NSE-INFRA: 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.
NSE-INFRA
Largest movements
- Receivables within one year -€55,213
down €55,213 (-13.3%), from €414,694 to €359,480
of which Trade receivables: -€42,903
- Deferred charges and accrued income +€40,544
new in 2025: €40,544
- Tangible fixed assets -€34,295
down €34,295 (-47.1%), from €72,856 to €38,560
of which Leasing and similar rights: -€42,768
- Cash +€19,217
up €19,217 (+659%), from €2,918 to €22,135
mainly Tax, wage and social debts (+€75,041) and Receivables within one year (+€55,213)
- Tax, wage and social debts +€75,041
up €75,041 (+255%), from €29,448 to €104,489
of which Remuneration and social security: +€80,793
- Current portion of long-term debt -€44,340
down €44,340 (-81.4%), from €54,475 to €10,135
- Profit (loss) carried forward -€37,940
down €37,940 (-25.4%), from €149,505 to €111,565
- Debts after one year -€9,668
down €9,668 (-76.5%), from €12,630 to €2,963
- Trade debts -€5,515
down €5,515 (-2.9%), from €187,156 to €181,641
- Turnover -€1.0m
no longer reported in 2025 (was €1.0m)
- Purchases and services -€453,565
no longer reported in 2025 (was €453,565)
- Staff costs +€42,539
up €42,539 (+8.6%), from €497,030 to €539,568
- Gross operating margin -€33,019
down €33,019 (-5.4%), from €606,623 to €573,605
- Other operating charges -€17,450
down €17,450 (-72.6%), from €24,024 to €6,574
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 | €490,712 | €464,790 | -€25,922 | -5.3% |
| Fixed assets | 21/28 | €73,101 | €42,630 | -€30,470 | -41.7% |
| Tangible fixed assets | 22/27 | €72,856 | €38,560 | -€34,295 | -47.1% |
| Plant, machinery and equipment | 23 | €2,895 | €8,140 | +€5,245 | +181% |
| Furniture and vehicles | 24 | €8,682 | €11,910 | +€3,228 | +37.2% |
| Leasing and similar rights | 25 | €61,278 | €18,510 | -€42,768 | -69.8% |
| Financial fixed assets | 28 | €245 | €4,070 | +€3,825 | +1,561% |
| Current assets | 29/58 | €417,611 | €422,159 | +€4,548 | +1.1% |
| Amounts receivable within one year | 40/41 | €414,694 | €359,480 | -€55,213 | -13.3% |
| Trade receivables | 40 | €94,996 | €52,093 | -€42,903 | -45.2% |
| Other amounts receivable | 41 | €319,698 | €307,387 | -€12,311 | -3.9% |
| Cash at bank and in hand | 54/58 | €2,918 | €22,135 | +€19,217 | +659% |
| Deferred charges and accrued income | 490/1 | - | €40,544 | +€40,544 | |
| Total equity and liabilities | 10/49 | €490,712 | €464,790 | -€25,922 | -5.3% |
| Equity | 10/15 | €177,503 | €139,563 | -€37,940 | -21.4% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €21,998 | €21,998 | = | 0.0% |
| Distributable reserves | 133 | €21,998 | €21,998 | = | 0.0% |
| Profit (loss) carried forward | 14 | €149,505 | €111,565 | -€37,940 | -25.4% |
| Amounts payable | 17/49 | €313,209 | €325,227 | +€12,018 | +3.8% |
| Amounts payable after more than one year | 17 | €12,630 | €2,963 | -€9,668 | -76.5% |
| Financial debts | 170/4 | €12,630 | €2,963 | -€9,668 | -76.5% |
| Amounts payable within one year | 42/48 | €300,579 | €322,265 | +€21,686 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €54,475 | €10,135 | -€44,340 | -81.4% |
| Trade debts | 44 | €187,156 | €181,641 | -€5,515 | -2.9% |
| Suppliers | 440/4 | €187,156 | €181,641 | -€5,515 | -2.9% |
| Taxes, remuneration and social security | 45 | €29,448 | €104,489 | +€75,041 | +255% |
| Taxes | 450/3 | €12,328 | €6,576 | -€5,752 | -46.7% |
| Remuneration and social security | 454/9 | €17,120 | €97,913 | +€80,793 | +472% |
| Other amounts payable | 47/48 | €29,500 | €26,000 | -€3,500 | -11.9% |
| Turnover | 70 | €1,032,069 | - | -€1.0m | |
| Non-recurring operating income | 76A | - | €646 | +€646 | |
| Goods, raw materials, services and sundry goods | 60/61 | €453,565 | - | -€453,565 | |
| Remuneration, social security and pensions | 62 | €497,030 | €539,568 | +€42,539 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,948 | €24,453 | -€13,496 | -35.6% |
| Other operating charges | 640/8 | €24,024 | €6,574 | -€17,450 | -72.6% |
| Non-recurring operating charges | 66A | €854 | €18,689 | +€17,835 | +2,088% |
| Gross operating margin | 9900 | €606,623 | €573,605 | -€33,019 | -5.4% |
| Operating profit (loss) | 9901 | €46,767 | -€15,679 | -€62,446 | |
| Financial income | 75/76B | €1 | €8,869 | +€8,868 | +726,897% |
| Recurring financial income | 75 | €1 | €8,869 | +€8,868 | +726,897% |
| Financial charges | 65/66B | €13,690 | €30,765 | +€17,075 | +125% |
| Recurring financial charges | 65 | €13,690 | €30,765 | +€17,075 | +125% |
| Profit (loss) for the period before taxes | 9903 | €33,078 | -€37,575 | -€70,653 | |
| Income taxes | 67/77 | €11,080 | €365 | -€10,715 | -96.7% |
| Profit (loss) for the period | 9904 | €21,998 | -€37,940 | -€59,938 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,998 | -€37,940 | -€59,938 |
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 25 October 2026 via checked.be.