NERM: 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.
NERM
Largest movements
- Receivables within one year -€18,414
down €18,414 (-61.7%), from €29,833 to €11,419
of which Trade receivables: -€17,691
- Cash +€5,977
up €5,977 (+4392.9%), from €136 to €6,113
mainly Receivables within one year (+€18,414) and Net result for the year (+€14,730)
- Profit (loss) carried forward +€14,730
up €14,730 (+1.1%), from -€1.4m to -€1.4m
- Trade debts -€14,641
no longer reported in 2025 (was €14,641)
- Debts after one year -€13,928
down €13,928 (-38.6%), from €36,064 to €22,136
- Current portion of long-term debt +€1,260
up €1,260 (+9.9%), from €12,668 to €13,928
- Depreciation -€75,000
no longer reported in 2025 (was €75,000)
- Gross operating margin +€14,745
up €14,745 (+259.4%), from €5,685 to €20,430
- Financial charges -€1,358
down €1,358 (-29.4%), from €4,617 to €3,260
- Other operating charges -€975
down €975 (-28.5%), from €3,415 to €2,440
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 | €29,969 | €17,532 | -€12,437 | -41.5% |
| Current assets | 29/58 | €29,969 | €17,532 | -€12,437 | -41.5% |
| Amounts receivable within one year | 40/41 | €29,833 | €11,419 | -€18,414 | -61.7% |
| Trade receivables | 40 | €28,951 | €11,260 | -€17,691 | -61.1% |
| Other amounts receivable | 41 | €882 | €159 | -€723 | -82.0% |
| Cash at bank and in hand | 54/58 | €136 | €6,113 | +€5,977 | +4392.9% |
| Total equity and liabilities | 10/49 | €29,969 | €17,532 | -€12,437 | -41.5% |
| Equity | 10/15 | -€123,326 | -€108,596 | +€14,730 | +11.9% |
| Contributions | 10/11 | €648,000 | €648,000 | = | 0.0% |
| Capital | 10 | €648,000 | €648,000 | = | 0.0% |
| Issued capital | 100 | €648,000 | €648,000 | = | 0.0% |
| Revaluation surpluses | 12 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €13,099 | €13,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,384,424 | -€1,369,694 | +€14,730 | +1.1% |
| Amounts payable | 17/49 | €153,295 | €126,128 | -€27,167 | -17.7% |
| Amounts payable after more than one year | 17 | €36,064 | €22,136 | -€13,928 | -38.6% |
| Financial debts | 170/4 | €36,064 | €22,136 | -€13,928 | -38.6% |
| Amounts payable within one year | 42/48 | €117,230 | €103,992 | -€13,239 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €12,668 | €13,928 | +€1,260 | +9.9% |
| Trade debts | 44 | €14,641 | - | -€14,641 | |
| Suppliers | 440/4 | €14,641 | - | -€14,641 | |
| Other amounts payable | 47/48 | €89,921 | €90,063 | +€142 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,000 | - | -€75,000 | |
| Other operating charges | 640/8 | €3,415 | €2,440 | -€975 | -28.5% |
| Gross operating margin | 9900 | €5,685 | €20,430 | +€14,745 | +259.4% |
| Operating profit (loss) | 9901 | -€72,731 | €17,990 | +€90,720 | |
| Financial charges | 65/66B | €4,617 | €3,260 | -€1,358 | -29.4% |
| Recurring financial charges | 65 | €4,617 | €3,260 | -€1,358 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | -€77,348 | €14,730 | +€92,078 | |
| Profit (loss) for the period | 9904 | -€77,348 | €14,730 | +€92,078 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,348 | €14,730 | +€92,078 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.