NAAM: 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.
NAAM
Largest movements
- Financial fixed assets +€428,000
new in 2025: €428,000
- Cash +€49,274
up €49,274 (+39.0%), from €126,220 to €175,493
mainly Debts after one year (+€298,674) and Other debts (+€111,776)
- Receivables within one year -€45,006
down €45,006 (-74.1%), from €60,750 to €15,744
of which Trade receivables: -€45,008
- Debts after one year +€298,674
new in 2025: €298,674
- Other debts +€111,776
up €111,776 (+663%), from €16,849 to €128,625
- Current portion of long-term debt +€86,526
new in 2025: €86,526
- Reserves -€55,572
down €55,572 (-22.5%), from €246,564 to €190,991
- Trade debts -€13,588
down €13,588 (-80.3%), from €16,930 to €3,343
- Gross operating margin +€14,814
up €14,814 (+21.2%), from €69,754 to €84,568
- Taxes +€9,363
up €9,363 (+50.8%), from €18,443 to €27,805
- Depreciation -€5,763
down €5,763 (-52.3%), from €11,012 to €5,250
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 | €298,815 | €728,469 | +€429,654 | +144% |
| Fixed assets | 21/28 | €8,187 | €433,593 | +€425,405 | +5,196% |
| Tangible fixed assets | 22/27 | €8,187 | €5,593 | -€2,595 | -31.7% |
| Plant, machinery and equipment | 23 | €2,006 | €1,315 | -€691 | -34.5% |
| Furniture and vehicles | 24 | €6,104 | €4,251 | -€1,853 | -30.4% |
| Other tangible fixed assets | 26 | €78 | €27 | -€51 | -65.2% |
| Financial fixed assets | 28 | - | €428,000 | +€428,000 | |
| Current assets | 29/58 | €290,628 | €294,876 | +€4,249 | +1.5% |
| Amounts receivable within one year | 40/41 | €60,750 | €15,744 | -€45,006 | -74.1% |
| Trade receivables | 40 | €60,738 | €15,730 | -€45,008 | -74.1% |
| Other amounts receivable | 41 | €13 | €14 | +€1 | +10.0% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €126,220 | €175,493 | +€49,274 | +39.0% |
| Deferred charges and accrued income | 490/1 | €3,658 | €3,639 | -€19 | -0.5% |
| Total equity and liabilities | 10/49 | €298,815 | €728,469 | +€429,654 | +144% |
| Equity | 10/15 | €258,964 | €203,391 | -€55,572 | -21.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €246,564 | €190,991 | -€55,572 | -22.5% |
| Distributable reserves | 133 | €246,564 | €190,991 | -€55,572 | -22.5% |
| Amounts payable | 17/49 | €39,851 | €525,077 | +€485,227 | +1,218% |
| Amounts payable after more than one year | 17 | - | €298,674 | +€298,674 | |
| Financial debts | 170/4 | - | €298,674 | +€298,674 | |
| Amounts payable within one year | 42/48 | €38,759 | €225,312 | +€186,553 | +481% |
| Current portion of amounts payable after more than one year | 42 | - | €86,526 | +€86,526 | |
| Trade debts | 44 | €16,930 | €3,343 | -€13,588 | -80.3% |
| Suppliers | 440/4 | €16,930 | €3,343 | -€13,588 | -80.3% |
| Taxes, remuneration and social security | 45 | €4,980 | €6,818 | +€1,839 | +36.9% |
| Taxes | 450/3 | €4,980 | €6,818 | +€1,839 | +36.9% |
| Other amounts payable | 47/48 | €16,849 | €128,625 | +€111,776 | +663% |
| Accrued charges and deferred income | 492/3 | €1,092 | €1,092 | -€0 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,012 | €5,250 | -€5,763 | -52.3% |
| Other operating charges | 640/8 | €167 | €206 | +€39 | +23.2% |
| Gross operating margin | 9900 | €69,754 | €84,568 | +€14,814 | +21.2% |
| Operating profit (loss) | 9901 | €58,574 | €79,112 | +€20,538 | +35.1% |
| Financial income | 75/76B | €3,640 | €3,849 | +€210 | +5.8% |
| Recurring financial income | 75 | €3,640 | €3,849 | +€210 | +5.8% |
| Financial charges | 65/66B | €1,167 | €1,612 | +€445 | +38.2% |
| Recurring financial charges | 65 | €1,167 | €1,612 | +€445 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | €61,047 | €81,350 | +€20,302 | +33.3% |
| Income taxes | 67/77 | €18,443 | €27,805 | +€9,363 | +50.8% |
| Profit (loss) for the period | 9904 | €42,604 | €53,544 | +€10,940 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €42,604 | €53,544 | +€10,940 | +25.7% |
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 13 October 2026 via checked.be.