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.
What changed
NERO
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€232,048
2024 · €854,005-€621,958
Equity
€11.3m
2024 · €11.1m+€232,048
Cash
€78,336
2024 · €98,925-€20,589
Balance sheet total
€13.3m
2024 · €13.1m+€167,119
Largest movements
Assets
- Receivables within one year +€183,543
up €183,543 (+14.0%), from €1.3m to €1.5m
of which Trade receivables: +€568,146
Equity and liabilities
- Reserves +€232,048
up €232,048 (+2.1%), from €11.1m to €11.3m
Income statement
- Financial income -€446,364
down €446,364 (-89.2%), from €500,308 to €53,944
- Services and other goods -€310,899
down €310,899 (-35.5%), from €874,687 to €563,788
- Turnover -€239,022
down €239,022 (-15.8%), from €1.5m to €1.3m
- Other operating income -€162,238
down €162,238 (-63.7%), from €254,817 to €92,579
- Staff costs +€120,593
up €120,593 (+31.4%), from €384,103 to €504,696
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.
Result 2024
€854,005
Turnover
-€239,022
Other operating income
-€162,238
Services and other goods
+€310,899
Staff costs
-€120,593
Depreciation
-€35
Provisions
+€65,277
Other operating charges
-€14,999
Other operating items
-€77,646
Financial income
-€446,364
Financial charges
+€19,421
Taxes
+€43,343
Result 2025
€232,048
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.
From operations
+€43,309
Investment
-€892
Financing
-€63,005
Cash 2024
€98,925
From operations (derived)
+€43,309
Net result for the year
+€232,048
Depreciation
+€35
Receivables within one year
-€183,543
Deferred charges and accrued income
-€3,307
Provisions
-€65,277
Trade debts
-€41,077
Tax, wage and social debts
+€80,317
Other debts
+€35,000
Accrued charges and deferred income
-€10,887
Investment (derived)
-€892
Investment in fixed assets (net)
-€892
Financing
-€63,005
Debts after one year
-€31,796
Current portion of long-term debt
-€31,209
Cash 2025
€78,336
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,148,097 | €13,315,216 | +€167,119 | +1.3% |
| Fixed assets | 21/28 | €11,161,008 | €11,161,865 | +€858 | 0.0% |
| Tangible fixed assets | 22/27 | €588,000 | €588,858 | +€858 | +0.1% |
| Land and buildings | 22 | €588,000 | €588,000 | = | 0.0% |
| Furniture and vehicles | 24 | - | €858 | +€858 | |
| Financial fixed assets | 28 | €10,573,008 | €10,573,008 | = | 0.0% |
| Affiliated companies | 280/1 | €10,572,972 | €10,572,972 | = | 0.0% |
| Participating interests | 280 | €10,572,972 | €10,572,972 | = | 0.0% |
| Other financial fixed assets | 284/8 | €35 | €35 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €1,987,089 | €2,153,351 | +€166,262 | +8.4% |
| Amounts receivable after more than one year | 29 | €573,143 | €573,143 | = | 0.0% |
| Trade receivables | 290 | €573,143 | €573,143 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,313,568 | €1,497,111 | +€183,543 | +14.0% |
| Trade receivables | 40 | €277,788 | €845,934 | +€568,146 | +204.5% |
| Other amounts receivable | 41 | €1,035,780 | €651,177 | -€384,602 | -37.1% |
| Cash at bank and in hand | 54/58 | €98,925 | €78,336 | -€20,589 | -20.8% |
| Deferred charges and accrued income | 490/1 | €1,454 | €4,760 | +€3,307 | +227.5% |
| Total equity and liabilities | 10/49 | €13,148,097 | €13,315,216 | +€167,119 | +1.3% |
| Equity | 10/15 | €11,081,768 | €11,313,816 | +€232,048 | +2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,063,168 | €11,295,216 | +€232,048 | +2.1% |
| Distributable reserves | 133 | €11,063,168 | €11,295,216 | +€232,048 | +2.1% |
| Provisions and deferred taxes | 16 | €65,277 | - | -€65,277 | |
| Provisions for liabilities and charges | 160/5 | €65,277 | - | -€65,277 | |
| Environmental obligations | 163 | €65,277 | - | -€65,277 | |
| Amounts payable | 17/49 | €2,001,052 | €2,001,400 | +€348 | 0.0% |
| Amounts payable after more than one year | 17 | €31,796 | - | -€31,796 | |
| Financial debts | 170/4 | €31,796 | - | -€31,796 | |
| Credit institutions | 173 | €31,796 | - | -€31,796 | |
| Amounts payable within one year | 42/48 | €1,926,301 | €1,969,332 | +€43,031 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €63,005 | €31,796 | -€31,209 | -49.5% |
| Trade debts | 44 | €300,092 | €259,015 | -€41,077 | -13.7% |
| Suppliers | 440/4 | €300,092 | €259,015 | -€41,077 | -13.7% |
| Taxes, remuneration and social security | 45 | €48,974 | €129,291 | +€80,317 | +164.0% |
| Taxes | 450/3 | €11,397 | €46,191 | +€34,794 | +305.3% |
| Remuneration and social security | 454/9 | €37,577 | €83,100 | +€45,523 | +121.1% |
| Other amounts payable | 47/48 | €1,514,231 | €1,549,231 | +€35,000 | +2.3% |
| Accrued charges and deferred income | 492/3 | €42,955 | €32,068 | -€10,887 | -25.3% |
| Operating income | 70/76A | €1,763,955 | €1,362,694 | -€401,260 | -22.7% |
| Turnover | 70 | €1,509,137 | €1,270,115 | -€239,022 | -15.8% |
| Other operating income | 74 | €254,817 | €92,579 | -€162,238 | -63.7% |
| Operating charges | 60/66A | €1,260,246 | €1,097,343 | -€162,903 | -12.9% |
| Services and other goods | 61 | €874,687 | €563,788 | -€310,899 | -35.5% |
| Remuneration, social security and pensions | 62 | €384,103 | €504,696 | +€120,593 | +31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €35 | +€35 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€65,277 | -€65,277 | |
| Other operating charges | 640/8 | €1,456 | €16,455 | +€14,999 | +1030.2% |
| Non-recurring operating charges | 66A | - | €77,646 | +€77,646 | |
| Operating profit (loss) | 9901 | €503,709 | €265,351 | -€238,358 | -47.3% |
| Financial income | 75/76B | €500,308 | €53,944 | -€446,364 | -89.2% |
| Recurring financial income | 75 | €500,308 | €53,944 | -€446,364 | -89.2% |
| Income from financial fixed assets | 750 | €500,000 | €50,000 | -€450,000 | -90.0% |
| Income from current assets | 751 | €308 | €3,944 | +€3,636 | +1179.7% |
| Financial charges | 65/66B | €52,824 | €33,403 | -€19,421 | -36.8% |
| Recurring financial charges | 65 | €52,824 | €33,403 | -€19,421 | -36.8% |
| Debt charges | 650 | - | €32,904 | +€32,904 | |
| Other financial charges | 652/9 | €52,824 | €500 | -€52,325 | -99.1% |
| Profit (loss) for the period before taxes | 9903 | €951,193 | €285,892 | -€665,301 | -69.9% |
| Income taxes | 67/77 | €97,187 | €53,844 | -€43,343 | -44.6% |
| Taxes | 670/3 | €97,187 | €53,844 | -€43,343 | -44.6% |
| Profit (loss) for the period | 9904 | €854,005 | €232,048 | -€621,958 | -72.8% |
| Profit (loss) for the period to be appropriated | 9905 | €854,005 | €232,048 | -€621,958 | -72.8% |
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 8 October 2026 via checked.be.