CNARF: 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.
CNARF
Largest movements
- Financial fixed assets +€27,000
up €27,000 (+77.1%), from €35,000 to €62,000
- Cash +€18,997
up €18,997 (+29.2%), from €65,134 to €84,131
mainly Net result for the year (+€60,136) and Depreciation (+€2,056)
- Tangible fixed assets +€5,944
up €5,944 (+208.6%), from €2,850 to €8,794
of which Furniture and vehicles: +€6,080
- Receivables within one year +€3,413
up €3,413 (+61.4%), from €5,554 to €8,967
of which Other amounts receivable: +€2,846
- Profit (loss) carried forward +€60,136
up €60,136 (+71420.9%), from €84 to €60,221
- Tax, wage and social debts -€5,347
down €5,347 (-50.7%), from €10,553 to €5,206
- Gross operating margin +€10,680
up €10,680 (+16.7%), from €63,776 to €74,456
- Taxes +€2,089
up €2,089 (+15.7%), from €13,321 to €15,409
- Financial income +€1,951
up €1,951 (+156.0%), from €1,250 to €3,201
- Depreciation +€1,073
up €1,073 (+109.2%), from €982 to €2,056
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 | €108,537 | €163,892 | +€55,355 | +51.0% |
| Fixed assets | 21/28 | €37,850 | €70,794 | +€32,944 | +87.0% |
| Tangible fixed assets | 22/27 | €2,850 | €8,794 | +€5,944 | +208.6% |
| Furniture and vehicles | 24 | €1,725 | €7,805 | +€6,080 | +352.6% |
| Other tangible fixed assets | 26 | €1,125 | €989 | -€136 | -12.1% |
| Financial fixed assets | 28 | €35,000 | €62,000 | +€27,000 | +77.1% |
| Current assets | 29/58 | €70,688 | €93,098 | +€22,410 | +31.7% |
| Amounts receivable within one year | 40/41 | €5,554 | €8,967 | +€3,413 | +61.4% |
| Trade receivables | 40 | - | €567 | +€567 | |
| Other amounts receivable | 41 | €5,554 | €8,400 | +€2,846 | +51.2% |
| Cash at bank and in hand | 54/58 | €65,134 | €84,131 | +€18,997 | +29.2% |
| Total equity and liabilities | 10/49 | €108,537 | €163,892 | +€55,355 | +51.0% |
| Equity | 10/15 | €97,984 | €158,121 | +€60,136 | +61.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000 | €1,000 | = | 0.0% |
| Other | 1109/19 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €96,900 | €96,900 | = | 0.0% |
| Distributable reserves | 133 | €96,900 | €96,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84 | €60,221 | +€60,136 | +71420.9% |
| Amounts payable | 17/49 | €10,553 | €5,771 | -€4,782 | -45.3% |
| Amounts payable within one year | 42/48 | €10,553 | €5,771 | -€4,782 | -45.3% |
| Trade debts | 44 | - | €565 | +€565 | |
| Suppliers | 440/4 | - | €565 | +€565 | |
| Taxes, remuneration and social security | 45 | €10,553 | €5,206 | -€5,347 | -50.7% |
| Taxes | 450/3 | €10,553 | €5,206 | -€5,347 | -50.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €982 | €2,056 | +€1,073 | +109.2% |
| Gross operating margin | 9900 | €63,776 | €74,456 | +€10,680 | +16.7% |
| Operating profit (loss) | 9901 | €62,794 | €72,401 | +€9,607 | +15.3% |
| Financial income | 75/76B | €1,250 | €3,201 | +€1,951 | +156.0% |
| Recurring financial income | 75 | €1,250 | €3,201 | +€1,951 | +156.0% |
| Financial charges | 65/66B | €135 | €56 | -€79 | -58.4% |
| Recurring financial charges | 65 | €135 | €56 | -€79 | -58.4% |
| Profit (loss) for the period before taxes | 9903 | €63,909 | €75,546 | +€11,636 | +18.2% |
| Income taxes | 67/77 | €13,321 | €15,409 | +€2,089 | +15.7% |
| Profit (loss) for the period | 9904 | €50,589 | €60,136 | +€9,548 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,589 | €60,136 | +€9,548 | +18.9% |
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 11 October 2026 via checked.be.