NS FINANCES: 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.
NS FINANCES
Largest movements
- Cash +€75,337
up €75,337 (+456%), from €16,509 to €91,846
mainly Depreciation (+€88,693) and Current investments (+€50,000)
- Tangible fixed assets -€58,409
down €58,409 (-33.6%), from €173,706 to €115,297
of which Furniture and vehicles: -€30,808
- Current investments -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Intangible fixed assets -€28,580
down €28,580 (-24.0%), from €118,958 to €90,378
- Receivables within one year +€6,170
up €6,170 (+18.6%), from €33,123 to €39,293
of which Trade receivables: +€6,519
- Debts after one year -€57,934
down €57,934 (-31.4%), from €184,289 to €126,355
- Staff costs +€31,897
up €31,897 (+36.0%), from €88,481 to €120,378
- Gross operating margin +€19,060
up €19,060 (+9.9%), from €193,161 to €212,221
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 | €494,237 | €437,065 | -€57,172 | -11.6% |
| Fixed assets | 21/28 | €292,915 | €205,926 | -€86,989 | -29.7% |
| Intangible fixed assets | 21 | €118,958 | €90,378 | -€28,580 | -24.0% |
| Tangible fixed assets | 22/27 | €173,706 | €115,297 | -€58,409 | -33.6% |
| Plant, machinery and equipment | 23 | €60,436 | €32,835 | -€27,601 | -45.7% |
| Furniture and vehicles | 24 | €113,269 | €82,462 | -€30,808 | -27.2% |
| Financial fixed assets | 28 | €251 | €251 | = | 0.0% |
| Current assets | 29/58 | €201,322 | €231,139 | +€29,817 | +14.8% |
| Amounts receivable within one year | 40/41 | €33,123 | €39,293 | +€6,170 | +18.6% |
| Trade receivables | 40 | €31,630 | €38,149 | +€6,519 | +20.6% |
| Other amounts receivable | 41 | €1,493 | €1,144 | -€349 | -23.4% |
| Current investments | 50/53 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €16,509 | €91,846 | +€75,337 | +456% |
| Deferred charges and accrued income | 490/1 | €1,690 | - | -€1,690 | |
| Total equity and liabilities | 10/49 | €494,237 | €437,065 | -€57,172 | -11.6% |
| Equity | 10/15 | €236,479 | €236,481 | +€2 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €232,283 | €232,283 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €230,423 | €230,423 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,404 | -€14,402 | +€2 | 0.0% |
| Amounts payable | 17/49 | €257,758 | €200,584 | -€57,174 | -22.2% |
| Amounts payable after more than one year | 17 | €184,289 | €126,355 | -€57,934 | -31.4% |
| Financial debts | 170/4 | €184,289 | €126,355 | -€57,934 | -31.4% |
| Amounts payable within one year | 42/48 | €73,469 | €74,229 | +€760 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €57,082 | €57,934 | +€853 | +1.5% |
| Trade debts | 44 | €7,701 | €8,591 | +€890 | +11.6% |
| Suppliers | 440/4 | €7,701 | €8,591 | +€890 | +11.6% |
| Taxes, remuneration and social security | 45 | €7,554 | €7,704 | +€150 | +2.0% |
| Remuneration and social security | 454/9 | €7,554 | €7,704 | +€150 | +2.0% |
| Other amounts payable | 47/48 | €1,132 | - | -€1,132 | |
| Remuneration, social security and pensions | 62 | €88,481 | €120,378 | +€31,897 | +36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,787 | €88,693 | +€906 | +1.0% |
| Other operating charges | 640/8 | €4,709 | €4,476 | -€234 | -5.0% |
| Gross operating margin | 9900 | €193,161 | €212,221 | +€19,060 | +9.9% |
| Operating profit (loss) | 9901 | €12,183 | -€1,326 | -€13,509 | |
| Financial income | 75/76B | €6,209 | €4,890 | -€1,319 | -21.2% |
| Recurring financial income | 75 | €6,209 | €4,890 | -€1,319 | -21.2% |
| Financial charges | 65/66B | €4,104 | €3,239 | -€864 | -21.1% |
| Recurring financial charges | 65 | €4,104 | €3,239 | -€864 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €14,289 | €325 | -€13,963 | -97.7% |
| Income taxes | 67/77 | €339 | €323 | -€16 | -4.8% |
| Profit (loss) for the period | 9904 | €13,949 | €2 | -€13,947 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,949 | €2 | -€13,947 | -100.0% |
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 26 October 2026 via checked.be.