nFuse: 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.
nFuse
Largest movements
- Receivables within one year +€40,491
up €40,491 (+6.9%), from €587,905 to €628,396
of which Trade receivables: +€138,203
- Deferred charges and accrued income -€23,610
down €23,610 (-18.1%), from €130,315 to €106,705
- Reserves -€178,000
down €178,000 (-40.6%), from €438,240 to €260,240
of which Distributable reserves: -€178,000
- Profit (loss) carried forward +€137,316
up €137,316, from -€136,480 to €836
- Trade debts +€99,769
up €99,769 (+76.5%), from €130,494 to €230,262
- Tax, wage and social debts -€69,385
down €69,385 (-31.8%), from €218,337 to €148,953
of which Taxes: -€57,037
- Accrued charges and deferred income +€29,132
up €29,132 (+134.6%), from €21,647 to €50,780
- Turnover +€371,030
up €371,030 (+19.1%), from €1.9m to €2.3m
- Purchases and services +€307,949
up €307,949 (+29.7%), from €1.0m to €1.3m
- Gross operating margin +€114,330
up €114,330 (+12.6%), from €909,369 to €1.0m
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 | €734,238 | €753,437 | +€19,199 | +2.6% |
| Fixed assets | 21/28 | €4,654 | €4,998 | +€344 | +7.4% |
| Tangible fixed assets | 22/27 | €4,654 | €4,998 | +€344 | +7.4% |
| Plant, machinery and equipment | 23 | €4,654 | €4,998 | +€344 | +7.4% |
| Current assets | 29/58 | €729,584 | €748,439 | +€18,855 | +2.6% |
| Amounts receivable within one year | 40/41 | €587,905 | €628,396 | +€40,491 | +6.9% |
| Trade receivables | 40 | €323,561 | €461,765 | +€138,203 | +42.7% |
| Other amounts receivable | 41 | €264,344 | €166,631 | -€97,713 | -37.0% |
| Cash at bank and in hand | 54/58 | €11,364 | €13,338 | +€1,974 | +17.4% |
| Deferred charges and accrued income | 490/1 | €130,315 | €106,705 | -€23,610 | -18.1% |
| Total equity and liabilities | 10/49 | €734,238 | €753,437 | +€19,199 | +2.6% |
| Equity | 10/15 | €363,760 | €323,076 | -€40,684 | -11.2% |
| 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 | €438,240 | €260,240 | -€178,000 | -40.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €432,040 | €254,040 | -€178,000 | -41.2% |
| Profit (loss) carried forward | 14 | -€136,480 | €836 | +€137,316 | |
| Provisions and deferred taxes | 16 | - | €367 | +€367 | |
| Provisions for liabilities and charges | 160/5 | - | €367 | +€367 | |
| Pensions and similar obligations | 160 | - | €367 | +€367 | |
| Amounts payable | 17/49 | €370,478 | €429,995 | +€59,516 | +16.1% |
| Amounts payable within one year | 42/48 | €348,831 | €379,215 | +€30,384 | +8.7% |
| Trade debts | 44 | €130,494 | €230,262 | +€99,769 | +76.5% |
| Suppliers | 440/4 | €130,494 | €230,262 | +€99,769 | +76.5% |
| Taxes, remuneration and social security | 45 | €218,337 | €148,953 | -€69,385 | -31.8% |
| Taxes | 450/3 | €79,404 | €22,367 | -€57,037 | -71.8% |
| Remuneration and social security | 454/9 | €138,933 | €126,585 | -€12,348 | -8.9% |
| Accrued charges and deferred income | 492/3 | €21,647 | €50,780 | +€29,132 | +134.6% |
| Turnover | 70 | €1,941,109 | €2,312,138 | +€371,030 | +19.1% |
| Non-recurring operating income | 76A | - | €44,508 | +€44,508 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,037,531 | €1,345,480 | +€307,949 | +29.7% |
| Remuneration, social security and pensions | 62 | €1,007,675 | €1,027,669 | +€19,995 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,751 | €3,202 | +€452 | +16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €367 | +€367 | |
| Other operating charges | 640/8 | €5,908 | €5,769 | -€139 | -2.4% |
| Non-recurring operating charges | 66A | €331 | €901 | +€570 | +171.9% |
| Gross operating margin | 9900 | €909,369 | €1,023,699 | +€114,330 | +12.6% |
| Operating profit (loss) | 9901 | -€107,296 | -€14,209 | +€93,087 | +86.8% |
| Financial income | 75/76B | €4,421 | €4,873 | +€452 | +10.2% |
| Recurring financial income | 75 | €4,421 | €4,873 | +€452 | +10.2% |
| Financial charges | 65/66B | €30,739 | €28,607 | -€2,132 | -6.9% |
| Recurring financial charges | 65 | €30,739 | €28,607 | -€2,132 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | -€133,614 | -€37,943 | +€95,671 | +71.6% |
| Income taxes | 67/77 | €3,166 | €2,742 | -€424 | -13.4% |
| Profit (loss) for the period | 9904 | -€136,780 | -€40,684 | +€96,095 | +70.3% |
| Transfer from tax-exempt reserves | 789 | €101,040 | - | -€101,040 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,740 | -€40,684 | -€4,945 | -13.8% |
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 9 October 2026 via checked.be.