NESA: 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.
NESA
Largest movements
- Receivables within one year +€346,926
up €346,926 (+29.2%), from €1.2m to €1.5m
of which Trade receivables: +€279,511
- Cash -€246,631
down €246,631 (-83.9%), from €293,957 to €47,327
mainly Receivables within one year (-€346,926) and Debts after one year (-€231,342)
- Tangible fixed assets -€123,624
down €123,624 (-10.7%), from €1.2m to €1.0m
of which Land and buildings: -€77,513
- Stocks and contracts +€50,762
up €50,762 (+5.9%), from €854,057 to €904,819
- Intangible fixed assets -€48,224
down €48,224 (-37.7%), from €127,819 to €79,595
- Debts after one year -€231,342
down €231,342 (-20.8%), from €1.1m to €878,695
- Other debts +€68,000
new in 2025: €68,000
- Tax, wage and social debts +€47,871
up €47,871 (+33.6%), from €142,381 to €190,251
of which Remuneration and social security: +€58,066
- Reserves +€40,572
up €40,572 (+5.6%), from €730,835 to €771,407
of which Distributable reserves: +€128,702
- Gross operating margin +€263,328
up €263,328 (+25.2%), from €1.0m to €1.3m
- Staff costs +€70,565
up €70,565 (+8.3%), from €849,336 to €919,901
- Financial charges +€38,765
up €38,765 (+60.1%), from €64,450 to €103,215
- Depreciation +€15,773
up €15,773 (+7.4%), from €213,485 to €229,258
- Other operating charges +€13,658
up €13,658 (+41.9%), from €32,559 to €46,216
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 | €3,678,428 | €3,614,761 | -€63,666 | -1.7% |
| Fixed assets | 21/28 | €1,282,976 | €1,111,128 | -€171,848 | -13.4% |
| Intangible fixed assets | 21 | €127,819 | €79,595 | -€48,224 | -37.7% |
| Tangible fixed assets | 22/27 | €1,155,157 | €1,031,533 | -€123,624 | -10.7% |
| Land and buildings | 22 | €804,798 | €727,284 | -€77,513 | -9.6% |
| Plant, machinery and equipment | 23 | €29,667 | €13,578 | -€16,090 | -54.2% |
| Furniture and vehicles | 24 | €23,855 | €21,074 | -€2,781 | -11.7% |
| Leasing and similar rights | 25 | €296,837 | €269,597 | -€27,240 | -9.2% |
| Current assets | 29/58 | €2,395,452 | €2,503,634 | +€108,182 | +4.5% |
| Stocks and contracts in progress | 3 | €854,057 | €904,819 | +€50,762 | +5.9% |
| Stocks | 30/36 | €854,057 | €904,819 | +€50,762 | +5.9% |
| Amounts receivable within one year | 40/41 | €1,188,660 | €1,535,586 | +€346,926 | +29.2% |
| Trade receivables | 40 | €459,672 | €739,183 | +€279,511 | +60.8% |
| Other amounts receivable | 41 | €728,989 | €796,403 | +€67,415 | +9.2% |
| Cash at bank and in hand | 54/58 | €293,957 | €47,327 | -€246,631 | -83.9% |
| Deferred charges and accrued income | 490/1 | €58,778 | €15,902 | -€42,876 | -72.9% |
| Total equity and liabilities | 10/49 | €3,678,428 | €3,614,761 | -€63,666 | -1.7% |
| Equity | 10/15 | €854,835 | €895,407 | +€40,572 | +4.7% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €730,835 | €771,407 | +€40,572 | +5.6% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €606,311 | €518,181 | -€88,130 | -14.5% |
| Distributable reserves | 133 | €112,124 | €240,825 | +€128,702 | +114.8% |
| Provisions and deferred taxes | 16 | €202,104 | €172,727 | -€29,377 | -14.5% |
| Deferred taxes | 168 | €202,104 | €172,727 | -€29,377 | -14.5% |
| Amounts payable | 17/49 | €2,621,489 | €2,546,628 | -€74,861 | -2.9% |
| Amounts payable after more than one year | 17 | €1,110,037 | €878,695 | -€231,342 | -20.8% |
| Financial debts | 170/4 | €1,110,037 | €878,695 | -€231,342 | -20.8% |
| Amounts payable within one year | 42/48 | €1,506,346 | €1,667,702 | +€161,356 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €242,271 | €258,252 | +€15,981 | +6.6% |
| Financial debts | 43 | €381,000 | €378,365 | -€2,635 | -0.7% |
| Credit institutions | 430/8 | €381,000 | €378,365 | -€2,635 | -0.7% |
| Trade debts | 44 | €740,695 | €772,834 | +€32,140 | +4.3% |
| Suppliers | 440/4 | €740,695 | €772,834 | +€32,140 | +4.3% |
| Taxes, remuneration and social security | 45 | €142,381 | €190,251 | +€47,871 | +33.6% |
| Taxes | 450/3 | €10,673 | €477 | -€10,196 | -95.5% |
| Remuneration and social security | 454/9 | €131,708 | €189,774 | +€58,066 | +44.1% |
| Other amounts payable | 47/48 | - | €68,000 | +€68,000 | |
| Accrued charges and deferred income | 492/3 | €5,106 | €231 | -€4,875 | -95.5% |
| Non-recurring operating income | 76A | €3,507 | - | -€3,507 | |
| Remuneration, social security and pensions | 62 | €849,336 | €919,901 | +€70,565 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213,485 | €229,258 | +€15,773 | +7.4% |
| Other operating charges | 640/8 | €32,559 | €46,216 | +€13,658 | +41.9% |
| Gross operating margin | 9900 | €1,046,683 | €1,310,011 | +€263,328 | +25.2% |
| Operating profit (loss) | 9901 | -€48,697 | €114,635 | +€163,332 | |
| Financial income | 75/76B | €22 | €257 | +€235 | +1069.7% |
| Recurring financial income | 75 | €22 | €257 | +€235 | +1069.7% |
| Financial charges | 65/66B | €64,450 | €103,215 | +€38,765 | +60.1% |
| Recurring financial charges | 65 | €64,450 | €103,215 | +€38,765 | +60.1% |
| Profit (loss) for the period before taxes | 9903 | -€113,124 | €11,677 | +€124,802 | |
| Transfer from deferred taxes | 780 | €29,377 | €29,377 | = | 0.0% |
| Income taxes | 67/77 | €544 | €482 | -€62 | -11.3% |
| Profit (loss) for the period | 9904 | -€84,292 | €40,572 | +€124,863 | |
| Transfer from tax-exempt reserves | 789 | €88,130 | €88,130 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,838 | €128,702 | +€124,863 | +3253.0% |
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 6 October 2026 via checked.be.