NAÄRA: 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.
NAÄRA
Largest movements
- Tangible fixed assets +€971,932
up €971,932 (+316.7%), from €306,873 to €1.3m
of which Land and buildings: +€974,656
- Cash -€95,814
down €95,814 (-90.0%), from €106,471 to €10,657
mainly Investment in fixed assets (net) (-€992,382) and Debts after one year (-€91,500)
- Receivables within one year -€49,564
down €49,564 (-44.9%), from €110,468 to €60,904
of which Trade receivables: -€61,819
- Other debts +€931,761
up €931,761 (+1018.2%), from €91,510 to €1.0m
- Debts after one year -€91,500
down €91,500 (-40.8%), from €224,500 to €133,000
- Profit (loss) carried forward +€83,297
no longer reported in 2025 (was -€83,297)
- Tax, wage and social debts -€79,906
down €79,906 (-93.9%), from €85,135 to €5,229
- Accrued charges and deferred income -€28,946
down €28,946 (-56.6%), from €51,107 to €22,161
- Financial income -€16,696
down €16,696 (-96.0%), from €17,398 to €702
- Taxes +€13,514
up €13,514 (+131.4%), from €10,282 to €23,797
- Gross operating margin -€8,499
down €8,499 (-4.4%), from €192,111 to €183,611
- Write-downs -€7,584
no longer reported in 2025 (was €7,584)
- Depreciation +€6,209
up €6,209 (+43.6%), from €14,242 to €20,451
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 | €525,088 | €1,353,022 | +€827,933 | +157.7% |
| Fixed assets | 21/28 | €306,873 | €1,278,805 | +€971,932 | +316.7% |
| Tangible fixed assets | 22/27 | €306,873 | €1,278,805 | +€971,932 | +316.7% |
| Land and buildings | 22 | €284,887 | €1,259,543 | +€974,656 | +342.1% |
| Plant, machinery and equipment | 23 | €18,108 | €17,910 | -€197 | -1.1% |
| Furniture and vehicles | 24 | €3,879 | €1,352 | -€2,527 | -65.2% |
| Current assets | 29/58 | €218,215 | €74,217 | -€143,999 | -66.0% |
| Stocks and contracts in progress | 3 | €947 | €2,323 | +€1,376 | +145.4% |
| Stocks | 30/36 | €947 | €2,323 | +€1,376 | +145.4% |
| Amounts receivable within one year | 40/41 | €110,468 | €60,904 | -€49,564 | -44.9% |
| Trade receivables | 40 | €101,103 | €39,283 | -€61,819 | -61.1% |
| Other amounts receivable | 41 | €9,365 | €21,621 | +€12,255 | +130.9% |
| Cash at bank and in hand | 54/58 | €106,471 | €10,657 | -€95,814 | -90.0% |
| Deferred charges and accrued income | 490/1 | €330 | €333 | +€3 | +0.9% |
| Total equity and liabilities | 10/49 | €525,088 | €1,353,022 | +€827,933 | +157.7% |
| Equity | 10/15 | €71,019 | €168,088 | +€97,068 | +136.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €134,316 | €148,088 | +€13,771 | +10.3% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €115,566 | €129,338 | +€13,771 | +11.9% |
| Profit (loss) carried forward | 14 | -€83,297 | - | +€83,297 | |
| Amounts payable | 17/49 | €454,069 | €1,184,934 | +€730,865 | +161.0% |
| Amounts payable after more than one year | 17 | €224,500 | €133,000 | -€91,500 | -40.8% |
| Financial debts | 170/4 | €224,500 | €133,000 | -€91,500 | -40.8% |
| Amounts payable within one year | 42/48 | €178,463 | €1,029,773 | +€851,310 | +477.0% |
| Trade debts | 44 | €1,818 | €1,273 | -€545 | -30.0% |
| Suppliers | 440/4 | €1,818 | €1,273 | -€545 | -30.0% |
| Taxes, remuneration and social security | 45 | €85,135 | €5,229 | -€79,906 | -93.9% |
| Taxes | 450/3 | €85,135 | €5,229 | -€79,906 | -93.9% |
| Other amounts payable | 47/48 | €91,510 | €1,023,271 | +€931,761 | +1018.2% |
| Accrued charges and deferred income | 492/3 | €51,107 | €22,161 | -€28,946 | -56.6% |
| Remuneration, social security and pensions | 62 | €27,648 | €28,439 | +€791 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,242 | €20,451 | +€6,209 | +43.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,584 | - | -€7,584 | |
| Other operating charges | 640/8 | €6,300 | €2,248 | -€4,052 | -64.3% |
| Gross operating margin | 9900 | €192,111 | €183,611 | -€8,499 | -4.4% |
| Operating profit (loss) | 9901 | €136,337 | €132,473 | -€3,863 | -2.8% |
| Financial income | 75/76B | €17,398 | €702 | -€16,696 | -96.0% |
| Recurring financial income | 75 | €17,398 | €702 | -€16,696 | -96.0% |
| Financial charges | 65/66B | €18,468 | €12,311 | -€6,158 | -33.3% |
| Recurring financial charges | 65 | €18,468 | €12,311 | -€6,158 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €135,267 | €120,865 | -€14,402 | -10.6% |
| Income taxes | 67/77 | €10,282 | €23,797 | +€13,514 | +131.4% |
| Profit (loss) for the period | 9904 | €124,984 | €97,068 | -€27,916 | -22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €124,984 | €97,068 | -€27,916 | -22.3% |
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 4 October 2026 via checked.be.