NO MORE: 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.
NO MORE
Largest movements
- Tangible fixed assets -€29,855
down €29,855 (-6.2%), from €478,187 to €448,331
of which Land and buildings: -€26,845
- Cash -€12,596
down €12,596 (-40.2%), from €31,354 to €18,758
mainly Debts after one year (-€24,710) and Net result for the year (-€20,230)
- Debts after one year -€24,710
down €24,710 (-8.3%), from €298,092 to €273,383
of which Trade debts: -€21,514
- Profit (loss) carried forward -€20,230
down €20,230 (-32.7%), from -€61,775 to -€82,005
- Other debts +€11,098
up €11,098 (+8.1%), from €137,736 to €148,833
- Trade debts -€9,976
down €9,976 (-39.4%), from €25,348 to €15,372
- Turnover -€356,165
no longer reported in 2025 (was €356,165)
- Purchases and services -€256,633
no longer reported in 2025 (was €256,633)
- Staff costs +€21,666
up €21,666 (+26.5%), from €81,888 to €103,554
- Gross operating margin +€19,733
up €19,733 (+17.7%), from €111,532 to €131,265
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.
Derived cash bridge
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 | €510,414 | €467,822 | -€42,592 | -8.3% |
| Fixed assets | 21/28 | €478,187 | €448,331 | -€29,855 | -6.2% |
| Tangible fixed assets | 22/27 | €478,187 | €448,331 | -€29,855 | -6.2% |
| Land and buildings | 22 | €455,159 | €428,315 | -€26,845 | -5.9% |
| Plant, machinery and equipment | 23 | €16,852 | €15,842 | -€1,011 | -6.0% |
| Furniture and vehicles | 24 | €6,175 | €4,175 | -€2,000 | -32.4% |
| Current assets | 29/58 | €32,227 | €19,490 | -€12,737 | -39.5% |
| Amounts receivable within one year | 40/41 | €873 | €732 | -€141 | -16.1% |
| Trade receivables | 40 | €873 | €679 | -€194 | -22.2% |
| Other amounts receivable | 41 | - | €53 | +€53 | |
| Cash at bank and in hand | 54/58 | €31,354 | €18,758 | -€12,596 | -40.2% |
| Total equity and liabilities | 10/49 | €510,414 | €467,822 | -€42,592 | -8.3% |
| Equity | 10/15 | €6,535 | -€13,695 | -€20,230 | |
| Contributions | 10/11 | €62,100 | €62,100 | = | 0.0% |
| Capital | 10 | €62,100 | €62,100 | = | 0.0% |
| Issued capital | 100 | €62,100 | €62,100 | = | 0.0% |
| Reserves | 13 | €6,210 | €6,210 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,210 | €6,210 | = | 0.0% |
| Legal reserve | 130 | €6,210 | €6,210 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,775 | -€82,005 | -€20,230 | -32.7% |
| Amounts payable | 17/49 | €503,879 | €481,517 | -€22,362 | -4.4% |
| Amounts payable after more than one year | 17 | €298,092 | €273,383 | -€24,710 | -8.3% |
| Financial debts | 170/4 | €8,612 | €5,416 | -€3,196 | -37.1% |
| Trade debts | 175 | €289,480 | €267,966 | -€21,514 | -7.4% |
| Amounts payable within one year | 42/48 | €205,787 | €207,519 | +€1,733 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €28,193 | €25,257 | -€2,935 | -10.4% |
| Trade debts | 44 | €25,348 | €15,372 | -€9,976 | -39.4% |
| Suppliers | 440/4 | €25,348 | €15,372 | -€9,976 | -39.4% |
| Advances received on contracts in progress | 46 | €3,875 | €4,971 | +€1,096 | +28.3% |
| Taxes, remuneration and social security | 45 | €10,635 | €13,086 | +€2,450 | +23.0% |
| Taxes | 450/3 | €3,737 | €5,318 | +€1,581 | +42.3% |
| Remuneration and social security | 454/9 | €6,899 | €7,768 | +€869 | +12.6% |
| Other amounts payable | 47/48 | €137,736 | €148,833 | +€11,098 | +8.1% |
| Accrued charges and deferred income | 492/3 | - | €615 | +€615 | |
| Turnover | 70 | €356,165 | - | -€356,165 | |
| Non-recurring operating income | 76A | €12,000 | - | -€12,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €256,633 | - | -€256,633 | |
| Remuneration, social security and pensions | 62 | €81,888 | €103,554 | +€21,666 | +26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,899 | €35,481 | -€418 | -1.2% |
| Other operating charges | 640/8 | €996 | €2,299 | +€1,303 | +131% |
| Gross operating margin | 9900 | €111,532 | €131,265 | +€19,733 | +17.7% |
| Operating profit (loss) | 9901 | -€7,251 | -€10,068 | -€2,817 | -38.9% |
| Financial income | 75/76B | €920 | €797 | -€124 | -13.4% |
| Recurring financial income | 75 | €920 | €797 | -€124 | -13.4% |
| Financial charges | 65/66B | €12,292 | €10,938 | -€1,354 | -11.0% |
| Recurring financial charges | 65 | €12,292 | €10,938 | -€1,354 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | -€18,623 | -€20,210 | -€1,587 | -8.5% |
| Income taxes | 67/77 | €2,258 | €20 | -€2,238 | -99.1% |
| Profit (loss) for the period | 9904 | -€20,881 | -€20,230 | +€651 | +3.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,881 | -€20,230 | +€651 | +3.1% |
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 16 October 2026 via checked.be.