NES: 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.
NES
Largest movements
- Tangible fixed assets -€64,139
down €64,139 (-3.8%), from €1.7m to €1.6m
of which Land and buildings: -€73,692
- Cash +€41,403
up €41,403 (+70.5%), from €58,713 to €100,116
mainly Depreciation (+€97,031) and Net result for the year (+€41,243)
- Debts after one year -€66,333
down €66,333 (-9.3%), from €711,583 to €645,250
of which Financial debts: -€66,333
- Reserves +€41,243
up €41,243 (+49.5%), from €83,343 to €124,586
- Gross operating margin +€13,104
up €13,104 (+7.3%), from €179,479 to €192,583
- Taxes +€9,927
up €9,927 (+263.7%), from €3,765 to €13,692
- Other operating charges +€6,589
up €6,589 (+80.5%), from €8,188 to €14,777
- Depreciation +€3,024
up €3,024 (+3.2%), from €94,008 to €97,031
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 | €1,762,263 | €1,737,593 | -€24,670 | -1.4% |
| Fixed assets | 21/28 | €1,696,739 | €1,632,600 | -€64,139 | -3.8% |
| Tangible fixed assets | 22/27 | €1,696,739 | €1,632,600 | -€64,139 | -3.8% |
| Land and buildings | 22 | €1,686,915 | €1,613,223 | -€73,692 | -4.4% |
| Plant, machinery and equipment | 23 | €5,826 | €16,323 | +€10,497 | +180.2% |
| Furniture and vehicles | 24 | €3,998 | €3,055 | -€943 | -23.6% |
| Current assets | 29/58 | €65,524 | €104,993 | +€39,469 | +60.2% |
| Amounts receivable within one year | 40/41 | €3,936 | €1,936 | -€2,000 | -50.8% |
| Trade receivables | 40 | €1,936 | €1,936 | = | 0.0% |
| Other amounts receivable | 41 | €2,000 | €0 | -€2,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €58,713 | €100,116 | +€41,403 | +70.5% |
| Deferred charges and accrued income | 490/1 | €2,875 | €2,941 | +€66 | +2.3% |
| Total equity and liabilities | 10/49 | €1,762,263 | €1,737,593 | -€24,670 | -1.4% |
| Equity | 10/15 | €183,343 | €224,586 | +€41,243 | +22.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €83,343 | €124,586 | +€41,243 | +49.5% |
| Distributable reserves | 133 | €83,343 | €124,586 | +€41,243 | +49.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,578,920 | €1,513,007 | -€65,913 | -4.2% |
| Amounts payable after more than one year | 17 | €711,583 | €645,250 | -€66,333 | -9.3% |
| Financial debts | 170/4 | €691,583 | €625,250 | -€66,333 | -9.6% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €867,336 | €867,757 | +€421 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €66,333 | €66,333 | = | 0.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €15,313 | €15,540 | +€228 | +1.5% |
| Taxes | 450/3 | €15,313 | €15,540 | +€228 | +1.5% |
| Other amounts payable | 47/48 | €785,690 | €785,883 | +€193 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,008 | €97,031 | +€3,024 | +3.2% |
| Other operating charges | 640/8 | €8,188 | €14,777 | +€6,589 | +80.5% |
| Gross operating margin | 9900 | €179,479 | €192,583 | +€13,104 | +7.3% |
| Operating profit (loss) | 9901 | €77,283 | €80,774 | +€3,490 | +4.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | +300.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +300.0% |
| Financial charges | 65/66B | €23,967 | €25,840 | +€1,873 | +7.8% |
| Recurring financial charges | 65 | €23,967 | €25,840 | +€1,873 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €53,316 | €54,935 | +€1,618 | +3.0% |
| Income taxes | 67/77 | €3,765 | €13,692 | +€9,927 | +263.7% |
| Profit (loss) for the period | 9904 | €49,552 | €41,243 | -€8,309 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €49,552 | €41,243 | -€8,309 | -16.8% |
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 10 October 2026 via checked.be.