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.
What changed
Nestor
NACE 78.100, Employment placement agencies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.3m
2024 · €2.2m+€146,534
Equity
€1.4m
2024 · €3.0m-€1.7m
Cash
€556,740
2024 · €1.3m-€763,743
Balance sheet total
€17.3m
2024 · €13.8m+€3.4m
Largest movements
Assets
- Financial fixed assets +€4.0m
up €4.0m (+36.9%), from €10.8m to €14.8m
of which Affiliated companies: +€4.0m
- Cash -€763,743
down €763,743 (-57.8%), from €1.3m to €556,740
mainly Current portion of long-term debt (-€4.6m) and Investment in fixed assets (net) (-€4.1m)
Equity and liabilities
- Short-term financial debts +€6.6m
up €6.6m (+4,489%), from €147,094 to €6.8m
- Current portion of long-term debt -€4.6m
down €4.6m (-90.4%), from €5.1m to €488,812
- Other debts +€3.8m
up €3.8m (+767%), from €500,476 to €4.3m
- Reserves -€1.7m
down €1.7m (-55.8%), from €3.0m to €1.3m
of which Distributable reserves: -€1.7m
- Debts after one year -€488,812
down €488,812 (-13.7%), from €3.6m to €3.1m
Income statement
- Staff costs +€1.2m
up €1.2m (+11.7%), from €10.0m to €11.1m
- Turnover +€1.1m
up €1.1m (+9.1%), from €12.6m to €13.7m
- Financial income +€358,301
up €358,301 (+20.2%), from €1.8m to €2.1m
- Services and other goods +€350,993
up €350,993 (+26.4%), from €1.3m to €1.7m
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
€2.2m
Turnover
+€1.1m
Other operating income
-€54,073
Goods and materials
+€25,062
Services and other goods
-€350,993
Staff costs
-€1.2m
Depreciation
-€5,897
Write-downs
-€7,851
Other operating charges
+€5,509
Other operating items
+€28,952
Financial income
+€358,301
Financial charges
+€121,900
Taxes
+€40,440
Result 2025
€2.3m
raises the resultlowers the resultnot broken down further in the accounts
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
+€5.8m
Investment
-€4.1m
Financing
-€2.5m
Cash 2024
€1.3m
From operations (derived)
+€5.8m
Net result for the year
+€2.3m
Depreciation
+€26,672
Receivables within one year
-€65,325
Deferred charges and accrued income
-€94,373
Trade debts
+€115,811
Tax, wage and social debts
-€60,694
Other debts
+€3.8m
Accrued charges and deferred income
-€341,218
Investment (derived)
-€4.1m
Investment in fixed assets (net)
-€4.1m
Financing
-€2.5m
Debts after one year
-€488,812
Current portion of long-term debt
-€4.6m
Short-term financial debts
+€6.6m
Contributions, distributions and other
-€4.0m
Cash 2025
€556,740
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,837,121 | €17,270,988 | +€3.4m | +24.8% |
| Fixed assets | 21/28 | €10,901,450 | €14,939,362 | +€4.0m | +37.0% |
| Intangible fixed assets | 21 | €37,808 | €73,607 | +€35,799 | +94.7% |
| Tangible fixed assets | 22/27 | €32,508 | €34,621 | +€2,113 | +6.5% |
| Furniture and vehicles | 24 | €32,508 | €34,621 | +€2,113 | +6.5% |
| Financial fixed assets | 28 | €10,831,134 | €14,831,134 | +€4.0m | +36.9% |
| Affiliated companies | 280/1 | €10,811,044 | €14,811,044 | +€4.0m | +37.0% |
| Participating interests | 280 | €10,811,044 | €10,811,044 | = | 0.0% |
| Amounts receivable | 281 | - | €4,000,000 | +€4.0m | |
| Other financial fixed assets | 284/8 | €20,090 | €20,090 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €20,090 | €20,090 | = | 0.0% |
| Current assets | 29/58 | €2,935,670 | €2,331,626 | -€604,045 | -20.6% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,576,283 | €1,641,609 | +€65,325 | +4.1% |
| Trade receivables | 40 | €1,521,787 | €1,418,313 | -€103,474 | -6.8% |
| Other amounts receivable | 41 | €54,496 | €223,295 | +€168,800 | +310% |
| Cash at bank and in hand | 54/58 | €1,320,484 | €556,740 | -€763,743 | -57.8% |
| Deferred charges and accrued income | 490/1 | €38,904 | €133,277 | +€94,373 | +243% |
| Total equity and liabilities | 10/49 | €13,837,121 | €17,270,988 | +€3.4m | +24.8% |
| Equity | 10/15 | €3,023,147 | €1,371,658 | -€1.7m | -54.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €2,961,647 | €1,310,158 | -€1.7m | -55.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €2,955,497 | €1,304,008 | -€1.7m | -55.9% |
| Amounts payable | 17/49 | €10,813,974 | €15,899,329 | +€5.1m | +47.0% |
| Amounts payable after more than one year | 17 | €3,580,451 | €3,091,639 | -€488,812 | -13.7% |
| Financial debts | 170/4 | €3,580,451 | €3,091,639 | -€488,812 | -13.7% |
| Credit institutions | 173 | €3,580,451 | €3,091,639 | -€488,812 | -13.7% |
| Other loans | 174 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €6,823,099 | €12,738,484 | +€5.9m | +86.7% |
| Current portion of amounts payable after more than one year | 42 | €5,071,450 | €488,812 | -€4.6m | -90.4% |
| Financial debts | 43 | €147,094 | €6,750,000 | +€6.6m | +4,489% |
| Credit institutions | 430/8 | €147,094 | €6,750,000 | +€6.6m | +4,489% |
| Trade debts | 44 | €285,561 | €401,372 | +€115,811 | +40.6% |
| Suppliers | 440/4 | €285,561 | €401,372 | +€115,811 | +40.6% |
| Taxes, remuneration and social security | 45 | €818,518 | €757,824 | -€60,694 | -7.4% |
| Taxes | 450/3 | €321,283 | €270,106 | -€51,177 | -15.9% |
| Remuneration and social security | 454/9 | €497,235 | €487,718 | -€9,518 | -1.9% |
| Other amounts payable | 47/48 | €500,476 | €4,340,476 | +€3.8m | +767% |
| Accrued charges and deferred income | 492/3 | €410,424 | €69,206 | -€341,218 | -83.1% |
| Operating income | 70/76A | €12,675,904 | €13,767,345 | +€1.1m | +8.6% |
| Turnover | 70 | €12,578,683 | €13,724,198 | +€1.1m | +9.1% |
| Other operating income | 74 | €97,220 | €43,148 | -€54,073 | -55.6% |
| Operating charges | 60/66A | €11,387,721 | €12,853,270 | +€1.5m | +12.9% |
| Goods for resale, raw materials and consumables | 60 | €25,612 | €550 | -€25,062 | -97.9% |
| Purchases | 600/8 | €25,612 | €550 | -€25,062 | -97.9% |
| Services and other goods | 61 | €1,328,617 | €1,679,610 | +€350,993 | +26.4% |
| Remuneration, social security and pensions | 62 | €9,957,170 | €11,117,499 | +€1.2m | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,774 | €26,672 | +€5,897 | +28.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,846 | €12,697 | +€7,851 | +162% |
| Other operating charges | 640/8 | €21,326 | €15,817 | -€5,509 | -25.8% |
| Non-recurring operating charges | 66A | €29,376 | €424 | -€28,952 | -98.6% |
| Operating profit (loss) | 9901 | €1,288,182 | €914,075 | -€374,107 | -29.0% |
| Financial income | 75/76B | €1,773,658 | €2,131,959 | +€358,301 | +20.2% |
| Recurring financial income | 75 | €1,773,658 | €2,131,959 | +€358,301 | +20.2% |
| Income from financial fixed assets | 750 | €1,750,000 | €2,000,000 | +€250,000 | +14.3% |
| Income from current assets | 751 | - | €112,384 | +€112,384 | |
| Other financial income | 752/9 | €23,658 | €19,575 | -€4,083 | -17.3% |
| Financial charges | 65/66B | €662,803 | €540,903 | -€121,900 | -18.4% |
| Recurring financial charges | 65 | €662,803 | €540,903 | -€121,900 | -18.4% |
| Debt charges | 650 | €656,255 | €536,021 | -€120,234 | -18.3% |
| Other financial charges | 652/9 | €6,548 | €4,882 | -€1,666 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €2,399,037 | €2,505,131 | +€106,094 | +4.4% |
| Income taxes | 67/77 | €197,060 | €156,620 | -€40,440 | -20.5% |
| Taxes | 670/3 | €197,060 | €156,620 | -€40,440 | -20.5% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €2,201,977 | €2,348,511 | +€146,534 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,201,977 | €2,348,511 | +€146,534 | +6.7% |
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 13 October 2026 via checked.be.