NAND: 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.
NAND
Largest movements
- Current investments -€60,759
no longer reported in 2025 (was €60,759)
- Receivables within one year +€53,664
up €53,664 (+272.4%), from €19,697 to €73,361
of which Other amounts receivable: +€64,101
- Cash +€22,951
up €22,951 (+47.8%), from €47,999 to €70,951
mainly Current investments (+€60,759) and Net result for the year (+€17,227)
- Reserves +€17,227
up €17,227 (+39.8%), from €43,279 to €60,506
- Other debts +€5,078
up €5,078 (+11.0%), from €46,070 to €51,147
- Accrued charges and deferred income -€3,499
down €3,499 (-57.7%), from €6,066 to €2,567
- Tax, wage and social debts -€2,606
down €2,606 (-98.4%), from €2,647 to €42
of which Remuneration and social security: -€2,614
- Financial income -€18,090
down €18,090 (-80.2%), from €22,546 to €4,456
- Write-downs +€11,151
new in 2025: €11,151
- Gross operating margin -€9,360
down €9,360 (-23.4%), from €39,975 to €30,616
- Financial charges -€6,174
down €6,174, from €5,618 to -€556
- Taxes -€5,887
down €5,887 (-52.5%), from €11,223 to €5,336
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 | €131,001 | €148,675 | +€17,674 | +13.5% |
| Fixed assets | 21/28 | €1,249 | €2,442 | +€1,193 | +95.6% |
| Tangible fixed assets | 22/27 | €1,169 | €2,362 | +€1,193 | +102.1% |
| Plant, machinery and equipment | 23 | €392 | €736 | +€344 | +87.8% |
| Furniture and vehicles | 24 | €777 | €554 | -€223 | -28.8% |
| Other tangible fixed assets | 26 | - | €1,073 | +€1,073 | |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €129,752 | €146,233 | +€16,481 | +12.7% |
| Amounts receivable within one year | 40/41 | €19,697 | €73,361 | +€53,664 | +272.4% |
| Trade receivables | 40 | €10,437 | - | -€10,437 | |
| Other amounts receivable | 41 | €9,260 | €73,361 | +€64,101 | +692.2% |
| Current investments | 50/53 | €60,759 | - | -€60,759 | |
| Cash at bank and in hand | 54/58 | €47,999 | €70,951 | +€22,951 | +47.8% |
| Deferred charges and accrued income | 490/1 | €1,297 | €1,922 | +€625 | +48.1% |
| Total equity and liabilities | 10/49 | €131,001 | €148,675 | +€17,674 | +13.5% |
| Equity | 10/15 | €61,879 | €79,106 | +€17,227 | +27.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,279 | €60,506 | +€17,227 | +39.8% |
| Distributable reserves | 133 | €43,279 | €60,506 | +€17,227 | +39.8% |
| Amounts payable | 17/49 | €69,122 | €69,569 | +€447 | +0.6% |
| Amounts payable within one year | 42/48 | €63,056 | €67,002 | +€3,946 | +6.3% |
| Trade debts | 44 | €14,339 | €15,812 | +€1,473 | +10.3% |
| Suppliers | 440/4 | €14,339 | €15,812 | +€1,473 | +10.3% |
| Taxes, remuneration and social security | 45 | €2,647 | €42 | -€2,606 | -98.4% |
| Taxes | 450/3 | €33 | €42 | +€9 | +26.6% |
| Remuneration and social security | 454/9 | €2,614 | - | -€2,614 | |
| Other amounts payable | 47/48 | €46,070 | €51,147 | +€5,078 | +11.0% |
| Accrued charges and deferred income | 492/3 | €6,066 | €2,567 | -€3,499 | -57.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,093 | €963 | -€1,130 | -54.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,151 | +€11,151 | |
| Other operating charges | 640/8 | €861 | €888 | +€27 | +3.2% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €39,975 | €30,616 | -€9,360 | -23.4% |
| Operating profit (loss) | 9901 | €37,022 | €17,551 | -€19,471 | -52.6% |
| Financial income | 75/76B | €22,546 | €4,456 | -€18,090 | -80.2% |
| Recurring financial income | 75 | €22,546 | €4,456 | -€18,090 | -80.2% |
| Financial charges | 65/66B | €5,618 | -€556 | -€6,174 | |
| Recurring financial charges | 65 | €5,618 | -€556 | -€6,174 | |
| Profit (loss) for the period before taxes | 9903 | €53,950 | €22,563 | -€31,387 | -58.2% |
| Income taxes | 67/77 | €11,223 | €5,336 | -€5,887 | -52.5% |
| Profit (loss) for the period | 9904 | €42,727 | €17,227 | -€25,500 | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €42,727 | €17,227 | -€25,500 | -59.7% |
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 6 October 2026 via checked.be.