NAEL: 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.
NAEL
Largest movements
- Cash -€67,653
down €67,653 (-84.5%), from €80,033 to €12,380
mainly Other debts (-€43,734) and Receivables within one year (-€27,714)
- Receivables within one year +€27,714
up €27,714 (+93.1%), from €29,754 to €57,468
of which Other amounts receivable: +€27,171
- Other debts -€43,734
no longer reported in 2025 (was €43,734)
- Profit (loss) carried forward +€6,164
new in 2025: €6,164
- Tax, wage and social debts -€2,377
down €2,377 (-65.3%), from €3,639 to €1,262
- Gross operating margin -€9,725
down €9,725 (-46.2%), from €21,032 to €11,307
- Taxes -€4,283
down €4,283 (-54.6%), from €7,850 to €3,567
- Financial income +€311
up €311 (+79666.7%), from €0 to €311
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 | €116,012 | €76,602 | -€39,410 | -34.0% |
| Fixed assets | 21/28 | €45 | - | -€45 | |
| Tangible fixed assets | 22/27 | €45 | - | -€45 | |
| Furniture and vehicles | 24 | €45 | - | -€45 | |
| Current assets | 29/58 | €115,966 | €76,602 | -€39,364 | -33.9% |
| Amounts receivable within one year | 40/41 | €29,754 | €57,468 | +€27,714 | +93.1% |
| Trade receivables | 40 | €22,604 | €23,146 | +€542 | +2.4% |
| Other amounts receivable | 41 | €7,150 | €34,321 | +€27,171 | +380.0% |
| Cash at bank and in hand | 54/58 | €80,033 | €12,380 | -€67,653 | -84.5% |
| Deferred charges and accrued income | 490/1 | €6,180 | €6,755 | +€575 | +9.3% |
| Total equity and liabilities | 10/49 | €116,012 | €76,602 | -€39,410 | -34.0% |
| Equity | 10/15 | €65,742 | €71,905 | +€6,164 | +9.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €46,742 | €46,742 | = | 0.0% |
| Distributable reserves | 133 | €46,742 | €46,742 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €6,164 | +€6,164 | |
| Amounts payable | 17/49 | €50,270 | €4,697 | -€45,573 | -90.7% |
| Amounts payable within one year | 42/48 | €50,270 | €4,697 | -€45,573 | -90.7% |
| Trade debts | 44 | €2,897 | €3,435 | +€538 | +18.6% |
| Suppliers | 440/4 | €2,897 | €3,435 | +€538 | +18.6% |
| Taxes, remuneration and social security | 45 | €3,639 | €1,262 | -€2,377 | -65.3% |
| Taxes | 450/3 | €3,639 | €1,262 | -€2,377 | -65.3% |
| Other amounts payable | 47/48 | €43,734 | - | -€43,734 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116 | €45 | -€70 | -60.8% |
| Other operating charges | 640/8 | €596 | €776 | +€181 | +30.3% |
| Gross operating margin | 9900 | €21,032 | €11,307 | -€9,725 | -46.2% |
| Operating profit (loss) | 9901 | €20,320 | €10,485 | -€9,836 | -48.4% |
| Financial income | 75/76B | €0 | €311 | +€311 | +79666.7% |
| Recurring financial income | 75 | €0 | €311 | +€311 | +79666.7% |
| Financial charges | 65/66B | €998 | €1,065 | +€68 | +6.8% |
| Recurring financial charges | 65 | €998 | €1,065 | +€68 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €19,323 | €9,731 | -€9,593 | -49.6% |
| Income taxes | 67/77 | €7,850 | €3,567 | -€4,283 | -54.6% |
| Profit (loss) for the period | 9904 | €11,473 | €6,164 | -€5,310 | -46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,473 | €6,164 | -€5,310 | -46.3% |
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 11 October 2026 via checked.be.