NS-projects: 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-projects
Largest movements
- Tangible fixed assets +€60,148
up €60,148 (+516%), from €11,659 to €71,807
of which Other tangible fixed assets: +€54,273
- Cash -€33,561
down €33,561 (-41.2%), from €81,476 to €47,915
mainly Contributions, distributions and other (-€80,199) and Investment in fixed assets (net) (-€66,875)
- Receivables within one year +€13,033
up €13,033 (+58.1%), from €22,441 to €35,474
of which Trade receivables: +€11,353
- Current investments +€13,000
new in 2025: €13,000
- Other debts +€68,308
up €68,308 (+705,659%), from €10 to €68,317
- Reserves -€30,886
down €30,886 (-38.5%), from €80,199 to €49,313
- Trade debts +€17,180
up €17,180 (+77.5%), from €22,180 to €39,360
- Tax, wage and social debts -€2,168
down €2,168 (-22.0%), from €9,844 to €7,675
of which Remuneration and social security: -€2,592
- Depreciation +€4,470
up €4,470 (+198%), from €2,257 to €6,727
- Gross operating margin +€2,379
up €2,379 (+3.4%), from €70,403 to €72,782
- Taxes -€1,676
down €1,676 (-11.5%), from €14,631 to €12,955
- Other operating charges +€1,589
up €1,589 (+256%), from €622 to €2,211
- Financial charges +€891
up €891 (+117%), from €759 to €1,649
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 | €116,233 | €168,666 | +€52,433 | +45.1% |
| Fixed assets | 21/28 | €11,659 | €71,807 | +€60,148 | +516% |
| Tangible fixed assets | 22/27 | €11,659 | €71,807 | +€60,148 | +516% |
| Plant, machinery and equipment | 23 | €2,299 | €8,043 | +€5,744 | +250% |
| Furniture and vehicles | 24 | €5,581 | €6,656 | +€1,075 | +19.3% |
| Other tangible fixed assets | 26 | €2,835 | €57,107 | +€54,273 | +1,915% |
| Assets under construction and advance payments | 27 | €943 | €0 | -€943 | -100% |
| Current assets | 29/58 | €104,574 | €96,859 | -€7,715 | -7.4% |
| Amounts receivable within one year | 40/41 | €22,441 | €35,474 | +€13,033 | +58.1% |
| Trade receivables | 40 | €22,076 | €33,428 | +€11,353 | +51.4% |
| Other amounts receivable | 41 | €365 | €2,045 | +€1,680 | +460% |
| Current investments | 50/53 | - | €13,000 | +€13,000 | |
| Cash at bank and in hand | 54/58 | €81,476 | €47,915 | -€33,561 | -41.2% |
| Deferred charges and accrued income | 490/1 | €657 | €471 | -€186 | -28.3% |
| Total equity and liabilities | 10/49 | €116,233 | €168,666 | +€52,433 | +45.1% |
| Equity | 10/15 | €84,199 | €53,313 | -€30,886 | -36.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €80,199 | €49,313 | -€30,886 | -38.5% |
| Distributable reserves | 133 | €80,199 | €49,313 | -€30,886 | -38.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €32,034 | €115,353 | +€83,319 | +260% |
| Amounts payable within one year | 42/48 | €32,034 | €115,353 | +€83,319 | +260% |
| Trade debts | 44 | €22,180 | €39,360 | +€17,180 | +77.5% |
| Suppliers | 440/4 | €22,180 | €39,360 | +€17,180 | +77.5% |
| Taxes, remuneration and social security | 45 | €9,844 | €7,675 | -€2,168 | -22.0% |
| Taxes | 450/3 | €7,252 | €7,675 | +€423 | +5.8% |
| Remuneration and social security | 454/9 | €2,592 | €0 | -€2,592 | -100% |
| Other amounts payable | 47/48 | €10 | €68,317 | +€68,308 | +705,659% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,257 | €6,727 | +€4,470 | +198% |
| Other operating charges | 640/8 | €622 | €2,211 | +€1,589 | +256% |
| Gross operating margin | 9900 | €70,403 | €72,782 | +€2,379 | +3.4% |
| Operating profit (loss) | 9901 | €67,524 | €63,843 | -€3,681 | -5.5% |
| Financial income | 75/76B | €119 | €73 | -€46 | -38.8% |
| Recurring financial income | 75 | €119 | €73 | -€46 | -38.8% |
| Financial charges | 65/66B | €759 | €1,649 | +€891 | +117% |
| Recurring financial charges | 65 | €759 | €1,649 | +€891 | +117% |
| Profit (loss) for the period before taxes | 9903 | €66,885 | €62,267 | -€4,618 | -6.9% |
| Income taxes | 67/77 | €14,631 | €12,955 | -€1,676 | -11.5% |
| Profit (loss) for the period | 9904 | €52,254 | €49,313 | -€2,942 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,254 | €49,313 | -€2,942 | -5.6% |
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 16 October 2026 via checked.be.