NQN MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year -€40,566
down €40,566 (-90.6%), from €44,784 to €4,218
of which Trade receivables: -€27,914
- Tangible fixed assets -€22,815
down €22,815 (-10.5%), from €216,290 to €193,475
of which Land and buildings: -€29,443
- Cash -€13,439
down €13,439 (-89.0%), from €15,100 to €1,661
mainly Current portion of long-term debt (-€57,066) and Net result for the year (-€45,517)
- Other debts +€58,171
up €58,171 (+16.4%), from €354,272 to €412,443
- Current portion of long-term debt -€57,066
down €57,066 (-73.7%), from €77,446 to €20,380
- Profit (loss) carried forward -€45,517
down €45,517 (-15.7%), from -€289,054 to -€334,570
- Debts after one year -€28,436
down €28,436 (-23.7%), from €119,859 to €91,423
- Trade debts -€6,259
down €6,259 (-28.5%), from €21,986 to €15,727
- Gross operating margin +€52,131
up €52,131, from -€40,897 to €11,234
- Financial income -€1,433
down €1,433 (-100.0%), from €1,434 to €0
- Depreciation +€934
up €934 (+2.5%), from €37,041 to €37,975
- Taxes -€640
down €640 (-50.3%), from €1,274 to €634
- Write-downs -€630
down €630 (-100%), from €630 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.
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 | €291,803 | €212,486 | -€79,317 | -27.2% |
| Fixed assets | 21/28 | €224,641 | €199,480 | -€25,162 | -11.2% |
| Intangible fixed assets | 21 | €8,351 | €6,005 | -€2,347 | -28.1% |
| Tangible fixed assets | 22/27 | €216,290 | €193,475 | -€22,815 | -10.5% |
| Land and buildings | 22 | €188,283 | €158,840 | -€29,443 | -15.6% |
| Plant, machinery and equipment | 23 | €17,209 | €20,526 | +€3,318 | +19.3% |
| Furniture and vehicles | 24 | €9,199 | €12,509 | +€3,310 | +36.0% |
| Other tangible fixed assets | 26 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €67,162 | €13,006 | -€54,155 | -80.6% |
| Stocks and contracts in progress | 3 | €7,278 | €7,128 | -€150 | -2.1% |
| Stocks | 30/36 | €7,278 | €7,128 | -€150 | -2.1% |
| Amounts receivable within one year | 40/41 | €44,784 | €4,218 | -€40,566 | -90.6% |
| Trade receivables | 40 | €30,806 | €2,893 | -€27,914 | -90.6% |
| Other amounts receivable | 41 | €13,978 | €1,325 | -€12,653 | -90.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €15,100 | €1,661 | -€13,439 | -89.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €291,803 | €212,486 | -€79,317 | -27.2% |
| Equity | 10/15 | -€282,604 | -€328,120 | -€45,517 | -16.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €250 | €250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €250 | €250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €250 | €250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€289,054 | -€334,570 | -€45,517 | -15.7% |
| Amounts payable | 17/49 | €574,407 | €540,607 | -€33,800 | -5.9% |
| Amounts payable after more than one year | 17 | €119,859 | €91,423 | -€28,436 | -23.7% |
| Financial debts | 170/4 | €119,859 | €91,423 | -€28,436 | -23.7% |
| Amounts payable within one year | 42/48 | €454,548 | €449,183 | -€5,364 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €77,446 | €20,380 | -€57,066 | -73.7% |
| Trade debts | 44 | €21,986 | €15,727 | -€6,259 | -28.5% |
| Suppliers | 440/4 | €21,986 | €15,727 | -€6,259 | -28.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €844 | €634 | -€210 | -24.9% |
| Taxes | 450/3 | €844 | €634 | -€210 | -24.9% |
| Other amounts payable | 47/48 | €354,272 | €412,443 | +€58,171 | +16.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,041 | €37,975 | +€934 | +2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €630 | €0 | -€630 | -100% |
| Other operating charges | 640/8 | €3,372 | €3,391 | +€18 | +0.5% |
| Non-recurring operating charges | 66A | - | €7,653 | +€7,653 | |
| Gross operating margin | 9900 | -€40,897 | €11,234 | +€52,131 | |
| Operating profit (loss) | 9901 | -€81,940 | -€37,785 | +€44,155 | +53.9% |
| Financial income | 75/76B | €1,434 | €0 | -€1,433 | -100.0% |
| Recurring financial income | 75 | €1,434 | €0 | -€1,433 | -100.0% |
| Financial charges | 65/66B | €7,270 | €7,099 | -€171 | -2.4% |
| Recurring financial charges | 65 | €7,270 | €7,099 | -€171 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | -€87,776 | -€44,883 | +€42,893 | +48.9% |
| Income taxes | 67/77 | €1,274 | €634 | -€640 | -50.3% |
| Profit (loss) for the period | 9904 | -€89,050 | -€45,517 | +€43,533 | +48.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€89,050 | -€45,517 | +€43,533 | +48.9% |
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.