NAS&RED: 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.
NAS&RED
Largest movements
- Stocks and contracts -€19,585
down €19,585 (-25.6%), from €76,604 to €57,019
- Receivables within one year -€4,339
down €4,339 (-85.7%), from €5,064 to €725
of which Trade receivables: -€2,989
- Tangible fixed assets -€2,533
down €2,533 (-53.9%), from €4,697 to €2,164
- Current investments +€2,004
up €2,004 (+9.9%), from €20,275 to €22,279
- Accrued charges and deferred income -€40,935
no longer reported in 2025 (was €40,935)
- Other debts +€40,388
new in 2025: €40,388
- Trade debts -€20,239
down €20,239 (-51.6%), from €39,240 to €19,001
- Tax, wage and social debts -€5,153
down €5,153 (-42.9%), from €12,014 to €6,861
of which Taxes: -€6,001
- Profit (loss) carried forward +€1,486
up €1,486 (+11.8%), from €12,551 to €14,037
- Staff costs +€7,085
new in 2025: €7,085
- Gross operating margin +€4,801
up €4,801 (+56.9%), from €8,439 to €13,240
- Taxes +€1,025
new in 2025: €1,025
- Financial charges -€478
down €478 (-71.7%), from €667 to €189
- Other operating charges -€168
down €168 (-15.4%), from €1,091 to €923
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €108,640 | €84,187 | -€24,453 | -22.5% |
| Fixed assets | 21/28 | €6,697 | €4,164 | -€2,533 | -37.8% |
| Tangible fixed assets | 22/27 | €4,697 | €2,164 | -€2,533 | -53.9% |
| Furniture and vehicles | 24 | €4,697 | €2,164 | -€2,533 | -53.9% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €101,943 | €80,023 | -€21,920 | -21.5% |
| Stocks and contracts in progress | 3 | €76,604 | €57,019 | -€19,585 | -25.6% |
| Stocks | 30/36 | €76,604 | €57,019 | -€19,585 | -25.6% |
| Amounts receivable within one year | 40/41 | €5,064 | €725 | -€4,339 | -85.7% |
| Trade receivables | 40 | €3,714 | €725 | -€2,989 | -80.5% |
| Other amounts receivable | 41 | €1,350 | - | -€1,350 | |
| Current investments | 50/53 | €20,275 | €22,279 | +€2,004 | +9.9% |
| Total equity and liabilities | 10/49 | €108,640 | €84,187 | -€24,453 | -22.5% |
| Equity | 10/15 | €16,451 | €17,937 | +€1,486 | +9.0% |
| Contributions | 10/11 | €3,900 | €3,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,551 | €14,037 | +€1,486 | +11.8% |
| Amounts payable | 17/49 | €92,189 | €66,250 | -€25,939 | -28.1% |
| Amounts payable within one year | 42/48 | €51,254 | €66,250 | +€14,995 | +29.3% |
| Trade debts | 44 | €39,240 | €19,001 | -€20,239 | -51.6% |
| Suppliers | 440/4 | €39,240 | €19,001 | -€20,239 | -51.6% |
| Taxes, remuneration and social security | 45 | €12,014 | €6,861 | -€5,153 | -42.9% |
| Taxes | 450/3 | €12,014 | €6,013 | -€6,001 | -50.0% |
| Remuneration and social security | 454/9 | - | €848 | +€848 | |
| Other amounts payable | 47/48 | - | €40,388 | +€40,388 | |
| Accrued charges and deferred income | 492/3 | €40,935 | - | -€40,935 | |
| Remuneration, social security and pensions | 62 | - | €7,085 | +€7,085 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,533 | €2,533 | = | 0.0% |
| Other operating charges | 640/8 | €1,091 | €923 | -€168 | -15.4% |
| Gross operating margin | 9900 | €8,439 | €13,240 | +€4,801 | +56.9% |
| Operating profit (loss) | 9901 | €4,815 | €2,699 | -€2,116 | -43.9% |
| Financial charges | 65/66B | €667 | €189 | -€478 | -71.7% |
| Recurring financial charges | 65 | €667 | €189 | -€478 | -71.7% |
| Profit (loss) for the period before taxes | 9903 | €4,148 | €2,511 | -€1,638 | -39.5% |
| Income taxes | 67/77 | - | €1,025 | +€1,025 | |
| Profit (loss) for the period | 9904 | €4,148 | €1,486 | -€2,662 | -64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,148 | €1,486 | -€2,662 | -64.2% |
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 5 October 2026 via checked.be.