NERI-BORGHESE: 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.
NERI-BORGHESE
Largest movements
- Tangible fixed assets -€23,122
down €23,122 (-11.6%), from €200,115 to €176,993
- Cash -€2,279
down €2,279 (-59.4%), from €3,838 to €1,559
mainly Net result for the year (-€13,034) and Debts after one year (-€11,474)
- Profit (loss) carried forward -€13,034
down €13,034 (-94.9%), from €13,737 to €703
- Debts after one year -€11,474
down €11,474 (-8.8%), from €130,089 to €118,615
- Tax, wage and social debts +€6,333
up €6,333 (+76.3%), from €8,301 to €14,633
of which Remuneration and social security: +€8,727
- Current portion of long-term debt -€3,792
down €3,792 (-24.8%), from €15,266 to €11,474
- Trade debts -€3,770
down €3,770 (-35.9%), from €10,487 to €6,718
- Gross operating margin -€7,109
down €7,109 (-24.7%), from €28,822 to €21,713
- Depreciation +€3,015
up €3,015 (+14.8%), from €20,396 to €23,411
- Financial charges +€1,948
up €1,948 (+35.3%), from €5,513 to €7,461
- Taxes -€292
new in 2025: -€292
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 | €208,225 | €182,908 | -€25,317 | -12.2% |
| Fixed assets | 21/28 | €200,115 | €176,993 | -€23,122 | -11.6% |
| Tangible fixed assets | 22/27 | €200,115 | €176,993 | -€23,122 | -11.6% |
| Plant, machinery and equipment | 23 | €27,575 | €18,939 | -€8,635 | -31.3% |
| Furniture and vehicles | 24 | €8,665 | €5,679 | -€2,987 | -34.5% |
| Other tangible fixed assets | 26 | €163,875 | €152,375 | -€11,500 | -7.0% |
| Current assets | 29/58 | €8,110 | €5,915 | -€2,195 | -27.1% |
| Stocks and contracts in progress | 3 | €905 | €1,575 | +€670 | +74.0% |
| Stocks | 30/36 | €905 | €1,575 | +€670 | +74.0% |
| Amounts receivable within one year | 40/41 | €1,977 | €1,439 | -€539 | -27.2% |
| Other amounts receivable | 41 | €1,977 | €1,439 | -€539 | -27.2% |
| Cash at bank and in hand | 54/58 | €3,838 | €1,559 | -€2,279 | -59.4% |
| Deferred charges and accrued income | 490/1 | €1,389 | €1,343 | -€46 | -3.3% |
| Total equity and liabilities | 10/49 | €208,225 | €182,908 | -€25,317 | -12.2% |
| Equity | 10/15 | €43,542 | €30,508 | -€13,034 | -29.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €23,605 | €23,605 | = | 0.0% |
| Distributable reserves | 133 | €23,605 | €23,605 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,737 | €703 | -€13,034 | -94.9% |
| Amounts payable | 17/49 | €164,683 | €152,400 | -€12,283 | -7.5% |
| Amounts payable after more than one year | 17 | €130,089 | €118,615 | -€11,474 | -8.8% |
| Financial debts | 170/4 | €130,089 | €118,615 | -€11,474 | -8.8% |
| Amounts payable within one year | 42/48 | €34,594 | €33,725 | -€869 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €15,266 | €11,474 | -€3,792 | -24.8% |
| Trade debts | 44 | €10,487 | €6,718 | -€3,770 | -35.9% |
| Suppliers | 440/4 | €10,487 | €6,718 | -€3,770 | -35.9% |
| Taxes, remuneration and social security | 45 | €8,301 | €14,633 | +€6,333 | +76.3% |
| Taxes | 450/3 | €3,101 | €706 | -€2,394 | -77.2% |
| Remuneration and social security | 454/9 | €5,200 | €13,927 | +€8,727 | +168% |
| Other amounts payable | 47/48 | €540 | €900 | +€360 | +66.7% |
| Accrued charges and deferred income | 492/3 | - | €60 | +€60 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,396 | €23,411 | +€3,015 | +14.8% |
| Other operating charges | 640/8 | €4,055 | €4,199 | +€144 | +3.5% |
| Gross operating margin | 9900 | €28,822 | €21,713 | -€7,109 | -24.7% |
| Operating profit (loss) | 9901 | €4,371 | -€5,896 | -€10,268 | |
| Financial income | 75/76B | €59 | €32 | -€27 | -45.8% |
| Recurring financial income | 75 | €59 | €32 | -€27 | -45.8% |
| Financial charges | 65/66B | €5,513 | €7,461 | +€1,948 | +35.3% |
| Recurring financial charges | 65 | €5,513 | €7,461 | +€1,948 | +35.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,083 | -€13,325 | -€12,242 | -1,130% |
| Income taxes | 67/77 | - | -€292 | -€292 | |
| Profit (loss) for the period | 9904 | -€1,083 | -€13,034 | -€11,951 | -1,103% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,083 | -€13,034 | -€11,951 | -1,103% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.