NAREST: 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.
NAREST
Largest movements
- Receivables within one year +€29,397
up €29,397 (+16.4%), from €178,966 to €208,363
of which Trade receivables: +€74,095
- Cash -€23,358
no longer reported in 2025 (was €23,358)
mainly Net result for the year (-€84,965) and Trade debts (-€32,034)
- Tangible fixed assets -€9,479
down €9,479 (-18.2%), from €52,096 to €42,617
of which Plant, machinery and equipment: -€8,017
- Intangible fixed assets -€6,429
down €6,429 (-16.9%), from €38,025 to €31,597
- Other debts +€98,617
new in 2025: €98,617
- Profit (loss) carried forward -€84,965
down €84,965 (-83.6%), from -€101,620 to -€186,585
- Trade debts -€32,034
down €32,034 (-9.6%), from €332,257 to €300,223
- Tax, wage and social debts +€6,754
up €6,754 (+8.1%), from €83,453 to €90,207
of which Taxes: +€4,098
- Gross operating margin +€100,030
up €100,030 (+47.5%), from €210,771 to €310,801
- Financial income -€7,353
down €7,353 (-100.0%), from €7,353 to €0
- Staff costs +€6,541
up €6,541 (+1.8%), from €365,786 to €372,328
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 | €330,589 | €318,962 | -€11,627 | -3.5% |
| Fixed assets | 21/28 | €90,122 | €74,214 | -€15,908 | -17.7% |
| Intangible fixed assets | 21 | €38,025 | €31,597 | -€6,429 | -16.9% |
| Tangible fixed assets | 22/27 | €52,096 | €42,617 | -€9,479 | -18.2% |
| Plant, machinery and equipment | 23 | €44,009 | €35,992 | -€8,017 | -18.2% |
| Furniture and vehicles | 24 | €83 | €54 | -€28 | -34.3% |
| Other tangible fixed assets | 26 | €8,005 | €6,570 | -€1,434 | -17.9% |
| Current assets | 29/58 | €240,468 | €244,748 | +€4,280 | +1.8% |
| Stocks and contracts in progress | 3 | €38,144 | €36,386 | -€1,758 | -4.6% |
| Stocks | 30/36 | €38,144 | €36,386 | -€1,758 | -4.6% |
| Amounts receivable within one year | 40/41 | €178,966 | €208,363 | +€29,397 | +16.4% |
| Trade receivables | 40 | €134,018 | €208,113 | +€74,095 | +55.3% |
| Other amounts receivable | 41 | €44,948 | €250 | -€44,698 | -99.4% |
| Cash at bank and in hand | 54/58 | €23,358 | - | -€23,358 | |
| Total equity and liabilities | 10/49 | €330,589 | €318,962 | -€11,627 | -3.5% |
| Equity | 10/15 | -€85,120 | -€170,085 | -€84,965 | -99.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €1,500 | €1,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,500 | €1,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,620 | -€186,585 | -€84,965 | -83.6% |
| Amounts payable | 17/49 | €415,710 | €489,047 | +€73,337 | +17.6% |
| Amounts payable within one year | 42/48 | €415,710 | €489,047 | +€73,337 | +17.6% |
| Trade debts | 44 | €332,257 | €300,223 | -€32,034 | -9.6% |
| Suppliers | 440/4 | €332,257 | €300,223 | -€32,034 | -9.6% |
| Taxes, remuneration and social security | 45 | €83,453 | €90,207 | +€6,754 | +8.1% |
| Taxes | 450/3 | €21,957 | €26,055 | +€4,098 | +18.7% |
| Remuneration and social security | 454/9 | €61,495 | €64,152 | +€2,656 | +4.3% |
| Other amounts payable | 47/48 | - | €98,617 | +€98,617 | |
| Remuneration, social security and pensions | 62 | €365,786 | €372,328 | +€6,541 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,416 | €21,605 | +€2,189 | +11.3% |
| Other operating charges | 640/8 | €393 | €144 | -€248 | -63.3% |
| Gross operating margin | 9900 | €210,771 | €310,801 | +€100,030 | +47.5% |
| Operating profit (loss) | 9901 | -€174,824 | -€83,275 | +€91,548 | +52.4% |
| Financial income | 75/76B | €7,353 | €0 | -€7,353 | -100.0% |
| Recurring financial income | 75 | €7,353 | €0 | -€7,353 | -100.0% |
| Financial charges | 65/66B | €274 | €1,690 | +€1,415 | +516.5% |
| Recurring financial charges | 65 | €274 | €1,690 | +€1,415 | +516.5% |
| Profit (loss) for the period before taxes | 9903 | -€167,745 | -€84,965 | +€82,780 | +49.3% |
| Income taxes | 67/77 | -€400 | - | +€400 | |
| Profit (loss) for the period | 9904 | -€167,344 | -€84,965 | +€82,380 | +49.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€167,344 | -€84,965 | +€82,380 | +49.2% |
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 2 October 2026 via checked.be.