NF MANAGEMENT: 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.
NF MANAGEMENT
Largest movements
- Current investments -€35,000
down €35,000 (-43.8%), from €80,000 to €45,000
- Tangible fixed assets -€19,094
down €19,094 (-11.2%), from €170,201 to €151,107
of which Furniture and vehicles: -€16,401
- Cash -€15,028
down €15,028 (-38.0%), from €39,517 to €24,489
mainly Contributions, distributions and other (-€112,936) and Other debts (-€40,769)
- Receivables within one year +€9,128
new in 2025: €9,128
of which Trade receivables: +€7,500
- Other debts -€40,769
down €40,769 (-27.9%), from €145,978 to €105,209
- Debts after one year -€20,757
down €20,757 (-21.9%), from €94,648 to €73,890
- Financial income -€60,482
down €60,482 (-96.9%), from €62,428 to €1,947
- Gross operating margin +€9,991
up €9,991 (+6.1%), from €163,552 to €173,543
- Taxes +€5,224
up €5,224 (+18.3%), from €28,612 to €33,836
- Other operating charges -€3,632
down €3,632 (-55.0%), from €6,602 to €2,970
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 | €292,013 | €232,342 | -€59,672 | -20.4% |
| Fixed assets | 21/28 | €171,377 | €152,283 | -€19,094 | -11.1% |
| Tangible fixed assets | 22/27 | €170,201 | €151,107 | -€19,094 | -11.2% |
| Land and buildings | 22 | €102,173 | €99,480 | -€2,693 | -2.6% |
| Furniture and vehicles | 24 | €68,028 | €51,627 | -€16,401 | -24.1% |
| Financial fixed assets | 28 | €1,176 | €1,176 | = | 0.0% |
| Current assets | 29/58 | €120,637 | €80,059 | -€40,578 | -33.6% |
| Amounts receivable within one year | 40/41 | - | €9,128 | +€9,128 | |
| Trade receivables | 40 | - | €7,500 | +€7,500 | |
| Other amounts receivable | 41 | - | €1,628 | +€1,628 | |
| Current investments | 50/53 | €80,000 | €45,000 | -€35,000 | -43.8% |
| Cash at bank and in hand | 54/58 | €39,517 | €24,489 | -€15,028 | -38.0% |
| Deferred charges and accrued income | 490/1 | €1,120 | €1,442 | +€322 | +28.8% |
| Total equity and liabilities | 10/49 | €292,013 | €232,342 | -€59,672 | -20.4% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €273,413 | €213,742 | -€59,672 | -21.8% |
| Amounts payable after more than one year | 17 | €94,648 | €73,890 | -€20,757 | -21.9% |
| Financial debts | 170/4 | €94,648 | €73,890 | -€20,757 | -21.9% |
| Amounts payable within one year | 42/48 | €178,766 | €139,679 | -€39,087 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €20,556 | €20,757 | +€201 | +1.0% |
| Trade debts | 44 | €2,442 | €3,427 | +€985 | +40.3% |
| Suppliers | 440/4 | €2,442 | €3,427 | +€985 | +40.3% |
| Taxes, remuneration and social security | 45 | €9,790 | €10,286 | +€496 | +5.1% |
| Taxes | 450/3 | €9,790 | €7,486 | -€2,304 | -23.5% |
| Remuneration and social security | 454/9 | - | €2,800 | +€2,800 | |
| Other amounts payable | 47/48 | €145,978 | €105,209 | -€40,769 | -27.9% |
| Accrued charges and deferred income | 492/3 | - | €172 | +€172 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,285 | €20,708 | +€422 | +2.1% |
| Other operating charges | 640/8 | €6,602 | €2,970 | -€3,632 | -55.0% |
| Non-recurring operating charges | 66A | - | €374 | +€374 | |
| Gross operating margin | 9900 | €163,552 | €173,543 | +€9,991 | +6.1% |
| Operating profit (loss) | 9901 | €136,664 | €149,492 | +€12,827 | +9.4% |
| Financial income | 75/76B | €62,428 | €1,947 | -€60,482 | -96.9% |
| Recurring financial income | 75 | €62,428 | €1,947 | -€60,482 | -96.9% |
| Financial charges | 65/66B | €5,586 | €4,666 | -€920 | -16.5% |
| Recurring financial charges | 65 | €5,586 | €4,666 | -€920 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €193,507 | €146,772 | -€46,735 | -24.2% |
| Income taxes | 67/77 | €28,612 | €33,836 | +€5,224 | +18.3% |
| Profit (loss) for the period | 9904 | €164,894 | €112,936 | -€51,959 | -31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €164,894 | €112,936 | -€51,959 | -31.5% |
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 12 October 2026 via checked.be.