NEVERLEST: 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.
NEVERLEST
Largest movements
- Tangible fixed assets +€140,438
up €140,438 (+7.1%), from €2.0m to €2.1m
of which Land and buildings: +€173,063
- Receivables within one year +€66,902
up €66,902 (+109.4%), from €61,180 to €128,082
of which Trade receivables: +€52,647
- Cash -€52,254
down €52,254 (-28.5%), from €183,358 to €131,104
mainly Investment in fixed assets (net) (-€329,596) and Debts after one year (-€247,403)
- Other debts +€626,466
up €626,466 (+21.2%), from €3.0m to €3.6m
- Debts after one year -€247,403
down €247,403 (-7.7%), from €3.2m to €3.0m
- Profit (loss) carried forward -€234,558
down €234,558 (-4.3%), from -€5.4m to -€5.6m
- Trade debts +€29,828
up €29,828 (+71.3%), from €41,836 to €71,664
- Short-term financial debts -€26,048
no longer reported in 2025 (was €26,048)
- Other operating charges +€52,425
up €52,425 (+268.0%), from €19,560 to €71,985
- Gross operating margin -€50,760
down €50,760 (-24.9%), from €203,632 to €152,872
- Depreciation +€14,649
up €14,649 (+8.4%), from €174,509 to €189,158
- Staff costs +€11,058
up €11,058 (+22.4%), from €49,309 to €60,367
- Financial income -€8,388
down €8,388 (-72.3%), from €11,595 to €3,207
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,243,395 | €2,406,195 | +€162,800 | +7.3% |
| Fixed assets | 21/28 | €1,979,853 | €2,120,291 | +€140,438 | +7.1% |
| Tangible fixed assets | 22/27 | €1,979,503 | €2,119,941 | +€140,438 | +7.1% |
| Land and buildings | 22 | €1,885,353 | €2,058,416 | +€173,063 | +9.2% |
| Plant, machinery and equipment | 23 | €6,288 | €3,115 | -€3,173 | -50.5% |
| Furniture and vehicles | 24 | €62,128 | €43,096 | -€19,032 | -30.6% |
| Leasing and similar rights | 25 | €25,734 | €15,315 | -€10,419 | -40.5% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €263,542 | €285,904 | +€22,362 | +8.5% |
| Amounts receivable within one year | 40/41 | €61,180 | €128,082 | +€66,902 | +109.4% |
| Trade receivables | 40 | €47,688 | €100,335 | +€52,647 | +110.4% |
| Other amounts receivable | 41 | €13,492 | €27,747 | +€14,255 | +105.7% |
| Current investments | 50/53 | €2,525 | €2,525 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €183,358 | €131,104 | -€52,254 | -28.5% |
| Deferred charges and accrued income | 490/1 | €16,479 | €24,193 | +€7,714 | +46.8% |
| Total equity and liabilities | 10/49 | €2,243,395 | €2,406,195 | +€162,800 | +7.3% |
| Equity | 10/15 | -€4,258,291 | -€4,503,156 | -€244,864 | -5.8% |
| Contributions | 10/11 | €1,060,984 | €1,060,984 | = | 0.0% |
| Capital | 10 | €1,060,984 | €1,060,984 | = | 0.0% |
| Issued capital | 100 | €1,060,984 | €1,060,984 | = | 0.0% |
| Revaluation surpluses | 12 | €719 | €719 | = | 0.0% |
| Reserves | 13 | €32,148 | €25,049 | -€7,099 | -22.1% |
| Tax-exempt reserves | 132 | €32,148 | €25,049 | -€7,099 | -22.1% |
| Profit (loss) carried forward | 14 | -€5,395,122 | -€5,629,680 | -€234,558 | -4.3% |
| Investment grants | 15 | €42,980 | €39,773 | -€3,207 | -7.5% |
| Amounts payable | 17/49 | €6,501,686 | €6,909,351 | +€407,664 | +6.3% |
| Amounts payable after more than one year | 17 | €3,209,288 | €2,961,885 | -€247,403 | -7.7% |
| Financial debts | 170/4 | €3,209,288 | €2,961,885 | -€247,403 | -7.7% |
| Amounts payable within one year | 42/48 | €3,286,757 | €3,942,217 | +€655,461 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €262,635 | €286,267 | +€23,632 | +9.0% |
| Financial debts | 43 | €26,048 | - | -€26,048 | |
| Credit institutions | 430/8 | €26,048 | - | -€26,048 | |
| Trade debts | 44 | €41,836 | €71,664 | +€29,828 | +71.3% |
| Suppliers | 440/4 | €41,836 | €71,664 | +€29,828 | +71.3% |
| Taxes, remuneration and social security | 45 | €4,950 | €6,532 | +€1,582 | +32.0% |
| Taxes | 450/3 | €108 | €59 | -€49 | -45.4% |
| Remuneration and social security | 454/9 | €4,842 | €6,473 | +€1,631 | +33.7% |
| Other amounts payable | 47/48 | €2,951,288 | €3,577,754 | +€626,466 | +21.2% |
| Accrued charges and deferred income | 492/3 | €5,642 | €5,248 | -€394 | -7.0% |
| Remuneration, social security and pensions | 62 | €49,309 | €60,367 | +€11,058 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,509 | €189,158 | +€14,649 | +8.4% |
| Other operating charges | 640/8 | €19,560 | €71,985 | +€52,425 | +268.0% |
| Gross operating margin | 9900 | €203,632 | €152,872 | -€50,760 | -24.9% |
| Operating profit (loss) | 9901 | -€39,745 | -€168,638 | -€128,893 | -324.3% |
| Financial income | 75/76B | €11,595 | €3,207 | -€8,388 | -72.3% |
| Recurring financial income | 75 | €11,595 | €3,207 | -€8,388 | -72.3% |
| Financial charges | 65/66B | €76,778 | €76,227 | -€551 | -0.7% |
| Recurring financial charges | 65 | €76,778 | €76,227 | -€551 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | -€104,928 | -€241,657 | -€136,729 | -130.3% |
| Profit (loss) for the period | 9904 | -€104,928 | -€241,657 | -€136,729 | -130.3% |
| Transfer from tax-exempt reserves | 789 | €7,099 | €7,099 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€97,829 | -€234,558 | -€136,729 | -139.8% |
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 3 October 2026 via checked.be.