NERTHUS: 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.
NERTHUS
Largest movements
- Current investments -€110,471
down €110,471 (-14.9%), from €739,428 to €628,957
- Receivables within one year +€18,078
up €18,078 (+7030.0%), from €257 to €18,335
- Deferred charges and accrued income -€12,740
down €12,740 (-96.5%), from €13,199 to €459
- Other debts -€113,970
down €113,970 (-100.0%), from €113,970 to €0
- Reserves +€49,152
up €49,152 (+7.5%), from €658,946 to €708,098
- Tax, wage and social debts -€27,881
down €27,881 (-85.0%), from €32,797 to €4,915
- Current portion of long-term debt -€16,181
down €16,181 (-100.0%), from €16,181 to €0
- Gross operating margin -€85,694
down €85,694 (-51.2%), from €167,519 to €81,826
- Financial charges +€64,784
up €64,784, from -€18,312 to €46,473
- Taxes -€42,992
down €42,992 (-54.8%), from €78,434 to €35,442
- Financial income -€38,455
down €38,455 (-37.5%), from €102,577 to €64,122
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 | €1,181,800 | €1,071,266 | -€110,534 | -9.4% |
| Fixed assets | 21/28 | €411,387 | €399,666 | -€11,721 | -2.8% |
| Tangible fixed assets | 22/27 | €411,387 | €399,666 | -€11,721 | -2.8% |
| Land and buildings | 22 | €410,298 | €399,541 | -€10,756 | -2.6% |
| Furniture and vehicles | 24 | €1,089 | €124 | -€965 | -88.6% |
| Current assets | 29/58 | €770,414 | €671,600 | -€98,813 | -12.8% |
| Amounts receivable within one year | 40/41 | €257 | €18,335 | +€18,078 | +7030.0% |
| Other amounts receivable | 41 | €257 | €18,335 | +€18,078 | +7030.0% |
| Current investments | 50/53 | €739,428 | €628,957 | -€110,471 | -14.9% |
| Cash at bank and in hand | 54/58 | €17,530 | €23,850 | +€6,320 | +36.1% |
| Deferred charges and accrued income | 490/1 | €13,199 | €459 | -€12,740 | -96.5% |
| Total equity and liabilities | 10/49 | €1,181,800 | €1,071,266 | -€110,534 | -9.4% |
| Equity | 10/15 | €1,007,979 | €1,057,131 | +€49,152 | +4.9% |
| Contributions | 10/11 | €342,400 | €342,400 | = | 0.0% |
| Reserves | 13 | €658,946 | €708,098 | +€49,152 | +7.5% |
| Distributable reserves | 133 | €658,946 | €708,098 | +€49,152 | +7.5% |
| Profit (loss) carried forward | 14 | €6,633 | €6,633 | = | 0.0% |
| Amounts payable | 17/49 | €173,822 | €14,135 | -€159,686 | -91.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €163,292 | €14,135 | -€149,157 | -91.3% |
| Current portion of amounts payable after more than one year | 42 | €16,181 | €0 | -€16,181 | -100.0% |
| Financial debts | 43 | - | €7,110 | +€7,110 | |
| Credit institutions | 430/8 | - | €7,110 | +€7,110 | |
| Trade debts | 44 | €344 | €2,110 | +€1,766 | +512.8% |
| Suppliers | 440/4 | €344 | €2,110 | +€1,766 | +512.8% |
| Taxes, remuneration and social security | 45 | €32,797 | €4,915 | -€27,881 | -85.0% |
| Taxes | 450/3 | €32,797 | €4,915 | -€27,881 | -85.0% |
| Other amounts payable | 47/48 | €113,970 | €0 | -€113,970 | -100.0% |
| Accrued charges and deferred income | 492/3 | €10,529 | €0 | -€10,529 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,123 | €11,721 | +€598 | +5.4% |
| Other operating charges | 640/8 | €2,968 | €3,160 | +€191 | +6.4% |
| Non-recurring operating charges | 66A | €4,342 | €0 | -€4,342 | -100.0% |
| Gross operating margin | 9900 | €167,519 | €81,826 | -€85,694 | -51.2% |
| Operating profit (loss) | 9901 | €149,086 | €66,945 | -€82,141 | -55.1% |
| Financial income | 75/76B | €102,577 | €64,122 | -€38,455 | -37.5% |
| Recurring financial income | 75 | €102,577 | €64,122 | -€38,455 | -37.5% |
| Financial charges | 65/66B | -€18,312 | €46,473 | +€64,784 | |
| Recurring financial charges | 65 | -€18,312 | €46,473 | +€64,784 | |
| Profit (loss) for the period before taxes | 9903 | €269,975 | €84,594 | -€185,380 | -68.7% |
| Income taxes | 67/77 | €78,434 | €35,442 | -€42,992 | -54.8% |
| Profit (loss) for the period | 9904 | €191,541 | €49,152 | -€142,388 | -74.3% |
| Profit (loss) for the period to be appropriated | 9905 | €191,541 | €49,152 | -€142,388 | -74.3% |
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 30 September 2026 via checked.be.