V. Neut: 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.
V. Neut
Largest movements
- Receivables within one year +€246,821
up €246,821 (+1,016%), from €24,305 to €271,126
of which Other amounts receivable: +€233,592
- Cash +€52,700
up €52,700 (+62.2%), from €84,682 to €137,382
mainly Debts after one year (+€229,361) and Net result for the year (+€71,134)
- Current investments +€20,782
up €20,782 (+10.4%), from €200,000 to €220,782
- Debts after one year +€229,361
up €229,361 (+516%), from €44,488 to €273,849
- Reserves +€69,468
up €69,468 (+29.3%), from €237,183 to €306,651
- Other debts +€9,631
up €9,631 (+18.8%), from €51,186 to €60,817
- Gross operating margin +€8,106
up €8,106 (+6.7%), from €120,120 to €128,226
- Staff costs +€2,520
up €2,520 (+24.3%), from €10,363 to €12,883
- Taxes +€1,840
up €1,840 (+6.8%), from €27,148 to €28,988
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 | €456,470 | €771,020 | +€314,550 | +68.9% |
| Fixed assets | 21/28 | €146,520 | €140,220 | -€6,300 | -4.3% |
| Tangible fixed assets | 22/27 | €146,520 | €140,220 | -€6,300 | -4.3% |
| Land and buildings | 22 | €142,800 | €134,400 | -€8,400 | -5.9% |
| Plant, machinery and equipment | 23 | €1,076 | €554 | -€522 | -48.5% |
| Furniture and vehicles | 24 | €2,644 | €5,266 | +€2,622 | +99.2% |
| Current assets | 29/58 | €309,950 | €630,800 | +€320,850 | +104% |
| Amounts receivable within one year | 40/41 | €24,305 | €271,126 | +€246,821 | +1,016% |
| Trade receivables | 40 | €20,897 | €34,126 | +€13,229 | +63.3% |
| Other amounts receivable | 41 | €3,408 | €237,000 | +€233,592 | +6,854% |
| Current investments | 50/53 | €200,000 | €220,782 | +€20,782 | +10.4% |
| Cash at bank and in hand | 54/58 | €84,682 | €137,382 | +€52,700 | +62.2% |
| Deferred charges and accrued income | 490/1 | €963 | €1,510 | +€547 | +56.8% |
| Total equity and liabilities | 10/49 | €456,470 | €771,020 | +€314,550 | +68.9% |
| Equity | 10/15 | €332,665 | €402,133 | +€69,468 | +20.9% |
| Contributions | 10/11 | €95,482 | €95,482 | = | 0.0% |
| Reserves | 13 | €237,183 | €306,651 | +€69,468 | +29.3% |
| Distributable reserves | 133 | €237,183 | €306,651 | +€69,468 | +29.3% |
| Amounts payable | 17/49 | €123,805 | €368,887 | +€245,082 | +198% |
| Amounts payable after more than one year | 17 | €44,488 | €273,849 | +€229,361 | +516% |
| Financial debts | 170/4 | €44,488 | €273,849 | +€229,361 | +516% |
| Amounts payable within one year | 42/48 | €79,317 | €94,493 | +€15,176 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €7,502 | €7,639 | +€137 | +1.8% |
| Trade debts | 44 | - | €1,068 | +€1,068 | |
| Suppliers | 440/4 | - | €1,068 | +€1,068 | |
| Taxes, remuneration and social security | 45 | €20,629 | €24,969 | +€4,340 | +21.0% |
| Taxes | 450/3 | €18,460 | €20,709 | +€2,249 | +12.2% |
| Remuneration and social security | 454/9 | €2,169 | €4,260 | +€2,091 | +96.4% |
| Other amounts payable | 47/48 | €51,186 | €60,817 | +€9,631 | +18.8% |
| Accrued charges and deferred income | 492/3 | - | €545 | +€545 | |
| Remuneration, social security and pensions | 62 | €10,363 | €12,883 | +€2,520 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,344 | €10,712 | +€368 | +3.6% |
| Other operating charges | 640/8 | €1,001 | €990 | -€11 | -1.1% |
| Gross operating margin | 9900 | €120,120 | €128,226 | +€8,106 | +6.7% |
| Operating profit (loss) | 9901 | €98,412 | €103,641 | +€5,229 | +5.3% |
| Financial income | 75/76B | €2,829 | €1,728 | -€1,101 | -38.9% |
| Recurring financial income | 75 | €2,829 | €1,728 | -€1,101 | -38.9% |
| Financial charges | 65/66B | €4,745 | €5,247 | +€502 | +10.6% |
| Recurring financial charges | 65 | €4,745 | €5,247 | +€502 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €96,496 | €100,122 | +€3,626 | +3.8% |
| Income taxes | 67/77 | €27,148 | €28,988 | +€1,840 | +6.8% |
| Profit (loss) for the period | 9904 | €69,348 | €71,134 | +€1,786 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,348 | €71,134 | +€1,786 | +2.6% |
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 19 October 2026 via checked.be.