NAS: 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.
NAS
Largest movements
- Financial fixed assets +€356,504
up €356,504 (+26.3%), from €1.4m to €1.7m
- Receivables after one year -€169,006
down €169,006 (-25.1%), from €672,849 to €503,843
- Receivables within one year -€89,292
down €89,292 (-63.9%), from €139,663 to €50,370
of which Trade receivables: -€97,163
- Other debts -€224,499
down €224,499 (-64.0%), from €351,012 to €126,513
- Debts after one year +€182,632
up €182,632 (+68.6%), from €266,323 to €448,955
- Short-term financial debts +€163,929
new in 2025: €163,929
- Tax, wage and social debts -€34,033
down €34,033 (-81.5%), from €41,763 to €7,730
of which Taxes: -€28,035
- Current portion of long-term debt +€30,974
up €30,974 (+332%), from €9,325 to €40,299
- Other operating charges +€37,493
up €37,493 (+3,848%), from €974 to €38,467
- Financial income -€27,358
down €27,358 (-97.9%), from €27,935 to €577
- Taxes -€18,382
down €18,382, from €18,382 to -€0
- Financial charges -€5,506
down €5,506 (-15.5%), from €35,475 to €29,969
of which Financial charges: -€20,506
- Depreciation -€2,942
down €2,942 (-10.4%), from €28,191 to €25,249
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 | €2,270,500 | €2,363,299 | +€92,799 | +4.1% |
| Fixed assets | 21/28 | €1,445,710 | €1,790,336 | +€344,625 | +23.8% |
| Tangible fixed assets | 22/27 | €92,174 | €80,295 | -€11,879 | -12.9% |
| Land and buildings | 22 | €46,464 | €36,986 | -€9,478 | -20.4% |
| Plant, machinery and equipment | 23 | €12,300 | €11,766 | -€534 | -4.3% |
| Furniture and vehicles | 24 | €7,330 | €14,085 | +€6,755 | +92.2% |
| Leasing and similar rights | 25 | €26,080 | €17,457 | -€8,622 | -33.1% |
| Financial fixed assets | 28 | €1,353,537 | €1,710,041 | +€356,504 | +26.3% |
| Current assets | 29/58 | €824,789 | €572,963 | -€251,826 | -30.5% |
| Amounts receivable after more than one year | 29 | €672,849 | €503,843 | -€169,006 | -25.1% |
| Other amounts receivable | 291 | €672,849 | €503,843 | -€169,006 | -25.1% |
| Amounts receivable within one year | 40/41 | €139,663 | €50,370 | -€89,292 | -63.9% |
| Trade receivables | 40 | €138,907 | €41,744 | -€97,163 | -69.9% |
| Other amounts receivable | 41 | €756 | €8,627 | +€7,871 | +1,041% |
| Cash at bank and in hand | 54/58 | €10,875 | €16,253 | +€5,379 | +49.5% |
| Deferred charges and accrued income | 490/1 | €1,403 | €2,496 | +€1,093 | +77.9% |
| Total equity and liabilities | 10/49 | €2,270,500 | €2,363,299 | +€92,799 | +4.1% |
| Equity | 10/15 | €1,572,005 | €1,575,873 | +€3,868 | +0.2% |
| Contributions | 10/11 | €1,773,702 | €1,773,702 | = | 0.0% |
| Reserves | 13 | €253,617 | €253,617 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,360 | €18,360 | = | 0.0% |
| Distributable reserves | 133 | €235,257 | €235,257 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€455,313 | -€451,446 | +€3,868 | +0.8% |
| Amounts payable | 17/49 | €698,494 | €787,426 | +€88,931 | +12.7% |
| Amounts payable after more than one year | 17 | €266,323 | €448,955 | +€182,632 | +68.6% |
| Financial debts | 170/4 | €266,323 | €448,955 | +€182,632 | +68.6% |
| Amounts payable within one year | 42/48 | €413,412 | €338,470 | -€74,942 | -18.1% |
| Current portion of amounts payable after more than one year | 42 | €9,325 | €40,299 | +€30,974 | +332% |
| Financial debts | 43 | - | €163,929 | +€163,929 | |
| Credit institutions | 430/8 | - | €163,929 | +€163,929 | |
| Trade debts | 44 | €11,313 | - | -€11,313 | |
| Suppliers | 440/4 | €11,313 | - | -€11,313 | |
| Taxes, remuneration and social security | 45 | €41,763 | €7,730 | -€34,033 | -81.5% |
| Taxes | 450/3 | €35,765 | €7,730 | -€28,035 | -78.4% |
| Remuneration and social security | 454/9 | €5,998 | - | -€5,998 | |
| Other amounts payable | 47/48 | €351,012 | €126,513 | -€224,499 | -64.0% |
| Accrued charges and deferred income | 492/3 | €18,759 | - | -€18,759 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,191 | €25,249 | -€2,942 | -10.4% |
| Other operating charges | 640/8 | €974 | €38,467 | +€37,493 | +3,848% |
| Non-recurring operating charges | 66A | €1,224 | - | -€1,224 | |
| Gross operating margin | 9900 | €98,393 | €96,976 | -€1,417 | -1.4% |
| Operating profit (loss) | 9901 | €68,003 | €33,259 | -€34,743 | -51.1% |
| Financial income | 75/76B | €27,935 | €577 | -€27,358 | -97.9% |
| Recurring financial income | 75 | €27,935 | €577 | -€27,358 | -97.9% |
| Financial charges | 65/66B | €35,475 | €29,969 | -€5,506 | -15.5% |
| Recurring financial charges | 65 | €35,475 | €14,969 | -€20,506 | -57.8% |
| Non-recurring financial charges | 66B | - | €15,000 | +€15,000 | |
| Profit (loss) for the period before taxes | 9903 | €60,463 | €3,867 | -€56,596 | -93.6% |
| Income taxes | 67/77 | €18,382 | -€0 | -€18,382 | |
| Profit (loss) for the period | 9904 | €42,081 | €3,868 | -€38,213 | -90.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,081 | €3,868 | -€38,213 | -90.8% |
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 16 October 2026 via checked.be.