NEW VEGAS: 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.
NEW VEGAS
Largest movements
- Deferred charges and accrued income -€1.4m
down €1.4m (-76.2%), from €1.8m to €430,361
- Tangible fixed assets +€1.4m
up €1.4m (+105%), from €1.3m to €2.7m
of which Plant, machinery and equipment: +€1.4m
- Cash +€245,882
up €245,882 (+1,261%), from €19,499 to €265,381
- Financial fixed assets -€220,100
down €220,100 (-70.7%), from €311,360 to €91,260
- Receivables within one year -€98,890
down €98,890 (-9.7%), from €1.0m to €919,311
of which Trade receivables: -€213,336
- Current portion of long-term debt -€2.1m
no longer reported in 2025 (was €2.1m)
- Reserves +€709,000
up €709,000 (+56.0%), from €1.3m to €2.0m
of which Distributable reserves: +€709,000
- Trade debts +€703,830
up €703,830 (+769%), from €91,478 to €795,308
- Short-term financial debts +€435,239
new in 2025: €435,239
- Other debts +€137,359
up €137,359 (+30.1%), from €456,980 to €594,339
- Gross operating margin +€3.3m
up €3.3m (+104%), from €3.1m to €6.4m
- Other operating charges +€1.9m
up €1.9m (+82.5%), from €2.3m to €4.1m
- Depreciation +€515,425
up €515,425 (+192%), from €267,769 to €783,194
- Staff costs +€409,987
up €409,987 (+105%), from €390,897 to €800,885
- Financial income +€279,813
up €279,813 (+302,305%), from €93 to €279,906
of which Non-recurring financial income: +€279,900
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,453,754 | €4,364,584 | -€89,170 | -2.0% |
| Fixed assets | 21/28 | €1,610,217 | €2,749,532 | +€1.1m | +70.8% |
| Tangible fixed assets | 22/27 | €1,298,857 | €2,658,272 | +€1.4m | +105% |
| Plant, machinery and equipment | 23 | €1,287,057 | €2,646,472 | +€1.4m | +106% |
| Furniture and vehicles | 24 | €11,800 | €11,800 | = | 0.0% |
| Financial fixed assets | 28 | €311,360 | €91,260 | -€220,100 | -70.7% |
| Current assets | 29/58 | €2,843,537 | €1,615,052 | -€1.2m | -43.2% |
| Amounts receivable within one year | 40/41 | €1,018,201 | €919,311 | -€98,890 | -9.7% |
| Trade receivables | 40 | €593,035 | €379,699 | -€213,336 | -36.0% |
| Other amounts receivable | 41 | €425,166 | €539,612 | +€114,446 | +26.9% |
| Cash at bank and in hand | 54/58 | €19,499 | €265,381 | +€245,882 | +1,261% |
| Deferred charges and accrued income | 490/1 | €1,805,838 | €430,361 | -€1.4m | -76.2% |
| Total equity and liabilities | 10/49 | €4,453,754 | €4,364,584 | -€89,170 | -2.0% |
| Equity | 10/15 | €1,545,914 | €2,262,848 | +€716,934 | +46.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,267,200 | €1,976,200 | +€709,000 | +56.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,261,000 | €1,970,000 | +€709,000 | +56.2% |
| Profit (loss) carried forward | 14 | €216,714 | €224,648 | +€7,934 | +3.7% |
| Amounts payable | 17/49 | €2,907,840 | €2,101,736 | -€806,104 | -27.7% |
| Amounts payable after more than one year | 17 | €57,561 | - | -€57,561 | |
| Financial debts | 170/4 | €57,561 | - | -€57,561 | |
| Amounts payable within one year | 42/48 | €2,850,279 | €2,101,736 | -€748,543 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €2,137,362 | - | -€2.1m | |
| Financial debts | 43 | - | €435,239 | +€435,239 | |
| Credit institutions | 430/8 | - | €435,239 | +€435,239 | |
| Trade debts | 44 | €91,478 | €795,308 | +€703,830 | +769% |
| Suppliers | 440/4 | €91,478 | €795,308 | +€703,830 | +769% |
| Taxes, remuneration and social security | 45 | €164,458 | €276,851 | +€112,393 | +68.3% |
| Taxes | 450/3 | €49,443 | €192,982 | +€143,539 | +290% |
| Remuneration and social security | 454/9 | €115,016 | €83,870 | -€31,146 | -27.1% |
| Other amounts payable | 47/48 | €456,980 | €594,339 | +€137,359 | +30.1% |
| Remuneration, social security and pensions | 62 | €390,897 | €800,885 | +€409,987 | +105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €267,769 | €783,194 | +€515,425 | +192% |
| Other operating charges | 640/8 | €2,254,652 | €4,114,765 | +€1.9m | +82.5% |
| Gross operating margin | 9900 | €3,144,241 | €6,425,942 | +€3.3m | +104% |
| Operating profit (loss) | 9901 | €230,923 | €727,099 | +€496,176 | +215% |
| Financial income | 75/76B | €93 | €279,906 | +€279,813 | +302,305% |
| Recurring financial income | 75 | €93 | €6 | -€87 | -93.5% |
| Non-recurring financial income | 76B | - | €279,900 | +€279,900 | |
| Financial charges | 65/66B | €60,759 | €85,179 | +€24,420 | +40.2% |
| Recurring financial charges | 65 | €60,759 | €85,179 | +€24,420 | +40.2% |
| Profit (loss) for the period before taxes | 9903 | €170,257 | €921,826 | +€751,569 | +441% |
| Income taxes | 67/77 | €59,440 | €204,893 | +€145,453 | +245% |
| Profit (loss) for the period | 9904 | €110,817 | €716,934 | +€606,116 | +547% |
| Profit (loss) for the period to be appropriated | 9905 | €110,817 | €716,934 | +€606,116 | +547% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.