NOVEMBER FIVE: what changed
What changed
NOVEMBER FIVE
NACE 18.130, Pre-press and pre-media services
filed annual accounts (NBB)
Net result for the year
-€283,546
2024 · €210,930-€494,476
Equity
€936,582
2024 · €1.2m-€283,546
Cash
€394,337
2024 · €73,891+€320,446
Balance sheet total
€4.8m
2024 · €4.5m+€326,257
Largest movements
Assets
- Cash +€320,446
up €320,446 (+434%), from €73,891 to €394,337
mainly Accrued charges and deferred income (+€351,649) and Short-term financial debts (+€200,000)
- Deferred charges and accrued income -€105,080
down €105,080 (-47.5%), from €221,267 to €116,186
- Intangible fixed assets +€80,903
up €80,903, from €0 to €80,903
Equity and liabilities
- Accrued charges and deferred income +€351,649
up €351,649 (+170%), from €206,777 to €558,425
- Reserves -€283,546
down €283,546 (-23.6%), from €1.2m to €918,032
of which Distributable reserves: -€283,546
- Short-term financial debts +€200,000
up €200,000 (+11.4%), from €1.8m to €2.0m
- Trade debts +€189,763
up €189,763 (+31.7%), from €598,931 to €788,695
- Current portion of long-term debt -€78,335
down €78,335 (-26.0%), from €301,350 to €223,014
Income statement
- Gross operating margin -€1.1m
down €1.1m (-25.3%), from €4.2m to €3.2m
- Staff costs -€894,021
down €894,021 (-23.6%), from €3.8m to €2.9m
- Write-downs +€433,178
new in 2025: €433,178
- Taxes -€119,524
down €119,524 (-93.8%), from €127,400 to €7,876
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€210,930
Gross operating margin
-€1.1m
Staff costs
+€894,021
Depreciation
+€10,964
Write-downs
-€433,178
Other operating charges
+€29,742
Financial income
-€28,116
Financial charges
-€14,344
Taxes
+€119,524
Result 2025
-€283,546
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€279,684
Investment
-€80,903
Financing
+€121,665
Cash 2024
€73,891
From operations (derived)
+€279,684
Net result for the year
-€283,546
Depreciation
+€2,702
Receivables within one year
-€32,690
Deferred charges and accrued income
+€105,080
Trade debts
+€189,763
Tax, wage and social debts
-€53,274
Accrued charges and deferred income
+€351,649
Investment (derived)
-€80,903
Investment in fixed assets (net)
-€80,903
Financing
+€121,665
Current portion of long-term debt
-€78,335
Short-term financial debts
+€200,000
Cash 2025
€394,337
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,476,327 | €4,802,584 | +€326,257 | +7.3% |
| Fixed assets | 21/28 | €6,527 | €84,728 | +€78,201 | +1,198% |
| Intangible fixed assets | 21 | €0 | €80,903 | +€80,903 | |
| Tangible fixed assets | 22/27 | €6,527 | €3,825 | -€2,702 | -41.4% |
| Furniture and vehicles | 24 | €6,259 | €3,825 | -€2,434 | -38.9% |
| Other tangible fixed assets | 26 | €268 | €0 | -€268 | -100% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €4,469,800 | €4,717,856 | +€248,056 | +5.5% |
| Amounts receivable within one year | 40/41 | €4,174,643 | €4,207,333 | +€32,690 | +0.8% |
| Trade receivables | 40 | €2,979,859 | €3,369,161 | +€389,302 | +13.1% |
| Other amounts receivable | 41 | €1,194,784 | €838,171 | -€356,612 | -29.8% |
| Cash at bank and in hand | 54/58 | €73,891 | €394,337 | +€320,446 | +434% |
| Deferred charges and accrued income | 490/1 | €221,267 | €116,186 | -€105,080 | -47.5% |
| Total equity and liabilities | 10/49 | €4,476,327 | €4,802,584 | +€326,257 | +7.3% |
| Equity | 10/15 | €1,220,128 | €936,582 | -€283,546 | -23.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,201,578 | €918,032 | -€283,546 | -23.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,199,723 | €916,177 | -€283,546 | -23.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €3,256,199 | €3,866,002 | +€609,803 | +18.7% |
| Amounts payable within one year | 42/48 | €3,049,423 | €3,307,577 | +€258,154 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €301,350 | €223,014 | -€78,335 | -26.0% |
| Financial debts | 43 | €1,750,000 | €1,950,000 | +€200,000 | +11.4% |
| Credit institutions | 430/8 | €1,750,000 | €1,950,000 | +€200,000 | +11.4% |
| Trade debts | 44 | €598,931 | €788,695 | +€189,763 | +31.7% |
| Suppliers | 440/4 | €598,931 | €788,695 | +€189,763 | +31.7% |
| Taxes, remuneration and social security | 45 | €399,142 | €345,868 | -€53,274 | -13.3% |
| Taxes | 450/3 | €76,503 | €112,990 | +€36,487 | +47.7% |
| Remuneration and social security | 454/9 | €322,638 | €232,878 | -€89,761 | -27.8% |
| Accrued charges and deferred income | 492/3 | €206,777 | €558,425 | +€351,649 | +170% |
| Non-recurring operating income | 76A | €0 | €12,847 | +€12,847 | |
| Remuneration, social security and pensions | 62 | €3,783,646 | €2,889,624 | -€894,021 | -23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,666 | €2,702 | -€10,964 | -80.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €433,178 | +€433,178 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €33,203 | €3,461 | -€29,742 | -89.6% |
| Gross operating margin | 9900 | €4,234,435 | €3,161,345 | -€1.1m | -25.3% |
| Operating profit (loss) | 9901 | €403,920 | -€167,620 | -€571,540 | |
| Financial income | 75/76B | €55,897 | €27,781 | -€28,116 | -50.3% |
| Recurring financial income | 75 | €55,897 | €27,781 | -€28,116 | -50.3% |
| Financial charges | 65/66B | €121,487 | €135,832 | +€14,344 | +11.8% |
| Recurring financial charges | 65 | €101,374 | €135,832 | +€34,458 | +34.0% |
| Non-recurring financial charges | 66B | €20,113 | €0 | -€20,113 | -100% |
| Profit (loss) for the period before taxes | 9903 | €338,330 | -€275,670 | -€614,000 | |
| Income taxes | 67/77 | €127,400 | €7,876 | -€119,524 | -93.8% |
| Profit (loss) for the period | 9904 | €210,930 | -€283,546 | -€494,476 | |
| Profit (loss) for the period to be appropriated | 9905 | €210,930 | -€283,546 | -€494,476 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.