Nestor Erard: 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 Erard
Largest movements
- Receivables within one year +€2,742
new in 2025: €2,742
of which Trade receivables: +€2,420
- Cash +€1,806
up €1,806 (+40.8%), from €4,424 to €6,231
mainly Net result for the year (+€77,099) and Trade debts (+€2,074)
- Tangible fixed assets +€470
up €470 (+17.8%), from €2,647 to €3,118
of which Plant, machinery and equipment: +€729
- Profit (loss) carried forward +€77,099
up €77,099 (+64.1%), from -€120,248 to -€43,149
- Other debts -€75,599
no longer reported in 2025 (was €75,599)
- Trade debts +€2,074
up €2,074 (+302%), from €686 to €2,760
- Tax, wage and social debts +€1,445
up €1,445 (+23.9%), from €6,035 to €7,479
- Gross operating margin -€11,357
down €11,357 (-11.3%), from €100,326 to €88,969
- Taxes +€9,993
up €9,993 (+5,652%), from €177 to €10,170
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 | €7,072 | €12,090 | +€5,018 | +71.0% |
| Fixed assets | 21/28 | €2,647 | €3,118 | +€470 | +17.8% |
| Tangible fixed assets | 22/27 | €2,647 | €3,118 | +€470 | +17.8% |
| Plant, machinery and equipment | 23 | €1,880 | €2,609 | +€729 | +38.8% |
| Furniture and vehicles | 24 | €768 | €508 | -€259 | -33.8% |
| Current assets | 29/58 | €4,424 | €8,972 | +€4,548 | +103% |
| Amounts receivable within one year | 40/41 | - | €2,742 | +€2,742 | |
| Trade receivables | 40 | - | €2,420 | +€2,420 | |
| Other amounts receivable | 41 | - | €322 | +€322 | |
| Cash at bank and in hand | 54/58 | €4,424 | €6,231 | +€1,806 | +40.8% |
| Total equity and liabilities | 10/49 | €7,072 | €12,090 | +€5,018 | +71.0% |
| Equity | 10/15 | -€75,248 | €1,851 | +€77,099 | |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€120,248 | -€43,149 | +€77,099 | +64.1% |
| Amounts payable | 17/49 | €82,320 | €10,239 | -€72,081 | -87.6% |
| Amounts payable within one year | 42/48 | €82,320 | €10,239 | -€72,081 | -87.6% |
| Trade debts | 44 | €686 | €2,760 | +€2,074 | +302% |
| Suppliers | 440/4 | €686 | €2,760 | +€2,074 | +302% |
| Taxes, remuneration and social security | 45 | €6,035 | €7,479 | +€1,445 | +23.9% |
| Taxes | 450/3 | €6,035 | €7,479 | +€1,445 | +23.9% |
| Other amounts payable | 47/48 | €75,599 | - | -€75,599 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €802 | €809 | +€8 | +1.0% |
| Other operating charges | 640/8 | €771 | €795 | +€24 | +3.1% |
| Gross operating margin | 9900 | €100,326 | €88,969 | -€11,357 | -11.3% |
| Operating profit (loss) | 9901 | €98,754 | €87,365 | -€11,389 | -11.5% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €74 | €96 | +€22 | +29.6% |
| Recurring financial charges | 65 | €74 | €96 | +€22 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | €98,680 | €87,268 | -€11,412 | -11.6% |
| Income taxes | 67/77 | €177 | €10,170 | +€9,993 | +5,652% |
| Profit (loss) for the period | 9904 | €98,503 | €77,099 | -€21,405 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €98,503 | €77,099 | -€21,405 | -21.7% |
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 28 October 2026 via checked.be.