NS20: what changed
Two fiscal 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.
NS20
Largest movements
- Tangible fixed assets +€49,403
up €49,403 (+31.2%), from €158,191 to €207,594
of which Furniture and vehicles: +€51,120
- Cash +€10,437
up €10,437 (+2945.5%), from €354 to €10,791
mainly Other debts (+€35,176) and Net result for the year (+€29,040)
- Receivables within one year +€7,674
up €7,674 (+552.9%), from €1,388 to €9,062
of which Trade receivables: +€8,310
- Other debts +€35,176
up €35,176 (+70.9%), from €49,621 to €84,797
- Profit (loss) carried forward +€18,432
no longer reported in 2025 (was -€18,432)
- Reserves +€10,608
up €10,608 (+12.5%), from €84,855 to €95,463
of which Distributable reserves: +€12,468
- Debts after one year -€4,974
down €4,974 (-16.7%), from €29,753 to €24,779
- Accrued charges and deferred income +€4,758
up €4,758 (+107.3%), from €4,436 to €9,194
- Gross operating margin +€67,877
up €67,877, from -€13,649 to €54,228
- Depreciation +€6,154
up €6,154 (+51.8%), from €11,873 to €18,027
- Financial charges +€2,538
up €2,538 (+88.0%), from €2,884 to €5,422
- Taxes +€1,061
new in 2025: €1,061
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 | €162,033 | €228,204 | +€66,172 | +40.8% |
| Fixed assets | 21/28 | €158,191 | €207,594 | +€49,403 | +31.2% |
| Tangible fixed assets | 22/27 | €158,191 | €207,594 | +€49,403 | +31.2% |
| Land and buildings | 22 | €132,001 | €130,773 | -€1,228 | -0.9% |
| Plant, machinery and equipment | 23 | €8,029 | €7,540 | -€488 | -6.1% |
| Furniture and vehicles | 24 | €18,161 | €69,280 | +€51,120 | +281.5% |
| Current assets | 29/58 | €3,842 | €20,610 | +€16,768 | +436.5% |
| Stocks and contracts in progress | 3 | €1,887 | - | -€1,887 | |
| Stocks | 30/36 | €1,887 | - | -€1,887 | |
| Amounts receivable within one year | 40/41 | €1,388 | €9,062 | +€7,674 | +552.9% |
| Trade receivables | 40 | €752 | €9,062 | +€8,310 | +1104.4% |
| Other amounts receivable | 41 | €636 | - | -€636 | |
| Cash at bank and in hand | 54/58 | €354 | €10,791 | +€10,437 | +2945.5% |
| Deferred charges and accrued income | 490/1 | €212 | €757 | +€545 | +256.7% |
| Total equity and liabilities | 10/49 | €162,033 | €228,204 | +€66,172 | +40.8% |
| Equity | 10/15 | €72,623 | €101,663 | +€29,040 | +40.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €84,855 | €95,463 | +€10,608 | +12.5% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €82,995 | €95,463 | +€12,468 | +15.0% |
| Profit (loss) carried forward | 14 | -€18,432 | - | +€18,432 | |
| Amounts payable | 17/49 | €89,409 | €126,541 | +€37,132 | +41.5% |
| Amounts payable after more than one year | 17 | €29,753 | €24,779 | -€4,974 | -16.7% |
| Financial debts | 170/4 | €29,753 | €24,779 | -€4,974 | -16.7% |
| Amounts payable within one year | 42/48 | €55,221 | €92,568 | +€37,347 | +67.6% |
| Current portion of amounts payable after more than one year | 42 | €4,892 | €4,974 | +€81 | +1.7% |
| Trade debts | 44 | €707 | €346 | -€361 | -51.0% |
| Suppliers | 440/4 | €707 | €346 | -€361 | -51.0% |
| Taxes, remuneration and social security | 45 | - | €2,451 | +€2,451 | |
| Taxes | 450/3 | - | €2,451 | +€2,451 | |
| Other amounts payable | 47/48 | €49,621 | €84,797 | +€35,176 | +70.9% |
| Accrued charges and deferred income | 492/3 | €4,436 | €9,194 | +€4,758 | +107.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,873 | €18,027 | +€6,154 | +51.8% |
| Other operating charges | 640/8 | €832 | €626 | -€206 | -24.8% |
| Non-recurring operating charges | 66A | - | €53 | +€53 | |
| Gross operating margin | 9900 | -€13,649 | €54,228 | +€67,877 | |
| Operating profit (loss) | 9901 | -€26,354 | €35,522 | +€61,876 | |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €2,884 | €5,422 | +€2,538 | +88.0% |
| Recurring financial charges | 65 | €2,884 | €5,422 | +€2,538 | +88.0% |
| Profit (loss) for the period before taxes | 9903 | -€29,237 | €30,101 | +€59,338 | |
| Income taxes | 67/77 | - | €1,061 | +€1,061 | |
| Profit (loss) for the period | 9904 | -€29,237 | €29,040 | +€58,277 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,237 | €29,040 | +€58,277 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.