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 +€4,667
up €4,667 (+46.0%), from €10,141 to €14,808
- Receivables within one year +€4,012
up €4,012 (+35.7%), from €11,250 to €15,262
of which Other amounts receivable: +€2,058
- Cash +€3,829
up €3,829 (+23.5%), from €16,293 to €20,122
mainly Tax, wage and social debts (+€11,390) and Current portion of long-term debt (+€7,046)
- Tangible fixed assets -€3,632
down €3,632 (-11.0%), from €33,057 to €29,425
of which Plant, machinery and equipment: -€2,234
- Deferred charges and accrued income +€2,892
new in 2025: €2,892
- Debts after one year -€13,685
down €13,685 (-49.3%), from €27,744 to €14,058
- Tax, wage and social debts +€11,390
up €11,390 (+166.2%), from €6,852 to €18,242
of which Remuneration and social security: +€6,700
- Current portion of long-term debt +€7,046
new in 2025: €7,046
- Trade debts +€5,708
up €5,708 (+57.5%), from €9,933 to €15,641
- Other debts +€2,469
up €2,469 (+23.8%), from €10,364 to €12,834
- Gross operating margin -€12,216
down €12,216 (-57.9%), from €21,114 to €8,898
- Other operating charges -€2,129
down €2,129 (-72.7%), from €2,929 to €800
- Taxes -€876
down €876 (-65.9%), from €1,330 to €454
- Depreciation +€714
up €714 (+11.7%), from €6,122 to €6,836
- Staff costs -€245
no longer reported in 2025 (was €245)
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 | €70,742 | €82,509 | +€11,767 | +16.6% |
| Fixed assets | 21/28 | €33,057 | €29,425 | -€3,632 | -11.0% |
| Tangible fixed assets | 22/27 | €33,057 | €29,425 | -€3,632 | -11.0% |
| Land and buildings | 22 | €15,474 | €13,699 | -€1,775 | -11.5% |
| Plant, machinery and equipment | 23 | €8,329 | €6,094 | -€2,234 | -26.8% |
| Furniture and vehicles | 24 | €9,255 | €9,632 | +€377 | +4.1% |
| Current assets | 29/58 | €37,684 | €53,083 | +€15,399 | +40.9% |
| Stocks and contracts in progress | 3 | €10,141 | €14,808 | +€4,667 | +46.0% |
| Stocks | 30/36 | €10,141 | €14,808 | +€4,667 | +46.0% |
| Amounts receivable within one year | 40/41 | €11,250 | €15,262 | +€4,012 | +35.7% |
| Trade receivables | 40 | €11,178 | €13,133 | +€1,954 | +17.5% |
| Other amounts receivable | 41 | €72 | €2,129 | +€2,058 | +2875.3% |
| Cash at bank and in hand | 54/58 | €16,293 | €20,122 | +€3,829 | +23.5% |
| Deferred charges and accrued income | 490/1 | - | €2,892 | +€2,892 | |
| Total equity and liabilities | 10/49 | €70,742 | €82,509 | +€11,767 | +16.6% |
| Equity | 10/15 | €15,849 | €13,748 | -€2,101 | -13.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €16,253 | €16,253 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €14,393 | €14,393 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,604 | -€8,705 | -€2,101 | -31.8% |
| Amounts payable | 17/49 | €54,893 | €68,760 | +€13,868 | +25.3% |
| Amounts payable after more than one year | 17 | €27,744 | €14,058 | -€13,685 | -49.3% |
| Financial debts | 170/4 | €27,744 | €14,058 | -€13,685 | -49.3% |
| Amounts payable within one year | 42/48 | €27,149 | €54,702 | +€27,553 | +101.5% |
| Current portion of amounts payable after more than one year | 42 | - | €7,046 | +€7,046 | |
| Trade debts | 44 | €9,933 | €15,641 | +€5,708 | +57.5% |
| Suppliers | 440/4 | €9,933 | €15,641 | +€5,708 | +57.5% |
| Advances received on contracts in progress | 46 | - | €940 | +€940 | |
| Taxes, remuneration and social security | 45 | €6,852 | €18,242 | +€11,390 | +166.2% |
| Taxes | 450/3 | €6,852 | €11,542 | +€4,690 | +68.4% |
| Remuneration and social security | 454/9 | - | €6,700 | +€6,700 | |
| Other amounts payable | 47/48 | €10,364 | €12,834 | +€2,469 | +23.8% |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €245 | - | -€245 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,122 | €6,836 | +€714 | +11.7% |
| Other operating charges | 640/8 | €2,929 | €800 | -€2,129 | -72.7% |
| Non-recurring operating charges | 66A | €2 | €199 | +€197 | +11079.8% |
| Gross operating margin | 9900 | €21,114 | €8,898 | -€12,216 | -57.9% |
| Operating profit (loss) | 9901 | €11,816 | €1,063 | -€10,753 | -91.0% |
| Financial income | 75/76B | €2 | €26 | +€24 | +1100.5% |
| Recurring financial income | 75 | €2 | €26 | +€24 | +1100.5% |
| Financial charges | 65/66B | €2,811 | €2,736 | -€75 | -2.7% |
| Recurring financial charges | 65 | €2,811 | €2,736 | -€75 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €9,008 | -€1,647 | -€10,655 | |
| Income taxes | 67/77 | €1,330 | €454 | -€876 | -65.9% |
| Profit (loss) for the period | 9904 | €7,678 | -€2,101 | -€9,779 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,678 | -€2,101 | -€9,779 |
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 12 October 2026 via checked.be.