NAEDOL: 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.
NAEDOL
Largest movements
- Receivables within one year -€18,491
down €18,491 (-16.1%), from €114,777 to €96,286
of which Other amounts receivable: -€11,758
- Other debts +€62,500
up €62,500 (+96.2%), from €65,000 to €127,500
- Profit (loss) carried forward -€59,380
down €59,380 (-59.1%), from €100,499 to €41,120
- Debts after one year -€14,798
down €14,798 (-6.5%), from €226,572 to €211,774
- Trade debts -€5,684
down €5,684 (-51.3%), from €11,073 to €5,390
- Other operating charges -€31,066
down €31,066 (-89.7%), from €34,646 to €3,581
- Gross operating margin +€23,341
up €23,341 (+22.8%), from €102,444 to €125,785
- Taxes +€9,444
up €9,444 (+60.1%), from €15,727 to €25,172
- Depreciation +€6,420
up €6,420 (+101%), from €6,367 to €12,787
- Financial charges +€3,544
up €3,544 (+55.9%), from €6,337 to €9,881
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.
Derived cash bridge
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 | €447,516 | €429,377 | -€18,139 | -4.1% |
| Fixed assets | 21/28 | €303,695 | €302,257 | -€1,438 | -0.5% |
| Tangible fixed assets | 22/27 | €303,695 | €302,257 | -€1,438 | -0.5% |
| Land and buildings | 22 | €284,958 | €281,045 | -€3,913 | -1.4% |
| Furniture and vehicles | 24 | €717 | €5,591 | +€4,874 | +680% |
| Other tangible fixed assets | 26 | €18,020 | €15,620 | -€2,400 | -13.3% |
| Current assets | 29/58 | €143,821 | €127,121 | -€16,700 | -11.6% |
| Amounts receivable within one year | 40/41 | €114,777 | €96,286 | -€18,491 | -16.1% |
| Trade receivables | 40 | €10,344 | €3,611 | -€6,733 | -65.1% |
| Other amounts receivable | 41 | €104,433 | €92,675 | -€11,758 | -11.3% |
| Cash at bank and in hand | 54/58 | €21,998 | €20,944 | -€1,055 | -4.8% |
| Deferred charges and accrued income | 490/1 | €7,046 | €9,892 | +€2,846 | +40.4% |
| Total equity and liabilities | 10/49 | €447,516 | €429,377 | -€18,139 | -4.1% |
| Equity | 10/15 | €102,999 | €43,620 | -€59,380 | -57.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,499 | €41,120 | -€59,380 | -59.1% |
| Amounts payable | 17/49 | €344,517 | €385,758 | +€41,241 | +12.0% |
| Amounts payable after more than one year | 17 | €226,572 | €211,774 | -€14,798 | -6.5% |
| Financial debts | 170/4 | €226,572 | €211,774 | -€14,798 | -6.5% |
| Amounts payable within one year | 42/48 | €116,059 | €173,984 | +€57,925 | +49.9% |
| Current portion of amounts payable after more than one year | 42 | €16,685 | €17,498 | +€813 | +4.9% |
| Financial debts | 43 | €36 | €75 | +€39 | +109% |
| Credit institutions | 430/8 | €36 | €75 | +€39 | +109% |
| Trade debts | 44 | €11,073 | €5,390 | -€5,684 | -51.3% |
| Suppliers | 440/4 | €11,073 | €5,390 | -€5,684 | -51.3% |
| Taxes, remuneration and social security | 45 | €23,265 | €23,521 | +€256 | +1.1% |
| Taxes | 450/3 | €23,265 | €23,521 | +€256 | +1.1% |
| Other amounts payable | 47/48 | €65,000 | €127,500 | +€62,500 | +96.2% |
| Accrued charges and deferred income | 492/3 | €1,886 | - | -€1,886 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,367 | €12,787 | +€6,420 | +101% |
| Other operating charges | 640/8 | €34,646 | €3,581 | -€31,066 | -89.7% |
| Gross operating margin | 9900 | €102,444 | €125,785 | +€23,341 | +22.8% |
| Operating profit (loss) | 9901 | €61,430 | €109,417 | +€47,987 | +78.1% |
| Financial income | 75/76B | €5,731 | €6,256 | +€525 | +9.2% |
| Recurring financial income | 75 | €5,731 | €6,256 | +€525 | +9.2% |
| Financial charges | 65/66B | €6,337 | €9,881 | +€3,544 | +55.9% |
| Recurring financial charges | 65 | €6,337 | €9,881 | +€3,544 | +55.9% |
| Profit (loss) for the period before taxes | 9903 | €60,825 | €105,792 | +€44,967 | +73.9% |
| Income taxes | 67/77 | €15,727 | €25,172 | +€9,444 | +60.1% |
| Profit (loss) for the period | 9904 | €45,097 | €80,620 | +€35,523 | +78.8% |
| Profit (loss) for the period to be appropriated | 9905 | €45,097 | €80,620 | +€35,523 | +78.8% |
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 15 October 2026 via checked.be.