NERVAL: 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.
NERVAL
Largest movements
- Receivables within one year -€21,781
down €21,781 (-93.1%), from €23,386 to €1,605
of which Trade receivables: -€21,175
- Tangible fixed assets -€20,800
down €20,800 (-5.8%), from €356,561 to €335,761
of which Land and buildings: -€13,162
- Current investments -€9,440
down €9,440 (-6.3%), from €150,253 to €140,814
- Reserves -€324,725
down €324,725 (-66.8%), from €486,133 to €161,407
of which Distributable reserves: -€320,150
- Other debts +€271,028
up €271,028 (+8,688%), from €3,120 to €274,147
- Gross operating margin +€55,941
up €55,941 (+3,652%), from €1,532 to €57,473
- Taxes +€8,836
up €8,836 (+302%), from €2,930 to €11,766
- Depreciation +€4,373
up €4,373 (+23.0%), from €18,978 to €23,350
- Financial income -€930
down €930 (-19.5%), from €4,776 to €3,846
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 | €544,586 | €485,268 | -€59,317 | -10.9% |
| Fixed assets | 21/28 | €356,648 | €335,848 | -€20,800 | -5.8% |
| Tangible fixed assets | 22/27 | €356,561 | €335,761 | -€20,800 | -5.8% |
| Land and buildings | 22 | €309,599 | €296,437 | -€13,162 | -4.3% |
| Plant, machinery and equipment | 23 | €4,911 | €3,683 | -€1,228 | -25.0% |
| Furniture and vehicles | 24 | €36,202 | €29,792 | -€6,410 | -17.7% |
| Other tangible fixed assets | 26 | €5,849 | €5,849 | = | 0.0% |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €187,938 | €149,420 | -€38,517 | -20.5% |
| Amounts receivable within one year | 40/41 | €23,386 | €1,605 | -€21,781 | -93.1% |
| Trade receivables | 40 | €21,175 | - | -€21,175 | |
| Other amounts receivable | 41 | €2,211 | €1,605 | -€606 | -27.4% |
| Current investments | 50/53 | €150,253 | €140,814 | -€9,440 | -6.3% |
| Cash at bank and in hand | 54/58 | €8,577 | €5,168 | -€3,408 | -39.7% |
| Deferred charges and accrued income | 490/1 | €5,721 | €1,834 | -€3,888 | -68.0% |
| Total equity and liabilities | 10/49 | €544,586 | €485,268 | -€59,317 | -10.9% |
| Equity | 10/15 | €485,519 | €160,796 | -€324,723 | -66.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €486,133 | €161,407 | -€324,725 | -66.8% |
| Tax-exempt reserves | 132 | €75,523 | €70,947 | -€4,575 | -6.1% |
| Distributable reserves | 133 | €410,610 | €90,460 | -€320,150 | -78.0% |
| Profit (loss) carried forward | 14 | -€6,814 | -€6,812 | +€2 | 0.0% |
| Provisions and deferred taxes | 16 | €38,888 | €36,532 | -€2,356 | -6.1% |
| Deferred taxes | 168 | €38,888 | €36,532 | -€2,356 | -6.1% |
| Amounts payable | 17/49 | €20,178 | €287,940 | +€267,762 | +1,327% |
| Amounts payable within one year | 42/48 | €18,078 | €285,735 | +€267,657 | +1,481% |
| Trade debts | 44 | €3,866 | €4,629 | +€763 | +19.7% |
| Suppliers | 440/4 | €3,866 | €4,629 | +€763 | +19.7% |
| Taxes, remuneration and social security | 45 | €11,093 | €6,959 | -€4,134 | -37.3% |
| Taxes | 450/3 | €9,043 | €6,959 | -€2,084 | -23.0% |
| Remuneration and social security | 454/9 | €2,050 | - | -€2,050 | |
| Other amounts payable | 47/48 | €3,120 | €274,147 | +€271,028 | +8,688% |
| Accrued charges and deferred income | 492/3 | €2,100 | €2,205 | +€105 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,978 | €23,350 | +€4,373 | +23.0% |
| Other operating charges | 640/8 | €2,711 | €2,710 | -€2 | -0.1% |
| Gross operating margin | 9900 | €1,532 | €57,473 | +€55,941 | +3,652% |
| Operating profit (loss) | 9901 | -€20,157 | €31,413 | +€51,570 | |
| Financial income | 75/76B | €4,776 | €3,846 | -€930 | -19.5% |
| Recurring financial income | 75 | €4,776 | €3,846 | -€930 | -19.5% |
| Financial charges | 65/66B | €192 | €173 | -€20 | -10.2% |
| Recurring financial charges | 65 | €192 | €173 | -€20 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,574 | €35,086 | +€50,660 | |
| Transfer from deferred taxes | 780 | €2,356 | €2,356 | = | 0.0% |
| Income taxes | 67/77 | €2,930 | €11,766 | +€8,836 | +302% |
| Profit (loss) for the period | 9904 | -€16,147 | €25,677 | +€41,824 | |
| Transfer from tax-exempt reserves | 789 | €4,575 | €4,575 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,572 | €30,252 | +€41,824 |
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 17 October 2026 via checked.be.