NSA Concept: 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.
NSA Concept
Largest movements
- Tangible fixed assets +€294,877
up €294,877 (+46.8%), from €630,750 to €925,627
of which Land and buildings: +€305,759
- Cash -€90,310
down €90,310 (-96.0%), from €94,109 to €3,799
mainly Investment in fixed assets (net) (-€354,761) and Tax, wage and social debts (-€64,685)
- Receivables within one year -€22,856
down €22,856 (-40.6%), from €56,265 to €33,409
of which Trade receivables: -€21,305
- Debts after one year +€222,605
up €222,605 (+49.7%), from €447,512 to €670,118
- Tax, wage and social debts -€64,685
no longer reported in 2025 (was €64,685)
- Reserves +€31,750
up €31,750 (+15.5%), from €204,884 to €236,634
- Accrued charges and deferred income -€15,005
no longer reported in 2025 (was €15,005)
- Current portion of long-term debt +€10,940
up €10,940 (+45.7%), from €23,962 to €34,901
- Gross operating margin -€142,714
down €142,714 (-53.5%), from €266,913 to €124,199
- Taxes -€56,476
down €56,476 (-86.1%), from €65,558 to €9,081
- Depreciation +€46,056
up €46,056 (+333%), from €13,829 to €59,884
- Financial charges +€6,549
up €6,549 (+53.9%), from €12,149 to €18,698
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 | €785,848 | €975,751 | +€189,903 | +24.2% |
| Fixed assets | 21/28 | €630,750 | €925,627 | +€294,877 | +46.8% |
| Tangible fixed assets | 22/27 | €630,750 | €925,627 | +€294,877 | +46.8% |
| Land and buildings | 22 | €583,856 | €889,615 | +€305,759 | +52.4% |
| Plant, machinery and equipment | 23 | €11,412 | €8,147 | -€3,264 | -28.6% |
| Furniture and vehicles | 24 | €4,714 | €3,740 | -€974 | -20.7% |
| Leasing and similar rights | 25 | €30,769 | €24,125 | -€6,644 | -21.6% |
| Current assets | 29/58 | €155,097 | €50,124 | -€104,974 | -67.7% |
| Amounts receivable within one year | 40/41 | €56,265 | €33,409 | -€22,856 | -40.6% |
| Trade receivables | 40 | €38,080 | €16,775 | -€21,305 | -55.9% |
| Other amounts receivable | 41 | €18,185 | €16,634 | -€1,551 | -8.5% |
| Cash at bank and in hand | 54/58 | €94,109 | €3,799 | -€90,310 | -96.0% |
| Deferred charges and accrued income | 490/1 | €4,723 | €12,915 | +€8,192 | +173% |
| Total equity and liabilities | 10/49 | €785,848 | €975,751 | +€189,903 | +24.2% |
| Equity | 10/15 | €224,884 | €256,634 | +€31,750 | +14.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €204,884 | €236,634 | +€31,750 | +15.5% |
| Distributable reserves | 133 | €204,884 | €236,634 | +€31,750 | +15.5% |
| Amounts payable | 17/49 | €560,964 | €719,117 | +€158,153 | +28.2% |
| Amounts payable after more than one year | 17 | €447,512 | €670,118 | +€222,605 | +49.7% |
| Financial debts | 170/4 | €447,512 | €670,118 | +€222,605 | +49.7% |
| Amounts payable within one year | 42/48 | €98,447 | €48,999 | -€49,448 | -50.2% |
| Current portion of amounts payable after more than one year | 42 | €23,962 | €34,901 | +€10,940 | +45.7% |
| Trade debts | 44 | €6,513 | €11,991 | +€5,478 | +84.1% |
| Suppliers | 440/4 | €6,513 | €11,991 | +€5,478 | +84.1% |
| Taxes, remuneration and social security | 45 | €64,685 | - | -€64,685 | |
| Taxes | 450/3 | €64,685 | - | -€64,685 | |
| Other amounts payable | 47/48 | €3,287 | €2,107 | -€1,180 | -35.9% |
| Accrued charges and deferred income | 492/3 | €15,005 | - | -€15,005 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,829 | €59,884 | +€46,056 | +333% |
| Other operating charges | 640/8 | €3,522 | €4,993 | +€1,471 | +41.8% |
| Gross operating margin | 9900 | €266,913 | €124,199 | -€142,714 | -53.5% |
| Operating profit (loss) | 9901 | €249,563 | €59,322 | -€190,240 | -76.2% |
| Financial income | 75/76B | €0 | €207 | +€207 | +137,787% |
| Recurring financial income | 75 | €0 | €207 | +€207 | +137,787% |
| Financial charges | 65/66B | €12,149 | €18,698 | +€6,549 | +53.9% |
| Recurring financial charges | 65 | €12,149 | €18,698 | +€6,549 | +53.9% |
| Profit (loss) for the period before taxes | 9903 | €237,414 | €40,832 | -€196,583 | -82.8% |
| Income taxes | 67/77 | €65,558 | €9,081 | -€56,476 | -86.1% |
| Profit (loss) for the period | 9904 | €171,857 | €31,750 | -€140,106 | -81.5% |
| Profit (loss) for the period to be appropriated | 9905 | €171,857 | €31,750 | -€140,106 | -81.5% |
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 14 October 2026 via checked.be.