NS & K: 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.
NS & K
Largest movements
- Current investments +€114,742
up €114,742 (+41.7%), from €275,260 to €390,002
- Cash -€80,928
down €80,928 (-14.6%), from €554,509 to €473,581
mainly Contributions, distributions and other (-€141,176) and Current investments (-€114,742)
- Tangible fixed assets -€13,241
down €13,241 (-31.0%), from €42,688 to €29,447
of which Furniture and vehicles: -€8,780
- Other debts +€108,850
up €108,850 (+29.9%), from €364,386 to €473,236
- Reserves -€82,432
down €82,432 (-17.4%), from €473,683 to €391,251
- Short-term financial debts -€15,218
down €15,218 (-100.0%), from €15,218 to €0
- Tax, wage and social debts +€9,563
up €9,563 (+49.3%), from €19,412 to €28,975
- Gross operating margin -€88,647
down €88,647 (-43.6%), from €203,205 to €114,558
- Taxes -€22,611
down €22,611 (-52.9%), from €42,720 to €20,108
- Financial charges +€6,063
up €6,063 (+22.1%), from €27,477 to €33,540
- Financial income -€4,380
down €4,380 (-26.6%), from €16,444 to €12,064
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 | €918,900 | €933,783 | +€14,883 | +1.6% |
| Fixed assets | 21/28 | €52,288 | €39,047 | -€13,241 | -25.3% |
| Tangible fixed assets | 22/27 | €42,688 | €29,447 | -€13,241 | -31.0% |
| Land and buildings | 22 | €28,785 | €24,325 | -€4,461 | -15.5% |
| Furniture and vehicles | 24 | €13,902 | €5,122 | -€8,780 | -63.2% |
| Financial fixed assets | 28 | €9,600 | €9,600 | = | 0.0% |
| Current assets | 29/58 | €866,612 | €894,736 | +€28,124 | +3.2% |
| Amounts receivable within one year | 40/41 | €27,299 | €22,380 | -€4,919 | -18.0% |
| Trade receivables | 40 | €17,002 | €15,972 | -€1,030 | -6.1% |
| Other amounts receivable | 41 | €10,297 | €6,408 | -€3,889 | -37.8% |
| Current investments | 50/53 | €275,260 | €390,002 | +€114,742 | +41.7% |
| Cash at bank and in hand | 54/58 | €554,509 | €473,581 | -€80,928 | -14.6% |
| Deferred charges and accrued income | 490/1 | €9,545 | €8,774 | -€771 | -8.1% |
| Total equity and liabilities | 10/49 | €918,900 | €933,783 | +€14,883 | +1.6% |
| Equity | 10/15 | €492,283 | €409,851 | -€82,432 | -16.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €473,683 | €391,251 | -€82,432 | -17.4% |
| Distributable reserves | 133 | €473,683 | €391,251 | -€82,432 | -17.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €426,617 | €523,932 | +€97,314 | +22.8% |
| Amounts payable after more than one year | 17 | €5,459 | €0 | -€5,459 | -100.0% |
| Financial debts | 170/4 | €5,459 | €0 | -€5,459 | -100.0% |
| Amounts payable within one year | 42/48 | €407,564 | €507,970 | +€100,406 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €8,094 | €5,459 | -€2,635 | -32.6% |
| Financial debts | 43 | €15,218 | €0 | -€15,218 | -100.0% |
| Credit institutions | 430/8 | €15,218 | €0 | -€15,218 | -100.0% |
| Trade debts | 44 | €454 | €299 | -€155 | -34.1% |
| Suppliers | 440/4 | €454 | €299 | -€155 | -34.1% |
| Taxes, remuneration and social security | 45 | €19,412 | €28,975 | +€9,563 | +49.3% |
| Taxes | 450/3 | €19,412 | €28,975 | +€9,563 | +49.3% |
| Other amounts payable | 47/48 | €364,386 | €473,236 | +€108,850 | +29.9% |
| Accrued charges and deferred income | 492/3 | €13,594 | €15,962 | +€2,368 | +17.4% |
| Non-recurring operating income | 76A | €207 | €4,100 | +€3,893 | +1884.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,464 | €13,241 | -€223 | -1.7% |
| Other operating charges | 640/8 | €888 | €988 | +€100 | +11.3% |
| Gross operating margin | 9900 | €203,205 | €114,558 | -€88,647 | -43.6% |
| Operating profit (loss) | 9901 | €188,854 | €100,329 | -€88,525 | -46.9% |
| Financial income | 75/76B | €16,444 | €12,064 | -€4,380 | -26.6% |
| Recurring financial income | 75 | €16,444 | €12,064 | -€4,380 | -26.6% |
| Financial charges | 65/66B | €27,477 | €33,540 | +€6,063 | +22.1% |
| Recurring financial charges | 65 | €27,477 | €33,540 | +€6,063 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €177,821 | €78,853 | -€98,968 | -55.7% |
| Income taxes | 67/77 | €42,720 | €20,108 | -€22,611 | -52.9% |
| Profit (loss) for the period | 9904 | €135,101 | €58,745 | -€76,356 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | €135,101 | €58,745 | -€76,356 | -56.5% |
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 8 October 2026 via checked.be.