NAAMDAR: 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.
NAAMDAR
Largest movements
- Cash +€54,736
up €54,736 (+155%), from €35,427 to €90,163
mainly Receivables within one year (+€41,484) and Depreciation (+€19,654)
- Receivables within one year -€41,484
down €41,484 (-24.2%), from €171,658 to €130,174
of which Trade receivables: -€25,888
- Tangible fixed assets -€17,565
down €17,565 (-25.7%), from €68,426 to €50,861
of which Plant, machinery and equipment: -€11,960
- Other debts -€29,070
no longer reported in 2025 (was €29,070)
- Trade debts +€19,033
up €19,033 (+34.1%), from €55,774 to €74,807
- Profit (loss) carried forward +€15,166
up €15,166 (+11.4%), from €133,564 to €148,730
- Current portion of long-term debt -€14,456
no longer reported in 2025 (was €14,456)
- Tax, wage and social debts +€5,014
up €5,014 (+13.3%), from €37,646 to €42,660
of which Taxes: +€6,501
- Gross operating margin -€21,539
down €21,539 (-8.2%), from €263,807 to €242,268
- Staff costs -€19,841
down €19,841 (-9.2%), from €216,159 to €196,319
- Financial charges -€4,220
down €4,220 (-65.8%), from €6,409 to €2,189
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 | €275,510 | €271,197 | -€4,313 | -1.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €68,426 | €50,861 | -€17,565 | -25.7% |
| Tangible fixed assets | 22/27 | €68,426 | €50,861 | -€17,565 | -25.7% |
| Plant, machinery and equipment | 23 | €36,141 | €24,181 | -€11,960 | -33.1% |
| Furniture and vehicles | 24 | €16,314 | €13,762 | -€2,552 | -15.6% |
| Other tangible fixed assets | 26 | €15,970 | €12,918 | -€3,053 | -19.1% |
| Current assets | 29/58 | €207,085 | €220,337 | +€13,252 | +6.4% |
| Amounts receivable within one year | 40/41 | €171,658 | €130,174 | -€41,484 | -24.2% |
| Trade receivables | 40 | €42,339 | €16,452 | -€25,888 | -61.1% |
| Other amounts receivable | 41 | €129,319 | €113,722 | -€15,597 | -12.1% |
| Cash at bank and in hand | 54/58 | €35,427 | €90,163 | +€54,736 | +155% |
| Total equity and liabilities | 10/49 | €275,510 | €271,197 | -€4,313 | -1.6% |
| Equity | 10/15 | €138,564 | €153,730 | +€15,166 | +10.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €133,564 | €148,730 | +€15,166 | +11.4% |
| Amounts payable | 17/49 | €136,946 | €117,467 | -€19,479 | -14.2% |
| Amounts payable within one year | 42/48 | €136,946 | €117,467 | -€19,479 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €14,456 | - | -€14,456 | |
| Trade debts | 44 | €55,774 | €74,807 | +€19,033 | +34.1% |
| Suppliers | 440/4 | €55,774 | €74,807 | +€19,033 | +34.1% |
| Taxes, remuneration and social security | 45 | €37,646 | €42,660 | +€5,014 | +13.3% |
| Taxes | 450/3 | €10,860 | €17,362 | +€6,501 | +59.9% |
| Remuneration and social security | 454/9 | €26,786 | €25,299 | -€1,487 | -5.6% |
| Other amounts payable | 47/48 | €29,070 | - | -€29,070 | |
| Remuneration, social security and pensions | 62 | €216,159 | €196,319 | -€19,841 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,463 | €19,654 | +€191 | +1.0% |
| Other operating charges | 640/8 | €2,541 | €3,347 | +€807 | +31.8% |
| Gross operating margin | 9900 | €263,807 | €242,268 | -€21,539 | -8.2% |
| Operating profit (loss) | 9901 | €25,644 | €22,949 | -€2,695 | -10.5% |
| Financial income | 75/76B | - | €91 | +€91 | |
| Recurring financial income | 75 | - | €91 | +€91 | |
| Financial charges | 65/66B | €6,409 | €2,189 | -€4,220 | -65.8% |
| Recurring financial charges | 65 | €6,409 | €2,189 | -€4,220 | -65.8% |
| Profit (loss) for the period before taxes | 9903 | €19,235 | €20,850 | +€1,615 | +8.4% |
| Income taxes | 67/77 | €5,214 | €5,684 | +€470 | +9.0% |
| Profit (loss) for the period | 9904 | €14,021 | €15,166 | +€1,146 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,021 | €15,166 | +€1,146 | +8.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.