NG Projects: 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.
NG Projects
Largest movements
- Receivables after one year -€61,987
down €61,987 (-100.0%), from €61,987 to €0
- Receivables within one year -€27,141
down €27,141 (-40.7%), from €66,727 to €39,586
of which Trade receivables: -€17,753
- Cash -€3,288
down €3,288 (-7.2%), from €45,430 to €42,142
mainly Contributions, distributions and other (-€120,068) and Trade debts (-€31,749)
- Deferred charges and accrued income -€2,489
down €2,489 (-52.1%), from €4,774 to €2,285
- Reserves -€95,584
down €95,584 (-79.6%), from €120,068 to €24,485
- Trade debts -€31,749
down €31,749 (-71.7%), from €44,293 to €12,544
- Other debts +€27,551
new in 2025: €27,551
- Debts after one year +€3,893
new in 2025: €3,893
- Financial income -€3,129
down €3,129 (-98.9%), from €3,164 to €36
- Taxes +€2,208
up €2,208 (+20.0%), from €11,044 to €13,252
- Depreciation +€938
up €938 (+27.2%), from €3,452 to €4,391
- Other operating charges -€589
down €589 (-20.7%), from €2,843 to €2,254
- Gross operating margin +€469
up €469 (+1.1%), from €43,983 to €44,452
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 | €191,456 | €97,160 | -€94,296 | -49.3% |
| Fixed assets | 21/28 | €12,537 | €13,146 | +€609 | +4.9% |
| Tangible fixed assets | 22/27 | €12,537 | €13,146 | +€609 | +4.9% |
| Plant, machinery and equipment | 23 | €9,015 | €10,490 | +€1,475 | +16.4% |
| Furniture and vehicles | 24 | €3,522 | €2,656 | -€865 | -24.6% |
| Current assets | 29/58 | €178,918 | €84,013 | -€94,905 | -53.0% |
| Amounts receivable after more than one year | 29 | €61,987 | €0 | -€61,987 | -100.0% |
| Other amounts receivable | 291 | €61,987 | €0 | -€61,987 | -100.0% |
| Amounts receivable within one year | 40/41 | €66,727 | €39,586 | -€27,141 | -40.7% |
| Trade receivables | 40 | €53,884 | €36,131 | -€17,753 | -32.9% |
| Other amounts receivable | 41 | €12,843 | €3,456 | -€9,388 | -73.1% |
| Cash at bank and in hand | 54/58 | €45,430 | €42,142 | -€3,288 | -7.2% |
| Deferred charges and accrued income | 490/1 | €4,774 | €2,285 | -€2,489 | -52.1% |
| Total equity and liabilities | 10/49 | €191,456 | €97,160 | -€94,296 | -49.3% |
| Equity | 10/15 | €122,068 | €26,485 | -€95,584 | -78.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €120,068 | €24,485 | -€95,584 | -79.6% |
| Distributable reserves | 133 | €120,068 | €24,485 | -€95,584 | -79.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €69,387 | €70,675 | +€1,288 | +1.9% |
| Amounts payable after more than one year | 17 | - | €3,893 | +€3,893 | |
| Financial debts | 170/4 | - | €3,893 | +€3,893 | |
| Amounts payable within one year | 42/48 | €69,387 | €66,782 | -€2,605 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | - | €1,107 | +€1,107 | |
| Trade debts | 44 | €44,293 | €12,544 | -€31,749 | -71.7% |
| Suppliers | 440/4 | €44,293 | €12,544 | -€31,749 | -71.7% |
| Taxes, remuneration and social security | 45 | €25,094 | €25,580 | +€486 | +1.9% |
| Taxes | 450/3 | €25,094 | €25,580 | +€486 | +1.9% |
| Other amounts payable | 47/48 | - | €27,551 | +€27,551 | |
| Non-recurring operating income | 76A | €17,894 | €0 | -€17,894 | -100.0% |
| Remuneration, social security and pensions | 62 | €438 | €0 | -€438 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,452 | €4,391 | +€938 | +27.2% |
| Other operating charges | 640/8 | €2,843 | €2,254 | -€589 | -20.7% |
| Gross operating margin | 9900 | €43,983 | €44,452 | +€469 | +1.1% |
| Operating profit (loss) | 9901 | €37,250 | €37,807 | +€557 | +1.5% |
| Financial income | 75/76B | €3,164 | €36 | -€3,129 | -98.9% |
| Recurring financial income | 75 | €3,164 | €36 | -€3,129 | -98.9% |
| Financial charges | 65/66B | €165 | €106 | -€59 | -36.0% |
| Recurring financial charges | 65 | €165 | €106 | -€59 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €40,249 | €37,737 | -€2,512 | -6.2% |
| Income taxes | 67/77 | €11,044 | €13,252 | +€2,208 | +20.0% |
| Profit (loss) for the period | 9904 | €29,205 | €24,485 | -€4,720 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,205 | €24,485 | -€4,720 | -16.2% |
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 7 October 2026 via checked.be.