NEST: 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.
NEST
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+958.4%), from €162,277 to €1.7m
of which Land and buildings: +€1.5m
- Cash +€90,577
up €90,577 (+13113.4%), from €691 to €91,268
mainly Debts after one year (+€1.6m) and Current portion of long-term debt (+€115,241)
- Deferred charges and accrued income +€55,778
new in 2025: €55,778
- Receivables within one year +€39,413
up €39,413 (+146.3%), from €26,931 to €66,344
of which Trade receivables: +€37,859
- Debts after one year +€1.6m
new in 2025: €1.6m
- Current portion of long-term debt +€115,241
new in 2025: €115,241
- Profit (loss) carried forward -€83,658
down €83,658 (-2811.1%), from -€2,976 to -€86,634
- Other debts +€66,818
up €66,818 (+35.1%), from €190,362 to €257,180
- Trade debts +€19,833
up €19,833 (+4097.8%), from €484 to €20,317
- Gross operating margin +€183,217
up €183,217 (+23794.4%), from €770 to €183,987
- Other operating charges +€151,296
up €151,296 (+39060.4%), from €387 to €151,684
- Depreciation +€71,505
up €71,505 (+2131.4%), from €3,355 to €74,860
- Financial charges +€41,097
up €41,097 (+1095909.1%), from €4 to €41,100
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 | €190,870 | €1,930,999 | +€1.7m | +911.7% |
| Formation expenses | 20 | €972 | - | -€972 | |
| Fixed assets | 21/28 | €162,277 | €1,717,609 | +€1.6m | +958.4% |
| Tangible fixed assets | 22/27 | €162,277 | €1,717,609 | +€1.6m | +958.4% |
| Land and buildings | 22 | - | €1,466,489 | +€1.5m | |
| Plant, machinery and equipment | 23 | €113,317 | €90,017 | -€23,300 | -20.6% |
| Furniture and vehicles | 24 | - | €14,060 | +€14,060 | |
| Leasing and similar rights | 25 | - | €147,043 | +€147,043 | |
| Assets under construction and advance payments | 27 | €48,960 | - | -€48,960 | |
| Current assets | 29/58 | €27,622 | €213,390 | +€185,768 | +672.5% |
| Amounts receivable within one year | 40/41 | €26,931 | €66,344 | +€39,413 | +146.3% |
| Trade receivables | 40 | €2,420 | €40,279 | +€37,859 | +1564.4% |
| Other amounts receivable | 41 | €24,511 | €26,065 | +€1,554 | +6.3% |
| Cash at bank and in hand | 54/58 | €691 | €91,268 | +€90,577 | +13113.4% |
| Deferred charges and accrued income | 490/1 | - | €55,778 | +€55,778 | |
| Total equity and liabilities | 10/49 | €190,870 | €1,930,999 | +€1.7m | +911.7% |
| Equity | 10/15 | €24 | -€83,634 | -€83,658 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,976 | -€86,634 | -€83,658 | -2811.1% |
| Amounts payable | 17/49 | €190,846 | €2,014,632 | +€1.8m | +955.6% |
| Amounts payable after more than one year | 17 | - | €1,617,993 | +€1.6m | |
| Financial debts | 170/4 | - | €1,617,993 | +€1.6m | |
| Amounts payable within one year | 42/48 | €190,846 | €396,639 | +€205,792 | +107.8% |
| Current portion of amounts payable after more than one year | 42 | - | €115,241 | +€115,241 | |
| Trade debts | 44 | €484 | €20,317 | +€19,833 | +4097.8% |
| Suppliers | 440/4 | €484 | €20,317 | +€19,833 | +4097.8% |
| Taxes, remuneration and social security | 45 | - | €3,900 | +€3,900 | |
| Taxes | 450/3 | - | €3,900 | +€3,900 | |
| Other amounts payable | 47/48 | €190,362 | €257,180 | +€66,818 | +35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,355 | €74,860 | +€71,505 | +2131.4% |
| Other operating charges | 640/8 | €387 | €151,684 | +€151,296 | +39060.4% |
| Gross operating margin | 9900 | €770 | €183,987 | +€183,217 | +23794.4% |
| Operating profit (loss) | 9901 | -€2,972 | -€42,557 | -€39,585 | -1331.8% |
| Financial charges | 65/66B | €4 | €41,100 | +€41,097 | +1095909.1% |
| Recurring financial charges | 65 | €4 | €41,100 | +€41,097 | +1095909.1% |
| Profit (loss) for the period before taxes | 9903 | -€2,976 | -€83,658 | -€80,681 | -2711.1% |
| Profit (loss) for the period | 9904 | -€2,976 | -€83,658 | -€80,681 | -2711.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,976 | -€83,658 | -€80,681 | -2711.1% |
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.