NENUPHAR: 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.
NENUPHAR
Largest movements
- Cash +€261,615
up €261,615 (+67,880%), from €385 to €262,000
mainly Other debts (+€345,047) and Debts after one year (+€251,930)
- Receivables within one year +€231,789
up €231,789 (+74.0%), from €313,400 to €545,189
of which Other amounts receivable: +€191,789
- Stocks and contracts +€97,154
up €97,154 (+289%), from €33,581 to €130,736
- Tangible fixed assets -€35,971
down €35,971 (-6.2%), from €583,348 to €547,376
of which Furniture and vehicles: -€18,097
- Other debts +€345,047
up €345,047 (+62.2%), from €554,799 to €899,846
- Debts after one year +€251,930
up €251,930 (+30.6%), from €822,643 to €1.1m
- Trade debts -€54,433
down €54,433 (-31.7%), from €171,572 to €117,139
- Advances received +€48,400
new in 2025: €48,400
- Gross operating margin -€19,836
down €19,836 (-16.7%), from €118,657 to €98,822
- Depreciation -€14,452
down €14,452 (-38.9%), from €37,179 to €22,727
- Other operating charges +€5,058
up €5,058 (+96.9%), from €5,218 to €10,276
- Financial charges +€4,117
up €4,117 (+8.4%), from €49,250 to €53,366
- Taxes +€3,900
up €3,900 (+21.8%), from €17,880 to €21,780
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 | €2,280,151 | €2,837,083 | +€556,932 | +24.4% |
| Fixed assets | 21/28 | €1,931,348 | €1,895,376 | -€35,971 | -1.9% |
| Tangible fixed assets | 22/27 | €583,348 | €547,376 | -€35,971 | -6.2% |
| Land and buildings | 22 | €563,438 | €546,618 | -€16,821 | -3.0% |
| Plant, machinery and equipment | 23 | €1,172 | €118 | -€1,054 | -89.9% |
| Furniture and vehicles | 24 | €18,738 | €640 | -€18,097 | -96.6% |
| Financial fixed assets | 28 | €1,348,000 | €1,348,000 | = | 0.0% |
| Current assets | 29/58 | €348,803 | €941,707 | +€592,904 | +170% |
| Stocks and contracts in progress | 3 | €33,581 | €130,736 | +€97,154 | +289% |
| Stocks | 30/36 | €33,581 | €130,736 | +€97,154 | +289% |
| Amounts receivable within one year | 40/41 | €313,400 | €545,189 | +€231,789 | +74.0% |
| Trade receivables | 40 | - | €40,000 | +€40,000 | |
| Other amounts receivable | 41 | €313,400 | €505,189 | +€191,789 | +61.2% |
| Cash at bank and in hand | 54/58 | €385 | €262,000 | +€261,615 | +67,880% |
| Deferred charges and accrued income | 490/1 | €1,436 | €3,781 | +€2,346 | +163% |
| Total equity and liabilities | 10/49 | €2,280,151 | €2,837,083 | +€556,932 | +24.4% |
| Equity | 10/15 | €411,954 | €412,059 | +€104 | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €402,020 | €402,125 | +€104 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €210,572 | €199,680 | -€10,892 | -5.2% |
| Distributable reserves | 133 | €189,589 | €200,584 | +€10,996 | +5.8% |
| Profit (loss) carried forward | 14 | €3,734 | €3,734 | = | 0.0% |
| Provisions and deferred taxes | 16 | €108,428 | €102,820 | -€5,608 | -5.2% |
| Deferred taxes | 168 | €108,428 | €102,820 | -€5,608 | -5.2% |
| Amounts payable | 17/49 | €1,759,768 | €2,322,205 | +€562,437 | +32.0% |
| Amounts payable after more than one year | 17 | €822,643 | €1,074,574 | +€251,930 | +30.6% |
| Financial debts | 170/4 | €822,643 | €1,074,574 | +€251,930 | +30.6% |
| Amounts payable within one year | 42/48 | €937,125 | €1,247,631 | +€310,506 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | €192,875 | €170,186 | -€22,689 | -11.8% |
| Trade debts | 44 | €171,572 | €117,139 | -€54,433 | -31.7% |
| Suppliers | 440/4 | €171,572 | €117,139 | -€54,433 | -31.7% |
| Advances received on contracts in progress | 46 | - | €48,400 | +€48,400 | |
| Taxes, remuneration and social security | 45 | €17,880 | €12,060 | -€5,819 | -32.5% |
| Taxes | 450/3 | €17,880 | €12,060 | -€5,819 | -32.5% |
| Other amounts payable | 47/48 | €554,799 | €899,846 | +€345,047 | +62.2% |
| Non-recurring operating income | 76A | - | €24,243 | +€24,243 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,179 | €22,727 | -€14,452 | -38.9% |
| Other operating charges | 640/8 | €5,218 | €10,276 | +€5,058 | +96.9% |
| Non-recurring operating charges | 66A | €10,983 | - | -€10,983 | |
| Gross operating margin | 9900 | €118,657 | €98,822 | -€19,836 | -16.7% |
| Operating profit (loss) | 9901 | €65,278 | €65,819 | +€541 | +0.8% |
| Financial income | 75/76B | €0 | €3,823 | +€3,823 | +2,123,717% |
| Recurring financial income | 75 | €0 | €3,823 | +€3,823 | +2,123,717% |
| Financial charges | 65/66B | €49,250 | €53,366 | +€4,117 | +8.4% |
| Recurring financial charges | 65 | €49,250 | €53,366 | +€4,117 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €16,028 | €16,275 | +€248 | +1.5% |
| Transfer from deferred taxes | 780 | €5,608 | €5,608 | = | 0.0% |
| Income taxes | 67/77 | €17,880 | €21,780 | +€3,900 | +21.8% |
| Profit (loss) for the period | 9904 | €3,757 | €104 | -€3,652 | -97.2% |
| Transfer from tax-exempt reserves | 789 | €10,892 | €10,892 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,648 | €10,996 | -€3,652 | -24.9% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.