NL MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash +€34,339
up €34,339 (+241.7%), from €14,210 to €48,549
mainly Net result for the year (+€28,494) and Trade debts (+€9,438)
- Receivables within one year -€7,643
down €7,643 (-99.0%), from €7,723 to €80
- Reserves +€27,661
up €27,661 (+254.4%), from €10,875 to €38,536
- Debts after one year -€13,140
down €13,140 (-8.0%), from €164,895 to €151,755
of which Financial debts: -€13,140
- Trade debts +€9,438
up €9,438 (+918.4%), from €1,028 to €10,466
- Tax, wage and social debts -€3,527
down €3,527 (-36.6%), from €9,628 to €6,101
- Advances received +€2,988
new in 2025: €2,988
- Gross operating margin +€25,235
up €25,235 (+117.1%), from €21,553 to €46,788
- Taxes +€7,740
up €7,740 (+143.2%), from €5,403 to €13,143
- Financial charges +€5,173
up €5,173 (+174.4%), from €2,966 to €8,138
- Financial income +€2,988
new in 2025: €2,988
- Depreciation -€1,450
down €1,450 (-100.0%), from €1,450 to €0
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 | €204,899 | €231,621 | +€26,722 | +13.0% |
| Fixed assets | 21/28 | €182,600 | €182,600 | = | 0.0% |
| Financial fixed assets | 28 | €182,600 | €182,600 | = | 0.0% |
| Current assets | 29/58 | €22,299 | €49,021 | +€26,722 | +119.8% |
| Amounts receivable within one year | 40/41 | €7,723 | €80 | -€7,643 | -99.0% |
| Trade receivables | 40 | €7,723 | €80 | -€7,643 | -99.0% |
| Cash at bank and in hand | 54/58 | €14,210 | €48,549 | +€34,339 | +241.7% |
| Deferred charges and accrued income | 490/1 | €366 | €392 | +€26 | +7.1% |
| Total equity and liabilities | 10/49 | €204,899 | €231,621 | +€26,722 | +13.0% |
| Equity | 10/15 | €15,875 | €43,536 | +€27,661 | +174.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €10,875 | €38,536 | +€27,661 | +254.4% |
| Distributable reserves | 133 | €10,875 | €38,536 | +€27,661 | +254.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €189,024 | €188,085 | -€939 | -0.5% |
| Amounts payable after more than one year | 17 | €164,895 | €151,755 | -€13,140 | -8.0% |
| Financial debts | 170/4 | €132,295 | €119,155 | -€13,140 | -9.9% |
| Other amounts payable | 178/9 | €32,600 | €32,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €24,130 | €34,023 | +€9,893 | +41.0% |
| Current portion of amounts payable after more than one year | 42 | €12,615 | €13,140 | +€525 | +4.2% |
| Trade debts | 44 | €1,028 | €10,466 | +€9,438 | +918.4% |
| Suppliers | 440/4 | €1,028 | €10,466 | +€9,438 | +918.4% |
| Advances received on contracts in progress | 46 | - | €2,988 | +€2,988 | |
| Taxes, remuneration and social security | 45 | €9,628 | €6,101 | -€3,527 | -36.6% |
| Taxes | 450/3 | €9,628 | €6,101 | -€3,527 | -36.6% |
| Other amounts payable | 47/48 | €859 | €1,328 | +€469 | +54.5% |
| Accrued charges and deferred income | 492/3 | - | €2,308 | +€2,308 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,450 | €0 | -€1,450 | -100.0% |
| Gross operating margin | 9900 | €21,553 | €46,788 | +€25,235 | +117.1% |
| Operating profit (loss) | 9901 | €20,103 | €46,788 | +€26,685 | +132.7% |
| Financial income | 75/76B | - | €2,988 | +€2,988 | |
| Recurring financial income | 75 | - | €2,988 | +€2,988 | |
| Financial charges | 65/66B | €2,966 | €8,138 | +€5,173 | +174.4% |
| Recurring financial charges | 65 | €2,966 | €8,138 | +€5,173 | +174.4% |
| Profit (loss) for the period before taxes | 9903 | €17,137 | €41,637 | +€24,500 | +143.0% |
| Income taxes | 67/77 | €5,403 | €13,143 | +€7,740 | +143.2% |
| Profit (loss) for the period | 9904 | €11,734 | €28,494 | +€16,761 | +142.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,734 | €28,494 | +€16,761 | +142.8% |
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 6 October 2026 via checked.be.