NACREGEM: 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.
NACREGEM
Largest movements
- Cash -€40,215
down €40,215 (-58.6%), from €68,657 to €28,442
mainly Other debts (-€44,000) and Stocks and contracts (-€39,657)
- Stocks and contracts +€39,657
up €39,657 (+8.0%), from €498,752 to €538,408
- Receivables within one year -€27,118
down €27,118 (-29.2%), from €92,741 to €65,623
of which Trade receivables: -€29,030
- Other debts -€44,000
down €44,000 (-17.9%), from €246,092 to €202,092
- Trade debts +€14,882
up €14,882 (+325%), from €4,583 to €19,465
- Gross operating margin -€20,127
down €20,127 (-57.3%), from €35,153 to €15,026
- Taxes -€11,015
down €11,015 (-87.1%), from €12,644 to €1,629
- Financial income -€6,093
down €6,093 (-90.8%), from €6,712 to €620
of which Financial income: -€6,093
- Financial charges +€5,929
up €5,929 (+336%), from €1,763 to €7,692
of which Non-recurring financial charges: +€6,091
- Other operating charges -€417
down €417 (-41.5%), from €1,005 to €588
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 | €660,505 | €633,604 | -€26,901 | -4.1% |
| Fixed assets | 21/28 | €356 | €1,131 | +€775 | +218% |
| Tangible fixed assets | 22/27 | €356 | €1,131 | +€775 | +218% |
| Furniture and vehicles | 24 | €356 | €1,131 | +€775 | +218% |
| Current assets | 29/58 | €660,149 | €632,473 | -€27,676 | -4.2% |
| Stocks and contracts in progress | 3 | €498,752 | €538,408 | +€39,657 | +8.0% |
| Stocks | 30/36 | €498,752 | €538,408 | +€39,657 | +8.0% |
| Amounts receivable within one year | 40/41 | €92,741 | €65,623 | -€27,118 | -29.2% |
| Trade receivables | 40 | €92,741 | €63,711 | -€29,030 | -31.3% |
| Other amounts receivable | 41 | - | €1,912 | +€1,912 | |
| Cash at bank and in hand | 54/58 | €68,657 | €28,442 | -€40,215 | -58.6% |
| Total equity and liabilities | 10/49 | €660,505 | €633,604 | -€26,901 | -4.1% |
| Equity | 10/15 | €389,191 | €394,629 | +€5,438 | +1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €370,591 | €376,029 | +€5,438 | +1.5% |
| Distributable reserves | 133 | €370,591 | €376,029 | +€5,438 | +1.5% |
| Amounts payable | 17/49 | €271,314 | €238,975 | -€32,339 | -11.9% |
| Amounts payable within one year | 42/48 | €271,314 | €238,025 | -€33,289 | -12.3% |
| Trade debts | 44 | €4,583 | €19,465 | +€14,882 | +325% |
| Suppliers | 440/4 | €4,583 | €19,465 | +€14,882 | +325% |
| Taxes, remuneration and social security | 45 | €20,639 | €16,468 | -€4,171 | -20.2% |
| Taxes | 450/3 | €20,639 | €16,468 | -€4,171 | -20.2% |
| Other amounts payable | 47/48 | €246,092 | €202,092 | -€44,000 | -17.9% |
| Accrued charges and deferred income | 492/3 | - | €950 | +€950 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €366 | €299 | -€67 | -18.4% |
| Other operating charges | 640/8 | €1,005 | €588 | -€417 | -41.5% |
| Gross operating margin | 9900 | €35,153 | €15,026 | -€20,127 | -57.3% |
| Operating profit (loss) | 9901 | €33,781 | €14,139 | -€19,642 | -58.1% |
| Financial income | 75/76B | €6,712 | €620 | -€6,093 | -90.8% |
| Recurring financial income | 75 | €6,712 | €620 | -€6,093 | -90.8% |
| Non-recurring financial income | 76B | €6,712 | €620 | -€6,093 | -90.8% |
| Financial charges | 65/66B | €1,763 | €7,692 | +€5,929 | +336% |
| Recurring financial charges | 65 | €1,763 | €1,601 | -€162 | -9.2% |
| Non-recurring financial charges | 66B | - | €6,091 | +€6,091 | |
| Profit (loss) for the period before taxes | 9903 | €38,731 | €7,067 | -€31,664 | -81.8% |
| Income taxes | 67/77 | €12,644 | €1,629 | -€11,015 | -87.1% |
| Profit (loss) for the period | 9904 | €26,087 | €5,438 | -€20,649 | -79.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,087 | €5,438 | -€20,649 | -79.2% |
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.