NANO S: 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.
What changed
NANO S
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1.4m
2024 · €43,727-€1.4m
Equity
€11.8m
2024 · €2.7m+€9.2m
Cash
€52,474
2024 · €8,845+€43,629
Balance sheet total
€44.0m
2024 · €11.0m+€33.0m
Largest movements
Assets
- Tangible fixed assets +€35.2m
up €35.2m (+466%), from €7.6m to €42.8m
of which Land and buildings: +€34.3m
- Receivables within one year -€2.8m
down €2.8m (-93.9%), from €3.0m to €184,113
of which Other amounts receivable: -€2.8m
Equity and liabilities
- Debts after one year +€23.8m
up €23.8m (+3,237%), from €736,000 to €24.6m
- Revaluation surpluses +€6.3m
new in 2025: €6.3m
- Reserves +€4.2m
up €4.2m (+165%), from €2.6m to €6.8m
of which Distributable reserves: +€4.3m
- Profit (loss) carried forward -€1.4m
down €1.4m, from €79,817 to -€1.3m
- Other debts +€956,469
up €956,469 (+220%), from €435,682 to €1.4m
Income statement
- Depreciation +€1.1m
up €1.1m (+371%), from €302,440 to €1.4m
- Gross operating margin +€701,244
up €701,244 (+99.4%), from €705,714 to €1.4m
- Financial charges +€500,266
up €500,266 (+96.9%), from €516,403 to €1.0m
- Other operating charges +€61,326
up €61,326 (+147%), from €41,580 to €102,905
- Staff costs +€54,865
new in 2025: €54,865
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.
Result 2024
€43,727
Gross operating margin
+€701,244
Staff costs
-€54,865
Depreciation
-€1.1m
Other operating charges
-€61,326
Other operating items
-€242,702
Financial income
-€18,041
Financial charges
-€500,266
Taxes
+€29,897
Deferred taxes and other
-€166,316
Result 2025
-€1.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.8m
Investment
-€37.2m
Financing
+€33.4m
Cash 2024
€8,845
From operations (derived)
+€3.8m
Net result for the year
-€1.4m
Depreciation
+€1.4m
Receivables within one year
+€2.8m
Smaller working-capital items
+€1,821
Other debts
+€956,469
Investment (derived)
-€37.2m
Investment in fixed assets (net)
-€37.2m
Financing
+€33.4m
Debts after one year
+€23.8m
Current portion of long-term debt
-€902,734
Short-term financial debts
-€24,834
Contributions, distributions and other
+€10.6m
Cash 2025
€52,474
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,014,716 | €44,020,740 | +€33.0m | +300% |
| Fixed assets | 21/28 | €7,984,705 | €43,780,101 | +€35.8m | +448% |
| Intangible fixed assets | 21 | - | €148,530 | +€148,530 | |
| Tangible fixed assets | 22/27 | €7,561,339 | €42,796,474 | +€35.2m | +466% |
| Land and buildings | 22 | €7,453,892 | €41,751,689 | +€34.3m | +460% |
| Furniture and vehicles | 24 | €107,447 | €84,275 | -€23,172 | -21.6% |
| Assets under construction and advance payments | 27 | - | €960,510 | +€960,510 | |
| Financial fixed assets | 28 | €423,367 | €835,097 | +€411,731 | +97.3% |
| Current assets | 29/58 | €3,030,011 | €240,639 | -€2.8m | -92.1% |
| Amounts receivable within one year | 40/41 | €3,006,633 | €184,113 | -€2.8m | -93.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,006,633 | €184,113 | -€2.8m | -93.9% |
| Cash at bank and in hand | 54/58 | €8,845 | €52,474 | +€43,629 | +493% |
| Deferred charges and accrued income | 490/1 | €14,532 | €4,052 | -€10,480 | -72.1% |
| Total equity and liabilities | 10/49 | €11,014,716 | €44,020,740 | +€33.0m | +300% |
| Equity | 10/15 | €2,677,525 | €11,837,819 | +€9.2m | +342% |
| Contributions | 10/11 | €20,000 | €20,666 | +€666 | +3.3% |
| Revaluation surpluses | 12 | - | €6,274,883 | +€6.3m | |
| Reserves | 13 | €2,577,708 | €6,826,243 | +€4.2m | +165% |
| Tax-exempt reserves | 132 | €2,575,708 | €2,549,488 | -€26,221 | -1.0% |
| Distributable reserves | 133 | €2,000 | €4,276,756 | +€4.3m | +213,738% |
| Profit (loss) carried forward | 14 | €79,817 | -€1,283,974 | -€1.4m | |
| Provisions and deferred taxes | 16 | €858,569 | €849,829 | -€8,740 | -1.0% |
| Deferred taxes | 168 | €858,569 | €849,829 | -€8,740 | -1.0% |
| Amounts payable | 17/49 | €7,478,622 | €31,333,091 | +€23.9m | +319% |
| Amounts payable after more than one year | 17 | €736,000 | €24,561,487 | +€23.8m | +3,237% |
| Financial debts | 170/4 | €736,000 | €24,561,487 | +€23.8m | +3,237% |
| Amounts payable within one year | 42/48 | €6,705,974 | €6,759,912 | +€53,938 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €6,205,035 | €5,302,301 | -€902,734 | -14.5% |
| Financial debts | 43 | €24,834 | €0 | -€24,834 | -100% |
| Credit institutions | 430/8 | €24,834 | €0 | -€24,834 | -100% |
| Trade debts | 44 | €10,527 | €33,506 | +€22,979 | +218% |
| Suppliers | 440/4 | €10,527 | €33,506 | +€22,979 | +218% |
| Taxes, remuneration and social security | 45 | €29,897 | €31,954 | +€2,057 | +6.9% |
| Taxes | 450/3 | €29,897 | €29,897 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €2,057 | +€2,057 | |
| Other amounts payable | 47/48 | €435,682 | €1,392,151 | +€956,469 | +220% |
| Accrued charges and deferred income | 492/3 | €36,647 | €11,692 | -€24,955 | -68.1% |
| Non-recurring operating income | 76A | €566,455 | €771,464 | +€205,009 | +36.2% |
| Remuneration, social security and pensions | 62 | - | €54,865 | +€54,865 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €302,440 | €1,423,803 | +€1.1m | +371% |
| Other operating charges | 640/8 | €41,580 | €102,905 | +€61,326 | +147% |
| Non-recurring operating charges | 66A | - | €242,702 | +€242,702 | |
| Gross operating margin | 9900 | €705,714 | €1,406,958 | +€701,244 | +99.4% |
| Operating profit (loss) | 9901 | €361,693 | -€417,318 | -€779,011 | |
| Financial income | 75/76B | €53,277 | €35,236 | -€18,041 | -33.9% |
| Recurring financial income | 75 | €53,277 | €35,236 | -€18,041 | -33.9% |
| Financial charges | 65/66B | €516,403 | €1,016,669 | +€500,266 | +96.9% |
| Recurring financial charges | 65 | €516,403 | €1,016,669 | +€500,266 | +96.9% |
| Profit (loss) for the period before taxes | 9903 | -€101,432 | -€1,398,751 | -€1.3m | -1,279% |
| Transfer from deferred taxes | 780 | €175,056 | €8,740 | -€166,316 | -95.0% |
| Income taxes | 67/77 | €29,897 | €0 | -€29,897 | -100% |
| Profit (loss) for the period | 9904 | €43,727 | -€1,390,011 | -€1.4m | |
| Transfer from tax-exempt reserves | 789 | €525,169 | €26,221 | -€498,948 | -95.0% |
| Profit (loss) for the period to be appropriated | 9905 | €568,896 | -€1,363,790 | -€1.9m |
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 13 October 2026 via checked.be.