NAER: 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.
NAER
Largest movements
- Deferred charges and accrued income +€16,361
up €16,361 (+671.6%), from €2,436 to €18,797
- Cash +€14,208
up €14,208 (+153.1%), from €9,283 to €23,491
mainly Net result for the year (+€16,160) and Depreciation (+€10,834)
- Receivables within one year -€9,001
down €9,001 (-30.7%), from €29,317 to €20,316
of which Trade receivables: -€7,678
- Tangible fixed assets -€7,395
down €7,395 (-36.8%), from €20,114 to €12,719
of which Leasing and similar rights: -€4,923
- Profit (loss) carried forward +€15,327
up €15,327 (+31.8%), from €48,147 to €63,474
- Tax, wage and social debts +€7,145
up €7,145 (+2086.6%), from €342 to €7,488
of which Remuneration and social security: +€7,366
- Debts after one year -€3,692
down €3,692 (-100.0%), from €3,692 to €0
- Current portion of long-term debt -€3,232
down €3,232 (-100.0%), from €3,232 to €0
- Trade debts -€1,249
down €1,249 (-70.2%), from €1,778 to €529
- Gross operating margin -€34,916
down €34,916 (-44.8%), from €77,895 to €42,979
- Other operating charges +€3,752
up €3,752 (+192.9%), from €1,945 to €5,697
- Depreciation -€2,653
down €2,653 (-19.7%), from €13,487 to €10,834
- Taxes +€2,359
up €2,359 (+85.7%), from €2,753 to €5,112
- Financial charges +€2,271
up €2,271 (+118.1%), from €1,923 to €4,193
of which Financial charges: +€2,705
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 | €61,151 | €75,324 | +€14,173 | +23.2% |
| Fixed assets | 21/28 | €20,114 | €12,719 | -€7,395 | -36.8% |
| Tangible fixed assets | 22/27 | €20,114 | €12,719 | -€7,395 | -36.8% |
| Plant, machinery and equipment | 23 | €10,761 | €9,374 | -€1,387 | -12.9% |
| Furniture and vehicles | 24 | €4,431 | €3,345 | -€1,086 | -24.5% |
| Leasing and similar rights | 25 | €4,923 | €0 | -€4,923 | -100.0% |
| Current assets | 29/58 | €41,036 | €62,605 | +€21,569 | +52.6% |
| Amounts receivable within one year | 40/41 | €29,317 | €20,316 | -€9,001 | -30.7% |
| Trade receivables | 40 | €20,339 | €12,660 | -€7,678 | -37.8% |
| Other amounts receivable | 41 | €8,979 | €7,656 | -€1,322 | -14.7% |
| Cash at bank and in hand | 54/58 | €9,283 | €23,491 | +€14,208 | +153.1% |
| Deferred charges and accrued income | 490/1 | €2,436 | €18,797 | +€16,361 | +671.6% |
| Total equity and liabilities | 10/49 | €61,151 | €75,324 | +€14,173 | +23.2% |
| Equity | 10/15 | €51,147 | €66,474 | +€15,327 | +30.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,147 | €63,474 | +€15,327 | +31.8% |
| Amounts payable | 17/49 | €10,003 | €8,850 | -€1,154 | -11.5% |
| Amounts payable after more than one year | 17 | €3,692 | €0 | -€3,692 | -100.0% |
| Financial debts | 170/4 | €3,692 | €0 | -€3,692 | -100.0% |
| Amounts payable within one year | 42/48 | €6,311 | €8,850 | +€2,538 | +40.2% |
| Current portion of amounts payable after more than one year | 42 | €3,232 | €0 | -€3,232 | -100.0% |
| Trade debts | 44 | €1,778 | €529 | -€1,249 | -70.2% |
| Suppliers | 440/4 | €1,778 | €529 | -€1,249 | -70.2% |
| Taxes, remuneration and social security | 45 | €342 | €7,488 | +€7,145 | +2086.6% |
| Taxes | 450/3 | €342 | €122 | -€221 | -64.4% |
| Remuneration and social security | 454/9 | €0 | €7,366 | +€7,366 | |
| Other amounts payable | 47/48 | €959 | €833 | -€126 | -13.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €577 | €0 | -€577 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,487 | €10,834 | -€2,653 | -19.7% |
| Other operating charges | 640/8 | €1,945 | €5,697 | +€3,752 | +192.9% |
| Non-recurring operating charges | 66A | €4,734 | €987 | -€3,747 | -79.1% |
| Gross operating margin | 9900 | €77,895 | €42,979 | -€34,916 | -44.8% |
| Operating profit (loss) | 9901 | €57,151 | €25,460 | -€31,691 | -55.5% |
| Financial income | 75/76B | €1 | €5 | +€4 | +614.3% |
| Recurring financial income | 75 | €1 | €4 | +€3 | +460.0% |
| Non-recurring financial income | 76B | €1 | €1 | +€0 | +54.3% |
| Financial charges | 65/66B | €1,923 | €4,193 | +€2,271 | +118.1% |
| Recurring financial charges | 65 | €1,488 | €4,193 | +€2,705 | +181.7% |
| Non-recurring financial charges | 66B | €434 | €0 | -€434 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €55,229 | €21,272 | -€33,957 | -61.5% |
| Income taxes | 67/77 | €2,753 | €5,112 | +€2,359 | +85.7% |
| Profit (loss) for the period | 9904 | €52,476 | €16,160 | -€36,316 | -69.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,476 | €16,160 | -€36,316 | -69.2% |
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 10 October 2026 via checked.be.