ESMA NUR: 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.
ESMA NUR
Largest movements
- Cash +€34,113
up €34,113 (+75.6%), from €45,127 to €79,240
mainly Net result for the year (+€77,218) and Depreciation (+€10,697)
- Tangible fixed assets -€9,306
down €9,306 (-35.2%), from €26,462 to €17,156
of which Furniture and vehicles: -€8,331
- Profit (loss) carried forward +€77,218
up €77,218 (+105%), from €73,258 to €150,476
- Trade debts -€56,126
down €56,126 (-52.9%), from €106,195 to €50,069
- Tax, wage and social debts +€6,584
up €6,584 (+9.8%), from €67,161 to €73,745
of which Taxes: +€8,478
- Gross operating margin +€118,356
up €118,356 (+65.5%), from €180,808 to €299,164
- Staff costs +€39,424
up €39,424 (+29.1%), from €135,575 to €174,999
- Financial charges +€14,477
up €14,477 (+1,096%), from €1,320 to €15,798
- Taxes +€7,215
up €7,215 (+98.2%), from €7,346 to €14,561
- Other operating charges +€4,107
up €4,107 (+230%), from €1,784 to €5,892
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 | €280,714 | €308,390 | +€27,676 | +9.9% |
| Fixed assets | 21/28 | €28,455 | €19,149 | -€9,306 | -32.7% |
| Tangible fixed assets | 22/27 | €26,462 | €17,156 | -€9,306 | -35.2% |
| Plant, machinery and equipment | 23 | €758 | €83 | -€675 | -89.0% |
| Furniture and vehicles | 24 | €25,404 | €17,073 | -€8,331 | -32.8% |
| Other tangible fixed assets | 26 | €300 | - | -€300 | |
| Financial fixed assets | 28 | €1,993 | €1,993 | = | 0.0% |
| Current assets | 29/58 | €252,259 | €289,241 | +€36,982 | +14.7% |
| Stocks and contracts in progress | 3 | €60,780 | €60,780 | = | 0.0% |
| Stocks | 30/36 | €60,780 | €60,780 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €146,352 | €149,221 | +€2,869 | +2.0% |
| Trade receivables | 40 | €26,250 | €26,136 | -€114 | -0.4% |
| Other amounts receivable | 41 | €120,102 | €123,085 | +€2,983 | +2.5% |
| Cash at bank and in hand | 54/58 | €45,127 | €79,240 | +€34,113 | +75.6% |
| Total equity and liabilities | 10/49 | €280,714 | €308,390 | +€27,676 | +9.9% |
| Equity | 10/15 | €107,358 | €184,576 | +€77,218 | +71.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €27,900 | €27,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,040 | €26,040 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,258 | €150,476 | +€77,218 | +105% |
| Amounts payable | 17/49 | €173,356 | €123,814 | -€49,542 | -28.6% |
| Amounts payable within one year | 42/48 | €173,356 | €123,814 | -€49,542 | -28.6% |
| Trade debts | 44 | €106,195 | €50,069 | -€56,126 | -52.9% |
| Suppliers | 440/4 | €106,195 | €50,069 | -€56,126 | -52.9% |
| Taxes, remuneration and social security | 45 | €67,161 | €73,745 | +€6,584 | +9.8% |
| Taxes | 450/3 | €18,960 | €27,438 | +€8,478 | +44.7% |
| Remuneration and social security | 454/9 | €48,201 | €46,306 | -€1,895 | -3.9% |
| Remuneration, social security and pensions | 62 | €135,575 | €174,999 | +€39,424 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,877 | €10,697 | +€821 | +8.3% |
| Other operating charges | 640/8 | €1,784 | €5,892 | +€4,107 | +230% |
| Gross operating margin | 9900 | €180,808 | €299,164 | +€118,356 | +65.5% |
| Operating profit (loss) | 9901 | €33,573 | €107,576 | +€74,003 | +220% |
| Financial income | 75/76B | €0 | €1 | +€1 | +3,233% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +3,233% |
| Financial charges | 65/66B | €1,320 | €15,798 | +€14,477 | +1,096% |
| Recurring financial charges | 65 | €1,320 | €15,798 | +€14,477 | +1,096% |
| Profit (loss) for the period before taxes | 9903 | €32,253 | €91,779 | +€59,527 | +185% |
| Income taxes | 67/77 | €7,346 | €14,561 | +€7,215 | +98.2% |
| Profit (loss) for the period | 9904 | €24,907 | €77,218 | +€52,311 | +210% |
| Profit (loss) for the period to be appropriated | 9905 | €24,907 | €77,218 | +€52,311 | +210% |
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 26 October 2026 via checked.be.