NAA MANAGEMENT: 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.
NAA MANAGEMENT
Largest movements
- Cash -€65,957
down €65,957 (-70.8%), from €93,134 to €27,177
mainly Other debts (-€69,513) and Investment in fixed assets (net) (-€16,675)
- Receivables within one year +€15,168
up €15,168 (+203%), from €7,471 to €22,639
of which Trade receivables: +€18,295
- Other debts -€69,513
down €69,513 (-35.6%), from €195,358 to €125,844
- Reserves +€35,010
up €35,010 (+21.6%), from €161,847 to €196,857
of which Distributable reserves: +€35,010
- Debts after one year -€10,805
no longer reported in 2025 (was €10,805)
- Current portion of long-term debt -€4,367
no longer reported in 2025 (was €4,367)
- Taxes +€9,599
up €9,599 (+170%), from €5,654 to €15,252
- Other operating charges +€7,465
up €7,465 (+167%), from €4,464 to €11,929
- Gross operating margin +€6,738
up €6,738 (+7.3%), from €91,767 to €98,505
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 | €400,681 | €348,604 | -€52,077 | -13.0% |
| Fixed assets | 21/28 | €298,550 | €295,184 | -€3,366 | -1.1% |
| Tangible fixed assets | 22/27 | €297,930 | €294,564 | -€3,366 | -1.1% |
| Land and buildings | 22 | €269,758 | €261,490 | -€8,268 | -3.1% |
| Plant, machinery and equipment | 23 | €2,735 | €1,459 | -€1,276 | -46.7% |
| Furniture and vehicles | 24 | €25,437 | €31,615 | +€6,178 | +24.3% |
| Financial fixed assets | 28 | €620 | €620 | = | 0.0% |
| Current assets | 29/58 | €102,131 | €53,420 | -€48,711 | -47.7% |
| Amounts receivable within one year | 40/41 | €7,471 | €22,639 | +€15,168 | +203% |
| Trade receivables | 40 | - | €18,295 | +€18,295 | |
| Other amounts receivable | 41 | €7,471 | €4,344 | -€3,128 | -41.9% |
| Cash at bank and in hand | 54/58 | €93,134 | €27,177 | -€65,957 | -70.8% |
| Deferred charges and accrued income | 490/1 | €1,526 | €3,603 | +€2,078 | +136% |
| Total equity and liabilities | 10/49 | €400,681 | €348,604 | -€52,077 | -13.0% |
| Equity | 10/15 | €168,047 | €203,057 | +€35,010 | +20.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €161,847 | €196,857 | +€35,010 | +21.6% |
| Non-distributable reserves | 130/1 | €40,839 | €40,839 | = | 0.0% |
| Reserves not available under the articles | 1311 | €40,839 | €40,839 | = | 0.0% |
| Distributable reserves | 133 | €121,008 | €156,018 | +€35,010 | +28.9% |
| Profit (loss) carried forward | 14 | - | €0 | +€0 | |
| Amounts payable | 17/49 | €232,634 | €145,547 | -€87,088 | -37.4% |
| Amounts payable after more than one year | 17 | €10,805 | - | -€10,805 | |
| Financial debts | 170/4 | €10,805 | - | -€10,805 | |
| Amounts payable within one year | 42/48 | €211,800 | €137,262 | -€74,538 | -35.2% |
| Current portion of amounts payable after more than one year | 42 | €4,367 | - | -€4,367 | |
| Trade debts | 44 | €676 | €1,008 | +€332 | +49.1% |
| Suppliers | 440/4 | €676 | €1,008 | +€332 | +49.1% |
| Taxes, remuneration and social security | 45 | €11,399 | €10,410 | -€989 | -8.7% |
| Taxes | 450/3 | €11,399 | €10,410 | -€989 | -8.7% |
| Other amounts payable | 47/48 | €195,358 | €125,844 | -€69,513 | -35.6% |
| Accrued charges and deferred income | 492/3 | €10,030 | €8,285 | -€1,745 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,094 | €20,041 | -€53 | -0.3% |
| Other operating charges | 640/8 | €4,464 | €11,929 | +€7,465 | +167% |
| Gross operating margin | 9900 | €91,767 | €98,505 | +€6,738 | +7.3% |
| Operating profit (loss) | 9901 | €67,208 | €66,534 | -€674 | -1.0% |
| Financial income | 75/76B | €0 | €10 | +€10 | +100,300% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +100,300% |
| Financial charges | 65/66B | €10,615 | €11,182 | +€567 | +5.3% |
| Recurring financial charges | 65 | €10,615 | €11,182 | +€567 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €56,593 | €55,362 | -€1,231 | -2.2% |
| Income taxes | 67/77 | €5,654 | €15,252 | +€9,599 | +170% |
| Profit (loss) for the period | 9904 | €50,939 | €40,110 | -€10,829 | -21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,939 | €40,110 | -€10,829 | -21.3% |
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 21 October 2026 via checked.be.