NEXT BOND: 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.
NEXT BOND
Largest movements
- Receivables after one year +€277,050
new in 2025: €277,050
- Receivables within one year -€150,320
down €150,320 (-56.4%), from €266,499 to €116,179
of which Trade receivables: -€101,366
- Stocks and contracts +€101,328
up €101,328 (+27.7%), from €365,281 to €466,609
- Current portion of long-term debt +€900,000
up €900,000 (+116.1%), from €775,000 to €1.7m
- Debts after one year -€662,777
down €662,777 (-67.4%), from €983,326 to €320,549
- Tax, wage and social debts -€26,743
down €26,743 (-61.3%), from €43,599 to €16,856
- Accrued charges and deferred income +€19,558
new in 2025: €19,558
- Gross operating margin -€412,257
down €412,257 (-92.1%), from €447,606 to €35,348
- Financial charges -€355,587
down €355,587 (-93.9%), from €378,872 to €23,285
- Depreciation +€8,332
up €8,332 (+79.7%), from €10,453 to €18,785
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 | €1,397,818 | €1,627,988 | +€230,170 | +16.5% |
| Fixed assets | 21/28 | €761,269 | €752,285 | -€8,985 | -1.2% |
| Tangible fixed assets | 22/27 | €761,069 | €752,285 | -€8,785 | -1.2% |
| Land and buildings | 22 | €691,710 | €679,210 | -€12,500 | -1.8% |
| Plant, machinery and equipment | 23 | €21,073 | €16,271 | -€4,802 | -22.8% |
| Furniture and vehicles | 24 | €587 | €9,104 | +€8,517 | +1450.9% |
| Other tangible fixed assets | 26 | €47,700 | €47,700 | = | 0.0% |
| Financial fixed assets | 28 | €200 | - | -€200 | |
| Current assets | 29/58 | €636,549 | €875,703 | +€239,155 | +37.6% |
| Amounts receivable after more than one year | 29 | - | €277,050 | +€277,050 | |
| Other amounts receivable | 291 | - | €277,050 | +€277,050 | |
| Stocks and contracts in progress | 3 | €365,281 | €466,609 | +€101,328 | +27.7% |
| Stocks | 30/36 | €365,281 | €466,609 | +€101,328 | +27.7% |
| Amounts receivable within one year | 40/41 | €266,499 | €116,179 | -€150,320 | -56.4% |
| Trade receivables | 40 | €102,054 | €688 | -€101,366 | -99.3% |
| Other amounts receivable | 41 | €164,445 | €115,491 | -€48,954 | -29.8% |
| Cash at bank and in hand | 54/58 | €4,768 | €15,438 | +€10,670 | +223.8% |
| Deferred charges and accrued income | 490/1 | - | €427 | +€427 | |
| Total equity and liabilities | 10/49 | €1,397,818 | €1,627,988 | +€230,170 | +16.5% |
| Equity | 10/15 | -€406,074 | -€405,963 | +€111 | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€411,074 | -€410,963 | +€111 | 0.0% |
| Amounts payable | 17/49 | €1,803,892 | €2,033,951 | +€230,059 | +12.8% |
| Amounts payable after more than one year | 17 | €983,326 | €320,549 | -€662,777 | -67.4% |
| Financial debts | 170/4 | €983,326 | €320,549 | -€662,777 | -67.4% |
| Amounts payable within one year | 42/48 | €820,566 | €1,693,844 | +€873,277 | +106.4% |
| Current portion of amounts payable after more than one year | 42 | €775,000 | €1,675,000 | +€900,000 | +116.1% |
| Trade debts | 44 | €1,968 | €1,988 | +€20 | +1.0% |
| Suppliers | 440/4 | €1,968 | €1,988 | +€20 | +1.0% |
| Taxes, remuneration and social security | 45 | €43,599 | €16,856 | -€26,743 | -61.3% |
| Taxes | 450/3 | €43,599 | €16,856 | -€26,743 | -61.3% |
| Accrued charges and deferred income | 492/3 | - | €19,558 | +€19,558 | |
| Non-recurring operating income | 76A | - | €96,000 | +€96,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,453 | €18,785 | +€8,332 | +79.7% |
| Other operating charges | 640/8 | €1,040 | €1,646 | +€606 | +58.3% |
| Non-recurring operating charges | 66A | €324,000 | - | -€324,000 | |
| Gross operating margin | 9900 | €447,606 | €35,348 | -€412,257 | -92.1% |
| Operating profit (loss) | 9901 | €112,113 | €14,918 | -€97,195 | -86.7% |
| Financial income | 75/76B | €6,238 | €8,479 | +€2,241 | +35.9% |
| Recurring financial income | 75 | €6,238 | €8,479 | +€2,241 | +35.9% |
| Financial charges | 65/66B | €378,872 | €23,285 | -€355,587 | -93.9% |
| Recurring financial charges | 65 | €378,872 | €23,285 | -€355,587 | -93.9% |
| Profit (loss) for the period before taxes | 9903 | -€260,521 | €111 | +€260,632 | |
| Profit (loss) for the period | 9904 | -€260,521 | €111 | +€260,632 | |
| Profit (loss) for the period to be appropriated | 9905 | -€260,521 | €111 | +€260,632 |
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 12 October 2026 via checked.be.