NRX: 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
NRX
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€287,551
2024 · €329,716-€42,165
Equity
€2.7m
2024 · €2.5m+€215,270
Cash
€9,341
2024 · €6,126+€3,215
Balance sheet total
€6.2m
2024 · €5.4m+€883,785
Largest movements
Assets
- Receivables after one year +€930,138
up €930,138 (+40.3%), from €2.3m to €3.2m
Equity and liabilities
- Debts after one year +€715,384
up €715,384 (+27.3%), from €2.6m to €3.3m
- Reserves +€215,270
up €215,270 (+24.3%), from €884,250 to €1.1m
of which Distributable reserves: +€218,733
Income statement
- Gross operating margin -€32,810
down €32,810 (-16.4%), from €199,677 to €166,866
- Financial income -€28,456
down €28,456 (-8.0%), from €357,198 to €328,742
- Taxes -€19,681
down €19,681 (-12.7%), from €155,552 to €135,871
- Financial charges +€2,412
up €2,412 (+3.8%), from €63,076 to €65,488
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
€329,716
Gross operating margin
-€32,810
Other operating charges
+€1,832
Financial income
-€28,456
Financial charges
-€2,412
Taxes
+€19,681
Result 2025
€287,551
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
-€662,474
Investment
+€22,586
Financing
+€643,103
Cash 2024
€6,126
From operations (derived)
-€662,474
Net result for the year
+€287,551
Depreciation
+€4,900
Receivables after one year
-€930,138
Receivables within one year
+€17,797
Deferred charges and accrued income
+€4,285
Smaller working-capital items
-€2,316
Other debts
-€47,780
Accrued charges and deferred income
+€3,227
Investment (derived)
+€22,586
Investment in fixed assets (net)
+€22,586
Financing
+€643,103
Debts after one year
+€715,384
Contributions, distributions and other
-€72,281
Cash 2025
€9,341
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,360,931 | €6,244,715 | +€883,785 | +16.5% |
| Fixed assets | 21/28 | €2,609,378 | €2,581,891 | -€27,486 | -1.1% |
| Tangible fixed assets | 22/27 | €394,570 | €387,084 | -€7,486 | -1.9% |
| Land and buildings | 22 | €394,570 | €387,084 | -€7,486 | -1.9% |
| Financial fixed assets | 28 | €2,214,807 | €2,194,807 | -€20,000 | -0.9% |
| Current assets | 29/58 | €2,751,553 | €3,662,824 | +€911,271 | +33.1% |
| Amounts receivable after more than one year | 29 | €2,309,486 | €3,239,624 | +€930,138 | +40.3% |
| Other amounts receivable | 291 | €2,309,486 | €3,239,624 | +€930,138 | +40.3% |
| Amounts receivable within one year | 40/41 | €103,972 | €86,175 | -€17,797 | -17.1% |
| Trade receivables | 40 | €6,123 | €3,909 | -€2,214 | -36.2% |
| Other amounts receivable | 41 | €97,848 | €82,266 | -€15,582 | -15.9% |
| Cash at bank and in hand | 54/58 | €6,126 | €9,341 | +€3,215 | +52.5% |
| Deferred charges and accrued income | 490/1 | €331,969 | €327,684 | -€4,285 | -1.3% |
| Total equity and liabilities | 10/49 | €5,360,931 | €6,244,715 | +€883,785 | +16.5% |
| Equity | 10/15 | €2,529,888 | €2,745,159 | +€215,270 | +8.5% |
| Contributions | 10/11 | €765,313 | €765,313 | = | 0.0% |
| Reserves | 13 | €884,250 | €1,099,520 | +€215,270 | +24.3% |
| Tax-exempt reserves | 132 | €145,836 | €142,373 | -€3,463 | -2.4% |
| Distributable reserves | 133 | €738,414 | €957,147 | +€218,733 | +29.6% |
| Profit (loss) carried forward | 14 | €880,326 | €880,326 | = | 0.0% |
| Provisions and deferred taxes | 16 | €29,238 | €28,084 | -€1,154 | -3.9% |
| Deferred taxes | 168 | €29,238 | €28,084 | -€1,154 | -3.9% |
| Amounts payable | 17/49 | €2,801,805 | €3,471,473 | +€669,668 | +23.9% |
| Amounts payable after more than one year | 17 | €2,620,974 | €3,336,358 | +€715,384 | +27.3% |
| Other amounts payable | 178/9 | €2,620,974 | €3,336,358 | +€715,384 | +27.3% |
| Amounts payable within one year | 42/48 | €124,815 | €75,873 | -€48,942 | -39.2% |
| Trade debts | 44 | €2,996 | €1,835 | -€1,162 | -38.8% |
| Suppliers | 440/4 | €2,996 | €1,835 | -€1,162 | -38.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Other amounts payable | 47/48 | €121,818 | €74,038 | -€47,780 | -39.2% |
| Accrued charges and deferred income | 492/3 | €56,016 | €59,243 | +€3,227 | +5.8% |
| Non-recurring operating income | 76A | €0 | €186,064 | +€186,064 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,900 | €4,900 | = | 0.0% |
| Other operating charges | 640/8 | €4,784 | €2,952 | -€1,832 | -38.3% |
| Gross operating margin | 9900 | €199,677 | €166,866 | -€32,810 | -16.4% |
| Operating profit (loss) | 9901 | €189,992 | €159,015 | -€30,978 | -16.3% |
| Financial income | 75/76B | €357,198 | €328,742 | -€28,456 | -8.0% |
| Recurring financial income | 75 | €357,198 | €328,742 | -€28,456 | -8.0% |
| Financial charges | 65/66B | €63,076 | €65,488 | +€2,412 | +3.8% |
| Recurring financial charges | 65 | €63,076 | €65,488 | +€2,412 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €484,114 | €422,268 | -€61,846 | -12.8% |
| Transfer from deferred taxes | 780 | €1,154 | €1,154 | = | 0.0% |
| Income taxes | 67/77 | €155,552 | €135,871 | -€19,681 | -12.7% |
| Profit (loss) for the period | 9904 | €329,716 | €287,551 | -€42,165 | -12.8% |
| Transfer from tax-exempt reserves | 789 | €3,463 | €3,463 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €333,179 | €291,014 | -€42,165 | -12.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.