NERO: 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.
NERO
Largest movements
- Stocks and contracts -€4.6m
down €4.6m (-100.0%), from €4.6m to €0
- Receivables within one year -€424,734
down €424,734 (-100.0%), from €424,734 to €0
- Current portion of long-term debt -€3.5m
down €3.5m (-100.0%), from €3.5m to €0
- Profit (loss) carried forward -€2.4m
down €2.4m (-459.5%), from -€523,655 to -€2.9m
- Other debts +€883,299
up €883,299 (+379.5%), from €232,744 to €1.1m
- Trade debts -€54,904
down €54,904 (-100.0%), from €54,904 to €0
- Gross operating margin -€2.8m
down €2.8m, from €593,062 to -€2.2m
- Financial charges -€93,697
down €93,697 (-35.9%), from €260,971 to €167,274
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 | €5,096,322 | €2,354 | -€5.1m | -100.0% |
| Current assets | 29/58 | €5,096,322 | €2,354 | -€5.1m | -100.0% |
| Stocks and contracts in progress | 3 | €4,638,293 | €0 | -€4.6m | -100.0% |
| Stocks | 30/36 | €4,638,293 | €0 | -€4.6m | -100.0% |
| Amounts receivable within one year | 40/41 | €424,734 | €0 | -€424,734 | -100.0% |
| Other amounts receivable | 41 | €424,734 | €0 | -€424,734 | -100.0% |
| Cash at bank and in hand | 54/58 | €9,109 | €2,273 | -€6,836 | -75.0% |
| Deferred charges and accrued income | 490/1 | €24,185 | €81 | -€24,104 | -99.7% |
| Total equity and liabilities | 10/49 | €5,096,322 | €2,354 | -€5.1m | -100.0% |
| Equity | 10/15 | -€423,655 | -€2,830,089 | -€2.4m | -568.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€523,655 | -€2,930,089 | -€2.4m | -459.5% |
| Amounts payable | 17/49 | €5,519,977 | €2,832,443 | -€2.7m | -48.7% |
| Amounts payable after more than one year | 17 | €1,716,400 | €1,716,400 | = | 0.0% |
| Financial debts | 170/4 | €1,716,400 | €1,716,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,787,648 | €1,116,043 | -€2.7m | -70.5% |
| Current portion of amounts payable after more than one year | 42 | €3,500,000 | €0 | -€3.5m | -100.0% |
| Trade debts | 44 | €54,904 | €0 | -€54,904 | -100.0% |
| Suppliers | 440/4 | €54,904 | €0 | -€54,904 | -100.0% |
| Other amounts payable | 47/48 | €232,744 | €1,116,043 | +€883,299 | +379.5% |
| Accrued charges and deferred income | 492/3 | €15,929 | €0 | -€15,929 | -100.0% |
| Other operating charges | 640/8 | €1,147 | €1,427 | +€281 | +24.5% |
| Gross operating margin | 9900 | €593,062 | -€2,237,733 | -€2.8m | |
| Operating profit (loss) | 9901 | €591,915 | -€2,239,160 | -€2.8m | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €260,971 | €167,274 | -€93,697 | -35.9% |
| Recurring financial charges | 65 | €260,971 | €167,274 | -€93,697 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €330,944 | -€2,406,434 | -€2.7m | |
| Profit (loss) for the period | 9904 | €330,944 | -€2,406,434 | -€2.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €330,944 | -€2,406,434 | -€2.7m |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.