NESA HOLDING: 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.
NESA HOLDING
Largest movements
- Intangible fixed assets -€78,890
down €78,890 (-16.7%), from €473,555 to €394,665
- Receivables within one year -€22,322
down €22,322 (-75.1%), from €29,727 to €7,405
of which Trade receivables: -€13,057
- Profit (loss) carried forward -€64,897
down €64,897 (-8.5%), from -€760,614 to -€825,511
- Debts after one year -€61,614
down €61,614 (-6.6%), from €938,497 to €876,883
of which Financial debts: -€87,831
- Financial charges -€553,821
down €553,821 (-97.5%), from €568,045 to €14,224
of which Financial charges: -€491,824
- Gross operating margin -€145,045
down €145,045 (-81.1%), from €178,808 to €33,763
- Write-downs -€35,145
no longer reported in 2025 (was €35,145)
- Taxes -€7,956
down €7,956 (-61.0%), from €13,050 to €5,094
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 | €1,446,803 | €1,344,606 | -€102,197 | -7.1% |
| Fixed assets | 21/28 | €1,415,550 | €1,336,660 | -€78,890 | -5.6% |
| Intangible fixed assets | 21 | €473,555 | €394,665 | -€78,890 | -16.7% |
| Financial fixed assets | 28 | €941,995 | €941,995 | = | 0.0% |
| Current assets | 29/58 | €31,253 | €7,946 | -€23,307 | -74.6% |
| Amounts receivable within one year | 40/41 | €29,727 | €7,405 | -€22,322 | -75.1% |
| Trade receivables | 40 | €20,438 | €7,380 | -€13,057 | -63.9% |
| Other amounts receivable | 41 | €9,289 | €24 | -€9,265 | -99.7% |
| Cash at bank and in hand | 54/58 | €1,302 | €541 | -€761 | -58.4% |
| Deferred charges and accrued income | 490/1 | €225 | - | -€225 | |
| Total equity and liabilities | 10/49 | €1,446,803 | €1,344,606 | -€102,197 | -7.1% |
| Equity | 10/15 | €75,158 | €10,261 | -€64,897 | -86.3% |
| Contributions | 10/11 | €786,200 | €786,200 | = | 0.0% |
| Capital | 10 | €786,200 | €786,200 | = | 0.0% |
| Issued capital | 100 | €786,200 | €786,200 | = | 0.0% |
| Reserves | 13 | €49,572 | €49,572 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28 | €28 | = | 0.0% |
| Legal reserve | 130 | €28 | €28 | = | 0.0% |
| Tax-exempt reserves | 132 | €49,544 | €49,544 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€760,614 | -€825,511 | -€64,897 | -8.5% |
| Amounts payable | 17/49 | €1,371,646 | €1,334,346 | -€37,300 | -2.7% |
| Amounts payable after more than one year | 17 | €938,497 | €876,883 | -€61,614 | -6.6% |
| Financial debts | 170/4 | €272,449 | €184,618 | -€87,831 | -32.2% |
| Other amounts payable | 178/9 | €666,048 | €692,265 | +€26,217 | +3.9% |
| Amounts payable within one year | 42/48 | €433,148 | €457,462 | +€24,314 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €84,695 | €87,831 | +€3,136 | +3.7% |
| Trade debts | 44 | €72,992 | €78,921 | +€5,929 | +8.1% |
| Suppliers | 440/4 | €72,992 | €78,921 | +€5,929 | +8.1% |
| Taxes, remuneration and social security | 45 | €13,050 | €19,798 | +€6,749 | +51.7% |
| Taxes | 450/3 | €13,050 | €19,798 | +€6,749 | +51.7% |
| Other amounts payable | 47/48 | €262,412 | €270,912 | +€8,500 | +3.2% |
| Non-recurring operating income | 76A | €136,039 | - | -€136,039 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,890 | €78,890 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €35,145 | - | -€35,145 | |
| Other operating charges | 640/8 | €1,834 | €453 | -€1,381 | -75.3% |
| Gross operating margin | 9900 | €178,808 | €33,763 | -€145,045 | -81.1% |
| Operating profit (loss) | 9901 | €62,939 | -€45,580 | -€108,519 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €568,045 | €14,224 | -€553,821 | -97.5% |
| Recurring financial charges | 65 | €506,047 | €14,224 | -€491,824 | -97.2% |
| Non-recurring financial charges | 66B | €61,998 | - | -€61,998 | |
| Profit (loss) for the period before taxes | 9903 | -€505,106 | -€59,803 | +€445,302 | +88.2% |
| Income taxes | 67/77 | €13,050 | €5,094 | -€7,956 | -61.0% |
| Profit (loss) for the period | 9904 | -€518,155 | -€64,897 | +€453,258 | +87.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€518,155 | -€64,897 | +€453,258 | +87.5% |
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 16 October 2026 via checked.be.