N.S.I.: 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.
N.S.I.
Largest movements
- Receivables within one year +€462,981
up €462,981 (+38.6%), from €1.2m to €1.7m
of which Trade receivables: +€491,185
- Cash -€335,221
down €335,221 (-34.9%), from €960,520 to €625,299
mainly Contributions, distributions and other (-€615,290) and Receivables within one year (-€462,981)
- Stocks and contracts -€89,156
down €89,156 (-9.1%), from €975,835 to €886,680
- Intangible fixed assets +€63,821
up €63,821 (+64.7%), from €98,711 to €162,532
- Tangible fixed assets +€43,622
up €43,622 (+22.9%), from €190,439 to €234,061
of which Furniture and vehicles: +€43,060
- Reserves +€525,275
up €525,275 (+20.5%), from €2.6m to €3.1m
of which Distributable reserves: +€525,275
- Advances received -€335,348
down €335,348 (-72.2%), from €464,492 to €129,145
- Trade debts -€51,472
down €51,472 (-20.6%), from €249,711 to €198,239
- Gross operating margin +€572,405
up €572,405 (+30.1%), from €1.9m to €2.5m
- Taxes +€111,561
up €111,561 (+40.4%), from €276,240 to €387,801
- Staff costs +€93,457
up €93,457 (+12.6%), from €739,788 to €833,245
- Financial income +€37,000
up €37,000 (+375%), from €9,864 to €46,864
- Depreciation +€33,118
up €33,118 (+47.1%), from €70,267 to €103,386
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,459,227 | €3,607,149 | +€147,922 | +4.3% |
| Fixed assets | 21/28 | €296,470 | €403,913 | +€107,443 | +36.2% |
| Intangible fixed assets | 21 | €98,711 | €162,532 | +€63,821 | +64.7% |
| Tangible fixed assets | 22/27 | €190,439 | €234,061 | +€43,622 | +22.9% |
| Plant, machinery and equipment | 23 | €66,090 | €50,346 | -€15,744 | -23.8% |
| Furniture and vehicles | 24 | €23,686 | €66,745 | +€43,060 | +182% |
| Other tangible fixed assets | 26 | €100,663 | €116,970 | +€16,307 | +16.2% |
| Financial fixed assets | 28 | €7,320 | €7,320 | = | 0.0% |
| Current assets | 29/58 | €3,162,757 | €3,203,236 | +€40,479 | +1.3% |
| Stocks and contracts in progress | 3 | €975,835 | €886,680 | -€89,156 | -9.1% |
| Stocks | 30/36 | €975,835 | €886,680 | -€89,156 | -9.1% |
| Amounts receivable within one year | 40/41 | €1,198,526 | €1,661,507 | +€462,981 | +38.6% |
| Trade receivables | 40 | €1,155,011 | €1,646,196 | +€491,185 | +42.5% |
| Other amounts receivable | 41 | €43,515 | €15,311 | -€28,204 | -64.8% |
| Cash at bank and in hand | 54/58 | €960,520 | €625,299 | -€335,221 | -34.9% |
| Deferred charges and accrued income | 490/1 | €27,875 | €29,751 | +€1,876 | +6.7% |
| Total equity and liabilities | 10/49 | €3,459,227 | €3,607,149 | +€147,922 | +4.3% |
| Equity | 10/15 | €2,578,818 | €3,104,092 | +€525,275 | +20.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,560,226 | €3,085,500 | +€525,275 | +20.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €2,558,366 | €3,083,641 | +€525,275 | +20.5% |
| Amounts payable | 17/49 | €880,409 | €503,057 | -€377,353 | -42.9% |
| Amounts payable within one year | 42/48 | €879,121 | €501,907 | -€377,214 | -42.9% |
| Current portion of amounts payable after more than one year | 42 | €12,631 | - | -€12,631 | |
| Trade debts | 44 | €249,711 | €198,239 | -€51,472 | -20.6% |
| Suppliers | 440/4 | €249,711 | €198,239 | -€51,472 | -20.6% |
| Advances received on contracts in progress | 46 | €464,492 | €129,145 | -€335,348 | -72.2% |
| Taxes, remuneration and social security | 45 | €152,086 | €159,233 | +€7,147 | +4.7% |
| Taxes | 450/3 | €30,822 | €17,903 | -€12,918 | -41.9% |
| Remuneration and social security | 454/9 | €121,265 | €141,330 | +€20,065 | +16.5% |
| Other amounts payable | 47/48 | €200 | €15,290 | +€15,090 | +7,545% |
| Accrued charges and deferred income | 492/3 | €1,289 | €1,150 | -€139 | -10.7% |
| Remuneration, social security and pensions | 62 | €739,788 | €833,245 | +€93,457 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,267 | €103,386 | +€33,118 | +47.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,847 | +€5,847 | |
| Other operating charges | 640/8 | €5,099 | €5,225 | +€126 | +2.5% |
| Gross operating margin | 9900 | €1,904,626 | €2,477,031 | +€572,405 | +30.1% |
| Operating profit (loss) | 9901 | €1,089,472 | €1,529,329 | +€439,857 | +40.4% |
| Financial income | 75/76B | €9,864 | €46,864 | +€37,000 | +375% |
| Recurring financial income | 75 | €9,864 | €46,864 | +€37,000 | +375% |
| Financial charges | 65/66B | €22,010 | €47,827 | +€25,817 | +117% |
| Recurring financial charges | 65 | €22,010 | €47,827 | +€25,817 | +117% |
| Profit (loss) for the period before taxes | 9903 | €1,077,325 | €1,528,366 | +€451,041 | +41.9% |
| Income taxes | 67/77 | €276,240 | €387,801 | +€111,561 | +40.4% |
| Profit (loss) for the period | 9904 | €801,085 | €1,140,565 | +€339,480 | +42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €801,085 | €1,140,565 | +€339,480 | +42.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.