NS Management: 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 Management
Largest movements
- Receivables within one year +€17,485
up €17,485 (+10315.5%), from €170 to €17,654
of which Trade receivables: +€17,654
- Cash -€5,060
down €5,060 (-1.4%), from €371,733 to €366,673
mainly Contributions, distributions and other (-€329,415) and Receivables within one year (-€17,485)
- Other debts +€255,003
new in 2025: €255,003
- Profit (loss) carried forward -€241,442
down €241,442 (-76.0%), from €317,563 to €76,121
- Short-term financial debts +€5,390
up €5,390 (+546.2%), from €987 to €6,377
- Gross operating margin -€94,066
down €94,066 (-43.6%), from €215,716 to €121,650
- Taxes -€20,037
down €20,037 (-43.5%), from €46,037 to €26,000
- Other operating charges +€2,403
up €2,403 (+110.8%), from €2,168 to €4,571
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 | €384,914 | €400,328 | +€15,414 | +4.0% |
| Fixed assets | 21/28 | €9,662 | €12,479 | +€2,818 | +29.2% |
| Tangible fixed assets | 22/27 | €9,662 | €12,479 | +€2,818 | +29.2% |
| Plant, machinery and equipment | 23 | €4,987 | €8,279 | +€3,293 | +66.0% |
| Furniture and vehicles | 24 | €475 | - | -€475 | |
| Other tangible fixed assets | 26 | €4,200 | €4,200 | = | 0.0% |
| Current assets | 29/58 | €375,252 | €387,849 | +€12,596 | +3.4% |
| Amounts receivable within one year | 40/41 | €170 | €17,654 | +€17,485 | +10315.5% |
| Trade receivables | 40 | - | €17,654 | +€17,654 | |
| Other amounts receivable | 41 | €170 | - | -€170 | |
| Cash at bank and in hand | 54/58 | €371,733 | €366,673 | -€5,060 | -1.4% |
| Deferred charges and accrued income | 490/1 | €3,350 | €3,522 | +€172 | +5.1% |
| Total equity and liabilities | 10/49 | €384,914 | €400,328 | +€15,414 | +4.0% |
| Equity | 10/15 | €338,005 | €96,563 | -€241,442 | -71.4% |
| Contributions | 10/11 | €18,582 | €18,582 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €317,563 | €76,121 | -€241,442 | -76.0% |
| Amounts payable | 17/49 | €46,909 | €303,765 | +€256,856 | +547.6% |
| Amounts payable within one year | 42/48 | €46,908 | €303,765 | +€256,856 | +547.6% |
| Current portion of amounts payable after more than one year | 42 | €9,000 | €9,000 | = | 0.0% |
| Financial debts | 43 | €987 | €6,377 | +€5,390 | +546.2% |
| Credit institutions | 430/8 | €987 | €6,377 | +€5,390 | +546.2% |
| Trade debts | 44 | €4,631 | €3,287 | -€1,343 | -29.0% |
| Suppliers | 440/4 | €4,631 | €3,287 | -€1,343 | -29.0% |
| Taxes, remuneration and social security | 45 | €32,291 | €30,098 | -€2,193 | -6.8% |
| Taxes | 450/3 | €32,291 | €30,098 | -€2,193 | -6.8% |
| Other amounts payable | 47/48 | - | €255,003 | +€255,003 | |
| Accrued charges and deferred income | 492/3 | €1 | - | -€1 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,498 | €3,148 | +€649 | +26.0% |
| Other operating charges | 640/8 | €2,168 | €4,571 | +€2,403 | +110.8% |
| Non-recurring operating charges | 66A | €1,897 | - | -€1,897 | |
| Gross operating margin | 9900 | €215,716 | €121,650 | -€94,066 | -43.6% |
| Operating profit (loss) | 9901 | €209,152 | €113,931 | -€95,221 | -45.5% |
| Financial income | 75/76B | €310 | €886 | +€576 | +185.7% |
| Recurring financial income | 75 | €310 | €886 | +€576 | +185.7% |
| Financial charges | 65/66B | €1,763 | €844 | -€919 | -52.1% |
| Recurring financial charges | 65 | €1,763 | €844 | -€919 | -52.1% |
| Profit (loss) for the period before taxes | 9903 | €207,699 | €113,973 | -€93,726 | -45.1% |
| Income taxes | 67/77 | €46,037 | €26,000 | -€20,037 | -43.5% |
| Profit (loss) for the period | 9904 | €161,662 | €87,973 | -€73,689 | -45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €161,662 | €87,973 | -€73,689 | -45.6% |
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 10 October 2026 via checked.be.