 | €32,722 | = | 0.0% |
| Legal reserve | 130 | €32,722 | €32,722 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,826,694 | €3,706,778 | -€119,915 | -3.1% |
| Distributable reserves | 133 | €483,022 | €483,022 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€190,813 | -€242,963 | -€52,150 | -27.3% |
| Provisions and deferred taxes | 16 | €1,276,464 | €1,236,493 | -€39,972 | -3.1% |
| Deferred taxes | 168 | €1,276,464 | €1,236,493 | -€39,972 | -3.1% |
| Amounts payable | 17/49 | €103,975 | €1,021,178 | +€917,203 | +882.1% |
| Amounts payable within one year | 42/48 | €103,744 | €1,021,147 | +€917,403 | +884.3% |
| Trade debts | 44 | €39 | €3,811 | +€3,772 | +9606.6% |
| Suppliers | 440/4 | €39 | €3,811 | +€3,772 | +9606.6% |
| Taxes, remuneration and social security | 45 | €250 | €0 | -€250 | -100.0% |
| Taxes | 450/3 | €250 | €0 | -€250 | -100.0% |
| Other amounts payable | 47/48 | €103,455 | €1,017,337 | +€913,881 | +883.4% |
| Accrued charges and deferred income | 492/3 | €231 | €30 | -€200 | -86.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,380 | €228,295 | +€46,915 | +25.9% |
| Other operating charges | 640/8 | €12,227 | €15,953 | +€3,726 | +30.5% |
| Gross operating margin | 9900 | €22,385 | €29,757 | +€7,372 | +32.9% |
| Operating profit (loss) | 9901 | -€171,222 | -€214,490 | -€43,268 | -25.3% |
| Financial income | 75/76B | €20,761 | €3,373 | -€17,388 | -83.8% |
| Recurring financial income | 75 | €20,761 | €3,373 | -€17,388 | -83.8% |
| Financial charges | 65/66B | €1,057 | €919 | -€137 | -13.0% |
| Recurring financial charges | 65 | €1,057 | €919 | -€137 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | -€151,517 | -€212,037 | -€60,519 | -39.9% |
| Transfer from deferred taxes | 780 | €27,064 | €39,972 | +€12,908 | +47.7% |
| Profit (loss) for the period | 9904 | -€124,454 | -€172,065 | -€47,611 | -38.3% |
| Transfer from tax-exempt reserves | 789 | €81,191 | €119,915 | +€38,724 | +47.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,263 | -€52,150 | -€8,887 | -20.5% |
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 28 September 2026 via checked.be.