NQN 51: 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.
NQN 51
Largest movements
- Current investments -€74,000
down €74,000 (-49.3%), from €150,000 to €76,000
- Cash +€22,656
up €22,656 (+18.8%), from €120,230 to €142,886
mainly Current investments (+€74,000) and Other debts (+€26,065)
- Receivables within one year -€15,273
down €15,273 (-59.5%), from €25,647 to €10,375
of which Trade receivables: -€8,032
- Tangible fixed assets -€4,192
down €4,192 (-31.9%), from €13,131 to €8,939
of which Furniture and vehicles: -€4,444
- Reserves -€82,583
down €82,583 (-68.9%), from €119,799 to €37,216
- Other debts +€26,065
up €26,065 (+49.7%), from €52,472 to €78,537
- Trade debts -€6,528
no longer reported in 2025 (was €6,528)
- Tax, wage and social debts -€4,045
down €4,045 (-41.3%), from €9,787 to €5,743
of which Taxes: -€9,413
- Gross operating margin -€80,658
down €80,658, from €77,433 to -€3,225
- Financial income +€14,204
up €14,204 (+1,822%), from €780 to €14,983
- Taxes -€12,369
down €12,369, from €12,174 to -€196
- Staff costs -€4,420
down €4,420 (-43.5%), from €10,149 to €5,729
- Financial charges -€1,944
down €1,944 (-97.0%), from €2,004 to €60
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 | €312,768 | €243,667 | -€69,101 | -22.1% |
| Fixed assets | 21/28 | €16,891 | €12,699 | -€4,192 | -24.8% |
| Tangible fixed assets | 22/27 | €13,131 | €8,939 | -€4,192 | -31.9% |
| Land and buildings | 22 | €2,008 | €2,261 | +€252 | +12.6% |
| Furniture and vehicles | 24 | €11,123 | €6,679 | -€4,444 | -40.0% |
| Financial fixed assets | 28 | €3,760 | €3,760 | = | 0.0% |
| Current assets | 29/58 | €295,877 | €230,968 | -€64,910 | -21.9% |
| Amounts receivable within one year | 40/41 | €25,647 | €10,375 | -€15,273 | -59.5% |
| Trade receivables | 40 | €17,515 | €9,483 | -€8,032 | -45.9% |
| Other amounts receivable | 41 | €8,133 | €892 | -€7,241 | -89.0% |
| Current investments | 50/53 | €150,000 | €76,000 | -€74,000 | -49.3% |
| Cash at bank and in hand | 54/58 | €120,230 | €142,886 | +€22,656 | +18.8% |
| Deferred charges and accrued income | 490/1 | - | €1,707 | +€1,707 | |
| Total equity and liabilities | 10/49 | €312,768 | €243,667 | -€69,101 | -22.1% |
| Equity | 10/15 | €243,981 | €159,388 | -€84,593 | -34.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €119,799 | €37,216 | -€82,583 | -68.9% |
| Distributable reserves | 133 | €119,799 | €37,216 | -€82,583 | -68.9% |
| Profit (loss) carried forward | 14 | €105,582 | €103,572 | -€2,010 | -1.9% |
| Amounts payable | 17/49 | €68,787 | €84,279 | +€15,492 | +22.5% |
| Amounts payable within one year | 42/48 | €68,787 | €84,279 | +€15,492 | +22.5% |
| Trade debts | 44 | €6,528 | - | -€6,528 | |
| Suppliers | 440/4 | €6,528 | - | -€6,528 | |
| Taxes, remuneration and social security | 45 | €9,787 | €5,743 | -€4,045 | -41.3% |
| Taxes | 450/3 | €9,787 | €375 | -€9,413 | -96.2% |
| Remuneration and social security | 454/9 | - | €5,368 | +€5,368 | |
| Other amounts payable | 47/48 | €52,472 | €78,537 | +€26,065 | +49.7% |
| Remuneration, social security and pensions | 62 | €10,149 | €5,729 | -€4,420 | -43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,622 | €7,655 | +€32 | +0.4% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €77,433 | -€3,225 | -€80,658 | |
| Operating profit (loss) | 9901 | €59,156 | -€17,129 | -€76,285 | |
| Financial income | 75/76B | €780 | €14,983 | +€14,204 | +1,822% |
| Recurring financial income | 75 | €780 | €14,983 | +€14,204 | +1,822% |
| Financial charges | 65/66B | €2,004 | €60 | -€1,944 | -97.0% |
| Recurring financial charges | 65 | €2,004 | €60 | -€1,944 | -97.0% |
| Profit (loss) for the period before taxes | 9903 | €57,932 | -€2,205 | -€60,137 | |
| Income taxes | 67/77 | €12,174 | -€196 | -€12,369 | |
| Profit (loss) for the period | 9904 | €45,758 | -€2,010 | -€47,768 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,758 | -€2,010 | -€47,768 |
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 22 October 2026 via checked.be.