NE'SPA: 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.
NE'SPA
Largest movements
- Tangible fixed assets +€107,878
up €107,878 (+42.3%), from €255,057 to €362,935
of which Other tangible fixed assets: +€130,135
- Cash -€20,040
down €20,040 (-12.4%), from €161,873 to €141,833
mainly Investment in fixed assets (net) (-€189,049) and Other debts (-€38,463)
- Intangible fixed assets -€8,909
down €8,909 (-9.9%), from €89,974 to €81,065
- Debts after one year +€71,931
up €71,931 (+32.9%), from €218,608 to €290,539
- Profit (loss) carried forward +€46,153
up €46,153, from -€11,323 to €34,830
- Other debts -€38,463
down €38,463 (-97.2%), from €39,571 to €1,108
- Advances received +€37,429
new in 2025: €37,429
- Tax, wage and social debts -€31,699
down €31,699 (-15.0%), from €211,882 to €180,183
of which Remuneration and social security: -€31,803
- Gross operating margin +€138,176
up €138,176 (+15.6%), from €886,911 to €1.0m
- Staff costs +€75,634
up €75,634 (+9.3%), from €811,646 to €887,280
- Depreciation +€15,489
up €15,489 (+20.8%), from €74,591 to €90,080
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 | €618,552 | €699,280 | +€80,728 | +13.1% |
| Fixed assets | 21/28 | €350,576 | €449,545 | +€98,969 | +28.2% |
| Intangible fixed assets | 21 | €89,974 | €81,065 | -€8,909 | -9.9% |
| Tangible fixed assets | 22/27 | €255,057 | €362,935 | +€107,878 | +42.3% |
| Plant, machinery and equipment | 23 | €24,993 | €12,038 | -€12,955 | -51.8% |
| Furniture and vehicles | 24 | €118,376 | €109,074 | -€9,302 | -7.9% |
| Other tangible fixed assets | 26 | €111,688 | €241,823 | +€130,135 | +116.5% |
| Financial fixed assets | 28 | €5,545 | €5,545 | = | 0.0% |
| Current assets | 29/58 | €267,976 | €249,735 | -€18,241 | -6.8% |
| Stocks and contracts in progress | 3 | €90,350 | €91,234 | +€884 | +1.0% |
| Stocks | 30/36 | €90,350 | €91,234 | +€884 | +1.0% |
| Amounts receivable within one year | 40/41 | €15,048 | €15,592 | +€544 | +3.6% |
| Trade receivables | 40 | €497 | €841 | +€344 | +69.2% |
| Other amounts receivable | 41 | €14,551 | €14,751 | +€200 | +1.4% |
| Cash at bank and in hand | 54/58 | €161,873 | €141,833 | -€20,040 | -12.4% |
| Deferred charges and accrued income | 490/1 | €705 | €1,076 | +€371 | +52.6% |
| Total equity and liabilities | 10/49 | €618,552 | €699,280 | +€80,728 | +13.1% |
| Equity | 10/15 | €7,997 | €54,150 | +€46,153 | +577.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €720 | €720 | = | 0.0% |
| Non-distributable reserves | 130/1 | €720 | €720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €720 | €720 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,323 | €34,830 | +€46,153 | |
| Amounts payable | 17/49 | €610,555 | €645,130 | +€34,575 | +5.7% |
| Amounts payable after more than one year | 17 | €218,608 | €290,539 | +€71,931 | +32.9% |
| Financial debts | 170/4 | €218,608 | €290,539 | +€71,931 | +32.9% |
| Amounts payable within one year | 42/48 | €391,947 | €354,591 | -€37,356 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €88,158 | €59,156 | -€29,002 | -32.9% |
| Trade debts | 44 | €52,336 | €76,715 | +€24,379 | +46.6% |
| Suppliers | 440/4 | €52,336 | €76,715 | +€24,379 | +46.6% |
| Advances received on contracts in progress | 46 | - | €37,429 | +€37,429 | |
| Taxes, remuneration and social security | 45 | €211,882 | €180,183 | -€31,699 | -15.0% |
| Taxes | 450/3 | €59,144 | €59,248 | +€104 | +0.2% |
| Remuneration and social security | 454/9 | €152,738 | €120,935 | -€31,803 | -20.8% |
| Other amounts payable | 47/48 | €39,571 | €1,108 | -€38,463 | -97.2% |
| Remuneration, social security and pensions | 62 | €811,646 | €887,280 | +€75,634 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,591 | €90,080 | +€15,489 | +20.8% |
| Other operating charges | 640/8 | €4,869 | €13,996 | +€9,127 | +187.5% |
| Gross operating margin | 9900 | €886,911 | €1,025,087 | +€138,176 | +15.6% |
| Operating profit (loss) | 9901 | -€4,195 | €33,731 | +€37,926 | |
| Financial income | 75/76B | €108 | €44 | -€64 | -59.3% |
| Recurring financial income | 75 | €108 | €44 | -€64 | -59.3% |
| Financial charges | 65/66B | €7,660 | €17,450 | +€9,790 | +127.8% |
| Recurring financial charges | 65 | €7,660 | €17,450 | +€9,790 | +127.8% |
| Profit (loss) for the period before taxes | 9903 | -€11,747 | €16,325 | +€28,072 | |
| Profit (loss) for the period | 9904 | -€11,747 | €16,325 | +€28,072 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,747 | €16,325 | +€28,072 |
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 11 October 2026 via checked.be.