NSL 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.
NSL Projects
Largest movements
- Cash +€57,312
up €57,312 (+171.8%), from €33,369 to €90,680
mainly Other debts (+€35,049) and Trade debts (+€24,152)
- Other debts +€35,049
up €35,049 (+233.7%), from €15,000 to €50,049
- Trade debts +€24,152
up €24,152 (+141.6%), from €17,051 to €41,203
- Tax, wage and social debts -€3,723
no longer reported in 2025 (was €3,723)
- Staff costs +€46,135
new in 2025: €46,135
- Gross operating margin +€34,752
up €34,752 (+217.8%), from €15,959 to €50,710
- Financial charges +€3,829
up €3,829 (+4344.2%), from €88 to €3,917
- Taxes -€3,723
no longer reported in 2025 (was €3,723)
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 | €52,047 | €107,526 | +€55,479 | +106.6% |
| Fixed assets | 21/28 | €1,319 | €879 | -€441 | -33.4% |
| Tangible fixed assets | 22/27 | €1,319 | €879 | -€441 | -33.4% |
| Furniture and vehicles | 24 | €1,319 | €879 | -€441 | -33.4% |
| Current assets | 29/58 | €50,728 | €106,647 | +€55,920 | +110.2% |
| Amounts receivable within one year | 40/41 | €16,450 | €15,967 | -€483 | -2.9% |
| Trade receivables | 40 | €13,221 | €14,291 | +€1,070 | +8.1% |
| Other amounts receivable | 41 | €3,229 | €1,676 | -€1,553 | -48.1% |
| Cash at bank and in hand | 54/58 | €33,369 | €90,680 | +€57,312 | +171.8% |
| Deferred charges and accrued income | 490/1 | €909 | - | -€909 | |
| Total equity and liabilities | 10/49 | €52,047 | €107,526 | +€55,479 | +106.6% |
| Equity | 10/15 | €16,274 | €16,275 | +€1 | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €11,274 | €11,274 | = | 0.0% |
| Distributable reserves | 133 | €11,274 | €11,274 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €1 | +€1 | |
| Amounts payable | 17/49 | €35,773 | €91,252 | +€55,478 | +155.1% |
| Amounts payable within one year | 42/48 | €35,773 | €91,252 | +€55,478 | +155.1% |
| Trade debts | 44 | €17,051 | €41,203 | +€24,152 | +141.6% |
| Suppliers | 440/4 | €17,051 | €41,203 | +€24,152 | +141.6% |
| Taxes, remuneration and social security | 45 | €3,723 | - | -€3,723 | |
| Taxes | 450/3 | €3,723 | - | -€3,723 | |
| Other amounts payable | 47/48 | €15,000 | €50,049 | +€35,049 | +233.7% |
| Remuneration, social security and pensions | 62 | - | €46,135 | +€46,135 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2 | €441 | +€438 | +18181.3% |
| Other operating charges | 640/8 | €873 | €610 | -€263 | -30.2% |
| Gross operating margin | 9900 | €15,959 | €50,710 | +€34,752 | +217.8% |
| Operating profit (loss) | 9901 | €15,083 | €3,525 | -€11,558 | -76.6% |
| Financial income | 75/76B | €1 | €393 | +€392 | +42159.1% |
| Recurring financial income | 75 | €1 | €393 | +€392 | +42159.1% |
| Financial charges | 65/66B | €88 | €3,917 | +€3,829 | +4344.2% |
| Recurring financial charges | 65 | €88 | €3,917 | +€3,829 | +4344.2% |
| Profit (loss) for the period before taxes | 9903 | €14,996 | €1 | -€14,995 | -100.0% |
| Income taxes | 67/77 | €3,723 | - | -€3,723 | |
| Profit (loss) for the period | 9904 | €11,274 | €1 | -€11,273 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,274 | €1 | -€11,273 | -100.0% |
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 5 October 2026 via checked.be.