NADAO: 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.
NADAO
Largest movements
- Cash +€637,332
up €637,332 (+325.7%), from €195,661 to €832,993
mainly Net result for the year (+€327,681) and Current investments (+€322,566)
- Current investments -€322,566
down €322,566 (-67.2%), from €479,873 to €157,307
- Receivables within one year +€13,247
up €13,247 (+147.1%), from €9,007 to €22,254
of which Trade receivables: +€20,924
- Tangible fixed assets +€11,961
up €11,961 (+61.0%), from €19,619 to €31,580
- Other debts +€175,002
new in 2025: €175,002
- Reserves +€137,800
up €137,800 (+21.3%), from €645,638 to €783,438
- Tax, wage and social debts +€33,678
up €33,678 (+73.8%), from €45,627 to €79,305
- Gross operating margin +€92,881
up €92,881 (+24.6%), from €377,446 to €470,327
- Taxes +€34,141
up €34,141 (+30.2%), from €113,116 to €147,257
- Financial income +€15,780
up €15,780 (+4445.1%), from €355 to €16,135
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 | €705,869 | €1,048,418 | +€342,549 | +48.5% |
| Fixed assets | 21/28 | €19,819 | €31,780 | +€11,961 | +60.4% |
| Tangible fixed assets | 22/27 | €19,619 | €31,580 | +€11,961 | +61.0% |
| Furniture and vehicles | 24 | €19,619 | €31,580 | +€11,961 | +61.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €686,050 | €1,016,638 | +€330,588 | +48.2% |
| Amounts receivable within one year | 40/41 | €9,007 | €22,254 | +€13,247 | +147.1% |
| Trade receivables | 40 | €924 | €21,848 | +€20,924 | +2264.5% |
| Other amounts receivable | 41 | €8,083 | €406 | -€7,677 | -95.0% |
| Current investments | 50/53 | €479,873 | €157,307 | -€322,566 | -67.2% |
| Cash at bank and in hand | 54/58 | €195,661 | €832,993 | +€637,332 | +325.7% |
| Deferred charges and accrued income | 490/1 | €1,509 | €4,084 | +€2,575 | +170.6% |
| Total equity and liabilities | 10/49 | €705,869 | €1,048,418 | +€342,549 | +48.5% |
| Equity | 10/15 | €647,638 | €785,438 | +€137,800 | +21.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €645,638 | €783,438 | +€137,800 | +21.3% |
| Distributable reserves | 133 | €645,638 | €783,438 | +€137,800 | +21.3% |
| Amounts payable | 17/49 | €58,231 | €262,980 | +€204,749 | +351.6% |
| Amounts payable after more than one year | 17 | €5,556 | €430 | -€5,126 | -92.3% |
| Financial debts | 170/4 | €5,556 | €430 | -€5,126 | -92.3% |
| Amounts payable within one year | 42/48 | €52,675 | €262,550 | +€209,875 | +398.4% |
| Current portion of amounts payable after more than one year | 42 | €5,059 | €5,126 | +€67 | +1.3% |
| Trade debts | 44 | €1,989 | €3,117 | +€1,128 | +56.7% |
| Suppliers | 440/4 | €1,989 | €3,117 | +€1,128 | +56.7% |
| Taxes, remuneration and social security | 45 | €45,627 | €79,305 | +€33,678 | +73.8% |
| Taxes | 450/3 | €45,627 | €79,305 | +€33,678 | +73.8% |
| Other amounts payable | 47/48 | - | €175,002 | +€175,002 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,959 | €10,890 | +€1,931 | +21.6% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | €377,446 | €470,327 | +€92,881 | +24.6% |
| Operating profit (loss) | 9901 | €368,100 | €459,037 | +€90,937 | +24.7% |
| Financial income | 75/76B | €355 | €16,135 | +€15,780 | +4445.1% |
| Recurring financial income | 75 | €355 | €16,135 | +€15,780 | +4445.1% |
| Financial charges | 65/66B | €240 | €234 | -€6 | -2.5% |
| Recurring financial charges | 65 | €240 | €234 | -€6 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €368,215 | €474,938 | +€106,723 | +29.0% |
| Income taxes | 67/77 | €113,116 | €147,257 | +€34,141 | +30.2% |
| Profit (loss) for the period | 9904 | €255,099 | €327,681 | +€72,582 | +28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €255,099 | €327,681 | +€72,582 | +28.5% |
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 5 October 2026 via checked.be.