NSA Projects: 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.
NSA Projects
Largest movements
- Cash +€48,409
up €48,409 (+138.1%), from €35,048 to €83,457
mainly Receivables within one year (+€45,586) and Other debts (+€34,734)
- Receivables within one year -€45,586
down €45,586 (-30.0%), from €152,038 to €106,452
of which Trade receivables: -€51,609
- Stocks and contracts -€8,000
no longer reported in 2025 (was €8,000)
- Other debts +€34,734
up €34,734 (+136.2%), from €25,504 to €60,238
- Trade debts -€21,854
down €21,854 (-74.1%), from €29,497 to €7,643
- Tax, wage and social debts -€18,061
down €18,061 (-53.3%), from €33,884 to €15,823
of which Taxes: -€18,061
- Current portion of long-term debt +€7,544
new in 2025: €7,544
- Debts after one year -€6,306
no longer reported in 2025 (was €6,306)
- Gross operating margin +€4,236
up €4,236 (+9.9%), from €42,633 to €46,869
- Financial income -€3,605
no longer reported in 2025 (was €3,605)
- Taxes -€2,447
down €2,447 (-21.4%), from €11,424 to €8,977
- Staff costs -€1,672
no longer reported in 2025 (was €1,672)
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 | €212,088 | €205,656 | -€6,432 | -3.0% |
| Fixed assets | 21/28 | €17,001 | €15,746 | -€1,255 | -7.4% |
| Tangible fixed assets | 22/27 | €17,001 | €15,746 | -€1,255 | -7.4% |
| Land and buildings | 22 | €1,093 | €1,057 | -€36 | -3.3% |
| Plant, machinery and equipment | 23 | €15,268 | €14,256 | -€1,012 | -6.6% |
| Furniture and vehicles | 24 | €641 | €433 | -€207 | -32.4% |
| Current assets | 29/58 | €195,087 | €189,909 | -€5,178 | -2.7% |
| Stocks and contracts in progress | 3 | €8,000 | - | -€8,000 | |
| Stocks | 30/36 | €8,000 | - | -€8,000 | |
| Amounts receivable within one year | 40/41 | €152,038 | €106,452 | -€45,586 | -30.0% |
| Trade receivables | 40 | €148,462 | €96,854 | -€51,609 | -34.8% |
| Other amounts receivable | 41 | €3,576 | €9,598 | +€6,023 | +168.4% |
| Cash at bank and in hand | 54/58 | €35,048 | €83,457 | +€48,409 | +138.1% |
| Total equity and liabilities | 10/49 | €212,088 | €205,656 | -€6,432 | -3.0% |
| Equity | 10/15 | €116,897 | €114,407 | -€2,490 | -2.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €108,000 | €108,000 | = | 0.0% |
| Distributable reserves | 133 | €108,000 | €108,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,897 | €1,407 | -€2,490 | -63.9% |
| Amounts payable | 17/49 | €95,191 | €91,248 | -€3,942 | -4.1% |
| Amounts payable after more than one year | 17 | €6,306 | - | -€6,306 | |
| Financial debts | 170/4 | €6,306 | - | -€6,306 | |
| Amounts payable within one year | 42/48 | €88,885 | €91,248 | +€2,363 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | - | €7,544 | +€7,544 | |
| Trade debts | 44 | €29,497 | €7,643 | -€21,854 | -74.1% |
| Suppliers | 440/4 | €29,497 | €7,643 | -€21,854 | -74.1% |
| Taxes, remuneration and social security | 45 | €33,884 | €15,823 | -€18,061 | -53.3% |
| Taxes | 450/3 | €31,234 | €13,173 | -€18,061 | -57.8% |
| Remuneration and social security | 454/9 | €2,650 | €2,650 | = | 0.0% |
| Other amounts payable | 47/48 | €25,504 | €60,238 | +€34,734 | +136.2% |
| Remuneration, social security and pensions | 62 | €1,672 | - | -€1,672 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,911 | €3,890 | -€21 | -0.5% |
| Other operating charges | 640/8 | €1,172 | €943 | -€229 | -19.5% |
| Gross operating margin | 9900 | €42,633 | €46,869 | +€4,236 | +9.9% |
| Operating profit (loss) | 9901 | €35,877 | €42,035 | +€6,158 | +17.2% |
| Financial income | 75/76B | €3,605 | - | -€3,605 | |
| Recurring financial income | 75 | €3,605 | - | -€3,605 | |
| Financial charges | 65/66B | €411 | €548 | +€137 | +33.4% |
| Recurring financial charges | 65 | €411 | €548 | +€137 | +33.4% |
| Profit (loss) for the period before taxes | 9903 | €39,072 | €41,487 | +€2,416 | +6.2% |
| Income taxes | 67/77 | €11,424 | €8,977 | -€2,447 | -21.4% |
| Profit (loss) for the period | 9904 | €27,648 | €32,510 | +€4,862 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,648 | €32,510 | +€4,862 | +17.6% |
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 6 October 2026 via checked.be.