NINE-D: 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.
NINE-D
Largest movements
- Cash -€24,901
down €24,901 (-8.9%), from €278,961 to €254,061
mainly Contributions, distributions and other (-€240,735) and Receivables within one year (-€23,495)
- Receivables within one year +€23,495
up €23,495 (+77.7%), from €30,245 to €53,741
of which Trade receivables: +€38,306
- Reserves -€226,403
down €226,403 (-85.9%), from €263,415 to €37,013
of which Distributable reserves: -€226,403
- Other debts +€226,324
up €226,324 (+13862.5%), from €1,633 to €227,957
- Gross operating margin +€23,044
up €23,044, from -€3,664 to €19,380
- Taxes +€4,910
up €4,910, from €0 to €4,910
- Financial charges -€649
down €649 (-78.1%), from €831 to €182
- Financial income +€383
up €383 (+42.9%), from €892 to €1,274
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 | €360,859 | €358,744 | -€2,116 | -0.6% |
| Fixed assets | 21/28 | €43,030 | €42,319 | -€710 | -1.7% |
| Tangible fixed assets | 22/27 | €43,030 | €42,319 | -€710 | -1.7% |
| Plant, machinery and equipment | 23 | €3,900 | €3,900 | = | 0.0% |
| Furniture and vehicles | 24 | €780 | €69 | -€710 | -91.1% |
| Other tangible fixed assets | 26 | €38,350 | €38,350 | = | 0.0% |
| Current assets | 29/58 | €317,830 | €316,424 | -€1,405 | -0.4% |
| Stocks and contracts in progress | 3 | €8,623 | €8,623 | = | 0.0% |
| Stocks | 30/36 | €8,623 | €8,623 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €30,245 | €53,741 | +€23,495 | +77.7% |
| Trade receivables | 40 | €5,990 | €44,295 | +€38,306 | +639.5% |
| Other amounts receivable | 41 | €24,256 | €9,446 | -€14,810 | -61.1% |
| Cash at bank and in hand | 54/58 | €278,961 | €254,061 | -€24,901 | -8.9% |
| Total equity and liabilities | 10/49 | €360,859 | €358,744 | -€2,116 | -0.6% |
| Equity | 10/15 | €352,160 | €125,757 | -€226,403 | -64.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €263,415 | €37,013 | -€226,403 | -85.9% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €257,218 | €30,815 | -€226,403 | -88.0% |
| Profit (loss) carried forward | 14 | €26,771 | €26,771 | = | 0.0% |
| Amounts payable | 17/49 | €8,700 | €232,987 | +€224,287 | +2578.1% |
| Amounts payable within one year | 42/48 | €8,700 | €232,987 | +€224,287 | +2578.1% |
| Trade debts | 44 | €784 | €516 | -€267 | -34.1% |
| Suppliers | 440/4 | €784 | €516 | -€267 | -34.1% |
| Taxes, remuneration and social security | 45 | €6,283 | €4,513 | -€1,770 | -28.2% |
| Taxes | 450/3 | €4,458 | €4,513 | +€55 | +1.2% |
| Remuneration and social security | 454/9 | €1,826 | €0 | -€1,826 | -100.0% |
| Other amounts payable | 47/48 | €1,633 | €227,957 | +€226,324 | +13862.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €720 | €710 | -€10 | -1.4% |
| Other operating charges | 640/8 | €558 | €520 | -€38 | -6.9% |
| Gross operating margin | 9900 | -€3,664 | €19,380 | +€23,044 | |
| Operating profit (loss) | 9901 | -€4,942 | €18,150 | +€23,092 | |
| Financial income | 75/76B | €892 | €1,274 | +€383 | +42.9% |
| Recurring financial income | 75 | €892 | €1,274 | +€383 | +42.9% |
| Financial charges | 65/66B | €831 | €182 | -€649 | -78.1% |
| Recurring financial charges | 65 | €831 | €182 | -€649 | -78.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,882 | €19,242 | +€24,124 | |
| Income taxes | 67/77 | €0 | €4,910 | +€4,910 | |
| Profit (loss) for the period | 9904 | -€4,882 | €14,332 | +€19,214 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,882 | €14,332 | +€19,214 |
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 12 October 2026 via checked.be.