NASC: 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.
NASC
Largest movements
- Receivables within one year +€135,749
up €135,749 (+22.6%), from €599,499 to €735,249
of which Trade receivables: +€129,142
- Cash -€133,886
down €133,886 (-75.3%), from €177,689 to €43,803
mainly Receivables within one year (-€135,749) and Current portion of long-term debt (-€28,814)
- Tangible fixed assets -€54,925
down €54,925 (-35.4%), from €155,007 to €100,082
- Current portion of long-term debt -€28,814
down €28,814 (-53.1%), from €54,290 to €25,475
- Debts after one year -€25,475
down €25,475 (-31.1%), from €81,909 to €56,434
- Tax, wage and social debts -€18,278
down €18,278 (-59.9%), from €30,489 to €12,211
of which Taxes: -€10,124
- Reserves +€17,525
up €17,525 (+2.6%), from €672,049 to €689,574
of which Distributable reserves: +€20,000
- Gross operating margin -€247,737
down €247,737 (-54.4%), from €455,215 to €207,478
- Staff costs -€149,628
down €149,628 (-55.6%), from €268,986 to €119,358
- Depreciation -€20,201
down €20,201 (-25.7%), from €78,671 to €58,470
- Taxes -€16,409
down €16,409 (-73.4%), from €22,370 to €5,961
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 | €946,716 | €896,903 | -€49,813 | -5.3% |
| Fixed assets | 21/28 | €155,007 | €100,082 | -€54,925 | -35.4% |
| Tangible fixed assets | 22/27 | €155,007 | €100,082 | -€54,925 | -35.4% |
| Furniture and vehicles | 24 | €155,007 | €100,082 | -€54,925 | -35.4% |
| Current assets | 29/58 | €791,709 | €796,822 | +€5,112 | +0.6% |
| Amounts receivable within one year | 40/41 | €599,499 | €735,249 | +€135,749 | +22.6% |
| Trade receivables | 40 | €591,973 | €721,115 | +€129,142 | +21.8% |
| Other amounts receivable | 41 | €7,527 | €14,134 | +€6,607 | +87.8% |
| Cash at bank and in hand | 54/58 | €177,689 | €43,803 | -€133,886 | -75.3% |
| Deferred charges and accrued income | 490/1 | €14,522 | €17,770 | +€3,249 | +22.4% |
| Total equity and liabilities | 10/49 | €946,716 | €896,903 | -€49,813 | -5.3% |
| Equity | 10/15 | €696,074 | €710,348 | +€14,274 | +2.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €672,049 | €689,574 | +€17,525 | +2.6% |
| Tax-exempt reserves | 132 | €10,049 | €7,574 | -€2,475 | -24.6% |
| Distributable reserves | 133 | €662,000 | €682,000 | +€20,000 | +3.0% |
| Profit (loss) carried forward | 14 | €4,025 | €774 | -€3,251 | -80.8% |
| Provisions and deferred taxes | 16 | €3,350 | €2,525 | -€825 | -24.6% |
| Deferred taxes | 168 | €3,350 | €2,525 | -€825 | -24.6% |
| Amounts payable | 17/49 | €247,293 | €184,031 | -€63,262 | -25.6% |
| Amounts payable after more than one year | 17 | €81,909 | €56,434 | -€25,475 | -31.1% |
| Financial debts | 170/4 | €81,909 | €56,434 | -€25,475 | -31.1% |
| Amounts payable within one year | 42/48 | €160,116 | €117,097 | -€43,019 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €54,290 | €25,475 | -€28,814 | -53.1% |
| Trade debts | 44 | €75,337 | €79,411 | +€4,073 | +5.4% |
| Suppliers | 440/4 | €75,337 | €79,411 | +€4,073 | +5.4% |
| Taxes, remuneration and social security | 45 | €30,489 | €12,211 | -€18,278 | -59.9% |
| Taxes | 450/3 | €10,785 | €661 | -€10,124 | -93.9% |
| Remuneration and social security | 454/9 | €19,704 | €11,550 | -€8,154 | -41.4% |
| Accrued charges and deferred income | 492/3 | €5,268 | €10,500 | +€5,232 | +99.3% |
| Non-recurring operating income | 76A | €16,500 | €0 | -€16,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €268,986 | €119,358 | -€149,628 | -55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,671 | €58,470 | -€20,201 | -25.7% |
| Other operating charges | 640/8 | €7,061 | €5,753 | -€1,308 | -18.5% |
| Gross operating margin | 9900 | €455,215 | €207,478 | -€247,737 | -54.4% |
| Operating profit (loss) | 9901 | €100,497 | €23,897 | -€76,600 | -76.2% |
| Financial income | 75/76B | €1 | €790 | +€789 | +116094.1% |
| Recurring financial income | 75 | €1 | €790 | +€789 | +116094.1% |
| Financial charges | 65/66B | €6,587 | €5,277 | -€1,309 | -19.9% |
| Recurring financial charges | 65 | €6,587 | €5,277 | -€1,309 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €93,912 | €19,410 | -€74,502 | -79.3% |
| Transfer from deferred taxes | 780 | €1,371 | €825 | -€546 | -39.8% |
| Transfer to deferred taxes | 680 | €4,125 | €0 | -€4,125 | -100.0% |
| Income taxes | 67/77 | €22,370 | €5,961 | -€16,409 | -73.4% |
| Profit (loss) for the period | 9904 | €68,788 | €14,274 | -€54,513 | -79.2% |
| Transfer from tax-exempt reserves | 789 | €3,744 | €2,475 | -€1,269 | -33.9% |
| Transfer to tax-exempt reserves | 689 | €12,375 | €0 | -€12,375 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,157 | €16,749 | -€43,407 | -72.2% |
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 12 October 2026 via checked.be.