NNL: 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.
NNL
Largest movements
- Cash +€92,637
up €92,637 (+5,373%), from €1,724 to €94,361
mainly Net result for the year (+€135,504) and Depreciation (+€21,332)
- Current investments +€52,440
up €52,440 (+12.2%), from €429,066 to €481,506
- Tangible fixed assets -€14,410
down €14,410 (-44.5%), from €32,400 to €17,991
of which Furniture and vehicles: -€15,223
- Receivables within one year +€6,233
up €6,233 (+524%), from €1,190 to €7,423
of which Trade receivables: +€5,144
- Reserves +€135,435
up €135,435 (+31.4%), from €431,500 to €566,935
- Financial income +€79,085
up €79,085 (+2,780%), from €2,845 to €81,930
- Taxes +€7,173
up €7,173 (+26.3%), from €27,251 to €34,424
- Gross operating margin -€4,572
down €4,572 (-4.0%), from €115,695 to €111,123
- Depreciation -€1,415
down €1,415 (-6.2%), from €22,747 to €21,332
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 | €466,166 | €603,782 | +€137,616 | +29.5% |
| Fixed assets | 21/28 | €32,400 | €17,991 | -€14,410 | -44.5% |
| Tangible fixed assets | 22/27 | €32,400 | €17,991 | -€14,410 | -44.5% |
| Plant, machinery and equipment | 23 | €4,391 | €10,623 | +€6,232 | +142% |
| Furniture and vehicles | 24 | €21,859 | €6,636 | -€15,223 | -69.6% |
| Other tangible fixed assets | 26 | €6,150 | €732 | -€5,419 | -88.1% |
| Current assets | 29/58 | €433,766 | €585,792 | +€152,026 | +35.0% |
| Amounts receivable within one year | 40/41 | €1,190 | €7,423 | +€6,233 | +524% |
| Trade receivables | 40 | €1,190 | €6,334 | +€5,144 | +432% |
| Other amounts receivable | 41 | - | €1,090 | +€1,090 | |
| Current investments | 50/53 | €429,066 | €481,506 | +€52,440 | +12.2% |
| Cash at bank and in hand | 54/58 | €1,724 | €94,361 | +€92,637 | +5,373% |
| Deferred charges and accrued income | 490/1 | €1,785 | €2,501 | +€716 | +40.1% |
| Total equity and liabilities | 10/49 | €466,166 | €603,782 | +€137,616 | +29.5% |
| Equity | 10/15 | €444,686 | €580,190 | +€135,504 | +30.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €431,500 | €566,935 | +€135,435 | +31.4% |
| Distributable reserves | 133 | €431,500 | €566,935 | +€135,435 | +31.4% |
| Profit (loss) carried forward | 14 | €786 | €855 | +€69 | +8.8% |
| Amounts payable | 17/49 | €21,481 | €23,592 | +€2,112 | +9.8% |
| Amounts payable within one year | 42/48 | €21,481 | €23,592 | +€2,112 | +9.8% |
| Financial debts | 43 | - | €8 | +€8 | |
| Credit institutions | 430/8 | - | €8 | +€8 | |
| Trade debts | 44 | €5,566 | €1,527 | -€4,039 | -72.6% |
| Suppliers | 440/4 | €5,566 | €1,527 | -€4,039 | -72.6% |
| Taxes, remuneration and social security | 45 | €15,915 | €20,830 | +€4,916 | +30.9% |
| Taxes | 450/3 | €15,915 | €20,830 | +€4,916 | +30.9% |
| Other amounts payable | 47/48 | - | €1,226 | +€1,226 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,747 | €21,332 | -€1,415 | -6.2% |
| Other operating charges | 640/8 | €1,434 | €1,573 | +€139 | +9.7% |
| Gross operating margin | 9900 | €115,695 | €111,123 | -€4,572 | -4.0% |
| Operating profit (loss) | 9901 | €91,514 | €88,218 | -€3,296 | -3.6% |
| Financial income | 75/76B | €2,845 | €81,930 | +€79,085 | +2,780% |
| Recurring financial income | 75 | €2,845 | €81,930 | +€79,085 | +2,780% |
| Financial charges | 65/66B | €195 | €220 | +€25 | +13.0% |
| Recurring financial charges | 65 | €195 | €220 | +€25 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | €94,164 | €169,928 | +€75,764 | +80.5% |
| Income taxes | 67/77 | €27,251 | €34,424 | +€7,173 | +26.3% |
| Profit (loss) for the period | 9904 | €66,913 | €135,504 | +€68,591 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €66,913 | €135,504 | +€68,591 | +103% |
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.