NAEST: 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.
NAEST
Largest movements
- Tangible fixed assets -€86,046
down €86,046 (-7.7%), from €1.1m to €1.0m
of which Plant, machinery and equipment: -€53,414
- Reserves +€112,027
up €112,027 (+16.8%), from €668,402 to €780,429
of which Distributable reserves: +€120,000
- Debts after one year -€98,933
down €98,933 (-52.4%), from €188,771 to €89,838
- Other debts -€55,000
down €55,000 (-8.0%), from €690,000 to €635,000
- Financial income +€20,022
up €20,022 (+25.0%), from €80,043 to €100,065
- Taxes +€8,450
up €8,450 (+39.8%), from €21,246 to €29,696
- Gross operating margin -€6,255
down €6,255 (-3.6%), from €175,650 to €169,395
- Financial charges -€2,771
down €2,771 (-19.6%), from €14,168 to €11,397
- Depreciation -€1,965
down €1,965 (-2.2%), from €88,011 to €86,046
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 | €2,291,364 | €2,235,377 | -€55,988 | -2.4% |
| Fixed assets | 21/28 | €2,208,182 | €2,122,136 | -€86,046 | -3.9% |
| Tangible fixed assets | 22/27 | €1,124,537 | €1,038,491 | -€86,046 | -7.7% |
| Land and buildings | 22 | €793,453 | €760,821 | -€32,631 | -4.1% |
| Plant, machinery and equipment | 23 | €331,084 | €277,670 | -€53,414 | -16.1% |
| Financial fixed assets | 28 | €1,083,645 | €1,083,645 | = | 0.0% |
| Current assets | 29/58 | €83,183 | €113,240 | +€30,058 | +36.1% |
| Amounts receivable within one year | 40/41 | - | €319 | +€319 | |
| Other amounts receivable | 41 | - | €319 | +€319 | |
| Current investments | 50/53 | €13,519 | €24,034 | +€10,514 | +77.8% |
| Cash at bank and in hand | 54/58 | €3,429 | €1,570 | -€1,859 | -54.2% |
| Deferred charges and accrued income | 490/1 | €66,235 | €87,318 | +€21,083 | +31.8% |
| Total equity and liabilities | 10/49 | €2,291,364 | €2,235,377 | -€55,988 | -2.4% |
| Equity | 10/15 | €1,270,010 | €1,403,123 | +€133,113 | +10.5% |
| Contributions | 10/11 | €232,500 | €232,500 | = | 0.0% |
| Capital | 10 | €232,500 | €232,500 | = | 0.0% |
| Issued capital | 100 | €232,500 | €232,500 | = | 0.0% |
| Reserves | 13 | €668,402 | €780,429 | +€112,027 | +16.8% |
| Non-distributable reserves | 130/1 | €27,750 | €27,750 | = | 0.0% |
| Legal reserve | 130 | €27,750 | €27,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €154,152 | €146,179 | -€7,973 | -5.2% |
| Distributable reserves | 133 | €486,500 | €606,500 | +€120,000 | +24.7% |
| Profit (loss) carried forward | 14 | €369,107 | €390,194 | +€21,087 | +5.7% |
| Amounts payable | 17/49 | €1,021,355 | €832,253 | -€189,101 | -18.5% |
| Amounts payable after more than one year | 17 | €188,771 | €89,838 | -€98,933 | -52.4% |
| Financial debts | 170/4 | €188,771 | €89,838 | -€98,933 | -52.4% |
| Amounts payable within one year | 42/48 | €831,083 | €742,416 | -€88,668 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €118,751 | €99,183 | -€19,568 | -16.5% |
| Trade debts | 44 | €13,095 | €8,232 | -€4,863 | -37.1% |
| Suppliers | 440/4 | €13,095 | €8,232 | -€4,863 | -37.1% |
| Taxes, remuneration and social security | 45 | €9,237 | - | -€9,237 | |
| Taxes | 450/3 | €9,237 | - | -€9,237 | |
| Other amounts payable | 47/48 | €690,000 | €635,000 | -€55,000 | -8.0% |
| Accrued charges and deferred income | 492/3 | €1,500 | - | -€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,011 | €86,046 | -€1,965 | -2.2% |
| Other operating charges | 640/8 | €8,593 | €9,208 | +€615 | +7.2% |
| Gross operating margin | 9900 | €175,650 | €169,395 | -€6,255 | -3.6% |
| Operating profit (loss) | 9901 | €79,046 | €74,141 | -€4,905 | -6.2% |
| Financial income | 75/76B | €80,043 | €100,065 | +€20,022 | +25.0% |
| Recurring financial income | 75 | €80,043 | €100,065 | +€20,022 | +25.0% |
| Financial charges | 65/66B | €14,168 | €11,397 | -€2,771 | -19.6% |
| Recurring financial charges | 65 | €14,168 | €11,397 | -€2,771 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €144,921 | €162,809 | +€17,888 | +12.3% |
| Income taxes | 67/77 | €21,246 | €29,696 | +€8,450 | +39.8% |
| Profit (loss) for the period | 9904 | €123,676 | €133,113 | +€9,438 | +7.6% |
| Transfer from tax-exempt reserves | 789 | €7,973 | €7,973 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €131,649 | €141,087 | +€9,438 | +7.2% |
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 3 October 2026 via checked.be.