Naegels: 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.
Naegels
Largest movements
- Tangible fixed assets +€178,478
up €178,478 (+146%), from €122,235 to €300,713
of which Furniture and vehicles: +€182,226
- Current investments -€22,777
down €22,777 (-6.7%), from €340,555 to €317,777
- Debts after one year +€95,540
up €95,540 (+188%), from €50,780 to €146,319
- Other debts -€70,860
down €70,860 (-99.4%), from €71,281 to €421
- Reserves +€64,044
up €64,044 (+17.3%), from €370,253 to €434,297
- Current portion of long-term debt +€37,621
up €37,621 (+96.0%), from €39,200 to €76,821
- Tax, wage and social debts +€11,229
up €11,229 (+117%), from €9,605 to €20,835
of which Taxes: +€11,106
- Depreciation +€26,212
up €26,212 (+98.3%), from €26,665 to €52,877
- Gross operating margin -€23,704
down €23,704 (-9.1%), from €260,870 to €237,166
- Taxes -€7,462
down €7,462 (-15.0%), from €49,718 to €42,256
- Financial charges +€5,113
up €5,113 (+247%), from €2,072 to €7,185
- Financial income +€4,779
up €4,779 (+2,372%), from €201 to €4,980
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 | €566,289 | €713,356 | +€147,067 | +26.0% |
| Fixed assets | 21/28 | €122,835 | €301,013 | +€178,178 | +145% |
| Intangible fixed assets | 21 | €600 | €300 | -€300 | -50.0% |
| Tangible fixed assets | 22/27 | €122,235 | €300,713 | +€178,478 | +146% |
| Furniture and vehicles | 24 | €108,096 | €290,323 | +€182,226 | +169% |
| Other tangible fixed assets | 26 | €14,139 | €10,390 | -€3,749 | -26.5% |
| Current assets | 29/58 | €443,454 | €412,343 | -€31,111 | -7.0% |
| Amounts receivable within one year | 40/41 | €44,799 | €40,949 | -€3,850 | -8.6% |
| Trade receivables | 40 | €44,799 | €40,949 | -€3,850 | -8.6% |
| Current investments | 50/53 | €340,555 | €317,777 | -€22,777 | -6.7% |
| Cash at bank and in hand | 54/58 | €17,512 | €17,613 | +€101 | +0.6% |
| Deferred charges and accrued income | 490/1 | €40,588 | €36,004 | -€4,584 | -11.3% |
| Total equity and liabilities | 10/49 | €566,289 | €713,356 | +€147,067 | +26.0% |
| Equity | 10/15 | €390,253 | €454,297 | +€64,044 | +16.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €370,253 | €434,297 | +€64,044 | +17.3% |
| Distributable reserves | 133 | €370,253 | €434,297 | +€64,044 | +17.3% |
| Amounts payable | 17/49 | €176,036 | €259,059 | +€83,023 | +47.2% |
| Amounts payable after more than one year | 17 | €50,780 | €146,319 | +€95,540 | +188% |
| Financial debts | 170/4 | €50,780 | €146,319 | +€95,540 | +188% |
| Amounts payable within one year | 42/48 | €125,256 | €112,740 | -€12,516 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €39,200 | €76,821 | +€37,621 | +96.0% |
| Trade debts | 44 | €5,171 | €13,659 | +€8,488 | +164% |
| Suppliers | 440/4 | €5,171 | €13,659 | +€8,488 | +164% |
| Advances received on contracts in progress | 46 | - | €1,005 | +€1,005 | |
| Taxes, remuneration and social security | 45 | €9,605 | €20,835 | +€11,229 | +117% |
| Taxes | 450/3 | €4,666 | €15,772 | +€11,106 | +238% |
| Remuneration and social security | 454/9 | €4,939 | €5,063 | +€124 | +2.5% |
| Other amounts payable | 47/48 | €71,281 | €421 | -€70,860 | -99.4% |
| Non-recurring operating income | 76A | €22,626 | - | -€22,626 | |
| Remuneration, social security and pensions | 62 | €42,487 | €44,770 | +€2,283 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,665 | €52,877 | +€26,212 | +98.3% |
| Other operating charges | 640/8 | €676 | €1,097 | +€421 | +62.4% |
| Gross operating margin | 9900 | €260,870 | €237,166 | -€23,704 | -9.1% |
| Operating profit (loss) | 9901 | €191,042 | €138,421 | -€52,621 | -27.5% |
| Financial income | 75/76B | €201 | €4,980 | +€4,779 | +2,372% |
| Recurring financial income | 75 | €201 | €4,980 | +€4,779 | +2,372% |
| Financial charges | 65/66B | €2,072 | €7,185 | +€5,113 | +247% |
| Recurring financial charges | 65 | €2,072 | €7,185 | +€5,113 | +247% |
| Profit (loss) for the period before taxes | 9903 | €189,172 | €136,216 | -€52,956 | -28.0% |
| Income taxes | 67/77 | €49,718 | €42,256 | -€7,462 | -15.0% |
| Profit (loss) for the period | 9904 | €139,454 | €93,960 | -€45,494 | -32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €139,454 | €93,960 | -€45,494 | -32.6% |
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 18 October 2026 via checked.be.