NERO - INVEST: 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 - INVEST
Largest movements
- Cash -€39,782
down €39,782 (-14.4%), from €276,196 to €236,414
mainly Contributions, distributions and other (-€239,226) and Net result for the year (-€51,368)
- Tangible fixed assets -€15,076
down €15,076 (-2.5%), from €595,845 to €580,770
of which Land and buildings: -€10,052
- Reserves -€290,594
down €290,594 (-25.1%), from €1.2m to €866,741
of which Distributable reserves: -€290,594
- Other debts +€239,226
new in 2025: €239,226
- Gross operating margin +€37,464
up €37,464 (+54.2%), from -€69,081 to -€31,617
- Other operating charges -€1,077
down €1,077 (-17.0%), from €6,348 to €5,271
- Financial income +€822
up €822 (+96.0%), from €856 to €1,678
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.
Derived cash bridge
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 | €1,252,610 | €1,211,567 | -€41,044 | -3.3% |
| Fixed assets | 21/28 | €595,845 | €580,770 | -€15,076 | -2.5% |
| Tangible fixed assets | 22/27 | €595,845 | €580,770 | -€15,076 | -2.5% |
| Land and buildings | 22 | €575,288 | €565,237 | -€10,052 | -1.7% |
| Plant, machinery and equipment | 23 | €20,557 | €15,533 | -€5,024 | -24.4% |
| Current assets | 29/58 | €656,765 | €630,797 | -€25,968 | -4.0% |
| Amounts receivable after more than one year | 29 | €218,543 | €218,543 | = | 0.0% |
| Trade receivables | 290 | €218,543 | €218,543 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €159,165 | €165,327 | +€6,162 | +3.9% |
| Trade receivables | 40 | €21,320 | €27,642 | +€6,322 | +29.7% |
| Other amounts receivable | 41 | €137,845 | €137,685 | -€160 | -0.1% |
| Cash at bank and in hand | 54/58 | €276,196 | €236,414 | -€39,782 | -14.4% |
| Deferred charges and accrued income | 490/1 | €2,861 | €10,513 | +€7,652 | +267% |
| Total equity and liabilities | 10/49 | €1,252,610 | €1,211,567 | -€41,044 | -3.3% |
| Equity | 10/15 | €1,232,335 | €941,741 | -€290,594 | -23.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €1,157,335 | €866,741 | -€290,594 | -25.1% |
| Non-distributable reserves | 130/1 | €17,791 | €17,791 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,291 | €10,291 | = | 0.0% |
| Distributable reserves | 133 | €1,139,544 | €848,950 | -€290,594 | -25.5% |
| Amounts payable | 17/49 | €20,276 | €269,826 | +€249,550 | +1,231% |
| Amounts payable within one year | 42/48 | €20,276 | €269,826 | +€249,550 | +1,231% |
| Trade debts | 44 | €9,857 | €14,407 | +€4,550 | +46.2% |
| Suppliers | 440/4 | €9,857 | €14,407 | +€4,550 | +46.2% |
| Taxes, remuneration and social security | 45 | €10,419 | €16,193 | +€5,774 | +55.4% |
| Taxes | 450/3 | €10,419 | €10,193 | -€226 | -2.2% |
| Remuneration and social security | 454/9 | - | €6,000 | +€6,000 | |
| Other amounts payable | 47/48 | - | €239,226 | +€239,226 | |
| Non-recurring operating income | 76A | €5,000 | - | -€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,691 | €15,076 | +€385 | +2.6% |
| Other operating charges | 640/8 | €6,348 | €5,271 | -€1,077 | -17.0% |
| Non-recurring operating charges | 66A | €5,406 | - | -€5,406 | |
| Gross operating margin | 9900 | -€69,081 | -€31,617 | +€37,464 | +54.2% |
| Operating profit (loss) | 9901 | -€95,526 | -€51,964 | +€43,562 | +45.6% |
| Financial income | 75/76B | €856 | €1,678 | +€822 | +96.0% |
| Recurring financial income | 75 | €856 | €1,678 | +€822 | +96.0% |
| Financial charges | 65/66B | €1,587 | €1,082 | -€505 | -31.8% |
| Recurring financial charges | 65 | €1,587 | €1,082 | -€505 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | -€96,256 | -€51,368 | +€44,889 | +46.6% |
| Profit (loss) for the period | 9904 | -€96,256 | -€51,368 | +€44,889 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€96,256 | -€51,368 | +€44,889 | +46.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.