DE NAUW: 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.
DE NAUW
Largest movements
- Tangible fixed assets -€18,501
down €18,501 (-3.2%), from €579,870 to €561,369
of which Leasing and similar rights: -€17,369
- Cash +€7,874
up €7,874 (+5.6%), from €139,655 to €147,529
mainly Depreciation (+€24,783) and Net result for the year (+€19,708)
- Receivables within one year +€7,718
up €7,718 (+38.1%), from €20,278 to €27,996
of which Trade receivables: +€21,347
- Debts after one year -€24,738
down €24,738 (-6.5%), from €380,994 to €356,256
- Trade debts +€18,414
up €18,414 (+246%), from €7,471 to €25,885
- Other debts +€13,329
up €13,329 (+68.0%), from €19,616 to €32,945
- Reserves -€11,682
down €11,682 (-3.9%), from €296,192 to €284,510
of which Distributable reserves: -€11,682
- Gross operating margin +€6,823
up €6,823 (+8.6%), from €79,177 to €86,000
- Taxes +€4,787
up €4,787 (+65.9%), from €7,262 to €12,048
- Financial charges -€2,485
down €2,485 (-9.8%), from €25,392 to €22,907
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.
Derived cash bridge
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 | €741,489 | €739,323 | -€2,166 | -0.3% |
| Fixed assets | 21/28 | €579,870 | €561,369 | -€18,501 | -3.2% |
| Tangible fixed assets | 22/27 | €579,870 | €561,369 | -€18,501 | -3.2% |
| Land and buildings | 22 | €80,667 | €79,332 | -€1,335 | -1.7% |
| Plant, machinery and equipment | 23 | €1,333 | €729 | -€604 | -45.3% |
| Furniture and vehicles | 24 | €2,534 | €4,521 | +€1,988 | +78.5% |
| Leasing and similar rights | 25 | €485,023 | €467,654 | -€17,369 | -3.6% |
| Other tangible fixed assets | 26 | €10,312 | €9,133 | -€1,180 | -11.4% |
| Current assets | 29/58 | €161,619 | €177,954 | +€16,335 | +10.1% |
| Amounts receivable within one year | 40/41 | €20,278 | €27,996 | +€7,718 | +38.1% |
| Trade receivables | 40 | €2,661 | €24,008 | +€21,347 | +802% |
| Other amounts receivable | 41 | €17,617 | €3,988 | -€13,628 | -77.4% |
| Cash at bank and in hand | 54/58 | €139,655 | €147,529 | +€7,874 | +5.6% |
| Deferred charges and accrued income | 490/1 | €1,686 | €2,429 | +€743 | +44.0% |
| Total equity and liabilities | 10/49 | €741,489 | €739,323 | -€2,166 | -0.3% |
| Equity | 10/15 | €302,392 | €290,710 | -€11,682 | -3.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €296,192 | €284,510 | -€11,682 | -3.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €294,332 | €282,650 | -€11,682 | -4.0% |
| Amounts payable | 17/49 | €439,096 | €448,613 | +€9,516 | +2.2% |
| Amounts payable after more than one year | 17 | €380,994 | €356,256 | -€24,738 | -6.5% |
| Financial debts | 170/4 | €380,994 | €356,256 | -€24,738 | -6.5% |
| Amounts payable within one year | 42/48 | €57,603 | €90,357 | +€32,754 | +56.9% |
| Current portion of amounts payable after more than one year | 42 | €23,580 | €24,738 | +€1,157 | +4.9% |
| Trade debts | 44 | €7,471 | €25,885 | +€18,414 | +246% |
| Suppliers | 440/4 | €7,471 | €25,885 | +€18,414 | +246% |
| Taxes, remuneration and social security | 45 | €6,935 | €6,788 | -€147 | -2.1% |
| Taxes | 450/3 | €6,935 | €6,788 | -€147 | -2.1% |
| Other amounts payable | 47/48 | €19,616 | €32,945 | +€13,329 | +68.0% |
| Accrued charges and deferred income | 492/3 | €500 | €2,000 | +€1,500 | +300% |
| Remuneration, social security and pensions | 62 | - | €497 | +€497 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,160 | €24,783 | +€623 | +2.6% |
| Other operating charges | 640/8 | €5,780 | €6,058 | +€278 | +4.8% |
| Gross operating margin | 9900 | €79,177 | €86,000 | +€6,823 | +8.6% |
| Operating profit (loss) | 9901 | €49,237 | €54,663 | +€5,426 | +11.0% |
| Financial charges | 65/66B | €25,392 | €22,907 | -€2,485 | -9.8% |
| Recurring financial charges | 65 | €25,392 | €22,907 | -€2,485 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €23,845 | €31,756 | +€7,910 | +33.2% |
| Income taxes | 67/77 | €7,262 | €12,048 | +€4,787 | +65.9% |
| Profit (loss) for the period | 9904 | €16,584 | €19,708 | +€3,124 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,584 | €19,708 | +€3,124 | +18.8% |
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 19 October 2026 via checked.be.