NAEXUS: 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.
NAEXUS
Largest movements
- Financial fixed assets +€9.9m
up €9.9m (+122%), from €8.1m to €18.0m
- Debts after one year +€7.0m
up €7.0m (+198%), from €3.5m to €10.5m
- Other debts +€2.4m
up €2.4m (+1,062%), from €223,706 to €2.6m
- Short-term financial debts -€1.4m
down €1.4m (-100.0%), from €1.5m to €17
- Current portion of long-term debt +€921,277
up €921,277 (+172%), from €535,890 to €1.5m
- Reserves +€827,728
up €827,728 (+60.0%), from €1.4m to €2.2m
- Financial income -€500,000
down €500,000 (-33.3%), from €1.5m to €1.0m
- Gross operating margin -€248,357
down €248,357 (-76.2%), from €325,860 to €77,503
- Financial charges -€193,422
down €193,422 (-43.7%), from €442,990 to €249,568
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 | €8,502,952 | €18,427,014 | +€9.9m | +117% |
| Fixed assets | 21/28 | €8,124,851 | €18,000,000 | +€9.9m | +122% |
| Financial fixed assets | 28 | €8,124,851 | €18,000,000 | +€9.9m | +122% |
| Current assets | 29/58 | €378,101 | €427,014 | +€48,912 | +12.9% |
| Amounts receivable within one year | 40/41 | €187,718 | €206,435 | +€18,717 | +10.0% |
| Trade receivables | 40 | €187,718 | €202,350 | +€14,632 | +7.8% |
| Other amounts receivable | 41 | - | €4,085 | +€4,085 | |
| Cash at bank and in hand | 54/58 | €190,383 | €220,579 | +€30,195 | +15.9% |
| Total equity and liabilities | 10/49 | €8,502,952 | €18,427,014 | +€9.9m | +117% |
| Equity | 10/15 | €2,510,248 | €3,337,976 | +€827,728 | +33.0% |
| Contributions | 10/11 | €1,130,000 | €1,130,000 | = | 0.0% |
| Reserves | 13 | €1,380,248 | €2,207,976 | +€827,728 | +60.0% |
| Distributable reserves | 133 | €1,380,248 | €2,207,976 | +€827,728 | +60.0% |
| Amounts payable | 17/49 | €5,992,704 | €15,089,038 | +€9.1m | +152% |
| Amounts payable after more than one year | 17 | €3,534,841 | €10,519,703 | +€7.0m | +198% |
| Financial debts | 170/4 | €3,534,841 | €10,519,703 | +€7.0m | +198% |
| Amounts payable within one year | 42/48 | €2,390,661 | €4,527,262 | +€2.1m | +89.4% |
| Current portion of amounts payable after more than one year | 42 | €535,890 | €1,457,168 | +€921,277 | +172% |
| Financial debts | 43 | €1,450,000 | €17 | -€1.4m | -100.0% |
| Credit institutions | 430/8 | €1,450,000 | €17 | -€1.4m | -100.0% |
| Trade debts | 44 | €173,467 | €463,503 | +€290,036 | +167% |
| Suppliers | 440/4 | €173,467 | €463,503 | +€290,036 | +167% |
| Taxes, remuneration and social security | 45 | €7,597 | €7,319 | -€279 | -3.7% |
| Taxes | 450/3 | €7,597 | €7,319 | -€279 | -3.7% |
| Other amounts payable | 47/48 | €223,706 | €2,599,257 | +€2.4m | +1,062% |
| Accrued charges and deferred income | 492/3 | €67,202 | €42,072 | -€25,130 | -37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,504 | €0 | -€2,504 | -100% |
| Other operating charges | 640/8 | €118 | €208 | +€90 | +76.0% |
| Gross operating margin | 9900 | €325,860 | €77,503 | -€248,357 | -76.2% |
| Operating profit (loss) | 9901 | €323,238 | €77,296 | -€245,942 | -76.1% |
| Financial income | 75/76B | €1,500,000 | €1,000,000 | -€500,000 | -33.3% |
| Recurring financial income | 75 | €1,500,000 | €1,000,000 | -€500,000 | -33.3% |
| Financial charges | 65/66B | €442,990 | €249,568 | -€193,422 | -43.7% |
| Recurring financial charges | 65 | €442,990 | €249,568 | -€193,422 | -43.7% |
| Profit (loss) for the period before taxes | 9903 | €1,380,248 | €827,728 | -€552,520 | -40.0% |
| Profit (loss) for the period | 9904 | €1,380,248 | €827,728 | -€552,520 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,380,248 | €827,728 | -€552,520 | -40.0% |
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 26 October 2026 via checked.be.