C-NEST: 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.
C-NEST
Largest movements
- Current investments +€938,333
new in 2025: €938,333
- Cash -€560,990
down €560,990 (-49.9%), from €1.1m to €562,666
mainly Current investments (-€938,333) and Advances received (-€567,049)
- Receivables within one year +€323,371
up €323,371 (+59.8%), from €540,518 to €863,890
of which Trade receivables: +€211,528
- Reserves +€599,576
up €599,576 (+20.4%), from €2.9m to €3.5m
- Advances received -€567,049
down €567,049 (-54.2%), from €1.0m to €478,693
- Other debts +€395,294
up €395,294 (+55.3%), from €715,414 to €1.1m
- Short-term financial debts +€292,240
up €292,240 (+15.2%), from €1.9m to €2.2m
- Debts after one year -€111,800
down €111,800 (-50.0%), from €223,600 to €111,800
- Gross operating margin -€60,602
down €60,602 (-3.3%), from €1.8m to €1.8m
- Financial income -€46,654
down €46,654 (-32.6%), from €143,313 to €96,659
- Staff costs -€30,165
down €30,165 (-3.8%), from €783,848 to €753,683
- Depreciation -€26,922
down €26,922 (-23.1%), from €116,649 to €89,727
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 | €8,301,099 | €8,936,682 | +€635,583 | +7.7% |
| Fixed assets | 21/28 | €335,733 | €251,884 | -€83,849 | -25.0% |
| Intangible fixed assets | 21 | €42,483 | €23,234 | -€19,249 | -45.3% |
| Tangible fixed assets | 22/27 | €250,949 | €186,052 | -€64,897 | -25.9% |
| Plant, machinery and equipment | 23 | €11,432 | €10,720 | -€713 | -6.2% |
| Furniture and vehicles | 24 | €91,782 | €47,273 | -€44,510 | -48.5% |
| Other tangible fixed assets | 26 | €147,734 | €128,060 | -€19,674 | -13.3% |
| Financial fixed assets | 28 | €42,302 | €42,599 | +€297 | +0.7% |
| Current assets | 29/58 | €7,965,366 | €8,684,798 | +€719,432 | +9.0% |
| Stocks and contracts in progress | 3 | €6,261,382 | €6,237,080 | -€24,302 | -0.4% |
| Stocks | 30/36 | €6,261,382 | €6,237,080 | -€24,302 | -0.4% |
| Amounts receivable within one year | 40/41 | €540,518 | €863,890 | +€323,371 | +59.8% |
| Trade receivables | 40 | €435,507 | €647,034 | +€211,528 | +48.6% |
| Other amounts receivable | 41 | €105,012 | €216,855 | +€111,844 | +107% |
| Current investments | 50/53 | - | €938,333 | +€938,333 | |
| Cash at bank and in hand | 54/58 | €1,123,656 | €562,666 | -€560,990 | -49.9% |
| Deferred charges and accrued income | 490/1 | €39,809 | €82,829 | +€43,019 | +108% |
| Total equity and liabilities | 10/49 | €8,301,099 | €8,936,682 | +€635,583 | +7.7% |
| Equity | 10/15 | €3,234,844 | €3,834,421 | +€599,576 | +18.5% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €2,934,844 | €3,534,421 | +€599,576 | +20.4% |
| Distributable reserves | 133 | €2,934,844 | €3,534,421 | +€599,576 | +20.4% |
| Amounts payable | 17/49 | €5,066,255 | €5,102,261 | +€36,006 | +0.7% |
| Amounts payable after more than one year | 17 | €223,600 | €111,800 | -€111,800 | -50.0% |
| Financial debts | 170/4 | €223,600 | €111,800 | -€111,800 | -50.0% |
| Amounts payable within one year | 42/48 | €4,835,378 | €4,980,497 | +€145,119 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €111,800 | €111,800 | = | 0.0% |
| Financial debts | 43 | €1,928,333 | €2,220,573 | +€292,240 | +15.2% |
| Credit institutions | 430/8 | €1,928,333 | €2,220,573 | +€292,240 | +15.2% |
| Trade debts | 44 | €795,132 | €903,115 | +€107,983 | +13.6% |
| Suppliers | 440/4 | €795,132 | €903,115 | +€107,983 | +13.6% |
| Advances received on contracts in progress | 46 | €1,045,742 | €478,693 | -€567,049 | -54.2% |
| Taxes, remuneration and social security | 45 | €238,956 | €155,607 | -€83,349 | -34.9% |
| Taxes | 450/3 | €168,122 | €68,908 | -€99,213 | -59.0% |
| Remuneration and social security | 454/9 | €70,835 | €86,699 | +€15,864 | +22.4% |
| Other amounts payable | 47/48 | €715,414 | €1,110,708 | +€395,294 | +55.3% |
| Accrued charges and deferred income | 492/3 | €7,277 | €9,964 | +€2,687 | +36.9% |
| Remuneration, social security and pensions | 62 | €783,848 | €753,683 | -€30,165 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,649 | €89,727 | -€26,922 | -23.1% |
| Other operating charges | 640/8 | €6,610 | €6,772 | +€161 | +2.4% |
| Gross operating margin | 9900 | €1,811,599 | €1,750,997 | -€60,602 | -3.3% |
| Operating profit (loss) | 9901 | €904,492 | €900,815 | -€3,676 | -0.4% |
| Financial income | 75/76B | €143,313 | €96,659 | -€46,654 | -32.6% |
| Recurring financial income | 75 | €143,313 | €96,659 | -€46,654 | -32.6% |
| Financial charges | 65/66B | €176,159 | €183,861 | +€7,702 | +4.4% |
| Recurring financial charges | 65 | €176,159 | €183,861 | +€7,702 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €871,645 | €813,613 | -€58,032 | -6.7% |
| Income taxes | 67/77 | €229,036 | €214,036 | -€15,000 | -6.5% |
| Profit (loss) for the period | 9904 | €642,608 | €599,576 | -€43,032 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €642,608 | €599,576 | -€43,032 | -6.7% |
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 21 October 2026 via checked.be.