Naels: 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.
Naels
Largest movements
- Stocks and contracts +€15,145
up €15,145 (+101%), from €15,000 to €30,145
- Cash +€9,328
up €9,328 (+224%), from €4,170 to €13,497
mainly Other debts (+€28,565) and Trade debts (+€4,321)
- Deferred charges and accrued income +€1,796
up €1,796 (+102%), from €1,768 to €3,564
- Financial fixed assets +€500
new in 2025: €500
- Other debts +€28,565
up €28,565 (+300%), from €9,535 to €38,101
- Profit (loss) carried forward -€8,445
new in 2025: -€8,445
- Trade debts +€4,321
up €4,321 (+224%), from €1,926 to €6,247
- Tax, wage and social debts +€2,449
up €2,449 (+35.7%), from €6,854 to €9,303
of which Remuneration and social security: +€3,700
- Gross operating margin -€11,211
down €11,211, from €4,224 to -€6,987
- Taxes -€1,657
down €1,657 (-100%), from €1,657 to €0
- Other operating charges -€864
down €864 (-43.9%), from €1,967 to €1,103
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 | €20,937 | €47,706 | +€26,769 | +128% |
| Fixed assets | 21/28 | - | €500 | +€500 | |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €20,937 | €47,206 | +€26,269 | +125% |
| Stocks and contracts in progress | 3 | €15,000 | €30,145 | +€15,145 | +101% |
| Stocks | 30/36 | €15,000 | €30,145 | +€15,145 | +101% |
| Cash at bank and in hand | 54/58 | €4,170 | €13,497 | +€9,328 | +224% |
| Deferred charges and accrued income | 490/1 | €1,768 | €3,564 | +€1,796 | +102% |
| Total equity and liabilities | 10/49 | €20,937 | €47,706 | +€26,769 | +128% |
| Equity | 10/15 | €2,622 | -€5,945 | -€8,567 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €122 | €0 | -€122 | -100% |
| Distributable reserves | 133 | €122 | €0 | -€122 | -100% |
| Profit (loss) carried forward | 14 | - | -€8,445 | -€8,445 | |
| Amounts payable | 17/49 | €18,315 | €53,651 | +€35,336 | +193% |
| Amounts payable within one year | 42/48 | €18,315 | €53,651 | +€35,336 | +193% |
| Trade debts | 44 | €1,926 | €6,247 | +€4,321 | +224% |
| Suppliers | 440/4 | €1,926 | €6,247 | +€4,321 | +224% |
| Taxes, remuneration and social security | 45 | €6,854 | €9,303 | +€2,449 | +35.7% |
| Taxes | 450/3 | €4,854 | €3,603 | -€1,251 | -25.8% |
| Remuneration and social security | 454/9 | €2,000 | €5,700 | +€3,700 | +185% |
| Other amounts payable | 47/48 | €9,535 | €38,101 | +€28,565 | +300% |
| Non-recurring operating income | 76A | €2,950 | €0 | -€2,950 | -100% |
| Other operating charges | 640/8 | €1,967 | €1,103 | -€864 | -43.9% |
| Gross operating margin | 9900 | €4,224 | -€6,987 | -€11,211 | |
| Operating profit (loss) | 9901 | €2,257 | -€8,090 | -€10,347 | |
| Financial income | 75/76B | €5 | €6 | +€1 | +12.4% |
| Recurring financial income | 75 | €5 | €6 | +€1 | +12.4% |
| Financial charges | 65/66B | €482 | €482 | -€0 | -0.1% |
| Recurring financial charges | 65 | €482 | €482 | -€0 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €1,779 | -€8,567 | -€10,346 | |
| Income taxes | 67/77 | €1,657 | €0 | -€1,657 | -100% |
| Profit (loss) for the period | 9904 | €122 | -€8,567 | -€8,689 | |
| Profit (loss) for the period to be appropriated | 9905 | €122 | -€8,567 | -€8,689 |
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.