NERC: 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.
NERC
Largest movements
- Receivables within one year +€33,089
up €33,089 (+78.2%), from €42,330 to €75,419
of which Trade receivables: +€37,468
- Cash +€26,606
up €26,606 (+25.8%), from €103,239 to €129,844
mainly Net result for the year (+€52,067) and Depreciation (+€25,813)
- Tangible fixed assets -€5,409
down €5,409 (-8.7%), from €61,858 to €56,449
of which Plant, machinery and equipment: -€16,783
- Reserves +€39,301
up €39,301 (+25.8%), from €152,130 to €191,431
- Profit (loss) carried forward +€12,766
no longer reported in 2025 (was -€12,766)
- Trade debts -€8,377
down €8,377 (-19.4%), from €43,103 to €34,726
- Debts after one year +€6,347
up €6,347 (+55.2%), from €11,492 to €17,839
- Current portion of long-term debt +€4,179
up €4,179 (+63.2%), from €6,612 to €10,791
- Gross operating margin +€119,577
up €119,577 (+130.9%), from €91,373 to €210,951
- Staff costs +€54,589
up €54,589 (+94.5%), from €57,765 to €112,354
- Other operating charges -€7,640
down €7,640 (-75.8%), from €10,076 to €2,436
- Depreciation +€4,758
up €4,758 (+22.6%), from €21,055 to €25,813
- Taxes +€4,755
up €4,755 (+34.8%), from €13,675 to €18,430
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 | €210,126 | €264,412 | +€54,286 | +25.8% |
| Fixed assets | 21/28 | €64,558 | €59,149 | -€5,409 | -8.4% |
| Tangible fixed assets | 22/27 | €61,858 | €56,449 | -€5,409 | -8.7% |
| Plant, machinery and equipment | 23 | €48,870 | €32,087 | -€16,783 | -34.3% |
| Furniture and vehicles | 24 | €12,988 | €24,362 | +€11,374 | +87.6% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €145,568 | €205,263 | +€59,695 | +41.0% |
| Amounts receivable within one year | 40/41 | €42,330 | €75,419 | +€33,089 | +78.2% |
| Trade receivables | 40 | €31,007 | €68,475 | +€37,468 | +120.8% |
| Other amounts receivable | 41 | €11,323 | €6,944 | -€4,378 | -38.7% |
| Cash at bank and in hand | 54/58 | €103,239 | €129,844 | +€26,606 | +25.8% |
| Total equity and liabilities | 10/49 | €210,126 | €264,412 | +€54,286 | +25.8% |
| Equity | 10/15 | €144,364 | €196,431 | +€52,067 | +36.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €152,130 | €191,431 | +€39,301 | +25.8% |
| Distributable reserves | 133 | €152,130 | €191,431 | +€39,301 | +25.8% |
| Profit (loss) carried forward | 14 | -€12,766 | - | +€12,766 | |
| Amounts payable | 17/49 | €65,762 | €67,982 | +€2,219 | +3.4% |
| Amounts payable after more than one year | 17 | €11,492 | €17,839 | +€6,347 | +55.2% |
| Financial debts | 170/4 | €11,492 | €17,839 | +€6,347 | +55.2% |
| Amounts payable within one year | 42/48 | €54,271 | €50,143 | -€4,128 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €6,612 | €10,791 | +€4,179 | +63.2% |
| Trade debts | 44 | €43,103 | €34,726 | -€8,377 | -19.4% |
| Suppliers | 440/4 | €43,103 | €34,726 | -€8,377 | -19.4% |
| Other amounts payable | 47/48 | €4,555 | €4,625 | +€70 | +1.5% |
| Remuneration, social security and pensions | 62 | €57,765 | €112,354 | +€54,589 | +94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,055 | €25,813 | +€4,758 | +22.6% |
| Other operating charges | 640/8 | €10,076 | €2,436 | -€7,640 | -75.8% |
| Gross operating margin | 9900 | €91,373 | €210,951 | +€119,577 | +130.9% |
| Operating profit (loss) | 9901 | €2,477 | €70,347 | +€67,870 | +2740.3% |
| Financial income | 75/76B | €635 | €1,364 | +€730 | +115.0% |
| Recurring financial income | 75 | €635 | €1,364 | +€730 | +115.0% |
| Non-recurring financial income | 76B | €635 | €1,364 | +€730 | +115.0% |
| Financial charges | 65/66B | €2,203 | €1,214 | -€989 | -44.9% |
| Recurring financial charges | 65 | €2,203 | €1,214 | -€989 | -44.9% |
| Non-recurring financial charges | 66B | €2,203 | €1,214 | -€989 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | €909 | €70,497 | +€69,588 | +7657.8% |
| Income taxes | 67/77 | €13,675 | €18,430 | +€4,755 | +34.8% |
| Profit (loss) for the period | 9904 | -€12,766 | €52,067 | +€64,833 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,766 | €52,067 | +€64,833 |
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 7 October 2026 via checked.be.