NNEC: 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.
NNEC
Largest movements
- Receivables within one year +€204,386
up €204,386 (+408.0%), from €50,100 to €254,486
of which Other amounts receivable: +€192,166
- Cash -€55,044
down €55,044 (-62.8%), from €87,651 to €32,607
mainly Receivables within one year (-€204,386) and Investment in fixed assets (net) (-€33,527)
- Tangible fixed assets +€19,291
up €19,291 (+34.1%), from €56,498 to €75,789
of which Furniture and vehicles: +€19,014
- Trade debts +€86,107
up €86,107 (+1213.1%), from €7,098 to €93,205
- Reserves +€72,667
up €72,667 (+61.4%), from €118,396 to €191,063
- Tax, wage and social debts +€33,695
up €33,695 (+77.6%), from €43,422 to €77,117
- Other debts -€22,678
no longer reported in 2025 (was €22,678)
- Write-downs +€39,000
new in 2025: €39,000
- Depreciation +€11,233
up €11,233 (+374.1%), from €3,002 to €14,236
- Taxes -€8,340
down €8,340 (-23.2%), from €35,933 to €27,593
- Gross operating margin +€5,115
up €5,115 (+3.2%), from €159,713 to €164,828
- Financial income +€4,325
new in 2025: €4,325
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 | €194,594 | €364,385 | +€169,791 | +87.3% |
| Fixed assets | 21/28 | €56,498 | €75,789 | +€19,291 | +34.1% |
| Tangible fixed assets | 22/27 | €56,498 | €75,789 | +€19,291 | +34.1% |
| Furniture and vehicles | 24 | €11,385 | €30,398 | +€19,014 | +167.0% |
| Other tangible fixed assets | 26 | €45,113 | €45,391 | +€277 | +0.6% |
| Current assets | 29/58 | €138,096 | €288,597 | +€150,500 | +109.0% |
| Amounts receivable within one year | 40/41 | €50,100 | €254,486 | +€204,386 | +408.0% |
| Trade receivables | 40 | €50,100 | €62,320 | +€12,220 | +24.4% |
| Other amounts receivable | 41 | - | €192,166 | +€192,166 | |
| Cash at bank and in hand | 54/58 | €87,651 | €32,607 | -€55,044 | -62.8% |
| Deferred charges and accrued income | 490/1 | €345 | €1,503 | +€1,158 | +335.4% |
| Total equity and liabilities | 10/49 | €194,594 | €364,385 | +€169,791 | +87.3% |
| Equity | 10/15 | €121,396 | €194,063 | +€72,667 | +59.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €118,396 | €191,063 | +€72,667 | +61.4% |
| Distributable reserves | 133 | €118,396 | €191,063 | +€72,667 | +61.4% |
| Amounts payable | 17/49 | €73,198 | €170,322 | +€97,124 | +132.7% |
| Amounts payable within one year | 42/48 | €73,198 | €170,322 | +€97,124 | +132.7% |
| Trade debts | 44 | €7,098 | €93,205 | +€86,107 | +1213.1% |
| Suppliers | 440/4 | €7,098 | €93,205 | +€86,107 | +1213.1% |
| Taxes, remuneration and social security | 45 | €43,422 | €77,117 | +€33,695 | +77.6% |
| Taxes | 450/3 | €43,422 | €77,117 | +€33,695 | +77.6% |
| Other amounts payable | 47/48 | €22,678 | - | -€22,678 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,002 | €14,236 | +€11,233 | +374.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €39,000 | +€39,000 | |
| Other operating charges | 640/8 | €2,222 | €3,064 | +€842 | +37.9% |
| Non-recurring operating charges | 66A | - | €12,000 | +€12,000 | |
| Gross operating margin | 9900 | €159,713 | €164,828 | +€5,115 | +3.2% |
| Operating profit (loss) | 9901 | €154,488 | €96,528 | -€57,960 | -37.5% |
| Financial income | 75/76B | - | €4,325 | +€4,325 | |
| Recurring financial income | 75 | - | €4,325 | +€4,325 | |
| Financial charges | 65/66B | €159 | €593 | +€434 | +273.1% |
| Recurring financial charges | 65 | €159 | €593 | +€434 | +273.1% |
| Profit (loss) for the period before taxes | 9903 | €154,329 | €100,260 | -€54,069 | -35.0% |
| Income taxes | 67/77 | €35,933 | €27,593 | -€8,340 | -23.2% |
| Profit (loss) for the period | 9904 | €118,396 | €72,667 | -€45,729 | -38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €118,396 | €72,667 | -€45,729 | -38.6% |
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.