NAAFETS: 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.
NAAFETS
Largest movements
- Tangible fixed assets +€438,176
up €438,176 (+1,290%), from €33,978 to €472,154
of which Land and buildings: +€446,209
- Cash +€188,113
up €188,113 (+242%), from €77,714 to €265,827
mainly Debts after one year (+€248,553) and Net result for the year (+€232,594)
- Deferred charges and accrued income +€8,115
up €8,115 (+244%), from €3,320 to €11,435
- Debts after one year +€248,553
new in 2025: €248,553
- Reserves +€232,594
up €232,594 (+239%), from €97,475 to €330,069
- Other debts +€69,049
new in 2025: €69,049
- Tax, wage and social debts +€50,994
up €50,994 (+19,922%), from €256 to €51,250
- Trade debts +€25,566
up €25,566 (+2,290%), from €1,117 to €26,683
- Gross operating margin +€293,754
up €293,754 (+348%), from €84,349 to €378,103
- Taxes +€83,944
up €83,944 (+362%), from €23,161 to €107,105
- Depreciation +€24,997
up €24,997 (+661%), from €3,781 to €28,777
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 | €156,165 | €794,945 | +€638,780 | +409% |
| Fixed assets | 21/28 | €33,978 | €472,154 | +€438,176 | +1,290% |
| Tangible fixed assets | 22/27 | €33,978 | €472,154 | +€438,176 | +1,290% |
| Land and buildings | 22 | - | €446,209 | +€446,209 | |
| Furniture and vehicles | 24 | €33,978 | €25,944 | -€8,033 | -23.6% |
| Current assets | 29/58 | €122,187 | €322,791 | +€200,604 | +164% |
| Amounts receivable within one year | 40/41 | €41,153 | €45,530 | +€4,377 | +10.6% |
| Trade receivables | 40 | €18,495 | €0 | -€18,495 | -100% |
| Other amounts receivable | 41 | €22,658 | €45,530 | +€22,872 | +101% |
| Cash at bank and in hand | 54/58 | €77,714 | €265,827 | +€188,113 | +242% |
| Deferred charges and accrued income | 490/1 | €3,320 | €11,435 | +€8,115 | +244% |
| Total equity and liabilities | 10/49 | €156,165 | €794,945 | +€638,780 | +409% |
| Equity | 10/15 | €154,792 | €387,387 | +€232,594 | +150% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €97,475 | €330,069 | +€232,594 | +239% |
| Distributable reserves | 133 | €97,475 | €330,069 | +€232,594 | +239% |
| Profit (loss) carried forward | 14 | €32,317 | €32,317 | = | 0.0% |
| Amounts payable | 17/49 | €1,372 | €407,558 | +€406,186 | +29,595% |
| Amounts payable after more than one year | 17 | - | €248,553 | +€248,553 | |
| Financial debts | 170/4 | - | €248,553 | +€248,553 | |
| Amounts payable within one year | 42/48 | €1,372 | €158,905 | +€157,533 | +11,478% |
| Current portion of amounts payable after more than one year | 42 | - | €11,924 | +€11,924 | |
| Trade debts | 44 | €1,117 | €26,683 | +€25,566 | +2,290% |
| Suppliers | 440/4 | €1,117 | €26,683 | +€25,566 | +2,290% |
| Taxes, remuneration and social security | 45 | €256 | €51,250 | +€50,994 | +19,922% |
| Taxes | 450/3 | €256 | €51,250 | +€50,994 | +19,922% |
| Other amounts payable | 47/48 | - | €69,049 | +€69,049 | |
| Accrued charges and deferred income | 492/3 | - | €100 | +€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,781 | €28,777 | +€24,997 | +661% |
| Other operating charges | 640/8 | €959 | €3,859 | +€2,900 | +303% |
| Non-recurring operating charges | 66A | - | €505 | +€505 | |
| Gross operating margin | 9900 | €84,349 | €378,103 | +€293,754 | +348% |
| Operating profit (loss) | 9901 | €79,610 | €344,962 | +€265,352 | +333% |
| Financial income | 75/76B | €1,086 | €57 | -€1,028 | -94.7% |
| Recurring financial income | 75 | €1,086 | €57 | -€1,028 | -94.7% |
| Financial charges | 65/66B | €6,057 | €5,319 | -€738 | -12.2% |
| Recurring financial charges | 65 | €6,057 | €5,319 | -€738 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €74,638 | €339,700 | +€265,062 | +355% |
| Income taxes | 67/77 | €23,161 | €107,105 | +€83,944 | +362% |
| Profit (loss) for the period | 9904 | €51,477 | €232,594 | +€181,117 | +352% |
| Profit (loss) for the period to be appropriated | 9905 | €51,477 | €232,594 | +€181,117 | +352% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.