NERACO: what changed
Two fiscal 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.
NERACO
Largest movements
- Current investments +€377,223
up €377,223 (+43.8%), from €861,038 to €1.2m
- Tangible fixed assets -€144,681
down €144,681 (-3.3%), from €4.4m to €4.3m
of which Land and buildings: -€141,922
- Stocks and contracts -€119,561
down €119,561 (-45.5%), from €262,655 to €143,093
- Cash -€113,475
down €113,475 (-37.1%), from €305,796 to €192,321
mainly Debts after one year (-€503,714) and Investment in fixed assets (net) (-€442,402)
- Receivables within one year +€71,384
up €71,384 (+22.0%), from €324,269 to €395,653
of which Trade receivables: +€78,040
- Reserves +€645,891
up €645,891 (+29.8%), from €2.2m to €2.8m
of which Distributable reserves: +€645,891
- Debts after one year -€503,714
down €503,714 (-18.7%), from €2.7m to €2.2m
- Trade debts -€64,579
down €64,579 (-22.7%), from €284,616 to €220,037
- Gross operating margin +€325,545
up €325,545 (+19.5%), from €1.7m to €2.0m
- Taxes +€91,874
up €91,874 (+50.3%), from €182,718 to €274,592
- Staff costs +€49,051
up €49,051 (+10.9%), from €448,059 to €497,110
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 | €6,168,755 | €6,248,191 | +€79,436 | +1.3% |
| Fixed assets | 21/28 | €4,410,675 | €4,278,863 | -€131,812 | -3.0% |
| Tangible fixed assets | 22/27 | €4,407,835 | €4,263,154 | -€144,681 | -3.3% |
| Land and buildings | 22 | €3,454,019 | €3,312,097 | -€141,922 | -4.1% |
| Plant, machinery and equipment | 23 | €877,225 | €847,036 | -€30,189 | -3.4% |
| Furniture and vehicles | 24 | €76,591 | €104,021 | +€27,431 | +35.8% |
| Financial fixed assets | 28 | €2,840 | €15,709 | +€12,869 | +453.1% |
| Current assets | 29/58 | €1,758,080 | €1,969,328 | +€211,248 | +12.0% |
| Stocks and contracts in progress | 3 | €262,655 | €143,093 | -€119,561 | -45.5% |
| Stocks | 30/36 | €262,655 | €143,093 | -€119,561 | -45.5% |
| Amounts receivable within one year | 40/41 | €324,269 | €395,653 | +€71,384 | +22.0% |
| Trade receivables | 40 | €317,265 | €395,305 | +€78,040 | +24.6% |
| Other amounts receivable | 41 | €7,004 | €348 | -€6,656 | -95.0% |
| Current investments | 50/53 | €861,038 | €1,238,261 | +€377,223 | +43.8% |
| Cash at bank and in hand | 54/58 | €305,796 | €192,321 | -€113,475 | -37.1% |
| Deferred charges and accrued income | 490/1 | €4,323 | €0 | -€4,323 | -100.0% |
| Total equity and liabilities | 10/49 | €6,168,755 | €6,248,191 | +€79,436 | +1.3% |
| Equity | 10/15 | €2,446,358 | €3,064,319 | +€617,961 | +25.3% |
| Contributions | 10/11 | €48,550 | €48,550 | = | 0.0% |
| Reserves | 13 | €2,168,508 | €2,814,399 | +€645,891 | +29.8% |
| Non-distributable reserves | 130/1 | €4,855 | €4,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,855 | €4,855 | = | 0.0% |
| Distributable reserves | 133 | €2,163,653 | €2,809,544 | +€645,891 | +29.9% |
| Investment grants | 15 | €229,301 | €201,371 | -€27,930 | -12.2% |
| Provisions and deferred taxes | 16 | €12,152 | €10,682 | -€1,470 | -12.1% |
| Deferred taxes | 168 | €12,152 | €10,682 | -€1,470 | -12.1% |
| Amounts payable | 17/49 | €3,710,245 | €3,173,190 | -€537,055 | -14.5% |
| Amounts payable after more than one year | 17 | €2,696,524 | €2,192,809 | -€503,714 | -18.7% |
| Financial debts | 170/4 | €2,696,524 | €2,192,809 | -€503,714 | -18.7% |
| Amounts payable within one year | 42/48 | €987,234 | €943,231 | -€44,003 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €460,047 | €420,381 | -€39,666 | -8.6% |
| Trade debts | 44 | €284,616 | €220,037 | -€64,579 | -22.7% |
| Suppliers | 440/4 | €284,616 | €220,037 | -€64,579 | -22.7% |
| Taxes, remuneration and social security | 45 | €133,236 | €195,156 | +€61,920 | +46.5% |
| Taxes | 450/3 | €105,111 | €166,495 | +€61,384 | +58.4% |
| Remuneration and social security | 454/9 | €28,125 | €28,661 | +€536 | +1.9% |
| Other amounts payable | 47/48 | €109,335 | €107,657 | -€1,678 | -1.5% |
| Accrued charges and deferred income | 492/3 | €26,487 | €37,150 | +€10,662 | +40.3% |
| Remuneration, social security and pensions | 62 | €448,059 | €497,110 | +€49,051 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €591,461 | €574,213 | -€17,248 | -2.9% |
| Other operating charges | 640/8 | €18,925 | €18,852 | -€74 | -0.4% |
| Gross operating margin | 9900 | €1,668,580 | €1,994,125 | +€325,545 | +19.5% |
| Operating profit (loss) | 9901 | €610,135 | €903,950 | +€293,815 | +48.2% |
| Financial income | 75/76B | €67,872 | €68,811 | +€939 | +1.4% |
| Recurring financial income | 75 | €67,872 | €68,811 | +€939 | +1.4% |
| Financial charges | 65/66B | €59,407 | €53,748 | -€5,659 | -9.5% |
| Recurring financial charges | 65 | €59,407 | €53,748 | -€5,659 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €618,600 | €919,013 | +€300,413 | +48.6% |
| Transfer from deferred taxes | 780 | €1,470 | €1,470 | = | 0.0% |
| Income taxes | 67/77 | €182,718 | €274,592 | +€91,874 | +50.3% |
| Profit (loss) for the period | 9904 | €437,352 | €645,891 | +€208,539 | +47.7% |
| Profit (loss) for the period to be appropriated | 9905 | €437,352 | €645,891 | +€208,539 | +47.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.