NEK: 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.
NEK
Largest movements
- Stocks and contracts +€241,534
up €241,534 (+25.1%), from €963,001 to €1.2m
- Cash -€161,107
down €161,107 (-33.4%), from €482,706 to €321,598
mainly Stocks and contracts (-€241,534) and Investment in fixed assets (net) (-€156,113)
- Tangible fixed assets +€115,612
up €115,612 (+140%), from €82,774 to €198,386
of which Furniture and vehicles: +€110,369
- Profit (loss) carried forward +€432,014
up €432,014 (+47.6%), from €907,119 to €1.3m
- Current portion of long-term debt -€76,431
down €76,431 (-56.4%), from €135,594 to €59,163
- Debts after one year -€59,163
down €59,163 (-64.5%), from €91,743 to €32,580
- Other debts -€57,947
down €57,947 (-31.2%), from €185,886 to €127,939
- Trade debts -€34,452
down €34,452 (-10.6%), from €325,995 to €291,543
- Gross operating margin +€180,710
up €180,710 (+24.1%), from €750,253 to €930,963
- Taxes +€37,724
up €37,724 (+43.6%), from €86,496 to €124,220
- Financial income -€15,270
down €15,270 (-20.3%), from €75,278 to €60,007
- Financial charges -€12,130
down €12,130 (-33.3%), from €36,406 to €24,276
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 | €2,843,158 | €3,059,324 | +€216,167 | +7.6% |
| Fixed assets | 21/28 | €1,051,806 | €1,165,318 | +€113,512 | +10.8% |
| Intangible fixed assets | 21 | €8,302 | €6,203 | -€2,100 | -25.3% |
| Tangible fixed assets | 22/27 | €82,774 | €198,386 | +€115,612 | +140% |
| Plant, machinery and equipment | 23 | €2,343 | €4,833 | +€2,490 | +106% |
| Furniture and vehicles | 24 | €73,854 | €184,222 | +€110,369 | +149% |
| Assets under construction and advance payments | 27 | €6,577 | €9,330 | +€2,753 | +41.9% |
| Financial fixed assets | 28 | €960,730 | €960,730 | = | 0.0% |
| Current assets | 29/58 | €1,791,352 | €1,894,006 | +€102,654 | +5.7% |
| Stocks and contracts in progress | 3 | €963,001 | €1,204,535 | +€241,534 | +25.1% |
| Stocks | 30/36 | €963,001 | €1,204,535 | +€241,534 | +25.1% |
| Amounts receivable within one year | 40/41 | €339,262 | €359,738 | +€20,476 | +6.0% |
| Trade receivables | 40 | €302,835 | €354,696 | +€51,861 | +17.1% |
| Other amounts receivable | 41 | €36,427 | €5,041 | -€31,385 | -86.2% |
| Cash at bank and in hand | 54/58 | €482,706 | €321,598 | -€161,107 | -33.4% |
| Deferred charges and accrued income | 490/1 | €6,383 | €8,135 | +€1,752 | +27.4% |
| Total equity and liabilities | 10/49 | €2,843,158 | €3,059,324 | +€216,167 | +7.6% |
| Equity | 10/15 | €1,989,549 | €2,421,562 | +€432,014 | +21.7% |
| Contributions | 10/11 | €22,316 | €22,316 | = | 0.0% |
| Reserves | 13 | €1,060,114 | €1,060,114 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,710 | €3,710 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,710 | €3,710 | = | 0.0% |
| Distributable reserves | 133 | €1,056,404 | €1,056,404 | = | 0.0% |
| Profit (loss) carried forward | 14 | €907,119 | €1,339,132 | +€432,014 | +47.6% |
| Amounts payable | 17/49 | €853,609 | €637,762 | -€215,847 | -25.3% |
| Amounts payable after more than one year | 17 | €91,743 | €32,580 | -€59,163 | -64.5% |
| Financial debts | 170/4 | €91,743 | €32,580 | -€59,163 | -64.5% |
| Amounts payable within one year | 42/48 | €761,865 | €605,182 | -€156,683 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €135,594 | €59,163 | -€76,431 | -56.4% |
| Trade debts | 44 | €325,995 | €291,543 | -€34,452 | -10.6% |
| Suppliers | 440/4 | €325,995 | €291,543 | -€34,452 | -10.6% |
| Taxes, remuneration and social security | 45 | €114,390 | €126,537 | +€12,147 | +10.6% |
| Taxes | 450/3 | €59,907 | €86,516 | +€26,609 | +44.4% |
| Remuneration and social security | 454/9 | €54,484 | €40,021 | -€14,462 | -26.5% |
| Other amounts payable | 47/48 | €185,886 | €127,939 | -€57,947 | -31.2% |
| Remuneration, social security and pensions | 62 | €362,090 | €361,150 | -€940 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,886 | €42,600 | -€1,285 | -2.9% |
| Other operating charges | 640/8 | €5,584 | €6,711 | +€1,126 | +20.2% |
| Gross operating margin | 9900 | €750,253 | €930,963 | +€180,710 | +24.1% |
| Operating profit (loss) | 9901 | €338,692 | €520,502 | +€181,809 | +53.7% |
| Financial income | 75/76B | €75,278 | €60,007 | -€15,270 | -20.3% |
| Recurring financial income | 75 | €75,278 | €60,007 | -€15,270 | -20.3% |
| Financial charges | 65/66B | €36,406 | €24,276 | -€12,130 | -33.3% |
| Recurring financial charges | 65 | €36,406 | €24,276 | -€12,130 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €377,564 | €556,233 | +€178,669 | +47.3% |
| Income taxes | 67/77 | €86,496 | €124,220 | +€37,724 | +43.6% |
| Profit (loss) for the period | 9904 | €291,068 | €432,014 | +€140,945 | +48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €291,068 | €432,014 | +€140,945 | +48.4% |
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 20 October 2026 via checked.be.