"NEST": 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.
What changed
"NEST"
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€54,737
2024 · -€76,605+€21,868
Equity
€12.0m
2024 · €12.3m-€254,737
Cash
€176,800
2024 · €155,292+€21,508
Balance sheet total
€13.5m
2024 · €13.7m-€123,518
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Reserves -€254,737
down €254,737 (-2.5%), from €10.3m to €10.0m
of which Distributable reserves: -€254,737
- Other debts +€200,000
up €200,000 (+76,188%), from €263 to €200,263
Income statement
- Financial income +€109,391
up €109,391 (+80.7%), from €135,471 to €244,861
- Financial charges +€92,342
up €92,342 (+322%), from €28,647 to €120,990
- Depreciation -€20,572
down €20,572 (-14.5%), from €142,179 to €121,607
- Other operating charges +€20,423
up €20,423 (+64.3%), from €31,773 to €52,197
- Gross operating margin +€4,490
up €4,490 (+49.5%), from -€9,068 to -€4,577
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.
Result 2024
-€76,605
Gross operating margin
+€4,490
Staff costs
+€163
Depreciation
+€20,572
Other operating charges
-€20,423
Financial income
+€109,391
Financial charges
-€92,342
Taxes
+€17
Result 2025
-€54,737
raises the resultlowers the result
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.
From operations
+€313,924
Investment
+€15,530
Financing
-€307,946
Cash 2024
€155,292
From operations (derived)
+€313,924
Net result for the year
-€54,737
Depreciation
+€121,607
Receivables after one year
+€128,411
Receivables within one year
-€111,596
Deferred charges and accrued income
-€8,926
Trade debts
+€27,958
Tax, wage and social debts
+€16,147
Other debts
+€200,000
Accrued charges and deferred income
-€4,940
Investment (derived)
+€15,530
Investment in fixed assets (net)
+€16,188
Current investments
-€658
Financing
-€307,946
Debts after one year
-€109,463
Current portion of long-term debt
+€1,518
Contributions, distributions and other
-€200,000
Cash 2025
€176,800
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,652,997 | €13,529,479 | -€123,518 | -0.9% |
| Fixed assets | 21/28 | €8,356,663 | €8,218,868 | -€137,795 | -1.6% |
| Tangible fixed assets | 22/27 | €5,762,947 | €5,675,152 | -€87,795 | -1.5% |
| Land and buildings | 22 | €5,489,158 | €5,405,123 | -€84,035 | -1.5% |
| Plant, machinery and equipment | 23 | €14,254 | €11,700 | -€2,554 | -17.9% |
| Furniture and vehicles | 24 | €10,153 | €8,947 | -€1,206 | -11.9% |
| Other tangible fixed assets | 26 | €249,381 | €249,381 | = | 0.0% |
| Financial fixed assets | 28 | €2,593,716 | €2,543,716 | -€50,000 | -1.9% |
| Current assets | 29/58 | €5,296,334 | €5,310,611 | +€14,277 | +0.3% |
| Amounts receivable after more than one year | 29 | €1,675,023 | €1,546,612 | -€128,411 | -7.7% |
| Trade receivables | 290 | €1,229,337 | €1,088,001 | -€141,336 | -11.5% |
| Other amounts receivable | 291 | €445,686 | €458,611 | +€12,925 | +2.9% |
| Amounts receivable within one year | 40/41 | €324,884 | €436,480 | +€111,596 | +34.3% |
| Trade receivables | 40 | €207,583 | €192,552 | -€15,031 | -7.2% |
| Other amounts receivable | 41 | €117,301 | €243,928 | +€126,627 | +108% |
| Current investments | 50/53 | €3,132,604 | €3,133,263 | +€658 | 0.0% |
| Cash at bank and in hand | 54/58 | €155,292 | €176,800 | +€21,508 | +13.8% |
| Deferred charges and accrued income | 490/1 | €8,531 | €17,456 | +€8,926 | +105% |
| Total equity and liabilities | 10/49 | €13,652,997 | €13,529,479 | -€123,518 | -0.9% |
| Equity | 10/15 | €12,280,667 | €12,025,930 | -€254,737 | -2.1% |
| Contributions | 10/11 | €2,012,000 | €2,012,000 | = | 0.0% |
| Capital | 10 | €2,012,000 | €2,012,000 | = | 0.0% |
| Issued capital | 100 | €2,012,000 | €2,012,000 | = | 0.0% |
| Reserves | 13 | €10,268,667 | €10,013,930 | -€254,737 | -2.5% |
| Non-distributable reserves | 130/1 | €17,993 | €17,993 | = | 0.0% |
| Legal reserve | 130 | €17,993 | €17,993 | = | 0.0% |
| Distributable reserves | 133 | €10,250,674 | €9,995,937 | -€254,737 | -2.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,372,330 | €1,503,549 | +€131,219 | +9.6% |
| Amounts payable after more than one year | 17 | €1,239,757 | €1,130,294 | -€109,463 | -8.8% |
| Financial debts | 170/4 | €1,239,757 | €1,130,294 | -€109,463 | -8.8% |
| Amounts payable within one year | 42/48 | €119,006 | €364,629 | +€245,622 | +206% |
| Current portion of amounts payable after more than one year | 42 | €107,946 | €109,463 | +€1,518 | +1.4% |
| Trade debts | 44 | €1,901 | €29,858 | +€27,958 | +1,471% |
| Suppliers | 440/4 | €1,901 | €29,858 | +€27,958 | +1,471% |
| Taxes, remuneration and social security | 45 | €8,898 | €25,045 | +€16,147 | +181% |
| Taxes | 450/3 | €8,898 | €25,045 | +€16,147 | +181% |
| Other amounts payable | 47/48 | €263 | €200,263 | +€200,000 | +76,188% |
| Accrued charges and deferred income | 492/3 | €13,566 | €8,627 | -€4,940 | -36.4% |
| Non-recurring operating income | 76A | - | €10,253 | +€10,253 | |
| Remuneration, social security and pensions | 62 | €163 | €0 | -€163 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,179 | €121,607 | -€20,572 | -14.5% |
| Other operating charges | 640/8 | €31,773 | €52,197 | +€20,423 | +64.3% |
| Gross operating margin | 9900 | -€9,068 | -€4,577 | +€4,490 | +49.5% |
| Operating profit (loss) | 9901 | -€183,184 | -€178,381 | +€4,803 | +2.6% |
| Financial income | 75/76B | €135,471 | €244,861 | +€109,391 | +80.7% |
| Recurring financial income | 75 | €135,471 | €244,861 | +€109,391 | +80.7% |
| Financial charges | 65/66B | €28,647 | €120,990 | +€92,342 | +322% |
| Recurring financial charges | 65 | €28,647 | €120,990 | +€92,342 | +322% |
| Profit (loss) for the period before taxes | 9903 | -€76,360 | -€54,509 | +€21,851 | +28.6% |
| Income taxes | 67/77 | €245 | €228 | -€17 | -6.8% |
| Profit (loss) for the period | 9904 | -€76,605 | -€54,737 | +€21,868 | +28.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,605 | -€54,737 | +€21,868 | +28.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.