NE.ST: 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.ST
Largest movements
- Receivables within one year +€48,583
up €48,583 (+181.3%), from €26,801 to €75,384
of which Other amounts receivable: +€32,127
- Cash -€23,773
down €23,773 (-47.9%), from €49,611 to €25,838
mainly Receivables within one year (-€48,583) and Trade debts (-€14,510)
- Tangible fixed assets -€2,187
down €2,187 (-13.5%), from €16,194 to €14,007
of which Furniture and vehicles: -€1,449
- Provisions +€35,167
new in 2025: €35,167
- Reserves +€15,538
up €15,538 (+15.4%), from €100,888 to €116,426
- Trade debts -€14,510
down €14,510 (-71.2%), from €20,385 to €5,874
- Tax, wage and social debts -€12,327
down €12,327 (-41.2%), from €29,946 to €17,619
- Provisions +€35,167
new in 2025: €35,167
- Gross operating margin +€10,825
up €10,825 (+18.4%), from €58,922 to €69,747
- Financial income +€2,278
up €2,278 (+160.3%), from €1,422 to €3,700
- Other operating charges -€2,248
down €2,248 (-59.6%), from €3,771 to €1,523
- Taxes +€1,269
up €1,269 (+8.5%), from €14,853 to €16,122
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 | €170,136 | €193,953 | +€23,817 | +14.0% |
| Fixed assets | 21/28 | €16,194 | €14,007 | -€2,187 | -13.5% |
| Tangible fixed assets | 22/27 | €16,194 | €14,007 | -€2,187 | -13.5% |
| Plant, machinery and equipment | 23 | €405 | €269 | -€136 | -33.7% |
| Furniture and vehicles | 24 | €12,781 | €11,332 | -€1,449 | -11.3% |
| Other tangible fixed assets | 26 | €3,008 | €2,406 | -€602 | -20.0% |
| Current assets | 29/58 | €153,941 | €179,945 | +€26,004 | +16.9% |
| Amounts receivable after more than one year | 29 | €71,000 | €71,220 | +€220 | +0.3% |
| Other amounts receivable | 291 | €71,000 | €71,220 | +€220 | +0.3% |
| Amounts receivable within one year | 40/41 | €26,801 | €75,384 | +€48,583 | +181.3% |
| Trade receivables | 40 | €0 | €16,456 | +€16,456 | |
| Other amounts receivable | 41 | €26,801 | €58,928 | +€32,127 | +119.9% |
| Cash at bank and in hand | 54/58 | €49,611 | €25,838 | -€23,773 | -47.9% |
| Deferred charges and accrued income | 490/1 | €6,529 | €7,503 | +€974 | +14.9% |
| Total equity and liabilities | 10/49 | €170,136 | €193,953 | +€23,817 | +14.0% |
| Equity | 10/15 | €119,480 | €135,018 | +€15,538 | +13.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €100,888 | €116,426 | +€15,538 | +15.4% |
| Distributable reserves | 133 | €100,888 | €116,426 | +€15,538 | +15.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | - | €35,167 | +€35,167 | |
| Provisions for liabilities and charges | 160/5 | - | €35,167 | +€35,167 | |
| Other liabilities and charges | 164/5 | - | €35,167 | +€35,167 | |
| Amounts payable | 17/49 | €50,655 | €23,768 | -€26,888 | -53.1% |
| Amounts payable within one year | 42/48 | €50,655 | €23,768 | -€26,888 | -53.1% |
| Financial debts | 43 | €325 | €274 | -€50 | -15.5% |
| Credit institutions | 430/8 | €325 | €274 | -€50 | -15.5% |
| Trade debts | 44 | €20,385 | €5,874 | -€14,510 | -71.2% |
| Suppliers | 440/4 | €20,385 | €5,874 | -€14,510 | -71.2% |
| Taxes, remuneration and social security | 45 | €29,946 | €17,619 | -€12,327 | -41.2% |
| Taxes | 450/3 | €29,946 | €17,619 | -€12,327 | -41.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,074 | €5,005 | +€931 | +22.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €35,167 | +€35,167 | |
| Other operating charges | 640/8 | €3,771 | €1,523 | -€2,248 | -59.6% |
| Gross operating margin | 9900 | €58,922 | €69,747 | +€10,825 | +18.4% |
| Operating profit (loss) | 9901 | €51,078 | €28,053 | -€23,025 | -45.1% |
| Financial income | 75/76B | €1,422 | €3,700 | +€2,278 | +160.3% |
| Recurring financial income | 75 | €1,422 | €3,700 | +€2,278 | +160.3% |
| Financial charges | 65/66B | €112 | €93 | -€19 | -17.3% |
| Recurring financial charges | 65 | €112 | €93 | -€19 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €52,387 | €31,660 | -€20,727 | -39.6% |
| Income taxes | 67/77 | €14,853 | €16,122 | +€1,269 | +8.5% |
| Profit (loss) for the period | 9904 | €37,534 | €15,538 | -€21,996 | -58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €37,534 | €15,538 | -€21,996 | -58.6% |
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 9 October 2026 via checked.be.