T-NO: 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.
T-NO
Largest movements
- Tangible fixed assets +€173,460
new in 2025: €173,460
of which Land and buildings: +€170,892
- Cash -€27,601
down €27,601 (-58.1%), from €47,534 to €19,933
mainly Investment in fixed assets (net) (-€176,263) and Contributions, distributions and other (-€50,000)
- Debts after one year +€53,343
up €53,343 (+1756.7%), from €3,036 to €56,379
- Current portion of long-term debt +€25,783
new in 2025: €25,783
- Other debts +€25,000
up €25,000 (+100.0%), from €25,000 to €50,000
- Reserves +€20,000
up €20,000 (+166.7%), from €12,000 to €32,000
- Profit (loss) carried forward +€19,587
up €19,587 (+151.0%), from €12,973 to €32,560
- Gross operating margin +€59,108
up €59,108 (+89.1%), from €66,308 to €125,416
- Taxes +€14,669
up €14,669 (+94.6%), from €15,500 to €30,169
- Depreciation +€2,804
new in 2025: €2,804
- Financial charges +€2,393
up €2,393 (+3754.4%), from €64 to €2,457
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 | €69,249 | €214,475 | +€145,226 | +209.7% |
| Fixed assets | 21/28 | - | €173,460 | +€173,460 | |
| Tangible fixed assets | 22/27 | - | €173,460 | +€173,460 | |
| Land and buildings | 22 | - | €170,892 | +€170,892 | |
| Furniture and vehicles | 24 | - | €2,567 | +€2,567 | |
| Current assets | 29/58 | €69,249 | €41,015 | -€28,233 | -40.8% |
| Amounts receivable within one year | 40/41 | €20,697 | €20,718 | +€21 | +0.1% |
| Trade receivables | 40 | €20,697 | €20,718 | +€21 | +0.1% |
| Cash at bank and in hand | 54/58 | €47,534 | €19,933 | -€27,601 | -58.1% |
| Deferred charges and accrued income | 490/1 | €1,018 | €364 | -€654 | -64.2% |
| Total equity and liabilities | 10/49 | €69,249 | €214,475 | +€145,226 | +209.7% |
| Equity | 10/15 | €26,973 | €66,560 | +€39,587 | +146.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €12,000 | €32,000 | +€20,000 | +166.7% |
| Distributable reserves | 133 | €12,000 | €32,000 | +€20,000 | +166.7% |
| Profit (loss) carried forward | 14 | €12,973 | €32,560 | +€19,587 | +151.0% |
| Amounts payable | 17/49 | €42,276 | €147,916 | +€105,639 | +249.9% |
| Amounts payable after more than one year | 17 | €3,036 | €56,379 | +€53,343 | +1756.7% |
| Financial debts | 170/4 | €3,036 | €56,379 | +€53,343 | +1756.7% |
| Amounts payable within one year | 42/48 | €39,240 | €91,536 | +€52,297 | +133.3% |
| Current portion of amounts payable after more than one year | 42 | - | €25,783 | +€25,783 | |
| Trade debts | 44 | €1,826 | €1,640 | -€186 | -10.2% |
| Suppliers | 440/4 | €1,826 | €1,640 | -€186 | -10.2% |
| Taxes, remuneration and social security | 45 | €12,414 | €14,113 | +€1,699 | +13.7% |
| Taxes | 450/3 | €12,414 | €14,113 | +€1,699 | +13.7% |
| Other amounts payable | 47/48 | €25,000 | €50,000 | +€25,000 | +100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,804 | +€2,804 | |
| Other operating charges | 640/8 | €772 | €400 | -€372 | -48.2% |
| Gross operating margin | 9900 | €66,308 | €125,416 | +€59,108 | +89.1% |
| Operating profit (loss) | 9901 | €65,536 | €122,213 | +€56,676 | +86.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €64 | €2,457 | +€2,393 | +3754.4% |
| Recurring financial charges | 65 | €64 | €2,457 | +€2,393 | +3754.4% |
| Profit (loss) for the period before taxes | 9903 | €65,473 | €119,756 | +€54,283 | +82.9% |
| Income taxes | 67/77 | €15,500 | €30,169 | +€14,669 | +94.6% |
| Profit (loss) for the period | 9904 | €49,973 | €89,587 | +€39,614 | +79.3% |
| Profit (loss) for the period to be appropriated | 9905 | €49,973 | €89,587 | +€39,614 | +79.3% |
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 12 October 2026 via checked.be.