NAZHERBES: 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.
NAZHERBES
Largest movements
- Receivables within one year +€120,284
up €120,284 (+23.8%), from €505,116 to €625,400
of which Trade receivables: +€101,229
- Cash +€32,176
up €32,176 (+32.1%), from €100,211 to €132,387
mainly Trade debts (+€186,603) and Depreciation (+€32,572)
- Tangible fixed assets -€31,217
down €31,217 (-26.3%), from €118,830 to €87,613
of which Other tangible fixed assets: -€17,296
- Stocks and contracts +€23,453
up €23,453 (+6.2%), from €377,362 to €400,815
- Trade debts +€186,603
up €186,603 (+59.8%), from €312,062 to €498,665
- Other debts -€36,894
no longer reported in 2025 (was €36,894)
- Tax, wage and social debts +€23,622
up €23,622 (+58.7%), from €40,220 to €63,843
of which Remuneration and social security: +€20,164
- Debts after one year -€20,773
down €20,773 (-30.3%), from €68,484 to €47,712
- Current portion of long-term debt -€17,295
down €17,295 (-45.4%), from €38,134 to €20,839
- Gross operating margin +€57,660
up €57,660 (+31.8%), from €181,569 to €239,229
- Staff costs +€29,477
up €29,477 (+25.5%), from €115,422 to €144,898
- Taxes +€18,853
up €18,853 (+208%), from €9,063 to €27,915
- Other operating charges +€10,274
up €10,274 (+313%), from €3,282 to €13,556
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 | €1,110,993 | €1,257,289 | +€146,296 | +13.2% |
| Fixed assets | 21/28 | €118,970 | €87,753 | -€31,217 | -26.2% |
| Tangible fixed assets | 22/27 | €118,830 | €87,613 | -€31,217 | -26.3% |
| Plant, machinery and equipment | 23 | €13,888 | €10,690 | -€3,198 | -23.0% |
| Furniture and vehicles | 24 | €27,171 | €16,448 | -€10,723 | -39.5% |
| Other tangible fixed assets | 26 | €77,771 | €60,475 | -€17,296 | -22.2% |
| Financial fixed assets | 28 | €140 | €140 | = | 0.0% |
| Current assets | 29/58 | €992,023 | €1,169,536 | +€177,513 | +17.9% |
| Stocks and contracts in progress | 3 | €377,362 | €400,815 | +€23,453 | +6.2% |
| Stocks | 30/36 | €377,362 | €400,815 | +€23,453 | +6.2% |
| Amounts receivable within one year | 40/41 | €505,116 | €625,400 | +€120,284 | +23.8% |
| Trade receivables | 40 | €387,316 | €488,545 | +€101,229 | +26.1% |
| Other amounts receivable | 41 | €117,800 | €136,855 | +€19,055 | +16.2% |
| Cash at bank and in hand | 54/58 | €100,211 | €132,387 | +€32,176 | +32.1% |
| Deferred charges and accrued income | 490/1 | €9,334 | €10,934 | +€1,599 | +17.1% |
| Total equity and liabilities | 10/49 | €1,110,993 | €1,257,289 | +€146,296 | +13.2% |
| Equity | 10/15 | €445,198 | €448,796 | +€3,598 | +0.8% |
| Contributions | 10/11 | €18,621 | €18,621 | = | 0.0% |
| Reserves | 13 | €883 | €883 | = | 0.0% |
| Non-distributable reserves | 130/1 | €883 | €883 | = | 0.0% |
| Reserves not available under the articles | 1311 | €883 | €883 | = | 0.0% |
| Profit (loss) carried forward | 14 | €425,694 | €429,292 | +€3,598 | +0.8% |
| Amounts payable | 17/49 | €665,795 | €808,492 | +€142,698 | +21.4% |
| Amounts payable after more than one year | 17 | €68,484 | €47,712 | -€20,773 | -30.3% |
| Financial debts | 170/4 | €68,484 | €47,712 | -€20,773 | -30.3% |
| Amounts payable within one year | 42/48 | €597,310 | €760,781 | +€163,470 | +27.4% |
| Current portion of amounts payable after more than one year | 42 | €38,134 | €20,839 | -€17,295 | -45.4% |
| Financial debts | 43 | €170,000 | €170,000 | = | 0.0% |
| Credit institutions | 430/8 | €170,000 | €170,000 | = | 0.0% |
| Trade debts | 44 | €312,062 | €498,665 | +€186,603 | +59.8% |
| Suppliers | 440/4 | €312,062 | €498,665 | +€186,603 | +59.8% |
| Advances received on contracts in progress | 46 | - | €7,434 | +€7,434 | |
| Taxes, remuneration and social security | 45 | €40,220 | €63,843 | +€23,622 | +58.7% |
| Taxes | 450/3 | €29,957 | €33,415 | +€3,458 | +11.5% |
| Remuneration and social security | 454/9 | €10,264 | €30,427 | +€20,164 | +196% |
| Other amounts payable | 47/48 | €36,894 | - | -€36,894 | |
| Remuneration, social security and pensions | 62 | €115,422 | €144,898 | +€29,477 | +25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,642 | €32,572 | -€70 | -0.2% |
| Other operating charges | 640/8 | €3,282 | €13,556 | +€10,274 | +313% |
| Non-recurring operating charges | 66A | €3,500 | - | -€3,500 | |
| Gross operating margin | 9900 | €181,569 | €239,229 | +€57,660 | +31.8% |
| Operating profit (loss) | 9901 | €26,723 | €48,203 | +€21,479 | +80.4% |
| Financial income | 75/76B | €71 | €293 | +€222 | +312% |
| Recurring financial income | 75 | €71 | €293 | +€222 | +312% |
| Financial charges | 65/66B | €15,576 | €16,983 | +€1,407 | +9.0% |
| Recurring financial charges | 65 | €15,576 | €16,983 | +€1,407 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €11,218 | €31,513 | +€20,295 | +181% |
| Income taxes | 67/77 | €9,063 | €27,915 | +€18,853 | +208% |
| Profit (loss) for the period | 9904 | €2,156 | €3,598 | +€1,442 | +66.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,156 | €3,598 | +€1,442 | +66.9% |
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 26 October 2026 via checked.be.