NACSED: what changed
Two fiscal 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.
NACSED
Largest movements
- Cash -€139,794
down €139,794 (-86.2%), from €162,102 to €22,309
mainly Current investments (-€125,000) and Receivables within one year (-€40,436)
- Current investments +€125,000
new in 2025: €125,000
- Receivables within one year +€40,436
up €40,436 (+176.8%), from €22,865 to €63,302
of which Other amounts receivable: +€31,886
- Tangible fixed assets -€19,252
down €19,252 (-8.8%), from €219,624 to €200,371
of which Land and buildings: -€17,875
- Debts after one year -€33,523
down €33,523 (-70.0%), from €47,858 to €14,335
- Reserves +€28,804
up €28,804 (+24.0%), from €119,863 to €148,667
- Other debts +€24,327
up €24,327 (+23.6%), from €103,258 to €127,586
- Tax, wage and social debts -€11,960
down €11,960 (-51.1%), from €23,384 to €11,424
of which Taxes: -€11,960
- Gross operating margin -€2,981
down €2,981 (-3.8%), from €79,351 to €76,369
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.
Cash bridge derived
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 | €404,679 | €411,097 | +€6,418 | +1.6% |
| Fixed assets | 21/28 | €219,624 | €200,371 | -€19,252 | -8.8% |
| Tangible fixed assets | 22/27 | €219,624 | €200,371 | -€19,252 | -8.8% |
| Land and buildings | 22 | €214,115 | €196,240 | -€17,875 | -8.3% |
| Plant, machinery and equipment | 23 | €5,509 | €4,132 | -€1,377 | -25.0% |
| Current assets | 29/58 | €185,055 | €210,725 | +€25,670 | +13.9% |
| Amounts receivable within one year | 40/41 | €22,865 | €63,302 | +€40,436 | +176.8% |
| Trade receivables | 40 | €21,966 | €30,517 | +€8,551 | +38.9% |
| Other amounts receivable | 41 | €899 | €32,785 | +€31,886 | +3545.6% |
| Current investments | 50/53 | - | €125,000 | +€125,000 | |
| Cash at bank and in hand | 54/58 | €162,102 | €22,309 | -€139,794 | -86.2% |
| Deferred charges and accrued income | 490/1 | €87 | €115 | +€27 | +31.0% |
| Total equity and liabilities | 10/49 | €404,679 | €411,097 | +€6,418 | +1.6% |
| Equity | 10/15 | €194,863 | €223,667 | +€28,804 | +14.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €119,863 | €148,667 | +€28,804 | +24.0% |
| Distributable reserves | 133 | €119,863 | €148,667 | +€28,804 | +24.0% |
| Amounts payable | 17/49 | €209,816 | €187,430 | -€22,386 | -10.7% |
| Amounts payable after more than one year | 17 | €47,858 | €14,335 | -€33,523 | -70.0% |
| Financial debts | 170/4 | €47,858 | €14,335 | -€33,523 | -70.0% |
| Amounts payable within one year | 42/48 | €161,958 | €173,095 | +€11,137 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €32,316 | €33,523 | +€1,207 | +3.7% |
| Trade debts | 44 | €2,999 | €563 | -€2,437 | -81.2% |
| Suppliers | 440/4 | €2,999 | €563 | -€2,437 | -81.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €23,384 | €11,424 | -€11,960 | -51.1% |
| Taxes | 450/3 | €21,634 | €9,674 | -€11,960 | -55.3% |
| Remuneration and social security | 454/9 | €1,750 | €1,750 | = | 0.0% |
| Other amounts payable | 47/48 | €103,258 | €127,586 | +€24,327 | +23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,607 | €19,252 | -€354 | -1.8% |
| Other operating charges | 640/8 | €7,033 | €7,251 | +€218 | +3.1% |
| Gross operating margin | 9900 | €79,351 | €76,369 | -€2,981 | -3.8% |
| Operating profit (loss) | 9901 | €52,711 | €49,866 | -€2,845 | -5.4% |
| Financial income | 75/76B | - | €325 | +€325 | |
| Recurring financial income | 75 | - | €325 | +€325 | |
| Financial charges | 65/66B | €10,541 | €10,291 | -€250 | -2.4% |
| Recurring financial charges | 65 | €10,541 | €10,291 | -€250 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €42,170 | €39,899 | -€2,271 | -5.4% |
| Income taxes | 67/77 | €11,822 | €11,095 | -€726 | -6.1% |
| Profit (loss) for the period | 9904 | €30,348 | €28,804 | -€1,544 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,348 | €28,804 | -€1,544 | -5.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.