NERTHUS: 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.
NERTHUS
Largest movements
- Receivables after one year +€7,280
up €7,280 (+28.6%), from €25,462 to €32,742
- Cash +€6,138
up €6,138 (+67.7%), from €9,060 to €15,199
mainly Net result for the year (+€20,653) and Tax, wage and social debts (+€2,799)
- Receivables within one year +€1,638
up €1,638 (+12.0%), from €13,597 to €15,235
of which Other amounts receivable: +€1,465
- Tangible fixed assets -€1,394
down €1,394 (-27.4%), from €5,090 to €3,695
- Profit (loss) carried forward +€20,653
up €20,653 (+199%), from €10,379 to €31,031
- Reserves -€5,788
down €5,788 (-32.6%), from €17,770 to €11,982
- Other debts -€3,323
down €3,323 (-36.5%), from €9,111 to €5,788
- Tax, wage and social debts +€2,799
up €2,799 (+48.9%), from €5,720 to €8,519
of which Taxes: +€1,799
- Debts after one year -€1,172
down €1,172 (-62.3%), from €1,883 to €710
- Gross operating margin -€1,369
down €1,369 (-4.8%), from €28,707 to €27,338
- Depreciation -€1,116
down €1,116 (-44.5%), from €2,511 to €1,394
- Financial income +€545
up €545 (+32.0%), from €1,700 to €2,244
of which Financial income: +€1,026
- Financial charges -€461
down €461 (-47.5%), from €971 to €510
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 | €56,607 | €69,995 | +€13,388 | +23.7% |
| Fixed assets | 21/28 | €5,090 | €3,695 | -€1,394 | -27.4% |
| Tangible fixed assets | 22/27 | €5,090 | €3,695 | -€1,394 | -27.4% |
| Furniture and vehicles | 24 | €5,090 | €3,695 | -€1,394 | -27.4% |
| Current assets | 29/58 | €51,517 | €66,300 | +€14,783 | +28.7% |
| Amounts receivable after more than one year | 29 | €25,462 | €32,742 | +€7,280 | +28.6% |
| Other amounts receivable | 291 | €25,462 | €32,742 | +€7,280 | +28.6% |
| Amounts receivable within one year | 40/41 | €13,597 | €15,235 | +€1,638 | +12.0% |
| Trade receivables | 40 | €10,278 | €10,451 | +€173 | +1.7% |
| Other amounts receivable | 41 | €3,319 | €4,784 | +€1,465 | +44.2% |
| Cash at bank and in hand | 54/58 | €9,060 | €15,199 | +€6,138 | +67.7% |
| Deferred charges and accrued income | 490/1 | €3,398 | €3,125 | -€273 | -8.0% |
| Total equity and liabilities | 10/49 | €56,607 | €69,995 | +€13,388 | +23.7% |
| Equity | 10/15 | €38,148 | €53,013 | +€14,865 | +39.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €17,770 | €11,982 | -€5,788 | -32.6% |
| Distributable reserves | 133 | €17,770 | €11,982 | -€5,788 | -32.6% |
| Profit (loss) carried forward | 14 | €10,379 | €31,031 | +€20,653 | +199% |
| Amounts payable | 17/49 | €18,459 | €16,982 | -€1,476 | -8.0% |
| Amounts payable after more than one year | 17 | €1,883 | €710 | -€1,172 | -62.3% |
| Financial debts | 170/4 | €1,883 | €710 | -€1,172 | -62.3% |
| Amounts payable within one year | 42/48 | €16,576 | €15,974 | -€602 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €1,126 | €1,172 | +€46 | +4.1% |
| Trade debts | 44 | €619 | €495 | -€124 | -20.0% |
| Suppliers | 440/4 | €619 | €495 | -€124 | -20.0% |
| Taxes, remuneration and social security | 45 | €5,720 | €8,519 | +€2,799 | +48.9% |
| Taxes | 450/3 | €3,720 | €5,519 | +€1,799 | +48.4% |
| Remuneration and social security | 454/9 | €2,000 | €3,000 | +€1,000 | +50.0% |
| Other amounts payable | 47/48 | €9,111 | €5,788 | -€3,323 | -36.5% |
| Accrued charges and deferred income | 492/3 | - | €298 | +€298 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,511 | €1,394 | -€1,116 | -44.5% |
| Other operating charges | 640/8 | €852 | €605 | -€247 | -29.0% |
| Gross operating margin | 9900 | €28,707 | €27,338 | -€1,369 | -4.8% |
| Operating profit (loss) | 9901 | €25,344 | €25,339 | -€5 | 0.0% |
| Financial income | 75/76B | €1,700 | €2,244 | +€545 | +32.0% |
| Recurring financial income | 75 | €974 | €2,000 | +€1,026 | +105% |
| Non-recurring financial income | 76B | €726 | €245 | -€481 | -66.3% |
| Financial charges | 65/66B | €971 | €510 | -€461 | -47.5% |
| Recurring financial charges | 65 | €971 | €510 | -€461 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €26,073 | €27,073 | +€1,000 | +3.8% |
| Income taxes | 67/77 | €6,695 | €6,421 | -€274 | -4.1% |
| Profit (loss) for the period | 9904 | €19,379 | €20,653 | +€1,274 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,379 | €20,653 | +€1,274 | +6.6% |
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 18 October 2026 via checked.be.