NHX: 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.
NHX
Largest movements
- Current investments -€2.3m
down €2.3m (-78.8%), from €2.9m to €614,169
- Cash +€1.1m
up €1.1m (+798.4%), from €131,541 to €1.2m
mainly Current investments (+€2.3m) and Tax, wage and social debts (+€150,072)
- Receivables within one year +€241,261
up €241,261 (+932.6%), from €25,870 to €267,131
of which Other amounts receivable: +€249,801
- Tangible fixed assets +€55,560
up €55,560 (+1476.4%), from €3,763 to €59,323
of which Furniture and vehicles: +€55,672
- Profit (loss) carried forward -€920,378
down €920,378 (-45.2%), from €2.0m to €1.1m
- Tax, wage and social debts +€150,072
up €150,072 (+1515.2%), from €9,904 to €159,977
- Other debts -€148,372
down €148,372 (-14.8%), from €1.0m to €852,944
- Financial income -€2.7m
down €2.7m (-95.4%), from €2.8m to €131,327
of which Non-recurring financial income: -€2.8m
- Gross operating margin +€96,960
up €96,960, from -€74,894 to €22,065
- Taxes +€31,700
up €31,700 (+3329.7%), from €952 to €32,652
- Financial charges +€19,227
up €19,227 (+474.1%), from €4,056 to €23,282
- Depreciation +€8,633
up €8,633 (+180.5%), from €4,782 to €13,415
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 | €3,066,069 | €2,151,888 | -€914,181 | -29.8% |
| Fixed assets | 21/28 | €3,763 | €59,323 | +€55,560 | +1476.4% |
| Tangible fixed assets | 22/27 | €3,763 | €59,323 | +€55,560 | +1476.4% |
| Plant, machinery and equipment | 23 | €3,200 | €3,088 | -€112 | -3.5% |
| Furniture and vehicles | 24 | €563 | €56,235 | +€55,672 | +9885.1% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €3,062,306 | €2,092,565 | -€969,741 | -31.7% |
| Amounts receivable within one year | 40/41 | €25,870 | €267,131 | +€241,261 | +932.6% |
| Trade receivables | 40 | €22,657 | €14,117 | -€8,540 | -37.7% |
| Other amounts receivable | 41 | €3,213 | €253,014 | +€249,801 | +7774.0% |
| Current investments | 50/53 | €2,894,501 | €614,169 | -€2.3m | -78.8% |
| Cash at bank and in hand | 54/58 | €131,541 | €1,181,701 | +€1.1m | +798.4% |
| Deferred charges and accrued income | 490/1 | €10,393 | €29,564 | +€19,171 | +184.5% |
| Total equity and liabilities | 10/49 | €3,066,069 | €2,151,888 | -€914,181 | -29.8% |
| Equity | 10/15 | €2,054,610 | €1,134,232 | -€920,378 | -44.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,034,150 | €1,113,772 | -€920,378 | -45.2% |
| Amounts payable | 17/49 | €1,011,459 | €1,017,656 | +€6,197 | +0.6% |
| Amounts payable within one year | 42/48 | €1,011,459 | €1,017,656 | +€6,197 | +0.6% |
| Trade debts | 44 | €238 | €4,735 | +€4,497 | +1887.8% |
| Suppliers | 440/4 | €238 | €4,735 | +€4,497 | +1887.8% |
| Taxes, remuneration and social security | 45 | €9,904 | €159,977 | +€150,072 | +1515.2% |
| Taxes | 450/3 | €9,904 | €159,977 | +€150,072 | +1515.2% |
| Other amounts payable | 47/48 | €1,001,316 | €852,944 | -€148,372 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,782 | €13,415 | +€8,633 | +180.5% |
| Other operating charges | 640/8 | €387 | €4,421 | +€4,034 | +1041.5% |
| Gross operating margin | 9900 | -€74,894 | €22,065 | +€96,960 | |
| Operating profit (loss) | 9901 | -€80,064 | €4,229 | +€84,293 | |
| Financial income | 75/76B | €2,829,284 | €131,327 | -€2.7m | -95.4% |
| Recurring financial income | 75 | €10,765 | €117,848 | +€107,084 | +994.8% |
| Non-recurring financial income | 76B | €2,818,520 | €13,479 | -€2.8m | -99.5% |
| Financial charges | 65/66B | €4,056 | €23,282 | +€19,227 | +474.1% |
| Recurring financial charges | 65 | €4,056 | €23,282 | +€19,227 | +474.1% |
| Profit (loss) for the period before taxes | 9903 | €2,745,165 | €112,274 | -€2.6m | -95.9% |
| Income taxes | 67/77 | €952 | €32,652 | +€31,700 | +3329.7% |
| Profit (loss) for the period | 9904 | €2,744,213 | €79,622 | -€2.7m | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,744,213 | €79,622 | -€2.7m | -97.1% |
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 7 October 2026 via checked.be.