NAANAD: 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.
NAANAD
Largest movements
- Receivables within one year +€24,209
up €24,209 (+14295.1%), from €169 to €24,378
of which Other amounts receivable: +€22,450
- Cash +€21,307
up €21,307 (+20.3%), from €104,807 to €126,114
mainly Other debts (+€79,901) and Net result for the year (+€62,342)
- Stocks and contracts -€5,572
down €5,572 (-30.0%), from €18,544 to €12,972
- Tangible fixed assets +€3,050
up €3,050 (+94.9%), from €3,214 to €6,265
of which Furniture and vehicles: +€3,450
- Intangible fixed assets -€2,200
down €2,200 (-48.3%), from €4,557 to €2,357
- Other debts +€79,901
up €79,901 (+80585.8%), from €99 to €80,000
- Profit (loss) carried forward -€31,775
down €31,775 (-37.5%), from €84,743 to €52,967
- Current portion of long-term debt -€3,441
no longer reported in 2025 (was €3,441)
- Trade debts -€2,639
down €2,639 (-68.7%), from €3,842 to €1,203
- Gross operating margin +€17,141
up €17,141 (+20.7%), from €82,880 to €100,021
- Staff costs +€9,558
new in 2025: €9,558
- Other operating charges +€2,924
up €2,924 (+152.8%), from €1,914 to €4,838
- Depreciation +€1,871
up €1,871 (+49.5%), from €3,778 to €5,650
- Taxes +€1,401
up €1,401 (+8.7%), from €16,048 to €17,448
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 | €131,291 | €172,085 | +€40,794 | +31.1% |
| Fixed assets | 21/28 | €7,771 | €8,621 | +€850 | +10.9% |
| Intangible fixed assets | 21 | €4,557 | €2,357 | -€2,200 | -48.3% |
| Tangible fixed assets | 22/27 | €3,214 | €6,265 | +€3,050 | +94.9% |
| Plant, machinery and equipment | 23 | €1,244 | €844 | -€400 | -32.2% |
| Furniture and vehicles | 24 | €1,970 | €5,421 | +€3,450 | +175.1% |
| Current assets | 29/58 | €123,520 | €163,464 | +€39,943 | +32.3% |
| Stocks and contracts in progress | 3 | €18,544 | €12,972 | -€5,572 | -30.0% |
| Stocks | 30/36 | €18,544 | €12,972 | -€5,572 | -30.0% |
| Amounts receivable within one year | 40/41 | €169 | €24,378 | +€24,209 | +14295.1% |
| Trade receivables | 40 | - | €1,759 | +€1,759 | |
| Other amounts receivable | 41 | €169 | €22,619 | +€22,450 | +13256.4% |
| Cash at bank and in hand | 54/58 | €104,807 | €126,114 | +€21,307 | +20.3% |
| Total equity and liabilities | 10/49 | €131,291 | €172,085 | +€40,794 | +31.1% |
| Equity | 10/15 | €99,743 | €67,967 | -€31,775 | -31.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,743 | €52,967 | -€31,775 | -37.5% |
| Amounts payable | 17/49 | €31,549 | €104,118 | +€72,569 | +230.0% |
| Amounts payable within one year | 42/48 | €31,549 | €104,118 | +€72,569 | +230.0% |
| Current portion of amounts payable after more than one year | 42 | €3,441 | - | -€3,441 | |
| Trade debts | 44 | €3,842 | €1,203 | -€2,639 | -68.7% |
| Suppliers | 440/4 | €3,842 | €1,203 | -€2,639 | -68.7% |
| Taxes, remuneration and social security | 45 | €24,167 | €22,915 | -€1,252 | -5.2% |
| Taxes | 450/3 | €20,167 | €19,571 | -€596 | -3.0% |
| Remuneration and social security | 454/9 | €4,000 | €3,344 | -€656 | -16.4% |
| Other amounts payable | 47/48 | €99 | €80,000 | +€79,901 | +80585.8% |
| Remuneration, social security and pensions | 62 | - | €9,558 | +€9,558 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,778 | €5,650 | +€1,871 | +49.5% |
| Other operating charges | 640/8 | €1,914 | €4,838 | +€2,924 | +152.8% |
| Gross operating margin | 9900 | €82,880 | €100,021 | +€17,141 | +20.7% |
| Operating profit (loss) | 9901 | €77,189 | €79,976 | +€2,787 | +3.6% |
| Financial charges | 65/66B | €515 | €185 | -€331 | -64.1% |
| Recurring financial charges | 65 | €515 | €185 | -€331 | -64.1% |
| Profit (loss) for the period before taxes | 9903 | €76,673 | €79,791 | +€3,118 | +4.1% |
| Income taxes | 67/77 | €16,048 | €17,448 | +€1,401 | +8.7% |
| Profit (loss) for the period | 9904 | €60,625 | €62,342 | +€1,717 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €60,625 | €62,342 | +€1,717 | +2.8% |
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 12 October 2026 via checked.be.