NERZH: 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.
NERZH
Largest movements
- Receivables within one year -€10,059
down €10,059 (-90.5%), from €11,121 to €1,062
of which Other amounts receivable: -€10,059
- Cash +€5,639
up €5,639 (+11.8%), from €47,946 to €53,585
mainly Receivables within one year (+€10,059) and Depreciation (+€9,040)
- Tangible fixed assets +€3,309
up €3,309 (+26.0%), from €12,741 to €16,050
of which Plant, machinery and equipment: +€6,395
- Other debts +€4,620
up €4,620 (+1590.5%), from €290 to €4,910
- Trade debts -€4,400
down €4,400 (-63.0%), from €6,982 to €2,582
- Profit (loss) carried forward -€1,400
down €1,400 (-2.8%), from €49,136 to €47,736
- Turnover -€398,741
no longer reported in 2025 (was €398,741)
- Purchases and services -€332,840
no longer reported in 2025 (was €332,840)
- Gross operating margin -€56,461
down €56,461 (-85.7%), from €65,901 to €9,440
- Taxes -€11,528
down €11,528 (-90.2%), from €12,780 to €1,252
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 | €71,989 | €70,882 | -€1,107 | -1.5% |
| Fixed assets | 21/28 | €12,741 | €16,050 | +€3,309 | +26.0% |
| Tangible fixed assets | 22/27 | €12,741 | €16,050 | +€3,309 | +26.0% |
| Plant, machinery and equipment | 23 | €1,346 | €7,741 | +€6,395 | +475.2% |
| Furniture and vehicles | 24 | €11,395 | €8,309 | -€3,086 | -27.1% |
| Current assets | 29/58 | €59,248 | €54,832 | -€4,416 | -7.5% |
| Amounts receivable within one year | 40/41 | €11,121 | €1,062 | -€10,059 | -90.5% |
| Trade receivables | 40 | €1,062 | €1,062 | = | 0.0% |
| Other amounts receivable | 41 | €10,059 | - | -€10,059 | |
| Cash at bank and in hand | 54/58 | €47,946 | €53,585 | +€5,639 | +11.8% |
| Deferred charges and accrued income | 490/1 | €181 | €185 | +€4 | +2.0% |
| Total equity and liabilities | 10/49 | €71,989 | €70,882 | -€1,107 | -1.5% |
| Equity | 10/15 | €50,136 | €48,736 | -€1,400 | -2.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,136 | €47,736 | -€1,400 | -2.8% |
| Amounts payable | 17/49 | €21,852 | €22,146 | +€293 | +1.3% |
| Amounts payable within one year | 42/48 | €21,852 | €22,146 | +€293 | +1.3% |
| Trade debts | 44 | €6,982 | €2,582 | -€4,400 | -63.0% |
| Suppliers | 440/4 | €6,982 | €2,582 | -€4,400 | -63.0% |
| Taxes, remuneration and social security | 45 | €14,580 | €14,653 | +€74 | +0.5% |
| Taxes | 450/3 | €13,380 | €14,653 | +€1,274 | +9.5% |
| Remuneration and social security | 454/9 | €1,200 | - | -€1,200 | |
| Other amounts payable | 47/48 | €290 | €4,910 | +€4,620 | +1590.5% |
| Turnover | 70 | €398,741 | - | -€398,741 | |
| Goods, raw materials, services and sundry goods | 60/61 | €332,840 | - | -€332,840 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,133 | €9,040 | +€1,906 | +26.7% |
| Other operating charges | 640/8 | €387 | €421 | +€33 | +8.6% |
| Gross operating margin | 9900 | €65,901 | €9,440 | -€56,461 | -85.7% |
| Operating profit (loss) | 9901 | €58,380 | -€20 | -€58,400 | |
| Financial income | 75/76B | €389 | €34 | -€354 | -91.2% |
| Recurring financial income | 75 | €389 | €34 | -€354 | -91.2% |
| Financial charges | 65/66B | €397 | €162 | -€235 | -59.1% |
| Recurring financial charges | 65 | €397 | €162 | -€235 | -59.1% |
| Profit (loss) for the period before taxes | 9903 | €58,372 | -€148 | -€58,520 | |
| Income taxes | 67/77 | €12,780 | €1,252 | -€11,528 | -90.2% |
| Profit (loss) for the period | 9904 | €45,592 | -€1,400 | -€46,992 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,592 | -€1,400 | -€46,992 |
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 29 September 2026 via checked.be.