NEVER FEAR SHADOWS: 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.
NEVER FEAR SHADOWS
Largest movements
- Receivables within one year -€528,252
down €528,252 (-26.1%), from €2.0m to €1.5m
of which Other amounts receivable: -€315,472
- Cash +€162,954
up €162,954 (+149%), from €109,123 to €272,076
mainly Receivables within one year (+€528,252) and Net result for the year (+€265,272)
- Reserves -€235,211
down €235,211 (-11.2%), from €2.1m to €1.9m
of which Distributable reserves: -€228,542
- Tax, wage and social debts -€229,858
down €229,858 (-69.0%), from €333,284 to €103,425
- Other debts +€105,829
new in 2025: €105,829
- Debts after one year -€54,785
down €54,785 (-21.3%), from €256,795 to €202,011
- Short-term financial debts +€49,845
up €49,845 (+29.3%), from €170,367 to €220,211
- Gross operating margin +€167,724
up €167,724 (+67.3%), from €249,218 to €416,942
- Taxes +€44,135
up €44,135 (+48.7%), from €90,553 to €134,688
- Other operating charges +€29,290
up €29,290 (+279%), from €10,512 to €39,803
- Financial charges +€7,893
up €7,893 (+25.1%), from €31,420 to €39,313
- Financial income -€5,023
down €5,023 (-5.1%), from €98,402 to €93,379
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 | €3,185,285 | €2,791,371 | -€393,914 | -12.4% |
| Fixed assets | 21/28 | €550,299 | €519,750 | -€30,549 | -5.6% |
| Tangible fixed assets | 22/27 | €550,299 | €519,750 | -€30,549 | -5.6% |
| Land and buildings | 22 | €542,566 | €512,638 | -€29,928 | -5.5% |
| Plant, machinery and equipment | 23 | €1,813 | €1,762 | -€50 | -2.8% |
| Furniture and vehicles | 24 | €5,919 | €5,349 | -€570 | -9.6% |
| Current assets | 29/58 | €2,634,986 | €2,271,621 | -€363,365 | -13.8% |
| Amounts receivable after more than one year | 29 | €500,000 | €500,000 | = | 0.0% |
| Other amounts receivable | 291 | €500,000 | €500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,024,740 | €1,496,488 | -€528,252 | -26.1% |
| Trade receivables | 40 | €508,769 | €295,988 | -€212,781 | -41.8% |
| Other amounts receivable | 41 | €1,515,971 | €1,200,500 | -€315,472 | -20.8% |
| Cash at bank and in hand | 54/58 | €109,123 | €272,076 | +€162,954 | +149% |
| Deferred charges and accrued income | 490/1 | €1,123 | €3,057 | +€1,934 | +172% |
| Total equity and liabilities | 10/49 | €3,185,285 | €2,791,371 | -€393,914 | -12.4% |
| Equity | 10/15 | €2,112,867 | €1,877,657 | -€235,211 | -11.1% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €2,106,670 | €1,871,459 | -€235,211 | -11.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €53,348 | €46,679 | -€6,668 | -12.5% |
| Distributable reserves | 133 | €2,051,463 | €1,822,921 | -€228,542 | -11.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €17,783 | €15,560 | -€2,223 | -12.5% |
| Deferred taxes | 168 | €17,783 | €15,560 | -€2,223 | -12.5% |
| Amounts payable | 17/49 | €1,054,635 | €898,155 | -€156,480 | -14.8% |
| Amounts payable after more than one year | 17 | €256,795 | €202,011 | -€54,785 | -21.3% |
| Financial debts | 170/4 | €256,795 | €202,011 | -€54,785 | -21.3% |
| Amounts payable within one year | 42/48 | €797,839 | €696,144 | -€101,696 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €53,543 | €54,785 | +€1,242 | +2.3% |
| Financial debts | 43 | €170,367 | €220,211 | +€49,845 | +29.3% |
| Credit institutions | 430/8 | €170,367 | €220,211 | +€49,845 | +29.3% |
| Trade debts | 44 | €240,646 | €211,894 | -€28,753 | -11.9% |
| Suppliers | 440/4 | €240,646 | €211,894 | -€28,753 | -11.9% |
| Taxes, remuneration and social security | 45 | €333,284 | €103,425 | -€229,858 | -69.0% |
| Taxes | 450/3 | €333,284 | €103,425 | -€229,858 | -69.0% |
| Other amounts payable | 47/48 | - | €105,829 | +€105,829 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €266 | €0 | -€266 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,254 | €33,467 | +€213 | +0.6% |
| Other operating charges | 640/8 | €10,512 | €39,803 | +€29,290 | +279% |
| Gross operating margin | 9900 | €249,218 | €416,942 | +€167,724 | +67.3% |
| Operating profit (loss) | 9901 | €205,452 | €343,672 | +€138,220 | +67.3% |
| Financial income | 75/76B | €98,402 | €93,379 | -€5,023 | -5.1% |
| Recurring financial income | 75 | €98,402 | €93,379 | -€5,023 | -5.1% |
| Financial charges | 65/66B | €31,420 | €39,313 | +€7,893 | +25.1% |
| Recurring financial charges | 65 | €31,420 | €39,313 | +€7,893 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | €272,433 | €397,738 | +€125,305 | +46.0% |
| Transfer from deferred taxes | 780 | €2,223 | €2,223 | = | 0.0% |
| Income taxes | 67/77 | €90,553 | €134,688 | +€44,135 | +48.7% |
| Profit (loss) for the period | 9904 | €184,103 | €265,272 | +€81,170 | +44.1% |
| Transfer from tax-exempt reserves | 789 | €6,668 | €6,668 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €190,771 | €271,941 | +€81,170 | +42.5% |
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 29 October 2026 via checked.be.