NGRN4: 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.
NGRN4
Largest movements
- Tangible fixed assets +€194,670
up €194,670 (+35.8%), from €543,255 to €737,925
of which Assets under construction and advance payments: +€220,451
- Cash +€103,002
up €103,002 (+589.5%), from €17,473 to €120,475
mainly Debts after one year (+€182,592) and Other debts (+€100,150)
- Receivables within one year +€9,410
up €9,410 (+585.1%), from €1,608 to €11,018
of which Trade receivables: +€6,000
- Debts after one year +€182,592
up €182,592 (+38.2%), from €478,329 to €660,921
of which Financial debts: +€182,592
- Other debts +€100,150
up €100,150 (+141.8%), from €70,644 to €170,794
- Profit (loss) carried forward +€15,237
up €15,237 (+43.1%), from -€35,340 to -€20,104
- Trade debts +€11,268
up €11,268 (+3635.0%), from €310 to €11,578
- Gross operating margin +€10,445
up €10,445 (+20.6%), from €50,659 to €61,104
- Financial charges +€6,285
up €6,285 (+78.3%), from €8,026 to €14,311
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 | €562,740 | €869,822 | +€307,083 | +54.6% |
| Fixed assets | 21/28 | €543,255 | €737,925 | +€194,670 | +35.8% |
| Tangible fixed assets | 22/27 | €543,255 | €737,925 | +€194,670 | +35.8% |
| Land and buildings | 22 | €543,255 | €517,475 | -€25,781 | -4.7% |
| Assets under construction and advance payments | 27 | - | €220,451 | +€220,451 | |
| Current assets | 29/58 | €19,485 | €131,897 | +€112,412 | +576.9% |
| Amounts receivable within one year | 40/41 | €1,608 | €11,018 | +€9,410 | +585.1% |
| Trade receivables | 40 | €1,608 | €7,608 | +€6,000 | +373.1% |
| Other amounts receivable | 41 | - | €3,410 | +€3,410 | |
| Cash at bank and in hand | 54/58 | €17,473 | €120,475 | +€103,002 | +589.5% |
| Deferred charges and accrued income | 490/1 | €404 | €404 | = | 0.0% |
| Total equity and liabilities | 10/49 | €562,740 | €869,822 | +€307,083 | +54.6% |
| Equity | 10/15 | -€16,740 | -€1,504 | +€15,237 | +91.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,340 | -€20,104 | +€15,237 | +43.1% |
| Amounts payable | 17/49 | €579,480 | €871,326 | +€291,846 | +50.4% |
| Amounts payable after more than one year | 17 | €478,329 | €660,921 | +€182,592 | +38.2% |
| Financial debts | 170/4 | €377,481 | €560,073 | +€182,592 | +48.4% |
| Other amounts payable | 178/9 | €100,848 | €100,848 | = | 0.0% |
| Amounts payable within one year | 42/48 | €99,851 | €209,780 | +€109,929 | +110.1% |
| Current portion of amounts payable after more than one year | 42 | €26,905 | €27,408 | +€503 | +1.9% |
| Trade debts | 44 | €310 | €11,578 | +€11,268 | +3635.0% |
| Suppliers | 440/4 | €310 | €11,578 | +€11,268 | +3635.0% |
| Taxes, remuneration and social security | 45 | €1,992 | - | -€1,992 | |
| Taxes | 450/3 | €1,992 | - | -€1,992 | |
| Other amounts payable | 47/48 | €70,644 | €170,794 | +€100,150 | +141.8% |
| Accrued charges and deferred income | 492/3 | €1,300 | €625 | -€675 | -51.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,781 | €25,781 | = | 0.0% |
| Other operating charges | 640/8 | €5,819 | €5,775 | -€44 | -0.8% |
| Gross operating margin | 9900 | €50,659 | €61,104 | +€10,445 | +20.6% |
| Operating profit (loss) | 9901 | €19,059 | €29,548 | +€10,489 | +55.0% |
| Financial charges | 65/66B | €8,026 | €14,311 | +€6,285 | +78.3% |
| Recurring financial charges | 65 | €8,026 | €14,311 | +€6,285 | +78.3% |
| Profit (loss) for the period before taxes | 9903 | €11,033 | €15,237 | +€4,204 | +38.1% |
| Profit (loss) for the period | 9904 | €11,033 | €15,237 | +€4,204 | +38.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,033 | €15,237 | +€4,204 | +38.1% |
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.