NFQ: 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.
NFQ
Largest movements
- Receivables within one year +€114,868
up €114,868 (+126.5%), from €90,822 to €205,690
of which Trade receivables: +€122,238
- Cash -€19,163
down €19,163 (-100.0%), from €19,163 to €0
mainly Receivables within one year (-€114,868) and Debts after one year (-€10,890)
- Tangible fixed assets -€14,709
down €14,709 (-9.3%), from €157,480 to €142,771
of which Land and buildings: -€14,356
- Profit (loss) carried forward +€43,027
up €43,027 (+414.5%), from €10,379 to €53,406
- Trade debts +€31,685
up €31,685 (+399.8%), from €7,925 to €39,610
- Tax, wage and social debts +€13,204
up €13,204 (+64.1%), from €20,606 to €33,810
of which Taxes: +€13,204
- Debts after one year -€10,890
down €10,890 (-7.7%), from €141,289 to €130,399
- Short-term financial debts +€4,568
new in 2025: €4,568
- Gross operating margin +€48,294
up €48,294 (+145.9%), from €33,103 to €81,397
- Taxes +€13,656
up €13,656 (+499.2%), from €2,735 to €16,391
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 | €270,302 | €352,855 | +€82,553 | +30.5% |
| Fixed assets | 21/28 | €157,551 | €145,691 | -€11,860 | -7.5% |
| Intangible fixed assets | 21 | €72 | €2,920 | +€2,849 | +3983.7% |
| Tangible fixed assets | 22/27 | €157,480 | €142,771 | -€14,709 | -9.3% |
| Land and buildings | 22 | €157,127 | €142,771 | -€14,356 | -9.1% |
| Furniture and vehicles | 24 | €352 | €0 | -€352 | -100.0% |
| Current assets | 29/58 | €112,751 | €207,164 | +€94,413 | +83.7% |
| Amounts receivable within one year | 40/41 | €90,822 | €205,690 | +€114,868 | +126.5% |
| Trade receivables | 40 | €83,375 | €205,613 | +€122,238 | +146.6% |
| Other amounts receivable | 41 | €7,447 | €77 | -€7,370 | -99.0% |
| Cash at bank and in hand | 54/58 | €19,163 | €0 | -€19,163 | -100.0% |
| Deferred charges and accrued income | 490/1 | €2,766 | €1,474 | -€1,292 | -46.7% |
| Total equity and liabilities | 10/49 | €270,302 | €352,855 | +€82,553 | +30.5% |
| Equity | 10/15 | €30,839 | €73,866 | +€43,027 | +139.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,379 | €53,406 | +€43,027 | +414.5% |
| Amounts payable | 17/49 | €239,462 | €278,989 | +€39,526 | +16.5% |
| Amounts payable after more than one year | 17 | €141,289 | €130,399 | -€10,890 | -7.7% |
| Financial debts | 170/4 | €141,289 | €130,399 | -€10,890 | -7.7% |
| Amounts payable within one year | 42/48 | €98,108 | €147,773 | +€49,666 | +50.6% |
| Current portion of amounts payable after more than one year | 42 | €10,695 | €10,890 | +€195 | +1.8% |
| Financial debts | 43 | - | €4,568 | +€4,568 | |
| Credit institutions | 430/8 | - | €4,568 | +€4,568 | |
| Trade debts | 44 | €7,925 | €39,610 | +€31,685 | +399.8% |
| Suppliers | 440/4 | €7,925 | €39,610 | +€31,685 | +399.8% |
| Taxes, remuneration and social security | 45 | €20,606 | €33,810 | +€13,204 | +64.1% |
| Taxes | 450/3 | €20,606 | €33,810 | +€13,204 | +64.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €58,882 | €58,895 | +€13 | 0.0% |
| Accrued charges and deferred income | 492/3 | €66 | €817 | +€751 | +1143.3% |
| Remuneration, social security and pensions | 62 | €264 | €0 | -€264 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,083 | €15,600 | -€483 | -3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,428 | €3,114 | +€686 | +28.3% |
| Gross operating margin | 9900 | €33,103 | €81,397 | +€48,294 | +145.9% |
| Operating profit (loss) | 9901 | €14,328 | €62,684 | +€48,355 | +337.5% |
| Financial income | 75/76B | €0 | €178 | +€178 | +1775600.0% |
| Recurring financial income | 75 | €0 | €178 | +€178 | +1775600.0% |
| Financial charges | 65/66B | €3,426 | €3,443 | +€17 | +0.5% |
| Recurring financial charges | 65 | €3,426 | €3,443 | +€17 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €10,902 | €59,418 | +€48,516 | +445.0% |
| Income taxes | 67/77 | €2,735 | €16,391 | +€13,656 | +499.2% |
| Profit (loss) for the period | 9904 | €8,167 | €43,027 | +€34,860 | +426.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,167 | €43,027 | +€34,860 | +426.8% |
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 11 October 2026 via checked.be.