N.A.G.: 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.
What changed
N.A.G.
NACE 55.203, Holiday cottages, homes and apartments
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€155,830
2024 · €132,980+€22,850
Equity
€2.3m
2024 · €2.2m+€155,830
Cash
€73,406
2024 · €40,653+€32,753
Balance sheet total
€3.8m
2024 · €3.9m-€113,449
Largest movements
Assets
- Tangible fixed assets -€194,108
down €194,108 (-5.3%), from €3.7m to €3.5m
Equity and liabilities
- Debts after one year -€285,579
down €285,579 (-29.3%), from €974,782 to €689,203
- Reserves +€155,813
up €155,813 (+7.3%), from €2.1m to €2.3m
of which Distributable reserves: +€163,000
- Tax, wage and social debts +€55,320
up €55,320 (+197%), from €28,087 to €83,407
of which Taxes: +€54,710
Income statement
- Gross operating margin +€40,691
up €40,691 (+6.6%), from €619,281 to €659,972
- Taxes +€11,791
up €11,791 (+24.7%), from €47,788 to €59,579
- Staff costs +€10,241
up €10,241 (+7.0%), from €146,129 to €156,370
- Depreciation -€9,202
down €9,202 (-4.1%), from €222,051 to €212,849
- Financial income -€6,671
down €6,671 (-33.4%), from €19,991 to €13,320
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.
Result 2024
€132,980
Gross operating margin
+€40,691
Staff costs
-€10,241
Depreciation
+€9,202
Provisions
+€9
Other operating charges
-€883
Financial income
-€6,671
Financial charges
+€2,534
Taxes
-€11,791
Result 2025
€155,830
raises the resultlowers the result
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.
From operations
+€337,073
Investment
-€18,741
Financing
-€285,579
Cash 2024
€40,653
From operations (derived)
+€337,073
Net result for the year
+€155,830
Depreciation
+€212,849
Receivables within one year
-€32,517
Deferred charges and accrued income
-€15,389
Provisions
-€4,809
Trade debts
+€14,195
Tax, wage and social debts
+€55,320
Other debts
-€20,264
Accrued charges and deferred income
-€28,142
Investment (derived)
-€18,741
Investment in fixed assets (net)
-€18,741
Financing
-€285,579
Debts after one year
-€285,579
Cash 2025
€73,406
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,900,630 | €3,787,181 | -€113,449 | -2.9% |
| Fixed assets | 21/28 | €3,691,624 | €3,497,516 | -€194,108 | -5.3% |
| Tangible fixed assets | 22/27 | €3,691,475 | €3,497,367 | -€194,108 | -5.3% |
| Land and buildings | 22 | €3,691,475 | €3,497,367 | -€194,108 | -5.3% |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €209,006 | €289,665 | +€80,659 | +38.6% |
| Amounts receivable within one year | 40/41 | €168,053 | €200,570 | +€32,517 | +19.3% |
| Other amounts receivable | 41 | €168,053 | €200,570 | +€32,517 | +19.3% |
| Cash at bank and in hand | 54/58 | €40,653 | €73,406 | +€32,753 | +80.6% |
| Deferred charges and accrued income | 490/1 | €300 | €15,689 | +€15,389 | +5,130% |
| Total equity and liabilities | 10/49 | €3,900,630 | €3,787,181 | -€113,449 | -2.9% |
| Equity | 10/15 | €2,192,354 | €2,348,184 | +€155,830 | +7.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €2,130,338 | €2,286,150 | +€155,813 | +7.3% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €122,188 | €115,000 | -€7,188 | -5.9% |
| Distributable reserves | 133 | €2,002,000 | €2,165,000 | +€163,000 | +8.1% |
| Profit (loss) carried forward | 14 | €516 | €533 | +€17 | +3.3% |
| Provisions and deferred taxes | 16 | €91,077 | €86,267 | -€4,809 | -5.3% |
| Provisions for liabilities and charges | 160/5 | €50,347 | €47,934 | -€2,413 | -4.8% |
| Major repairs and maintenance | 162 | €50,347 | €47,934 | -€2,413 | -4.8% |
| Deferred taxes | 168 | €40,729 | €38,333 | -€2,396 | -5.9% |
| Amounts payable | 17/49 | €1,617,199 | €1,352,729 | -€264,470 | -16.4% |
| Amounts payable after more than one year | 17 | €974,782 | €689,203 | -€285,579 | -29.3% |
| Other amounts payable | 178/9 | €974,782 | €689,203 | -€285,579 | -29.3% |
| Amounts payable within one year | 42/48 | €585,305 | €634,556 | +€49,251 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €285,579 | €285,579 | = | 0.0% |
| Trade debts | 44 | €6,000 | €20,195 | +€14,195 | +237% |
| Suppliers | 440/4 | €6,000 | €20,195 | +€14,195 | +237% |
| Taxes, remuneration and social security | 45 | €28,087 | €83,407 | +€55,320 | +197% |
| Taxes | 450/3 | €9,117 | €63,827 | +€54,710 | +600% |
| Remuneration and social security | 454/9 | €18,969 | €19,580 | +€610 | +3.2% |
| Other amounts payable | 47/48 | €265,640 | €245,376 | -€20,264 | -7.6% |
| Accrued charges and deferred income | 492/3 | €57,112 | €28,971 | -€28,142 | -49.3% |
| Non-recurring operating income | 76A | €2,435 | €1,000 | -€1,435 | -58.9% |
| Remuneration, social security and pensions | 62 | €146,129 | €156,370 | +€10,241 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222,051 | €212,849 | -€9,202 | -4.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,405 | -€2,413 | -€9 | -0.4% |
| Other operating charges | 640/8 | €59,479 | €60,362 | +€883 | +1.5% |
| Gross operating margin | 9900 | €619,281 | €659,972 | +€40,691 | +6.6% |
| Operating profit (loss) | 9901 | €194,026 | €232,805 | +€38,778 | +20.0% |
| Financial income | 75/76B | €19,991 | €13,320 | -€6,671 | -33.4% |
| Recurring financial income | 75 | €19,991 | €13,320 | -€6,671 | -33.4% |
| Financial charges | 65/66B | €35,646 | €33,112 | -€2,534 | -7.1% |
| Recurring financial charges | 65 | €35,646 | €33,112 | -€2,534 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €178,372 | €213,013 | +€34,641 | +19.4% |
| Transfer from deferred taxes | 780 | €2,396 | €2,396 | = | 0.0% |
| Income taxes | 67/77 | €47,788 | €59,579 | +€11,791 | +24.7% |
| Profit (loss) for the period | 9904 | €132,980 | €155,830 | +€22,850 | +17.2% |
| Transfer from tax-exempt reserves | 789 | €7,188 | €7,188 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €140,168 | €163,017 | +€22,850 | +16.3% |
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 18 October 2026 via checked.be.