Dr. Narongsack: 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.
Dr. Narongsack
Largest movements
- Receivables after one year -€76,000
down €76,000 (-100%), from €76,000 to €0
- Cash +€60,197
up €60,197 (+96.4%), from €62,445 to €122,641
mainly Other debts (+€202,057) and Net result for the year (+€109,690)
- Current investments -€59,678
down €59,678 (-85.9%), from €69,434 to €9,756
- Receivables within one year -€53,953
down €53,953 (-31.3%), from €172,457 to €118,504
of which Other amounts receivable: -€56,092
- Tangible fixed assets -€11,111
down €11,111 (-26.6%), from €41,791 to €30,680
of which Furniture and vehicles: -€10,706
- Reserves -€342,367
down €342,367 (-100%), from €342,367 to €0
- Other debts +€202,057
new in 2025: €202,057
- Current portion of long-term debt +€10,531
up €10,531 (+112%), from €9,433 to €19,964
- Debts after one year -€9,842
down €9,842 (-35.0%), from €28,102 to €18,260
- Gross operating margin -€17,138
down €17,138 (-10.0%), from €170,775 to €153,638
- Taxes -€3,956
down €3,956 (-10.5%), from €37,558 to €33,602
- Financial income -€2,701
down €2,701 (-23.0%), from €11,745 to €9,044
- Other operating charges +€2,017
up €2,017 (+218%), from €927 to €2,944
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 | €424,662 | €283,330 | -€141,331 | -33.3% |
| Fixed assets | 21/28 | €41,791 | €30,680 | -€11,111 | -26.6% |
| Tangible fixed assets | 22/27 | €41,791 | €30,680 | -€11,111 | -26.6% |
| Plant, machinery and equipment | 23 | €2,562 | €2,156 | -€405 | -15.8% |
| Furniture and vehicles | 24 | €39,229 | €28,523 | -€10,706 | -27.3% |
| Current assets | 29/58 | €382,871 | €252,651 | -€130,220 | -34.0% |
| Amounts receivable after more than one year | 29 | €76,000 | €0 | -€76,000 | -100% |
| Other amounts receivable | 291 | €76,000 | €0 | -€76,000 | -100% |
| Amounts receivable within one year | 40/41 | €172,457 | €118,504 | -€53,953 | -31.3% |
| Trade receivables | 40 | - | €2,139 | +€2,139 | |
| Other amounts receivable | 41 | €172,457 | €116,366 | -€56,092 | -32.5% |
| Current investments | 50/53 | €69,434 | €9,756 | -€59,678 | -85.9% |
| Cash at bank and in hand | 54/58 | €62,445 | €122,641 | +€60,197 | +96.4% |
| Deferred charges and accrued income | 490/1 | €2,535 | €1,749 | -€786 | -31.0% |
| Total equity and liabilities | 10/49 | €424,662 | €283,330 | -€141,331 | -33.3% |
| Equity | 10/15 | €345,367 | €3,000 | -€342,367 | -99.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €342,367 | €0 | -€342,367 | -100% |
| Distributable reserves | 133 | €342,367 | €0 | -€342,367 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €79,295 | €280,330 | +€201,036 | +254% |
| Amounts payable after more than one year | 17 | €28,102 | €18,260 | -€9,842 | -35.0% |
| Financial debts | 170/4 | €28,102 | €18,260 | -€9,842 | -35.0% |
| Amounts payable within one year | 42/48 | €51,193 | €262,070 | +€210,878 | +412% |
| Current portion of amounts payable after more than one year | 42 | €9,433 | €19,964 | +€10,531 | +112% |
| Trade debts | 44 | €3,506 | €1,820 | -€1,686 | -48.1% |
| Suppliers | 440/4 | €3,506 | €1,820 | -€1,686 | -48.1% |
| Taxes, remuneration and social security | 45 | €38,253 | €38,229 | -€24 | -0.1% |
| Taxes | 450/3 | €38,253 | €38,229 | -€24 | -0.1% |
| Other amounts payable | 47/48 | - | €202,057 | +€202,057 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,443 | €12,268 | -€1,175 | -8.7% |
| Other operating charges | 640/8 | €927 | €2,944 | +€2,017 | +218% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €170,775 | €153,638 | -€17,138 | -10.0% |
| Operating profit (loss) | 9901 | €156,405 | €138,426 | -€17,979 | -11.5% |
| Financial income | 75/76B | €11,745 | €9,044 | -€2,701 | -23.0% |
| Recurring financial income | 75 | €11,745 | €9,044 | -€2,701 | -23.0% |
| Financial charges | 65/66B | €2,998 | €4,178 | +€1,180 | +39.4% |
| Recurring financial charges | 65 | €2,998 | €4,178 | +€1,180 | +39.4% |
| Profit (loss) for the period before taxes | 9903 | €165,151 | €143,292 | -€21,859 | -13.2% |
| Income taxes | 67/77 | €37,558 | €33,602 | -€3,956 | -10.5% |
| Profit (loss) for the period | 9904 | €127,594 | €109,690 | -€17,904 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €127,594 | €109,690 | -€17,904 | -14.0% |
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 23 October 2026 via checked.be.