NETHYS: 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.
What changed
NETHYS
NACE 73.200, Market research and public opinion polling
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€18.3m
2024 · €70.6m-€52.3m
Equity
€1.65bn
2024 · €1.67bn-€23.7m
Cash
€28.7m
2024 · €20.4m+€8.3m
Balance sheet total
€1.72bn
2024 · €1.74bn-€14.0m
Largest movements
Assets
- Financial fixed assets -€222.0m
down €222.0m (-28.2%), from €786.5m to €564.5m
of which Companies linked by participating interests: -€221.9m
- Current investments +€202.4m
up €202.4m (+22.6%), from €896.3m to €1.10bn
Equity and liabilities
- Profit (loss) carried forward -€24.6m
down €24.6m (-5.0%), from €494.5m to €469.9m
Income statement
- Financial charges +€65.4m
up €65.4m (+1055.6%), from €6.2m to €71.6m
of which Non-recurring financial charges: +€67.9m
- Financial income +€18.7m
up €18.7m (+24.1%), from €77.7m to €96.4m
of which Financial income: +€13.9m
- Write-downs -€1.8m
down €1.8m, from €929,839 to -€908,845
- Other operating charges +€1.5m
up €1.5m (+747.9%), from €195,271 to €1.7m
- Taxes +€1.2m
up €1.2m (+80.8%), from €1.5m to €2.7m
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
€70.6m
Turnover
+€269,131
Other operating income
-€1.1m
Services and other goods
+€789,811
Staff costs
-€46,675
Depreciation
+€77,957
Write-downs
+€1.8m
Provisions
+€565,000
Other operating charges
-€1.5m
Other operating items
-€5.3m
Financial income
+€18.7m
Financial charges
-€65.4m
Taxes
-€1.2m
Result 2025
€18.3m
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.
From operations
+€36.2m
Investment
+€19.5m
Financing
-€47.5m
Cash 2024
€20.4m
From operations (derived)
+€36.2m
Net result for the year
+€18.3m
Depreciation
+€1.2m
Receivables within one year
+€3.7m
Deferred charges and accrued income
-€2.1m
Provisions
+€9.4m
Smaller working-capital items
-€393,371
Other debts
+€6.2m
Investment (derived)
+€19.5m
Investment in fixed assets (net)
+€221.9m
Current investments
-€202.4m
Financing
-€47.5m
Debts after one year
-€5.6m
Current portion of long-term debt
+€61,444
Contributions, distributions and other
-€42.0m
Cash 2025
€28.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,735,321,418 | €1,721,309,773 | -€14.0m | -0.8% |
| Fixed assets | 21/28 | €792,604,728 | €569,524,223 | -€223.1m | -28.1% |
| Intangible fixed assets | 21 | €41,165 | €93,520 | +€52,354 | +127.2% |
| Tangible fixed assets | 22/27 | €6,065,187 | €4,952,030 | -€1.1m | -18.4% |
| Land and buildings | 22 | €1,258,948 | €1,007,214 | -€251,734 | -20.0% |
| Plant, machinery and equipment | 23 | €2,098,014 | €1,868,871 | -€229,143 | -10.9% |
| Furniture and vehicles | 24 | €191,659 | €168,994 | -€22,665 | -11.8% |
| Other tangible fixed assets | 26 | €2,516,566 | €1,906,950 | -€609,616 | -24.2% |
| Financial fixed assets | 28 | €786,498,376 | €564,478,674 | -€222.0m | -28.2% |
| Affiliated companies | 280/1 | €423,460,721 | €423,360,721 | -€100,000 | 0.0% |
| Participating interests | 280 | €423,460,721 | €423,360,721 | -€100,000 | 0.0% |
| Companies linked by participating interests | 282/3 | €361,358,363 | €139,439,108 | -€221.9m | -61.4% |
| Participating interests | 282 | €361,358,363 | €139,439,108 | -€221.9m | -61.4% |
| Other financial fixed assets | 284/8 | €1,679,292 | €1,678,845 | -€448 | 0.0% |
| Shares | 284 | €1,668,870 | €1,668,422 | -€448 | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €10,422 | €10,422 | = | 0.0% |
| Current assets | 29/58 | €942,716,690 | €1,151,785,550 | +€209.1m | +22.2% |
| Amounts receivable within one year | 40/41 | €20,195,015 | €16,533,688 | -€3.7m | -18.1% |
| Trade receivables | 40 | €3,501,017 | €2,026,905 | -€1.5m | -42.1% |
| Other amounts receivable | 41 | €16,693,998 | €14,506,784 | -€2.2m | -13.1% |
| Current investments | 50/53 | €896,284,932 | €1,098,650,557 | +€202.4m | +22.6% |
| Other investments | 51/53 | €896,284,932 | €1,098,650,557 | +€202.4m | +22.6% |
| Cash at bank and in hand | 54/58 | €20,407,542 | €28,660,984 | +€8.3m | +40.4% |
| Deferred charges and accrued income | 490/1 | €5,829,202 | €7,940,320 | +€2.1m | +36.2% |
| Total equity and liabilities | 10/49 | €1,735,321,418 | €1,721,309,773 | -€14.0m | -0.8% |
| Equity | 10/15 | €1,673,384,737 | €1,649,695,701 | -€23.7m | -1.4% |
| Contributions | 10/11 | €1,125,347,425 | €1,125,347,425 | = | 0.0% |
| Capital | 10 | €1,125,347,425 | €1,125,347,425 | = | 0.0% |
| Issued capital | 100 | €1,125,347,425 | €1,125,347,425 | = | 0.0% |
| Reserves | 13 | €53,540,273 | €54,453,943 | +€913,670 | +1.7% |
| Non-distributable reserves | 130/1 | €53,540,273 | €54,453,943 | +€913,670 | +1.7% |
| Legal reserve | 130 | €53,540,273 | €54,453,943 | +€913,670 | +1.7% |
| Profit (loss) carried forward | 14 | €494,497,039 | €469,894,332 | -€24.6m | -5.0% |
| Provisions and deferred taxes | 16 | €565,000 | €10,000,000 | +€9.4m | +1669.9% |
| Provisions for liabilities and charges | 160/5 | €565,000 | €10,000,000 | +€9.4m | +1669.9% |
| Other liabilities and charges | 164/5 | €565,000 | €10,000,000 | +€9.4m | +1669.9% |
| Amounts payable | 17/49 | €61,371,681 | €61,614,072 | +€242,391 | +0.4% |
| Amounts payable after more than one year | 17 | €18,540,534 | €12,905,966 | -€5.6m | -30.4% |
| Financial debts | 170/4 | €18,540,534 | €12,905,966 | -€5.6m | -30.4% |
| Credit institutions | 173 | €18,540,534 | €12,905,966 | -€5.6m | -30.4% |
| Amounts payable within one year | 42/48 | €42,831,147 | €48,706,890 | +€5.9m | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €5,573,124 | €5,634,568 | +€61,444 | +1.1% |
| Trade debts | 44 | €1,287,973 | €880,838 | -€407,135 | -31.6% |
| Suppliers | 440/4 | €1,287,973 | €880,838 | -€407,135 | -31.6% |
| Taxes, remuneration and social security | 45 | €150,903 | €163,452 | +€12,549 | +8.3% |
| Taxes | 450/3 | €2,492 | €5,095 | +€2,603 | +104.5% |
| Remuneration and social security | 454/9 | €148,411 | €158,356 | +€9,945 | +6.7% |
| Other amounts payable | 47/48 | €35,819,146 | €42,028,032 | +€6.2m | +17.3% |
| Accrued charges and deferred income | 492/3 | - | €1,216 | +€1,216 | |
| Operating income | 70/76A | €8,735,583 | €2,499,205 | -€6.2m | -71.4% |
| Turnover | 70 | €218,971 | €488,102 | +€269,131 | +122.9% |
| Other operating income | 74 | €2,452,074 | €1,318,594 | -€1.1m | -46.2% |
| Non-recurring operating income | 76A | €6,064,538 | €692,508 | -€5.4m | -88.6% |
| Operating charges | 60/66A | €8,142,057 | €6,334,663 | -€1.8m | -22.2% |
| Services and other goods | 61 | €3,885,862 | €3,096,051 | -€789,811 | -20.3% |
| Remuneration, social security and pensions | 62 | €1,266,607 | €1,313,282 | +€46,675 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,243,021 | €1,165,065 | -€77,957 | -6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €929,839 | -€908,845 | -€1.8m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €565,000 | - | -€565,000 | |
| Other operating charges | 640/8 | €195,271 | €1,655,730 | +€1.5m | +747.9% |
| Non-recurring operating charges | 66A | €56,456 | €13,380 | -€43,076 | -76.3% |
| Operating profit (loss) | 9901 | €593,527 | -€3,835,459 | -€4.4m | |
| Financial income | 75/76B | €77,680,662 | €96,425,063 | +€18.7m | +24.1% |
| Recurring financial income | 75 | €76,543,854 | €90,489,805 | +€13.9m | +18.2% |
| Income from financial fixed assets | 750 | €53,180,201 | €60,656,619 | +€7.5m | +14.1% |
| Income from current assets | 751 | €19,303,079 | €18,219,393 | -€1.1m | -5.6% |
| Other financial income | 752/9 | €4,060,574 | €11,613,794 | +€7.6m | +186.0% |
| Non-recurring financial income | 76B | €1,136,808 | €5,935,258 | +€4.8m | +422.1% |
| Financial charges | 65/66B | €6,196,836 | €71,612,073 | +€65.4m | +1055.6% |
| Recurring financial charges | 65 | €5,443,995 | €2,930,316 | -€2.5m | -46.2% |
| Debt charges | 650 | €348,581 | €241,881 | -€106,701 | -30.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €2,800,000 | -€15,614,588 | -€18.4m | |
| Other financial charges | 652/9 | €2,295,414 | €18,303,024 | +€16.0m | +697.4% |
| Non-recurring financial charges | 66B | €752,841 | €68,681,757 | +€67.9m | +9023.0% |
| Profit (loss) for the period before taxes | 9903 | €72,077,353 | €20,977,532 | -€51.1m | -70.9% |
| Income taxes | 67/77 | €1,495,715 | €2,704,125 | +€1.2m | +80.8% |
| Taxes | 670/3 | €1,495,715 | €2,704,125 | +€1.2m | +80.8% |
| Profit (loss) for the period | 9904 | €70,581,638 | €18,273,407 | -€52.3m | -74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €70,581,638 | €18,273,407 | -€52.3m | -74.1% |
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 7 October 2026 via checked.be.