Nudo: 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.
Nudo
Largest movements
- Receivables within one year +€156,890
up €156,890 (+376%), from €41,777 to €198,667
of which Trade receivables: +€158,030
- Cash +€135,131
up €135,131 (+899%), from €15,025 to €150,156
mainly Trade debts (+€166,657) and Net result for the year (+€137,195)
- Stocks and contracts +€34,582
up €34,582 (+69.5%), from €49,753 to €84,335
- Trade debts +€166,657
up €166,657 (+409%), from €40,739 to €207,396
- Reserves +€136,362
up €136,362 (+1,351%), from €10,091 to €146,453
- Tax, wage and social debts +€36,069
up €36,069 (+236%), from €15,252 to €51,321
of which Taxes: +€36,032
- Current portion of long-term debt -€35,000
down €35,000 (-100%), from €35,000 to €0
- Short-term financial debts +€18,840
up €18,840, from €0 to €18,840
- Gross operating margin +€125,014
up €125,014 (+188%), from €66,482 to €191,497
- Taxes +€41,848
up €41,848 (+624%), from €6,712 to €48,560
- Financial income -€2,570
down €2,570 (-98.1%), from €2,620 to €50
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €111,627 | €435,364 | +€323,737 | +290% |
| Formation expenses | 20 | €141 | €0 | -€141 | -100% |
| Fixed assets | 21/28 | €4,931 | €2,206 | -€2,725 | -55.3% |
| Intangible fixed assets | 21 | €1,940 | €678 | -€1,263 | -65.1% |
| Tangible fixed assets | 22/27 | €2,428 | €966 | -€1,462 | -60.2% |
| Plant, machinery and equipment | 23 | €711 | €151 | -€560 | -78.8% |
| Furniture and vehicles | 24 | €1,717 | €815 | -€902 | -52.5% |
| Financial fixed assets | 28 | €563 | €563 | = | 0.0% |
| Current assets | 29/58 | €106,555 | €433,158 | +€326,603 | +307% |
| Stocks and contracts in progress | 3 | €49,753 | €84,335 | +€34,582 | +69.5% |
| Stocks | 30/36 | €49,753 | €84,335 | +€34,582 | +69.5% |
| Amounts receivable within one year | 40/41 | €41,777 | €198,667 | +€156,890 | +376% |
| Trade receivables | 40 | €40,637 | €198,667 | +€158,030 | +389% |
| Other amounts receivable | 41 | €1,140 | €0 | -€1,140 | -100% |
| Cash at bank and in hand | 54/58 | €15,025 | €150,156 | +€135,131 | +899% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €111,627 | €435,364 | +€323,737 | +290% |
| Equity | 10/15 | €11,091 | €147,453 | +€136,362 | +1,229% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €10,091 | €146,453 | +€136,362 | +1,351% |
| Distributable reserves | 133 | €10,091 | €146,453 | +€136,362 | +1,351% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €100,536 | €287,911 | +€187,375 | +186% |
| Amounts payable within one year | 42/48 | €100,536 | €287,911 | +€187,375 | +186% |
| Current portion of amounts payable after more than one year | 42 | €35,000 | €0 | -€35,000 | -100% |
| Financial debts | 43 | €0 | €18,840 | +€18,840 | |
| Credit institutions | 430/8 | €0 | €18,840 | +€18,840 | |
| Trade debts | 44 | €40,739 | €207,396 | +€166,657 | +409% |
| Suppliers | 440/4 | €40,739 | €207,396 | +€166,657 | +409% |
| Taxes, remuneration and social security | 45 | €15,252 | €51,321 | +€36,069 | +236% |
| Taxes | 450/3 | €13,111 | €49,143 | +€36,032 | +275% |
| Remuneration and social security | 454/9 | €2,141 | €2,178 | +€37 | +1.7% |
| Other amounts payable | 47/48 | €9,545 | €10,355 | +€809 | +8.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €35,000 | +€35,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,549 | €2,630 | +€81 | +3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €220 | +€220 | |
| Other operating charges | 640/8 | €922 | €2,548 | +€1,627 | +176% |
| Gross operating margin | 9900 | €66,482 | €191,497 | +€125,014 | +188% |
| Operating profit (loss) | 9901 | €63,012 | €186,098 | +€123,086 | +195% |
| Financial income | 75/76B | €2,620 | €50 | -€2,570 | -98.1% |
| Recurring financial income | 75 | €2,620 | €50 | -€2,570 | -98.1% |
| Financial charges | 65/66B | €2,215 | €393 | -€1,822 | -82.3% |
| Recurring financial charges | 65 | €2,215 | €393 | -€1,822 | -82.3% |
| Profit (loss) for the period before taxes | 9903 | €63,416 | €185,755 | +€122,339 | +193% |
| Income taxes | 67/77 | €6,712 | €48,560 | +€41,848 | +624% |
| Profit (loss) for the period | 9904 | €56,705 | €137,195 | +€80,490 | +142% |
| Profit (loss) for the period to be appropriated | 9905 | €56,705 | €137,195 | +€80,490 | +142% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.