Naecon: 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.
Naecon
Largest movements
- Cash -€84,386
down €84,386 (-28.8%), from €292,926 to €208,540
mainly Debts after one year (-€97,879) and Short-term financial debts (-€50,000)
- Tangible fixed assets -€63,373
down €63,373 (-9.8%), from €646,167 to €582,795
of which Furniture and vehicles: -€36,885
- Debts after one year -€97,879
down €97,879 (-12.8%), from €766,798 to €668,919
of which Financial debts: -€97,879
- Reserves +€50,002
up €50,002 (+9.8%), from €509,301 to €559,303
of which Distributable reserves: +€59,608
- Short-term financial debts -€50,000
down €50,000 (-50.0%), from €100,000 to €50,000
- Tax, wage and social debts -€27,550
down €27,550 (-65.3%), from €42,175 to €14,625
of which Taxes: -€15,528
- Trade debts -€17,866
down €17,866 (-28.8%), from €61,940 to €44,075
- Financial charges -€23,470
down €23,470 (-59.9%), from €39,195 to €15,725
- Financial income -€17,649
down €17,649 (-99.4%), from €17,750 to €101
- Staff costs +€13,249
up €13,249 (+8.8%), from €150,437 to €163,686
- Gross operating margin +€10,582
up €10,582 (+3.1%), from €336,686 to €347,268
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 | €1,712,524 | €1,563,351 | -€149,172 | -8.7% |
| Fixed assets | 21/28 | €1,221,417 | €1,158,045 | -€63,373 | -5.2% |
| Tangible fixed assets | 22/27 | €646,167 | €582,795 | -€63,373 | -9.8% |
| Land and buildings | 22 | €496,609 | €473,590 | -€23,019 | -4.6% |
| Plant, machinery and equipment | 23 | €67,396 | €63,927 | -€3,469 | -5.1% |
| Furniture and vehicles | 24 | €82,162 | €45,277 | -€36,885 | -44.9% |
| Financial fixed assets | 28 | €575,250 | €575,250 | = | 0.0% |
| Current assets | 29/58 | €491,106 | €405,307 | -€85,799 | -17.5% |
| Stocks and contracts in progress | 3 | €52,233 | €55,570 | +€3,337 | +6.4% |
| Stocks | 30/36 | €52,233 | €55,570 | +€3,337 | +6.4% |
| Amounts receivable within one year | 40/41 | €135,094 | €139,053 | +€3,959 | +2.9% |
| Trade receivables | 40 | €88,120 | €66,429 | -€21,691 | -24.6% |
| Other amounts receivable | 41 | €46,974 | €72,624 | +€25,650 | +54.6% |
| Cash at bank and in hand | 54/58 | €292,926 | €208,540 | -€84,386 | -28.8% |
| Deferred charges and accrued income | 490/1 | €10,852 | €2,143 | -€8,709 | -80.3% |
| Total equity and liabilities | 10/49 | €1,712,524 | €1,563,351 | -€149,172 | -8.7% |
| Equity | 10/15 | €599,301 | €649,303 | +€50,002 | +8.3% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €509,301 | €559,303 | +€50,002 | +9.8% |
| Tax-exempt reserves | 132 | €115,569 | €105,964 | -€9,605 | -8.3% |
| Distributable reserves | 133 | €393,732 | €453,340 | +€59,608 | +15.1% |
| Provisions and deferred taxes | 16 | €40,742 | €38,340 | -€2,401 | -5.9% |
| Deferred taxes | 168 | €40,742 | €38,340 | -€2,401 | -5.9% |
| Amounts payable | 17/49 | €1,072,481 | €875,708 | -€196,773 | -18.3% |
| Amounts payable after more than one year | 17 | €766,798 | €668,919 | -€97,879 | -12.8% |
| Financial debts | 170/4 | €461,408 | €363,530 | -€97,879 | -21.2% |
| Other amounts payable | 178/9 | €305,390 | €305,390 | = | 0.0% |
| Amounts payable within one year | 42/48 | €305,683 | €206,788 | -€98,894 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | €96,698 | €97,879 | +€1,181 | +1.2% |
| Financial debts | 43 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Credit institutions | 430/8 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Trade debts | 44 | €61,940 | €44,075 | -€17,866 | -28.8% |
| Suppliers | 440/4 | €61,940 | €44,075 | -€17,866 | -28.8% |
| Taxes, remuneration and social security | 45 | €42,175 | €14,625 | -€27,550 | -65.3% |
| Taxes | 450/3 | €30,153 | €14,625 | -€15,528 | -51.5% |
| Remuneration and social security | 454/9 | €12,022 | €0 | -€12,022 | -100.0% |
| Other amounts payable | 47/48 | €4,869 | €210 | -€4,659 | -95.7% |
| Remuneration, social security and pensions | 62 | €150,437 | €163,686 | +€13,249 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,092 | €84,332 | -€760 | -0.9% |
| Other operating charges | 640/8 | €11,986 | €11,956 | -€30 | -0.3% |
| Gross operating margin | 9900 | €336,686 | €347,268 | +€10,582 | +3.1% |
| Operating profit (loss) | 9901 | €89,171 | €87,294 | -€1,877 | -2.1% |
| Financial income | 75/76B | €17,750 | €101 | -€17,649 | -99.4% |
| Recurring financial income | 75 | €17,750 | €101 | -€17,649 | -99.4% |
| Financial charges | 65/66B | €39,195 | €15,725 | -€23,470 | -59.9% |
| Recurring financial charges | 65 | €39,195 | €15,725 | -€23,470 | -59.9% |
| Profit (loss) for the period before taxes | 9903 | €67,726 | €71,670 | +€3,944 | +5.8% |
| Transfer from deferred taxes | 780 | €2,401 | €2,401 | = | 0.0% |
| Income taxes | 67/77 | €22,678 | €24,069 | +€1,391 | +6.1% |
| Profit (loss) for the period | 9904 | €47,449 | €50,002 | +€2,553 | +5.4% |
| Transfer from tax-exempt reserves | 789 | €9,605 | €9,605 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,055 | €59,608 | +€2,553 | +4.5% |
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 7 October 2026 via checked.be.