Dr. Naomi Narain: what changed
Dr. Naomi Narain
Largest movements
- Receivables within one year +€49,432
up €49,432 (+91.6%), from €53,963 to €103,395
of which Other amounts receivable: +€25,832
- Tangible fixed assets -€19,758
down €19,758 (-73.6%), from €26,839 to €7,081
of which Furniture and vehicles: -€21,455
- Cash -€5,890
down €5,890 (-24.9%), from €23,643 to €17,753
mainly Contributions, distributions and other (-€197,787) and Receivables within one year (-€49,432)
- Other debts +€112,015
new in 2025: €112,015
- Reserves -€85,772
down €85,772 (-100%), from €85,772 to €0
- Current portion of long-term debt -€10,249
down €10,249 (-100%), from €10,249 to €0
- Short-term financial debts +€3,725
up €3,725 (+63.3%), from €5,883 to €9,609
- Trade debts +€2,067
up €2,067 (+5,115%), from €40 to €2,108
- Gross operating margin +€63,001
up €63,001 (+74.0%), from €85,097 to €148,098
- Taxes +€15,178
up €15,178 (+90.2%), from €16,820 to €31,998
- Depreciation -€7,927
down €7,927 (-78.4%), from €10,106 to €2,179
- Financial income -€2,050
down €2,050 (-71.0%), from €2,885 to €835
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €104,445 | €128,229 | +€23,784 | +22.8% |
| Fixed assets | 21/28 | €26,839 | €7,081 | -€19,758 | -73.6% |
| Tangible fixed assets | 22/27 | €26,839 | €7,081 | -€19,758 | -73.6% |
| Land and buildings | 22 | €843 | €722 | -€120 | -14.3% |
| Plant, machinery and equipment | 23 | - | €1,817 | +€1,817 | |
| Furniture and vehicles | 24 | €25,996 | €4,542 | -€21,455 | -82.5% |
| Current assets | 29/58 | €77,606 | €121,148 | +€43,542 | +56.1% |
| Amounts receivable within one year | 40/41 | €53,963 | €103,395 | +€49,432 | +91.6% |
| Trade receivables | 40 | €15,737 | €39,336 | +€23,600 | +150% |
| Other amounts receivable | 41 | €38,227 | €64,058 | +€25,832 | +67.6% |
| Cash at bank and in hand | 54/58 | €23,643 | €17,753 | -€5,890 | -24.9% |
| Total equity and liabilities | 10/49 | €104,445 | €128,229 | +€23,784 | +22.8% |
| Equity | 10/15 | €88,272 | €2,500 | -€85,772 | -97.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €85,772 | €0 | -€85,772 | -100% |
| Distributable reserves | 133 | €85,772 | €0 | -€85,772 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €16,173 | €125,729 | +€109,556 | +677% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €16,173 | €125,729 | +€109,556 | +677% |
| Current portion of amounts payable after more than one year | 42 | €10,249 | €0 | -€10,249 | -100% |
| Financial debts | 43 | €5,883 | €9,609 | +€3,725 | +63.3% |
| Credit institutions | 430/8 | €5,883 | €9,609 | +€3,725 | +63.3% |
| Trade debts | 44 | €40 | €2,108 | +€2,067 | +5,115% |
| Suppliers | 440/4 | €40 | €2,108 | +€2,067 | +5,115% |
| Taxes, remuneration and social security | 45 | €0 | €1,998 | +€1,998 | |
| Taxes | 450/3 | €0 | €1,998 | +€1,998 | |
| Other amounts payable | 47/48 | - | €112,015 | +€112,015 | |
| Remuneration, social security and pensions | 62 | - | €634 | +€634 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,106 | €2,179 | -€7,927 | -78.4% |
| Other operating charges | 640/8 | €1,547 | €1,392 | -€155 | -10.0% |
| Gross operating margin | 9900 | €85,097 | €148,098 | +€63,001 | +74.0% |
| Operating profit (loss) | 9901 | €73,444 | €143,894 | +€70,450 | +95.9% |
| Financial income | 75/76B | €2,885 | €835 | -€2,050 | -71.0% |
| Recurring financial income | 75 | €2,885 | €835 | -€2,050 | -71.0% |
| Financial charges | 65/66B | €1,238 | €716 | -€521 | -42.1% |
| Recurring financial charges | 65 | €1,238 | €716 | -€521 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €75,091 | €144,013 | +€68,921 | +91.8% |
| Income taxes | 67/77 | €16,820 | €31,998 | +€15,178 | +90.2% |
| Profit (loss) for the period | 9904 | €58,272 | €112,015 | +€53,743 | +92.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,272 | €112,015 | +€53,743 | +92.2% |
Next steps
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.