Naali: what changed
Two fiscal 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.
Naali
Largest movements
- Receivables within one year +€22,310
up €22,310 (+70.6%), from €31,603 to €53,913
of which Trade receivables: +€17,830
- Cash -€18,151
down €18,151 (-32.0%), from €56,762 to €38,611
mainly Current portion of long-term debt (-€27,236) and Receivables within one year (-€22,310)
- Financial fixed assets +€12,904
up €12,904 (+2.9%), from €450,671 to €463,575
- Profit (loss) carried forward +€68,858
up €68,858 (+17.6%), from €392,087 to €460,945
- Current portion of long-term debt -€27,236
down €27,236 (-61.4%), from €44,336 to €17,100
- Debts after one year -€17,100
down €17,100 (-11.6%), from €147,057 to €129,957
- Other debts -€10,503
down €10,503 (-7.8%), from €134,245 to €123,742
- Depreciation -€5,185
down €5,185 (-62.1%), from €8,355 to €3,170
- Gross operating margin -€4,796
down €4,796 (-4.4%), from €109,376 to €104,580
- Financial charges -€4,188
down €4,188 (-22.1%), from €18,958 to €14,770
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.
Cash bridge derived
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 | €774,904 | €791,138 | +€16,234 | +2.1% |
| Fixed assets | 21/28 | €686,491 | €698,518 | +€12,027 | +1.8% |
| Tangible fixed assets | 22/27 | €235,820 | €234,943 | -€877 | -0.4% |
| Land and buildings | 22 | €229,680 | €229,680 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,834 | €1,625 | -€209 | -11.4% |
| Furniture and vehicles | 24 | €4,306 | €3,638 | -€668 | -15.5% |
| Financial fixed assets | 28 | €450,671 | €463,575 | +€12,904 | +2.9% |
| Current assets | 29/58 | €88,413 | €92,620 | +€4,207 | +4.8% |
| Amounts receivable within one year | 40/41 | €31,603 | €53,913 | +€22,310 | +70.6% |
| Trade receivables | 40 | €25,161 | €42,991 | +€17,830 | +70.9% |
| Other amounts receivable | 41 | €6,442 | €10,922 | +€4,480 | +69.5% |
| Cash at bank and in hand | 54/58 | €56,762 | €38,611 | -€18,151 | -32.0% |
| Deferred charges and accrued income | 490/1 | €48 | €97 | +€48 | +99.8% |
| Total equity and liabilities | 10/49 | €774,904 | €791,138 | +€16,234 | +2.1% |
| Equity | 10/15 | €400,395 | €469,253 | +€68,858 | +17.2% |
| Contributions | 10/11 | €6,448 | €6,448 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €392,087 | €460,945 | +€68,858 | +17.6% |
| Amounts payable | 17/49 | €374,509 | €321,885 | -€52,624 | -14.1% |
| Amounts payable after more than one year | 17 | €147,057 | €129,957 | -€17,100 | -11.6% |
| Financial debts | 170/4 | €147,057 | €129,957 | -€17,100 | -11.6% |
| Amounts payable within one year | 42/48 | €227,452 | €191,928 | -€35,524 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €44,336 | €17,100 | -€27,236 | -61.4% |
| Financial debts | 43 | €31 | €404 | +€373 | +1187.3% |
| Credit institutions | 430/8 | €31 | €404 | +€373 | +1187.3% |
| Trade debts | 44 | €1,198 | €1,323 | +€125 | +10.4% |
| Suppliers | 440/4 | €1,198 | €1,323 | +€125 | +10.4% |
| Taxes, remuneration and social security | 45 | €47,642 | €49,359 | +€1,717 | +3.6% |
| Taxes | 450/3 | €7,674 | €9,391 | +€1,717 | +22.4% |
| Remuneration and social security | 454/9 | €39,967 | €39,967 | = | 0.0% |
| Other amounts payable | 47/48 | €134,245 | €123,742 | -€10,503 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,355 | €3,170 | -€5,185 | -62.1% |
| Other operating charges | 640/8 | €343 | €350 | +€7 | +2.1% |
| Gross operating margin | 9900 | €109,376 | €104,580 | -€4,796 | -4.4% |
| Operating profit (loss) | 9901 | €100,678 | €101,060 | +€382 | +0.4% |
| Financial income | 75/76B | €330 | €0 | -€330 | -100.0% |
| Recurring financial income | 75 | €330 | €0 | -€330 | -100.0% |
| Financial charges | 65/66B | €18,958 | €14,770 | -€4,188 | -22.1% |
| Recurring financial charges | 65 | €18,958 | €14,770 | -€4,188 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €82,050 | €86,291 | +€4,241 | +5.2% |
| Income taxes | 67/77 | €16,646 | €17,432 | +€786 | +4.7% |
| Profit (loss) for the period | 9904 | €65,404 | €68,858 | +€3,454 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €65,404 | €68,858 | +€3,454 | +5.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.