NSES: 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.
NSES
Largest movements
- Cash +€16,875
up €16,875 (+122%), from €13,821 to €30,695
mainly Other debts (+€72,500) and Net result for the year (+€4,640)
- Other debts +€72,500
up €72,500 (+15.5%), from €468,973 to €541,473
- Debts after one year -€69,471
down €69,471 (-22.4%), from €310,033 to €240,562
- Gross operating margin +€2,914
up €2,914 (+16.6%), from €17,574 to €20,488
- Financial charges -€2,891
down €2,891 (-21.7%), from €13,309 to €10,418
- Taxes +€2,079
up €2,079 (+857%), from €243 to €2,322
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 | €1,546,431 | €1,558,320 | +€11,889 | +0.8% |
| Fixed assets | 21/28 | €1,512,815 | €1,512,307 | -€508 | 0.0% |
| Tangible fixed assets | 22/27 | €3,707 | €3,199 | -€508 | -13.7% |
| Land and buildings | 22 | €376 | €238 | -€138 | -36.7% |
| Other tangible fixed assets | 26 | €3,331 | €2,961 | -€370 | -11.1% |
| Financial fixed assets | 28 | €1,509,108 | €1,509,108 | = | 0.0% |
| Current assets | 29/58 | €33,616 | €46,014 | +€12,397 | +36.9% |
| Amounts receivable within one year | 40/41 | €19,796 | €15,319 | -€4,477 | -22.6% |
| Trade receivables | 40 | €15,000 | €15,262 | +€262 | +1.7% |
| Other amounts receivable | 41 | €4,796 | €57 | -€4,739 | -98.8% |
| Cash at bank and in hand | 54/58 | €13,821 | €30,695 | +€16,875 | +122% |
| Total equity and liabilities | 10/49 | €1,546,431 | €1,558,320 | +€11,889 | +0.8% |
| Equity | 10/15 | €698,424 | €703,064 | +€4,640 | +0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €188,080 | €192,720 | +€4,640 | +2.5% |
| Tax-exempt reserves | 132 | €5,100 | €5,100 | = | 0.0% |
| Distributable reserves | 133 | €182,980 | €187,620 | +€4,640 | +2.5% |
| Profit (loss) carried forward | 14 | €491,744 | €491,744 | = | 0.0% |
| Amounts payable | 17/49 | €848,007 | €855,256 | +€7,250 | +0.9% |
| Amounts payable after more than one year | 17 | €310,033 | €240,562 | -€69,471 | -22.4% |
| Financial debts | 170/4 | €310,033 | €240,562 | -€69,471 | -22.4% |
| Amounts payable within one year | 42/48 | €536,546 | €613,266 | +€76,721 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €67,330 | €69,471 | +€2,141 | +3.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €243 | €2,322 | +€2,079 | +857% |
| Taxes | 450/3 | €243 | €2,322 | +€2,079 | +857% |
| Other amounts payable | 47/48 | €468,973 | €541,473 | +€72,500 | +15.5% |
| Accrued charges and deferred income | 492/3 | €1,429 | €1,429 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €618 | €508 | -€110 | -17.8% |
| Other operating charges | 640/8 | €2,522 | €2,600 | +€78 | +3.1% |
| Gross operating margin | 9900 | €17,574 | €20,488 | +€2,914 | +16.6% |
| Operating profit (loss) | 9901 | €14,433 | €17,379 | +€2,946 | +20.4% |
| Financial charges | 65/66B | €13,309 | €10,418 | -€2,891 | -21.7% |
| Recurring financial charges | 65 | €13,309 | €10,418 | -€2,891 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €1,125 | €6,962 | +€5,837 | +519% |
| Income taxes | 67/77 | €243 | €2,322 | +€2,079 | +857% |
| Profit (loss) for the period | 9904 | €882 | €4,640 | +€3,758 | +426% |
| Profit (loss) for the period to be appropriated | 9905 | €882 | €4,640 | +€3,758 | +426% |
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.