Nardo: 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.
Nardo
Largest movements
- Receivables within one year -€193,557
down €193,557 (-68.2%), from €283,892 to €90,335
of which Trade receivables: -€192,475
- Cash +€56,733
up €56,733 (+171%), from €33,097 to €89,831
mainly Receivables within one year (+€193,557) and Stocks and contracts (+€16,524)
- Tangible fixed assets +€49,981
up €49,981 (+907%), from €5,510 to €55,491
- Stocks and contracts -€16,524
down €16,524 (-7.1%), from €233,503 to €216,979
- Financial fixed assets +€7,000
new in 2025: €7,000
- Trade debts -€65,194
down €65,194 (-57.2%), from €114,050 to €48,856
- Provisions -€36,453
no longer reported in 2025 (was €36,453)
- Profit (loss) carried forward +€12,526
up €12,526 (+18.6%), from €67,244 to €79,771
- Tax, wage and social debts -€9,032
down €9,032 (-18.5%), from €48,812 to €39,780
of which Taxes: -€6,417
- Gross operating margin -€182,971
down €182,971 (-42.0%), from €435,859 to €252,887
- Provisions -€72,906
down €72,906, from €36,453 to -€36,453
- Staff costs -€49,825
down €49,825 (-17.3%), from €288,824 to €238,998
- Taxes -€18,506
down €18,506 (-86.9%), from €21,306 to €2,800
- Write-downs +€11,274
new in 2025: €11,274
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 | €558,712 | €464,251 | -€94,461 | -16.9% |
| Fixed assets | 21/28 | €6,432 | €63,086 | +€56,655 | +881% |
| Intangible fixed assets | 21 | €921 | €595 | -€326 | -35.4% |
| Tangible fixed assets | 22/27 | €5,510 | €55,491 | +€49,981 | +907% |
| Plant, machinery and equipment | 23 | €5,510 | €55,491 | +€49,981 | +907% |
| Financial fixed assets | 28 | - | €7,000 | +€7,000 | |
| Current assets | 29/58 | €552,280 | €401,165 | -€151,116 | -27.4% |
| Stocks and contracts in progress | 3 | €233,503 | €216,979 | -€16,524 | -7.1% |
| Stocks | 30/36 | €233,503 | €216,979 | -€16,524 | -7.1% |
| Amounts receivable within one year | 40/41 | €283,892 | €90,335 | -€193,557 | -68.2% |
| Trade receivables | 40 | €282,810 | €90,335 | -€192,475 | -68.1% |
| Other amounts receivable | 41 | €1,082 | - | -€1,082 | |
| Cash at bank and in hand | 54/58 | €33,097 | €89,831 | +€56,733 | +171% |
| Deferred charges and accrued income | 490/1 | €1,788 | €4,020 | +€2,232 | +125% |
| Total equity and liabilities | 10/49 | €558,712 | €464,251 | -€94,461 | -16.9% |
| Equity | 10/15 | €202,244 | €214,771 | +€12,526 | +6.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €85,000 | €85,000 | = | 0.0% |
| Distributable reserves | 133 | €85,000 | €85,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,244 | €79,771 | +€12,526 | +18.6% |
| Provisions and deferred taxes | 16 | €36,453 | - | -€36,453 | |
| Provisions for liabilities and charges | 160/5 | €36,453 | - | -€36,453 | |
| Other liabilities and charges | 164/5 | €36,453 | - | -€36,453 | |
| Amounts payable | 17/49 | €320,015 | €249,480 | -€70,534 | -22.0% |
| Amounts payable within one year | 42/48 | €313,072 | €238,845 | -€74,227 | -23.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €114,050 | €48,856 | -€65,194 | -57.2% |
| Suppliers | 440/4 | €114,050 | €48,856 | -€65,194 | -57.2% |
| Taxes, remuneration and social security | 45 | €48,812 | €39,780 | -€9,032 | -18.5% |
| Taxes | 450/3 | €28,307 | €21,890 | -€6,417 | -22.7% |
| Remuneration and social security | 454/9 | €20,505 | €17,889 | -€2,615 | -12.8% |
| Other amounts payable | 47/48 | €150,210 | €150,210 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €6,943 | €10,635 | +€3,692 | +53.2% |
| Non-recurring operating income | 76A | - | €7,004 | +€7,004 | |
| Remuneration, social security and pensions | 62 | €288,824 | €238,998 | -€49,825 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,377 | €9,460 | +€3,083 | +48.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,274 | +€11,274 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €36,453 | -€36,453 | -€72,906 | |
| Other operating charges | 640/8 | €1,199 | €1,445 | +€246 | +20.5% |
| Non-recurring operating charges | 66A | €17,728 | - | -€17,728 | |
| Gross operating margin | 9900 | €435,859 | €252,887 | -€182,971 | -42.0% |
| Operating profit (loss) | 9901 | €85,278 | €28,162 | -€57,116 | -67.0% |
| Financial income | 75/76B | €29 | €3,819 | +€3,790 | +13,065% |
| Recurring financial income | 75 | €29 | €3,819 | +€3,790 | +13,065% |
| Financial charges | 65/66B | €12,964 | €16,655 | +€3,690 | +28.5% |
| Recurring financial charges | 65 | €12,964 | €16,655 | +€3,690 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €72,343 | €15,326 | -€57,016 | -78.8% |
| Income taxes | 67/77 | €21,306 | €2,800 | -€18,506 | -86.9% |
| Profit (loss) for the period | 9904 | €51,036 | €12,526 | -€38,510 | -75.5% |
| Profit (loss) for the period to be appropriated | 9905 | €51,036 | €12,526 | -€38,510 | -75.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.