IT’S NEMESIS: 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.
IT’S NEMESIS
Largest movements
- Receivables within one year +€147,221
up €147,221 (+144%), from €101,943 to €249,164
of which Trade receivables: +€138,191
- Cash -€24,297
no longer reported in 2025 (was €24,297)
mainly Receivables within one year (-€147,221) and Net result for the year (-€82,766)
- Deferred charges and accrued income -€2,904
down €2,904 (-16.1%), from €17,985 to €15,081
- Trade debts +€179,157
up €179,157 (+283%), from €63,295 to €242,452
- Profit (loss) carried forward -€82,766
down €82,766, from €61,227 to -€21,539
- Short-term financial debts +€23,109
up €23,109 (+887%), from €2,606 to €25,715
- Gross operating margin -€85,534
down €85,534 (-78.3%), from €109,237 to €23,703
- Write-downs +€29,211
new in 2025: €29,211
- Staff costs +€14,160
up €14,160 (+29.0%), from €48,830 to €62,991
- Taxes -€11,710
down €11,710 (-99.0%), from €11,833 to €123
- Other operating charges +€5,782
up €5,782 (+1,493%), from €387 to €6,170
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 | €148,650 | €269,541 | +€120,890 | +81.3% |
| Fixed assets | 21/28 | €4,425 | €5,295 | +€870 | +19.7% |
| Intangible fixed assets | 21 | - | €2,388 | +€2,388 | |
| Tangible fixed assets | 22/27 | €4,245 | €2,727 | -€1,518 | -35.8% |
| Furniture and vehicles | 24 | €4,245 | €2,727 | -€1,518 | -35.8% |
| Financial fixed assets | 28 | €181 | €181 | = | 0.0% |
| Current assets | 29/58 | €144,225 | €264,245 | +€120,020 | +83.2% |
| Amounts receivable within one year | 40/41 | €101,943 | €249,164 | +€147,221 | +144% |
| Trade receivables | 40 | €96,537 | €234,728 | +€138,191 | +143% |
| Other amounts receivable | 41 | €5,406 | €14,436 | +€9,030 | +167% |
| Cash at bank and in hand | 54/58 | €24,297 | - | -€24,297 | |
| Deferred charges and accrued income | 490/1 | €17,985 | €15,081 | -€2,904 | -16.1% |
| Total equity and liabilities | 10/49 | €148,650 | €269,541 | +€120,890 | +81.3% |
| Equity | 10/15 | €64,227 | -€18,539 | -€82,766 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,227 | -€21,539 | -€82,766 | |
| Amounts payable | 17/49 | €84,423 | €288,079 | +€203,656 | +241% |
| Amounts payable within one year | 42/48 | €84,423 | €288,079 | +€203,656 | +241% |
| Financial debts | 43 | €2,606 | €25,715 | +€23,109 | +887% |
| Credit institutions | 430/8 | €2,606 | €25,715 | +€23,109 | +887% |
| Trade debts | 44 | €63,295 | €242,452 | +€179,157 | +283% |
| Suppliers | 440/4 | €63,295 | €242,452 | +€179,157 | +283% |
| Taxes, remuneration and social security | 45 | €18,149 | €19,853 | +€1,703 | +9.4% |
| Taxes | 450/3 | €11,833 | €11,955 | +€123 | +1.0% |
| Remuneration and social security | 454/9 | €6,317 | €7,898 | +€1,581 | +25.0% |
| Other amounts payable | 47/48 | €372 | €59 | -€313 | -84.1% |
| Remuneration, social security and pensions | 62 | €48,830 | €62,991 | +€14,160 | +29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,299 | €2,780 | +€1,481 | +114% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €29,211 | +€29,211 | |
| Other operating charges | 640/8 | €387 | €6,170 | +€5,782 | +1,493% |
| Gross operating margin | 9900 | €109,237 | €23,703 | -€85,534 | -78.3% |
| Operating profit (loss) | 9901 | €58,720 | -€77,449 | -€136,169 | |
| Financial income | 75/76B | €36 | €50 | +€14 | +37.7% |
| Recurring financial income | 75 | €36 | €50 | +€14 | +37.7% |
| Financial charges | 65/66B | €1,691 | €5,245 | +€3,554 | +210% |
| Recurring financial charges | 65 | €1,691 | €5,245 | +€3,554 | +210% |
| Profit (loss) for the period before taxes | 9903 | €57,066 | -€82,643 | -€139,709 | |
| Income taxes | 67/77 | €11,833 | €123 | -€11,710 | -99.0% |
| Profit (loss) for the period | 9904 | €45,233 | -€82,766 | -€127,999 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,233 | -€82,766 | -€127,999 |
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 20 October 2026 via checked.be.