NSX: what changed
What changed
NSX
NACE 68.321, Property management for co-owned buildings (syndics)
filed annual accounts (NBB)
Net result for the year
€400,398
2024 · €61,009+€339,389
Equity
€696,991
2024 · €424,863+€272,128
Cash
€470,438
2024 · €1,303+€469,135
Balance sheet total
€7.1m
2024 · €5.5m+€1.6m
Largest movements
Assets
- Financial fixed assets +€1.2m
up €1.2m (+266,667%), from €450 to €1.2m
- Cash +€469,135
up €469,135 (+35,991%), from €1,303 to €470,438
mainly Debts after one year (+€1.0m) and Net result for the year (+€400,398)
- Receivables within one year -€93,362
down €93,362 (-25.0%), from €373,081 to €279,719
of which Other amounts receivable: -€127,099
Equity and liabilities
- Debts after one year +€1.0m
up €1.0m (+27.1%), from €3.8m to €4.8m
- Reserves +€270,736
up €270,736 (+89.9%), from €301,049 to €571,786
of which Tax-exempt reserves: +€136,006
- Tax, wage and social debts +€150,503
up €150,503 (+262%), from €57,398 to €207,901
of which Taxes: +€144,376
- Current portion of long-term debt +€71,586
up €71,586 (+31.2%), from €229,200 to €300,786
Income statement
- Gross operating margin +€757,727
up €757,727 (+251%), from €301,289 to €1.1m
- Taxes +€126,526
up €126,526 (+400%), from €31,657 to €158,183
- Financial charges +€60,153
up €60,153 (+70.6%), from €85,236 to €145,389
- Provisions +€50,000
no longer reported in 2025 (was -€50,000)
- Other operating charges +€48,443
up €48,443 (+518%), from €9,346 to €57,789
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€61,009
Gross operating margin
+€757,727
Staff costs
-€48,372
Depreciation
-€25,530
Provisions
-€50,000
Other operating charges
-€48,443
Other operating items
-€13,745
Financial income
+€810
Financial charges
-€60,153
Taxes
-€126,526
Deferred taxes and other
-€46,378
Result 2025
€400,398
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€931,064
Investment
-€1.4m
Financing
+€959,322
Cash 2024
€1,303
From operations (derived)
+€931,064
Net result for the year
+€400,398
Depreciation
+€190,635
Receivables within one year
+€93,362
Deferred charges and accrued income
-€167
Provisions
+€45,596
Trade debts
+€27,476
Tax, wage and social debts
+€150,503
Other debts
+€3,635
Accrued charges and deferred income
+€19,626
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€1.4m
Financing
+€959,322
Debts after one year
+€1.0m
Current portion of long-term debt
+€71,586
Short-term financial debts
-€9,800
Contributions, distributions and other
-€128,270
Cash 2025
€470,438
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,450,658 | €7,057,214 | +€1.6m | +29.5% |
| Fixed assets | 21/28 | €5,068,257 | €6,298,873 | +€1.2m | +24.3% |
| Tangible fixed assets | 22/27 | €5,067,807 | €5,098,423 | +€30,616 | +0.6% |
| Land and buildings | 22 | €5,056,809 | €5,006,377 | -€50,432 | -1.0% |
| Furniture and vehicles | 24 | €10,998 | €92,046 | +€81,048 | +737% |
| Financial fixed assets | 28 | €450 | €1,200,450 | +€1.2m | +266,667% |
| Current assets | 29/58 | €382,401 | €758,341 | +€375,940 | +98.3% |
| Amounts receivable within one year | 40/41 | €373,081 | €279,719 | -€93,362 | -25.0% |
| Trade receivables | 40 | €190,802 | €224,539 | +€33,737 | +17.7% |
| Other amounts receivable | 41 | €182,279 | €55,180 | -€127,099 | -69.7% |
| Cash at bank and in hand | 54/58 | €1,303 | €470,438 | +€469,135 | +35,991% |
| Deferred charges and accrued income | 490/1 | €8,017 | €8,184 | +€167 | +2.1% |
| Total equity and liabilities | 10/49 | €5,450,658 | €7,057,214 | +€1.6m | +29.5% |
| Equity | 10/15 | €424,863 | €696,991 | +€272,128 | +64.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €301,049 | €571,786 | +€270,736 | +89.9% |
| Tax-exempt reserves | 132 | €94,459 | €230,465 | +€136,006 | +144% |
| Distributable reserves | 133 | €206,591 | €341,321 | +€134,730 | +65.2% |
| Profit (loss) carried forward | 14 | €117,613 | €119,005 | +€1,392 | +1.2% |
| Provisions and deferred taxes | 16 | €23,615 | €69,211 | +€45,596 | +193% |
| Deferred taxes | 168 | €23,615 | €69,211 | +€45,596 | +193% |
| Amounts payable | 17/49 | €5,002,181 | €6,291,012 | +€1.3m | +25.8% |
| Amounts payable after more than one year | 17 | €3,787,579 | €4,813,384 | +€1.0m | +27.1% |
| Financial debts | 170/4 | €3,787,579 | €4,813,384 | +€1.0m | +27.1% |
| Amounts payable within one year | 42/48 | €1,214,451 | €1,457,852 | +€243,400 | +20.0% |
| Current portion of amounts payable after more than one year | 42 | €229,200 | €300,786 | +€71,586 | +31.2% |
| Financial debts | 43 | €9,800 | - | -€9,800 | |
| Credit institutions | 430/8 | €9,800 | - | -€9,800 | |
| Trade debts | 44 | €270,868 | €298,343 | +€27,476 | +10.1% |
| Suppliers | 440/4 | €270,868 | €298,343 | +€27,476 | +10.1% |
| Taxes, remuneration and social security | 45 | €57,398 | €207,901 | +€150,503 | +262% |
| Taxes | 450/3 | €57,398 | €201,774 | +€144,376 | +252% |
| Remuneration and social security | 454/9 | - | €6,127 | +€6,127 | |
| Other amounts payable | 47/48 | €647,186 | €650,821 | +€3,635 | +0.6% |
| Accrued charges and deferred income | 492/3 | €150 | €19,776 | +€19,626 | +13,078% |
| Non-recurring operating income | 76A | €3,253 | €185,512 | +€182,259 | +5,604% |
| Remuneration, social security and pensions | 62 | - | €48,372 | +€48,372 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,105 | €190,635 | +€25,530 | +15.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€50,000 | - | +€50,000 | |
| Other operating charges | 640/8 | €9,346 | €57,789 | +€48,443 | +518% |
| Non-recurring operating charges | 66A | - | €13,745 | +€13,745 | |
| Gross operating margin | 9900 | €301,289 | €1,059,016 | +€757,727 | +251% |
| Operating profit (loss) | 9901 | €176,839 | €748,475 | +€571,637 | +323% |
| Financial income | 75/76B | €281 | €1,091 | +€810 | +288% |
| Recurring financial income | 75 | €281 | €1,091 | +€810 | +288% |
| Financial charges | 65/66B | €85,236 | €145,389 | +€60,153 | +70.6% |
| Recurring financial charges | 65 | €85,236 | €145,389 | +€60,153 | +70.6% |
| Profit (loss) for the period before taxes | 9903 | €91,884 | €604,177 | +€512,294 | +558% |
| Transfer from deferred taxes | 780 | €782 | €782 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €46,378 | +€46,378 | |
| Income taxes | 67/77 | €31,657 | €158,183 | +€126,526 | +400% |
| Profit (loss) for the period | 9904 | €61,009 | €400,398 | +€339,389 | +556% |
| Transfer from tax-exempt reserves | 789 | €3,128 | €3,128 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €139,134 | +€139,134 | |
| Profit (loss) for the period to be appropriated | 9905 | €64,137 | €264,392 | +€200,255 | +312% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.