NESTOR: 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.
NESTOR
Largest movements
- Stocks and contracts -€211,727
down €211,727 (-12.6%), from €1.7m to €1.5m
- Tangible fixed assets -€79,768
down €79,768 (-18.0%), from €444,265 to €364,497
of which Land and buildings: -€55,607
- Cash +€73,942
up €73,942 (+94.2%), from €78,472 to €152,414
mainly Other debts (+€220,067) and Stocks and contracts (+€211,727)
- Current investments -€47,965
down €47,965 (-4.6%), from €1.0m to €989,565
- Short-term financial debts -€600,000
down €600,000 (-100%), from €600,000 to €0
- Other debts +€220,067
up €220,067 (+49.0%), from €449,430 to €669,497
- Reserves +€185,376
up €185,376 (+7.8%), from €2.4m to €2.6m
of which Distributable reserves: +€200,619
- Accrued charges and deferred income -€40,273
down €40,273 (-47.8%), from €84,312 to €44,040
- Financial charges +€42,085
up €42,085 (+1,232%), from €3,416 to €45,501
- Gross operating margin +€41,468
up €41,468 (+15.0%), from €276,194 to €317,662
- Financial income +€28,805
up €28,805 (+42.9%), from €67,086 to €95,891
- Taxes +€17,447
up €17,447 (+41.5%), from €42,039 to €59,486
- Staff costs +€3,221
up €3,221 (+8.9%), from €36,061 to €39,282
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 | €3,649,986 | €3,433,572 | -€216,414 | -5.9% |
| Fixed assets | 21/28 | €786,288 | €706,520 | -€79,768 | -10.1% |
| Tangible fixed assets | 22/27 | €444,265 | €364,497 | -€79,768 | -18.0% |
| Land and buildings | 22 | €371,571 | €315,964 | -€55,607 | -15.0% |
| Plant, machinery and equipment | 23 | €12,622 | €7,344 | -€5,278 | -41.8% |
| Furniture and vehicles | 24 | €60,072 | €41,189 | -€18,883 | -31.4% |
| Financial fixed assets | 28 | €342,023 | €342,023 | = | 0.0% |
| Current assets | 29/58 | €2,863,698 | €2,727,052 | -€136,646 | -4.8% |
| Stocks and contracts in progress | 3 | €1,682,241 | €1,470,514 | -€211,727 | -12.6% |
| Stocks | 30/36 | €1,682,241 | €1,470,514 | -€211,727 | -12.6% |
| Amounts receivable within one year | 40/41 | €41,279 | €74,044 | +€32,765 | +79.4% |
| Trade receivables | 40 | €32,772 | €63,624 | +€30,853 | +94.1% |
| Other amounts receivable | 41 | €8,507 | €10,419 | +€1,912 | +22.5% |
| Current investments | 50/53 | €1,037,531 | €989,565 | -€47,965 | -4.6% |
| Cash at bank and in hand | 54/58 | €78,472 | €152,414 | +€73,942 | +94.2% |
| Deferred charges and accrued income | 490/1 | €24,175 | €40,515 | +€16,340 | +67.6% |
| Total equity and liabilities | 10/49 | €3,649,986 | €3,433,572 | -€216,414 | -5.9% |
| Equity | 10/15 | €2,441,496 | €2,626,873 | +€185,376 | +7.6% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €2,378,996 | €2,564,373 | +€185,376 | +7.8% |
| Tax-exempt reserves | 132 | €124,411 | €109,169 | -€15,242 | -12.3% |
| Distributable reserves | 133 | €2,254,585 | €2,455,204 | +€200,619 | +8.9% |
| Provisions and deferred taxes | 16 | €37,953 | €32,872 | -€5,081 | -13.4% |
| Deferred taxes | 168 | €37,953 | €32,872 | -€5,081 | -13.4% |
| Amounts payable | 17/49 | €1,170,537 | €773,828 | -€396,709 | -33.9% |
| Amounts payable within one year | 42/48 | €1,086,224 | €729,788 | -€356,436 | -32.8% |
| Financial debts | 43 | €600,000 | €0 | -€600,000 | -100% |
| Credit institutions | 430/8 | €600,000 | €0 | -€600,000 | -100% |
| Trade debts | 44 | €14,863 | €31,140 | +€16,277 | +110% |
| Suppliers | 440/4 | €14,863 | €31,140 | +€16,277 | +110% |
| Taxes, remuneration and social security | 45 | €21,931 | €29,151 | +€7,220 | +32.9% |
| Taxes | 450/3 | €17,103 | €23,811 | +€6,708 | +39.2% |
| Remuneration and social security | 454/9 | €4,828 | €5,340 | +€513 | +10.6% |
| Other amounts payable | 47/48 | €449,430 | €669,497 | +€220,067 | +49.0% |
| Accrued charges and deferred income | 492/3 | €84,312 | €44,040 | -€40,273 | -47.8% |
| Remuneration, social security and pensions | 62 | €36,061 | €39,282 | +€3,221 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,970 | €81,908 | -€62 | -0.1% |
| Other operating charges | 640/8 | €6,865 | €7,082 | +€217 | +3.2% |
| Gross operating margin | 9900 | €276,194 | €317,662 | +€41,468 | +15.0% |
| Operating profit (loss) | 9901 | €151,298 | €189,390 | +€38,092 | +25.2% |
| Financial income | 75/76B | €67,086 | €95,891 | +€28,805 | +42.9% |
| Recurring financial income | 75 | €67,086 | €95,891 | +€28,805 | +42.9% |
| Financial charges | 65/66B | €3,416 | €45,501 | +€42,085 | +1,232% |
| Recurring financial charges | 65 | €3,416 | €45,501 | +€42,085 | +1,232% |
| Profit (loss) for the period before taxes | 9903 | €214,968 | €239,781 | +€24,813 | +11.5% |
| Transfer from deferred taxes | 780 | €5,081 | €5,081 | = | 0.0% |
| Income taxes | 67/77 | €42,039 | €59,486 | +€17,447 | +41.5% |
| Profit (loss) for the period | 9904 | €178,010 | €185,376 | +€7,366 | +4.1% |
| Transfer from tax-exempt reserves | 789 | €15,242 | €15,242 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €193,252 | €200,619 | +€7,366 | +3.8% |
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.