NF2H: 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.
NF2H
Largest movements
- Receivables within one year +€167,998
up €167,998 (+228.7%), from €73,467 to €241,465
of which Trade receivables: +€173,270
- Other debts +€387,306
new in 2025: €387,306
- Debts after one year -€336,004
down €336,004 (-13.3%), from €2.5m to €2.2m
of which Other amounts payable: -€227,219
- Trade debts +€207,869
up €207,869 (+48207.0%), from €431 to €208,300
- Profit (loss) carried forward -€121,117
down €121,117 (-100.0%), from €121,117 to €0
- Tax, wage and social debts +€35,058
up €35,058 (+98.7%), from €35,526 to €70,584
- Gross operating margin +€247,430
up €247,430 (+254.9%), from €97,080 to €344,510
- Financial charges +€54,137
up €54,137 (+401.0%), from €13,500 to €67,637
- Taxes +€47,314
up €47,314 (+257.7%), from €18,363 to €65,677
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 | €2,941,871 | €3,109,415 | +€167,544 | +5.7% |
| Fixed assets | 21/28 | €2,863,722 | €2,859,258 | -€4,465 | -0.2% |
| Tangible fixed assets | 22/27 | €233,639 | €229,174 | -€4,465 | -1.9% |
| Land and buildings | 22 | €233,639 | €229,174 | -€4,465 | -1.9% |
| Financial fixed assets | 28 | €2,630,083 | €2,630,083 | = | 0.0% |
| Current assets | 29/58 | €78,149 | €250,158 | +€172,009 | +220.1% |
| Amounts receivable within one year | 40/41 | €73,467 | €241,465 | +€167,998 | +228.7% |
| Trade receivables | 40 | €65,983 | €239,253 | +€173,270 | +262.6% |
| Other amounts receivable | 41 | €7,484 | €2,212 | -€5,272 | -70.4% |
| Cash at bank and in hand | 54/58 | €2,501 | €6,301 | +€3,799 | +151.9% |
| Deferred charges and accrued income | 490/1 | €2,181 | €2,392 | +€211 | +9.7% |
| Total equity and liabilities | 10/49 | €2,941,871 | €3,109,415 | +€167,544 | +5.7% |
| Equity | 10/15 | €316,650 | €169,794 | -€146,856 | -46.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €95,533 | €69,794 | -€25,739 | -26.9% |
| Distributable reserves | 133 | €95,533 | €69,794 | -€25,739 | -26.9% |
| Profit (loss) carried forward | 14 | €121,117 | €0 | -€121,117 | -100.0% |
| Amounts payable | 17/49 | €2,625,221 | €2,939,621 | +€314,400 | +12.0% |
| Amounts payable after more than one year | 17 | €2,530,673 | €2,194,669 | -€336,004 | -13.3% |
| Financial debts | 170/4 | €1,099,119 | €990,334 | -€108,786 | -9.9% |
| Other amounts payable | 178/9 | €1,431,554 | €1,204,335 | -€227,219 | -15.9% |
| Amounts payable within one year | 42/48 | €93,671 | €744,322 | +€650,651 | +694.6% |
| Current portion of amounts payable after more than one year | 42 | €57,714 | €78,132 | +€20,418 | +35.4% |
| Trade debts | 44 | €431 | €208,300 | +€207,869 | +48207.0% |
| Suppliers | 440/4 | €431 | €208,300 | +€207,869 | +48207.0% |
| Taxes, remuneration and social security | 45 | €35,526 | €70,584 | +€35,058 | +98.7% |
| Taxes | 450/3 | €35,526 | €70,584 | +€35,058 | +98.7% |
| Other amounts payable | 47/48 | - | €387,306 | +€387,306 | |
| Accrued charges and deferred income | 492/3 | €877 | €630 | -€247 | -28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,465 | €4,465 | = | 0.0% |
| Other operating charges | 640/8 | €3,331 | €4,343 | +€1,012 | +30.4% |
| Gross operating margin | 9900 | €97,080 | €344,510 | +€247,430 | +254.9% |
| Operating profit (loss) | 9901 | €89,285 | €335,703 | +€246,418 | +276.0% |
| Financial income | 75/76B | €62 | €0 | -€62 | -100.0% |
| Recurring financial income | 75 | €62 | €0 | -€62 | -100.0% |
| Financial charges | 65/66B | €13,500 | €67,637 | +€54,137 | +401.0% |
| Recurring financial charges | 65 | €13,500 | €67,637 | +€54,137 | +401.0% |
| Profit (loss) for the period before taxes | 9903 | €75,847 | €268,066 | +€192,220 | +253.4% |
| Income taxes | 67/77 | €18,363 | €65,677 | +€47,314 | +257.7% |
| Profit (loss) for the period | 9904 | €57,484 | €202,389 | +€144,905 | +252.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,484 | €202,389 | +€144,905 | +252.1% |
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 3 October 2026 via checked.be.