NADESCO: 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.
NADESCO
Largest movements
- Receivables within one year -€138,436
down €138,436 (-45.6%), from €303,437 to €165,001
of which Trade receivables: -€159,201
- Stocks and contracts +€100,000
up €100,000 (+74.1%), from €135,000 to €235,000
of which Contracts in progress: +€120,000
- Cash +€93,150
up €93,150 (+89.6%), from €103,953 to €197,103
mainly Receivables within one year (+€138,436) and Short-term financial debts (+€120,048)
- Deferred charges and accrued income +€49,399
up €49,399 (+2,601%), from €1,899 to €51,298
- Tangible fixed assets -€29,350
down €29,350 (-10.3%), from €283,917 to €254,567
of which Land and buildings: -€22,727
- Short-term financial debts +€120,048
up €120,048 (+1,308%), from €9,176 to €129,224
- Reserves +€52,085
up €52,085 (+28.9%), from €180,242 to €232,327
- Other debts -€46,827
down €46,827 (-64.3%), from €72,814 to €25,987
- Debts after one year -€28,455
down €28,455 (-16.9%), from €168,529 to €140,074
- Trade debts -€22,498
down €22,498 (-6.7%), from €336,635 to €314,138
- Gross operating margin +€62,412
up €62,412 (+26.9%), from €231,723 to €294,135
- Staff costs -€22,096
down €22,096 (-21.5%), from €102,678 to €80,582
- Taxes +€20,750
up €20,750 (+192%), from €10,809 to €31,558
- Financial charges +€8,184
up €8,184 (+38.3%), from €21,368 to €29,552
of which Financial charges: +€4,487
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 | €828,206 | €902,968 | +€74,763 | +9.0% |
| Fixed assets | 21/28 | €283,917 | €254,567 | -€29,350 | -10.3% |
| Tangible fixed assets | 22/27 | €283,917 | €254,567 | -€29,350 | -10.3% |
| Land and buildings | 22 | €159,233 | €136,506 | -€22,727 | -14.3% |
| Plant, machinery and equipment | 23 | €59,536 | €54,413 | -€5,123 | -8.6% |
| Furniture and vehicles | 24 | €62,784 | €61,424 | -€1,360 | -2.2% |
| Other tangible fixed assets | 26 | €2,363 | €2,224 | -€139 | -5.9% |
| Current assets | 29/58 | €544,289 | €648,402 | +€104,112 | +19.1% |
| Stocks and contracts in progress | 3 | €135,000 | €235,000 | +€100,000 | +74.1% |
| Stocks | 30/36 | €75,000 | €55,000 | -€20,000 | -26.7% |
| Contracts in progress | 37 | €60,000 | €180,000 | +€120,000 | +200% |
| Amounts receivable within one year | 40/41 | €303,437 | €165,001 | -€138,436 | -45.6% |
| Trade receivables | 40 | €262,859 | €103,659 | -€159,201 | -60.6% |
| Other amounts receivable | 41 | €40,578 | €61,342 | +€20,764 | +51.2% |
| Cash at bank and in hand | 54/58 | €103,953 | €197,103 | +€93,150 | +89.6% |
| Deferred charges and accrued income | 490/1 | €1,899 | €51,298 | +€49,399 | +2,601% |
| Total equity and liabilities | 10/49 | €828,206 | €902,968 | +€74,763 | +9.0% |
| Equity | 10/15 | €198,842 | €250,927 | +€52,085 | +26.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €180,242 | €232,327 | +€52,085 | +28.9% |
| Distributable reserves | 133 | €180,242 | €232,327 | +€52,085 | +28.9% |
| Amounts payable | 17/49 | €629,364 | €652,042 | +€22,678 | +3.6% |
| Amounts payable after more than one year | 17 | €168,529 | €140,074 | -€28,455 | -16.9% |
| Financial debts | 170/4 | €168,529 | €140,074 | -€28,455 | -16.9% |
| Amounts payable within one year | 42/48 | €459,399 | €509,951 | +€50,552 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €30,389 | €28,455 | -€1,933 | -6.4% |
| Financial debts | 43 | €9,176 | €129,224 | +€120,048 | +1,308% |
| Credit institutions | 430/8 | €9,176 | €129,224 | +€120,048 | +1,308% |
| Trade debts | 44 | €336,635 | €314,138 | -€22,498 | -6.7% |
| Suppliers | 440/4 | €336,635 | €314,138 | -€22,498 | -6.7% |
| Taxes, remuneration and social security | 45 | €10,385 | €12,146 | +€1,761 | +17.0% |
| Taxes | 450/3 | €2,516 | €4,119 | +€1,603 | +63.7% |
| Remuneration and social security | 454/9 | €7,869 | €8,027 | +€158 | +2.0% |
| Other amounts payable | 47/48 | €72,814 | €25,987 | -€46,827 | -64.3% |
| Accrued charges and deferred income | 492/3 | €1,436 | €2,017 | +€581 | +40.5% |
| Remuneration, social security and pensions | 62 | €102,678 | €80,582 | -€22,096 | -21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,503 | €71,072 | -€2,431 | -3.3% |
| Other operating charges | 640/8 | €3,839 | €3,299 | -€541 | -14.1% |
| Gross operating margin | 9900 | €231,723 | €294,135 | +€62,412 | +26.9% |
| Operating profit (loss) | 9901 | €51,703 | €139,182 | +€87,479 | +169% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €21,368 | €29,552 | +€8,184 | +38.3% |
| Recurring financial charges | 65 | €18,252 | €22,739 | +€4,487 | +24.6% |
| Non-recurring financial charges | 66B | €3,115 | €6,812 | +€3,697 | +119% |
| Profit (loss) for the period before taxes | 9903 | €30,335 | €109,631 | +€79,296 | +261% |
| Income taxes | 67/77 | €10,809 | €31,558 | +€20,750 | +192% |
| Profit (loss) for the period | 9904 | €19,526 | €78,072 | +€58,546 | +300% |
| Profit (loss) for the period to be appropriated | 9905 | €19,526 | €78,072 | +€58,546 | +300% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.