NESTION: 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.
NESTION
Largest movements
- Stocks and contracts +€563,250
up €563,250 (+125%), from €451,750 to €1.0m
of which Stocks: +€539,500
- Receivables within one year +€97,265
up €97,265 (+297%), from €32,761 to €130,026
of which Other amounts receivable: +€122,357
- Receivables after one year -€72,500
down €72,500 (-100%), from €72,500 to €0
- Cash -€35,108
down €35,108 (-84.2%), from €41,693 to €6,584
mainly Stocks and contracts (-€563,250) and Receivables within one year (-€97,265)
- Short-term financial debts +€408,800
up €408,800 (+282%), from €145,000 to €553,800
- Other debts +€201,029
up €201,029 (+1,511%), from €13,303 to €214,332
- Debts after one year -€46,507
down €46,507 (-15.4%), from €301,507 to €255,000
- Trade debts -€21,167
down €21,167 (-56.6%), from €37,409 to €16,242
- Reserves +€15,578
up €15,578 (+21.3%), from €73,236 to €88,814
- Gross operating margin +€15,643
up €15,643 (+89.2%), from €17,545 to €33,188
- Financial charges +€5,006
up €5,006 (+49.2%), from €10,179 to €15,185
- Financial income +€4,117
up €4,117 (+180%), from €2,281 to €6,398
- Taxes +€3,658
up €3,658 (+182%), from €2,013 to €5,671
- Depreciation +€1,425
up €1,425 (+386%), from €369 to €1,794
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 | €604,477 | €1,165,280 | +€560,803 | +92.8% |
| Fixed assets | 21/28 | €120 | €8,234 | +€8,114 | +6,747% |
| Tangible fixed assets | 22/27 | €120 | €8,234 | +€8,114 | +6,747% |
| Plant, machinery and equipment | 23 | €120 | €0 | -€120 | -100% |
| Furniture and vehicles | 24 | - | €8,234 | +€8,234 | |
| Current assets | 29/58 | €604,357 | €1,157,046 | +€552,689 | +91.5% |
| Amounts receivable after more than one year | 29 | €72,500 | €0 | -€72,500 | -100% |
| Other amounts receivable | 291 | €72,500 | €0 | -€72,500 | -100% |
| Stocks and contracts in progress | 3 | €451,750 | €1,015,000 | +€563,250 | +125% |
| Stocks | 30/36 | €438,500 | €978,000 | +€539,500 | +123% |
| Contracts in progress | 37 | €13,250 | €37,000 | +€23,750 | +179% |
| Amounts receivable within one year | 40/41 | €32,761 | €130,026 | +€97,265 | +297% |
| Trade receivables | 40 | €27,718 | €2,626 | -€25,092 | -90.5% |
| Other amounts receivable | 41 | €5,043 | €127,400 | +€122,357 | +2,426% |
| Cash at bank and in hand | 54/58 | €41,693 | €6,584 | -€35,108 | -84.2% |
| Deferred charges and accrued income | 490/1 | €5,653 | €5,436 | -€218 | -3.8% |
| Total equity and liabilities | 10/49 | €604,477 | €1,165,280 | +€560,803 | +92.8% |
| Equity | 10/15 | €98,236 | €113,814 | +€15,578 | +15.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €73,236 | €88,814 | +€15,578 | +21.3% |
| Distributable reserves | 133 | €73,236 | €88,814 | +€15,578 | +21.3% |
| Amounts payable | 17/49 | €506,241 | €1,051,465 | +€545,225 | +108% |
| Amounts payable after more than one year | 17 | €301,507 | €255,000 | -€46,507 | -15.4% |
| Other amounts payable | 178/9 | €301,507 | €255,000 | -€46,507 | -15.4% |
| Amounts payable within one year | 42/48 | €201,355 | €792,046 | +€590,691 | +293% |
| Financial debts | 43 | €145,000 | €553,800 | +€408,800 | +282% |
| Credit institutions | 430/8 | €145,000 | €553,800 | +€408,800 | +282% |
| Trade debts | 44 | €37,409 | €16,242 | -€21,167 | -56.6% |
| Suppliers | 440/4 | €37,409 | €16,242 | -€21,167 | -56.6% |
| Taxes, remuneration and social security | 45 | €5,643 | €7,673 | +€2,030 | +36.0% |
| Taxes | 450/3 | €5,643 | €7,673 | +€2,030 | +36.0% |
| Other amounts payable | 47/48 | €13,303 | €214,332 | +€201,029 | +1,511% |
| Accrued charges and deferred income | 492/3 | €3,378 | €4,419 | +€1,041 | +30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €369 | €1,794 | +€1,425 | +386% |
| Other operating charges | 640/8 | €2,058 | €1,358 | -€700 | -34.0% |
| Gross operating margin | 9900 | €17,545 | €33,188 | +€15,643 | +89.2% |
| Operating profit (loss) | 9901 | €15,118 | €30,035 | +€14,917 | +98.7% |
| Financial income | 75/76B | €2,281 | €6,398 | +€4,117 | +180% |
| Recurring financial income | 75 | €2,281 | €6,398 | +€4,117 | +180% |
| Financial charges | 65/66B | €10,179 | €15,185 | +€5,006 | +49.2% |
| Recurring financial charges | 65 | €10,179 | €15,185 | +€5,006 | +49.2% |
| Profit (loss) for the period before taxes | 9903 | €7,220 | €21,249 | +€14,029 | +194% |
| Income taxes | 67/77 | €2,013 | €5,671 | +€3,658 | +182% |
| Profit (loss) for the period | 9904 | €5,207 | €15,578 | +€10,371 | +199% |
| Profit (loss) for the period to be appropriated | 9905 | €5,207 | €15,578 | +€10,371 | +199% |
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 17 October 2026 via checked.be.