NL DISTRIBUTION: 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.
NL DISTRIBUTION
Largest movements
- Tangible fixed assets +€348,123
up €348,123 (+82.0%), from €424,394 to €772,517
of which Assets under construction and advance payments: +€393,407
- Receivables within one year +€51,310
up €51,310 (+116.1%), from €44,191 to €95,501
of which Trade receivables: +€42,965
- Cash -€32,488
down €32,488 (-16.8%), from €193,689 to €161,202
mainly Investment in fixed assets (net) (-€373,230) and Contributions, distributions and other (-€58,824)
- Stocks and contracts -€18,462
down €18,462 (-16.1%), from €114,851 to €96,389
- Debts after one year +€304,553
up €304,553 (+118.3%), from €257,529 to €562,082
of which Financial debts: +€302,653
- Other debts +€29,432
up €29,432 (+45.2%), from €65,181 to €94,613
- Trade debts +€24,329
up €24,329 (+79.8%), from €30,479 to €54,808
- Gross operating margin -€280,645
down €280,645 (-56.6%), from €496,155 to €215,510
- Taxes -€54,798
down €54,798 (-70.5%), from €77,766 to €22,968
- Other operating charges -€49,391
down €49,391 (-53.4%), from €92,548 to €43,157
- Depreciation -€19,768
down €19,768 (-44.1%), from €44,875 to €25,107
- Write-downs +€9,161
up €9,161 (+1157.2%), from €792 to €9,953
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 | €848,247 | €1,198,174 | +€349,927 | +41.3% |
| Fixed assets | 21/28 | €487,134 | €835,257 | +€348,123 | +71.5% |
| Tangible fixed assets | 22/27 | €424,394 | €772,517 | +€348,123 | +82.0% |
| Land and buildings | 22 | €388,184 | €330,108 | -€58,075 | -15.0% |
| Furniture and vehicles | 24 | €32,155 | €34,654 | +€2,499 | +7.8% |
| Other tangible fixed assets | 26 | €4,054 | €14,347 | +€10,293 | +253.9% |
| Assets under construction and advance payments | 27 | - | €393,407 | +€393,407 | |
| Financial fixed assets | 28 | €62,740 | €62,740 | = | 0.0% |
| Current assets | 29/58 | €361,113 | €362,917 | +€1,804 | +0.5% |
| Stocks and contracts in progress | 3 | €114,851 | €96,389 | -€18,462 | -16.1% |
| Stocks | 30/36 | €114,851 | €96,389 | -€18,462 | -16.1% |
| Amounts receivable within one year | 40/41 | €44,191 | €95,501 | +€51,310 | +116.1% |
| Trade receivables | 40 | €38,036 | €81,001 | +€42,965 | +113.0% |
| Other amounts receivable | 41 | €6,155 | €14,500 | +€8,345 | +135.6% |
| Cash at bank and in hand | 54/58 | €193,689 | €161,202 | -€32,488 | -16.8% |
| Deferred charges and accrued income | 490/1 | €8,382 | €9,826 | +€1,444 | +17.2% |
| Total equity and liabilities | 10/49 | €848,247 | €1,198,174 | +€349,927 | +41.3% |
| Equity | 10/15 | €387,359 | €379,350 | -€8,008 | -2.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €365,359 | €357,350 | -€8,008 | -2.2% |
| Amounts payable | 17/49 | €460,889 | €818,824 | +€357,936 | +77.7% |
| Amounts payable after more than one year | 17 | €257,529 | €562,082 | +€304,553 | +118.3% |
| Financial debts | 170/4 | €257,529 | €560,182 | +€302,653 | +117.5% |
| Other amounts payable | 178/9 | - | €1,900 | +€1,900 | |
| Amounts payable within one year | 42/48 | €193,936 | €247,421 | +€53,485 | +27.6% |
| Current portion of amounts payable after more than one year | 42 | €83,084 | €90,242 | +€7,158 | +8.6% |
| Trade debts | 44 | €30,479 | €54,808 | +€24,329 | +79.8% |
| Suppliers | 440/4 | €30,479 | €54,808 | +€24,329 | +79.8% |
| Taxes, remuneration and social security | 45 | €15,192 | €7,758 | -€7,434 | -48.9% |
| Taxes | 450/3 | €8,035 | €2,019 | -€6,016 | -74.9% |
| Remuneration and social security | 454/9 | €7,157 | €5,739 | -€1,418 | -19.8% |
| Other amounts payable | 47/48 | €65,181 | €94,613 | +€29,432 | +45.2% |
| Accrued charges and deferred income | 492/3 | €9,424 | €9,322 | -€102 | -1.1% |
| Remuneration, social security and pensions | 62 | €41,397 | €41,015 | -€382 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,875 | €25,107 | -€19,768 | -44.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €792 | €9,953 | +€9,161 | +1157.2% |
| Other operating charges | 640/8 | €92,548 | €43,157 | -€49,391 | -53.4% |
| Gross operating margin | 9900 | €496,155 | €215,510 | -€280,645 | -56.6% |
| Operating profit (loss) | 9901 | €316,544 | €96,280 | -€220,264 | -69.6% |
| Financial income | 75/76B | €9 | €1,995 | +€1,986 | +23259.6% |
| Recurring financial income | 75 | €9 | €1,995 | +€1,986 | +23259.6% |
| Financial charges | 65/66B | €29,877 | €24,491 | -€5,386 | -18.0% |
| Recurring financial charges | 65 | €29,877 | €24,491 | -€5,386 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €286,675 | €73,783 | -€212,892 | -74.3% |
| Income taxes | 67/77 | €77,766 | €22,968 | -€54,798 | -70.5% |
| Profit (loss) for the period | 9904 | €208,909 | €50,815 | -€158,094 | -75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €208,909 | €50,815 | -€158,094 | -75.7% |
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 5 October 2026 via checked.be.