NERO: 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.
NERO
Largest movements
- Receivables within one year +€59,442
up €59,442 (+27.9%), from €212,875 to €272,317
of which Trade receivables: +€50,793
- Cash +€33,531
up €33,531 (+10.5%), from €319,236 to €352,768
mainly Trade debts (+€32,777) and Net result for the year (+€20,086)
- Trade debts +€32,777
up €32,777 (+86.5%), from €37,889 to €70,666
- Reserves +€20,086
up €20,086 (+3.6%), from €563,197 to €583,283
- Tax, wage and social debts +€19,287
up €19,287 (+158.9%), from €12,141 to €31,428
- Gross operating margin -€35,916
down €35,916 (-56.9%), from €63,088 to €27,173
- Financial income +€7,127
up €7,127 (+355.2%), from €2,007 to €9,133
of which Non-recurring financial income: +€7,277
- Taxes -€4,675
down €4,675 (-38.7%), from €12,077 to €7,401
- Financial charges +€654
up €654 (+112.9%), from €579 to €1,233
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 | €688,321 | €773,243 | +€84,922 | +12.3% |
| Fixed assets | 21/28 | €153,773 | €147,064 | -€6,709 | -4.4% |
| Intangible fixed assets | 21 | €5,456 | €2,022 | -€3,433 | -62.9% |
| Tangible fixed assets | 22/27 | €148,317 | €145,042 | -€3,275 | -2.2% |
| Land and buildings | 22 | €140,000 | €140,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,324 | €2,489 | -€836 | -25.1% |
| Furniture and vehicles | 24 | €4,993 | €2,553 | -€2,440 | -48.9% |
| Current assets | 29/58 | €534,548 | €626,179 | +€91,631 | +17.1% |
| Amounts receivable within one year | 40/41 | €212,875 | €272,317 | +€59,442 | +27.9% |
| Trade receivables | 40 | €206,406 | €257,199 | +€50,793 | +24.6% |
| Other amounts receivable | 41 | €6,469 | €15,118 | +€8,649 | +133.7% |
| Cash at bank and in hand | 54/58 | €319,236 | €352,768 | +€33,531 | +10.5% |
| Deferred charges and accrued income | 490/1 | €2,436 | €1,095 | -€1,342 | -55.1% |
| Total equity and liabilities | 10/49 | €688,321 | €773,243 | +€84,922 | +12.3% |
| Equity | 10/15 | €613,197 | €633,283 | +€20,086 | +3.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €563,197 | €583,283 | +€20,086 | +3.6% |
| Distributable reserves | 133 | €563,197 | €583,283 | +€20,086 | +3.6% |
| Amounts payable | 17/49 | €75,124 | €139,960 | +€64,836 | +86.3% |
| Amounts payable within one year | 42/48 | €75,124 | €139,960 | +€64,836 | +86.3% |
| Financial debts | 43 | - | €5,049 | +€5,049 | |
| Other loans | 439 | - | €5,049 | +€5,049 | |
| Trade debts | 44 | €37,889 | €70,666 | +€32,777 | +86.5% |
| Suppliers | 440/4 | €37,889 | €70,666 | +€32,777 | +86.5% |
| Taxes, remuneration and social security | 45 | €12,141 | €31,428 | +€19,287 | +158.9% |
| Taxes | 450/3 | €12,141 | €31,428 | +€19,287 | +158.9% |
| Other amounts payable | 47/48 | €25,094 | €32,817 | +€7,723 | +30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,123 | €6,709 | -€414 | -5.8% |
| Other operating charges | 640/8 | €992 | €876 | -€115 | -11.6% |
| Gross operating margin | 9900 | €63,088 | €27,173 | -€35,916 | -56.9% |
| Operating profit (loss) | 9901 | €54,973 | €19,587 | -€35,386 | -64.4% |
| Financial income | 75/76B | €2,007 | €9,133 | +€7,127 | +355.2% |
| Recurring financial income | 75 | €2,007 | €1,856 | -€151 | -7.5% |
| Non-recurring financial income | 76B | - | €7,277 | +€7,277 | |
| Financial charges | 65/66B | €579 | €1,233 | +€654 | +112.9% |
| Recurring financial charges | 65 | €579 | €1,233 | +€654 | +112.9% |
| Profit (loss) for the period before taxes | 9903 | €56,401 | €27,488 | -€28,913 | -51.3% |
| Income taxes | 67/77 | €12,077 | €7,401 | -€4,675 | -38.7% |
| Profit (loss) for the period | 9904 | €44,324 | €20,086 | -€24,238 | -54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €44,324 | €20,086 | -€24,238 | -54.7% |
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 7 October 2026 via checked.be.