HOLDING NAOS: 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.
HOLDING NAOS
Largest movements
- Receivables within one year -€36,043
down €36,043 (-92.8%), from €38,824 to €2,780
of which Trade receivables: -€36,379
- Cash +€12,894
up €12,894 (+115%), from €11,211 to €24,105
mainly Net result for the year (+€36,731) and Receivables within one year (+€36,043)
- Debts after one year -€52,582
down €52,582 (-12.6%), from €415,820 to €363,238
of which Financial debts: -€52,582
- Profit (loss) carried forward +€36,731
up €36,731 (+38.1%), from €96,448 to €133,179
- Tax, wage and social debts -€15,132
down €15,132 (-55.7%), from €27,180 to €12,048
of which Taxes: -€14,811
- Gross operating margin +€57,344
up €57,344, from -€35,593 to €21,752
- Financial income +€8,000
up €8,000 (+36.4%), from €22,000 to €30,000
- Financial charges +€3,374
up €3,374 (+32.0%), from €10,539 to €13,913
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 | €626,615 | €603,131 | -€23,483 | -3.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €576,246 | €576,246 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €576,246 | €576,246 | = | 0.0% |
| Current assets | 29/58 | €50,369 | €26,885 | -€23,483 | -46.6% |
| Amounts receivable within one year | 40/41 | €38,824 | €2,780 | -€36,043 | -92.8% |
| Trade receivables | 40 | €38,779 | €2,400 | -€36,379 | -93.8% |
| Other amounts receivable | 41 | €44 | €380 | +€336 | +760% |
| Cash at bank and in hand | 54/58 | €11,211 | €24,105 | +€12,894 | +115% |
| Deferred charges and accrued income | 490/1 | €334 | €0 | -€334 | -100% |
| Total equity and liabilities | 10/49 | €626,615 | €603,131 | -€23,483 | -3.7% |
| Equity | 10/15 | €124,448 | €161,179 | +€36,731 | +29.5% |
| Contributions | 10/11 | €28,000 | €28,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €96,448 | €133,179 | +€36,731 | +38.1% |
| Amounts payable | 17/49 | €502,167 | €441,953 | -€60,214 | -12.0% |
| Amounts payable after more than one year | 17 | €415,820 | €363,238 | -€52,582 | -12.6% |
| Financial debts | 170/4 | €383,820 | €331,238 | -€52,582 | -13.7% |
| Other amounts payable | 178/9 | €32,000 | €32,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €78,785 | €65,043 | -€13,742 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €50,827 | €52,582 | +€1,755 | +3.5% |
| Trade debts | 44 | €668 | €304 | -€364 | -54.5% |
| Suppliers | 440/4 | €668 | €304 | -€364 | -54.5% |
| Taxes, remuneration and social security | 45 | €27,180 | €12,048 | -€15,132 | -55.7% |
| Taxes | 450/3 | €26,859 | €12,048 | -€14,811 | -55.1% |
| Remuneration and social security | 454/9 | €321 | €0 | -€321 | -100% |
| Other amounts payable | 47/48 | €109 | €109 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,563 | €13,672 | +€6,109 | +80.8% |
| Turnover | 70 | €0 | - | = | |
| Non-recurring operating income | 76A | €28 | - | -€28 | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204 | - | -€204 | |
| Other operating charges | 640/8 | €869 | €1,108 | +€239 | +27.5% |
| Gross operating margin | 9900 | -€35,593 | €21,752 | +€57,344 | |
| Operating profit (loss) | 9901 | -€36,665 | €20,644 | +€57,309 | |
| Financial income | 75/76B | €22,000 | €30,000 | +€8,000 | +36.4% |
| Recurring financial income | 75 | €22,000 | €30,000 | +€8,000 | +36.4% |
| Financial charges | 65/66B | €10,539 | €13,913 | +€3,374 | +32.0% |
| Recurring financial charges | 65 | €10,539 | €13,913 | +€3,374 | +32.0% |
| Profit (loss) for the period before taxes | 9903 | -€25,204 | €36,731 | +€61,935 | |
| Profit (loss) for the period | 9904 | -€25,204 | €36,731 | +€61,935 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,204 | €36,731 | +€61,935 |
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 27 October 2026 via checked.be.