NRF: 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.
NRF
Largest movements
- Receivables within one year +€21,860
up €21,860 (+132.1%), from €16,554 to €38,415
of which Trade receivables: +€22,699
- Cash -€14,509
down €14,509 (-30.7%), from €47,296 to €32,787
mainly Receivables within one year (-€21,860) and Investment in fixed assets (net) (-€19,343)
- Tangible fixed assets +€4,384
up €4,384 (+14.9%), from €29,486 to €33,869
of which Furniture and vehicles: +€4,497
- Deferred charges and accrued income -€1,717
down €1,717 (-54.0%), from €3,178 to €1,462
- Reserves +€17,815
up €17,815 (+32.1%), from €55,523 to €73,338
- Tax, wage and social debts -€15,925
down €15,925 (-53.1%), from €29,995 to €14,070
- Trade debts +€12,808
up €12,808 (+296.7%), from €4,316 to €17,124
- Accrued charges and deferred income -€4,680
no longer reported in 2025 (was €4,680)
- Gross operating margin +€10,081
up €10,081 (+30.3%), from €33,314 to €43,395
- Depreciation +€3,040
up €3,040 (+25.5%), from €11,919 to €14,959
- Taxes +€2,170
up €2,170 (+34.7%), from €6,258 to €8,428
- Other operating charges +€1,091
up €1,091 (+103.9%), from €1,050 to €2,141
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 | €96,514 | €106,532 | +€10,018 | +10.4% |
| Fixed assets | 21/28 | €29,486 | €33,869 | +€4,384 | +14.9% |
| Tangible fixed assets | 22/27 | €29,486 | €33,869 | +€4,384 | +14.9% |
| Plant, machinery and equipment | 23 | €325 | €212 | -€113 | -34.8% |
| Furniture and vehicles | 24 | €29,160 | €33,657 | +€4,497 | +15.4% |
| Current assets | 29/58 | €67,029 | €72,663 | +€5,634 | +8.4% |
| Amounts receivable within one year | 40/41 | €16,554 | €38,415 | +€21,860 | +132.1% |
| Trade receivables | 40 | €5,567 | €28,265 | +€22,699 | +407.8% |
| Other amounts receivable | 41 | €10,988 | €10,149 | -€838 | -7.6% |
| Cash at bank and in hand | 54/58 | €47,296 | €32,787 | -€14,509 | -30.7% |
| Deferred charges and accrued income | 490/1 | €3,178 | €1,462 | -€1,717 | -54.0% |
| Total equity and liabilities | 10/49 | €96,514 | €106,532 | +€10,018 | +10.4% |
| Equity | 10/15 | €57,523 | €75,338 | +€17,815 | +31.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €55,523 | €73,338 | +€17,815 | +32.1% |
| Distributable reserves | 133 | €55,523 | €73,338 | +€17,815 | +32.1% |
| Amounts payable | 17/49 | €38,991 | €31,194 | -€7,797 | -20.0% |
| Amounts payable within one year | 42/48 | €34,311 | €31,194 | -€3,117 | -9.1% |
| Trade debts | 44 | €4,316 | €17,124 | +€12,808 | +296.7% |
| Suppliers | 440/4 | €4,316 | €17,124 | +€12,808 | +296.7% |
| Taxes, remuneration and social security | 45 | €29,995 | €14,070 | -€15,925 | -53.1% |
| Taxes | 450/3 | €29,995 | €14,070 | -€15,925 | -53.1% |
| Accrued charges and deferred income | 492/3 | €4,680 | - | -€4,680 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,919 | €14,959 | +€3,040 | +25.5% |
| Other operating charges | 640/8 | €1,050 | €2,141 | +€1,091 | +103.9% |
| Gross operating margin | 9900 | €33,314 | €43,395 | +€10,081 | +30.3% |
| Operating profit (loss) | 9901 | €20,345 | €26,295 | +€5,950 | +29.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +81.8% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +81.8% |
| Financial charges | 65/66B | €133 | €52 | -€81 | -60.7% |
| Recurring financial charges | 65 | €133 | €52 | -€81 | -60.7% |
| Profit (loss) for the period before taxes | 9903 | €20,212 | €26,243 | +€6,031 | +29.8% |
| Income taxes | 67/77 | €6,258 | €8,428 | +€2,170 | +34.7% |
| Profit (loss) for the period | 9904 | €13,954 | €17,815 | +€3,861 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,954 | €17,815 | +€3,861 | +27.7% |
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.