NSX: 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.
NSX
Largest movements
- Receivables within one year +€129,807
up €129,807 (+9.3%), from €1.4m to €1.5m
of which Other amounts receivable: +€155,366
- Intangible fixed assets +€128,485
new in 2025: €128,485
- Financial fixed assets -€36,013
down €36,013 (-30.0%), from €120,040 to €84,027
- Cash +€35,911
up €35,911 (+13.0%), from €276,752 to €312,664
mainly Trade debts (+€236,079) and Other debts (+€38,767)
- Trade debts +€236,079
up €236,079 (+35.0%), from €673,725 to €909,804
- Other debts +€38,767
up €38,767 (+48.3%), from €80,333 to €119,100
- Reserves +€31,251
up €31,251 (+1.8%), from €1.7m to €1.7m
of which Distributable reserves: +€31,251
- Staff costs +€366,967
up €366,967 (+19.4%), from €1.9m to €2.3m
- Financial charges +€112,509
up €112,509 (+238.7%), from €47,140 to €159,649
- Gross operating margin +€103,616
up €103,616 (+4.4%), from €2.4m to €2.5m
- Write-downs -€77,736
down €77,736, from €0 to -€77,736
- Other operating charges +€36,091
up €36,091 (+82.3%), from €43,838 to €79,929
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 | €2,753,086 | €3,031,902 | +€278,816 | +10.1% |
| Fixed assets | 21/28 | €149,999 | €242,433 | +€92,434 | +61.6% |
| Intangible fixed assets | 21 | - | €128,485 | +€128,485 | |
| Tangible fixed assets | 22/27 | €29,959 | €29,921 | -€38 | -0.1% |
| Plant, machinery and equipment | 23 | €17,354 | €22,834 | +€5,480 | +31.6% |
| Furniture and vehicles | 24 | €12,605 | €7,087 | -€5,518 | -43.8% |
| Financial fixed assets | 28 | €120,040 | €84,027 | -€36,013 | -30.0% |
| Current assets | 29/58 | €2,603,087 | €2,789,470 | +€186,382 | +7.2% |
| Amounts receivable within one year | 40/41 | €1,400,352 | €1,530,159 | +€129,807 | +9.3% |
| Trade receivables | 40 | €1,266,118 | €1,240,559 | -€25,559 | -2.0% |
| Other amounts receivable | 41 | €134,233 | €289,600 | +€155,366 | +115.7% |
| Current investments | 50/53 | €900,523 | €917,981 | +€17,458 | +1.9% |
| Cash at bank and in hand | 54/58 | €276,752 | €312,664 | +€35,911 | +13.0% |
| Deferred charges and accrued income | 490/1 | €25,460 | €28,666 | +€3,206 | +12.6% |
| Total equity and liabilities | 10/49 | €2,753,086 | €3,031,902 | +€278,816 | +10.1% |
| Equity | 10/15 | €1,712,667 | €1,743,918 | +€31,251 | +1.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,694,067 | €1,725,318 | +€31,251 | +1.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,694,067 | €1,725,318 | +€31,251 | +1.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,040,419 | €1,287,984 | +€247,565 | +23.8% |
| Amounts payable within one year | 42/48 | €1,019,279 | €1,276,770 | +€257,491 | +25.3% |
| Financial debts | 43 | €13,776 | €10,281 | -€3,496 | -25.4% |
| Credit institutions | 430/8 | €3,636 | €1,830 | -€1,805 | -49.7% |
| Other loans | 439 | €10,141 | €8,451 | -€1,690 | -16.7% |
| Trade debts | 44 | €673,725 | €909,804 | +€236,079 | +35.0% |
| Suppliers | 440/4 | €673,725 | €909,804 | +€236,079 | +35.0% |
| Taxes, remuneration and social security | 45 | €251,445 | €237,585 | -€13,860 | -5.5% |
| Taxes | 450/3 | - | €3,274 | +€3,274 | |
| Remuneration and social security | 454/9 | €251,445 | €234,311 | -€17,134 | -6.8% |
| Other amounts payable | 47/48 | €80,333 | €119,100 | +€38,767 | +48.3% |
| Accrued charges and deferred income | 492/3 | €21,140 | €11,214 | -€9,926 | -47.0% |
| Non-recurring operating income | 76A | €100 | €0 | -€100 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,891,480 | €2,258,447 | +€366,967 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,229 | €17,301 | +€2,072 | +13.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€77,736 | -€77,736 | |
| Other operating charges | 640/8 | €43,838 | €79,929 | +€36,091 | +82.3% |
| Non-recurring operating charges | 66A | €0 | €176 | +€176 | |
| Gross operating margin | 9900 | €2,374,063 | €2,477,680 | +€103,616 | +4.4% |
| Operating profit (loss) | 9901 | €423,516 | €199,563 | -€223,954 | -52.9% |
| Financial income | 75/76B | €2,377 | €24,312 | +€21,935 | +922.9% |
| Recurring financial income | 75 | €2,377 | €24,312 | +€21,935 | +922.9% |
| Financial charges | 65/66B | €47,140 | €159,649 | +€112,509 | +238.7% |
| Recurring financial charges | 65 | €47,140 | €159,649 | +€112,509 | +238.7% |
| Profit (loss) for the period before taxes | 9903 | €378,753 | €64,225 | -€314,527 | -83.0% |
| Income taxes | 67/77 | €47,361 | €32,974 | -€14,388 | -30.4% |
| Profit (loss) for the period | 9904 | €331,391 | €31,251 | -€300,140 | -90.6% |
| Profit (loss) for the period to be appropriated | 9905 | €331,391 | €31,251 | -€300,140 | -90.6% |
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 5 October 2026 via checked.be.