NACA: 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.
NACA
Largest movements
- Current investments -€245,059
down €245,059 (-15.9%), from €1.5m to €1.3m
- Tangible fixed assets -€102,763
down €102,763 (-1.2%), from €8.4m to €8.3m
of which Land and buildings: -€82,051
- Profit (loss) carried forward -€188,745
down €188,745 (-84.8%), from €222,707 to €33,962
- Reserves -€100,000
down €100,000 (-1.0%), from €9.7m to €9.6m
of which Distributable reserves: -€100,000
- Financial income -€938,571
down €938,571 (-94.7%), from €991,176 to €52,605
- Gross operating margin +€75,999
up €75,999 (+223.9%), from €33,941 to €109,940
- Depreciation -€65,145
down €65,145 (-16.6%), from €392,357 to €327,212
- Taxes -€55,776
down €55,776 (-99.2%), from €56,200 to €424
- Other operating charges +€4,391
up €4,391 (+23.2%), from €18,940 to €23,331
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 | €9,998,130 | €9,665,261 | -€332,869 | -3.3% |
| Fixed assets | 21/28 | €8,400,051 | €8,297,289 | -€102,763 | -1.2% |
| Tangible fixed assets | 22/27 | €8,400,051 | €8,297,289 | -€102,763 | -1.2% |
| Land and buildings | 22 | €8,304,309 | €8,222,258 | -€82,051 | -1.0% |
| Plant, machinery and equipment | 23 | - | €2,405 | +€2,405 | |
| Furniture and vehicles | 24 | €80,492 | €57,376 | -€23,117 | -28.7% |
| Assets under construction and advance payments | 27 | €15,250 | €15,250 | = | 0.0% |
| Current assets | 29/58 | €1,598,079 | €1,367,973 | -€230,106 | -14.4% |
| Amounts receivable within one year | 40/41 | €9,602 | €26,277 | +€16,675 | +173.7% |
| Trade receivables | 40 | €4,472 | €4,239 | -€232 | -5.2% |
| Other amounts receivable | 41 | €5,131 | €22,038 | +€16,907 | +329.5% |
| Current investments | 50/53 | €1,541,804 | €1,296,745 | -€245,059 | -15.9% |
| Cash at bank and in hand | 54/58 | €46,672 | €44,951 | -€1,721 | -3.7% |
| Total equity and liabilities | 10/49 | €9,998,130 | €9,665,261 | -€332,869 | -3.3% |
| Equity | 10/15 | €9,939,627 | €9,650,882 | -€288,745 | -2.9% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Outside capital | 11 | €62,500 | €62,500 | = | 0.0% |
| Other | 1109/19 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €9,654,421 | €9,554,421 | -€100,000 | -1.0% |
| Non-distributable reserves | 130/1 | €124,321 | €124,321 | = | 0.0% |
| Legal reserve | 130 | €124,321 | €124,321 | = | 0.0% |
| Distributable reserves | 133 | €9,530,099 | €9,430,099 | -€100,000 | -1.0% |
| Profit (loss) carried forward | 14 | €222,707 | €33,962 | -€188,745 | -84.8% |
| Amounts payable | 17/49 | €58,503 | €14,379 | -€44,124 | -75.4% |
| Amounts payable after more than one year | 17 | €1,996 | €1,996 | = | 0.0% |
| Other amounts payable | 178/9 | €1,996 | €1,996 | = | 0.0% |
| Amounts payable within one year | 42/48 | €56,507 | €12,383 | -€44,124 | -78.1% |
| Trade debts | 44 | €14,473 | €12,383 | -€2,090 | -14.4% |
| Suppliers | 440/4 | €14,473 | €12,383 | -€2,090 | -14.4% |
| Taxes, remuneration and social security | 45 | €42,034 | - | -€42,034 | |
| Taxes | 450/3 | €42,034 | - | -€42,034 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €392,357 | €327,212 | -€65,145 | -16.6% |
| Other operating charges | 640/8 | €18,940 | €23,331 | +€4,391 | +23.2% |
| Gross operating margin | 9900 | €33,941 | €109,940 | +€75,999 | +223.9% |
| Operating profit (loss) | 9901 | -€377,356 | -€240,604 | +€136,753 | +36.2% |
| Financial income | 75/76B | €991,176 | €52,605 | -€938,571 | -94.7% |
| Recurring financial income | 75 | €991,176 | €52,605 | -€938,571 | -94.7% |
| Financial charges | 65/66B | €97 | €322 | +€225 | +231.4% |
| Recurring financial charges | 65 | €97 | €322 | +€225 | +231.4% |
| Profit (loss) for the period before taxes | 9903 | €613,723 | -€188,321 | -€802,044 | |
| Income taxes | 67/77 | €56,200 | €424 | -€55,776 | -99.2% |
| Profit (loss) for the period | 9904 | €557,523 | -€188,745 | -€746,268 | |
| Profit (loss) for the period to be appropriated | 9905 | €557,523 | -€188,745 | -€746,268 |
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 6 October 2026 via checked.be.