NAERO: 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.
NAERO
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+260%), from €393,211 to €1.4m
of which Leasing and similar rights: +€1.3m
- Receivables within one year +€344,388
up €344,388 (+25,483%), from €1,351 to €345,740
of which Trade receivables: +€325,411
- Debts after one year +€979,867
up €979,867 (+134%), from €731,532 to €1.7m
of which Financial debts: +€965,904
- Tax, wage and social debts +€176,241
up €176,241 (+743%), from €23,725 to €199,965
of which Taxes: +€190,336
- Profit (loss) carried forward +€98,846
no longer reported in 2025 (was -€98,846)
- Current portion of long-term debt +€63,612
up €63,612 (+221%), from €28,740 to €92,352
- Reserves +€42,676
new in 2025: €42,676
- Gross operating margin +€1.3m
up €1.3m (+2,385%), from €54,562 to €1.4m
- Depreciation +€1.1m
up €1.1m (+4,455%), from €24,751 to €1.1m
- Financial charges +€27,182
up €27,182 (+275%), from €9,888 to €37,070
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 | €699,486 | €2,075,419 | +€1.4m | +197% |
| Fixed assets | 21/28 | €686,711 | €1,708,337 | +€1.0m | +149% |
| Tangible fixed assets | 22/27 | €393,211 | €1,414,837 | +€1.0m | +260% |
| Land and buildings | 22 | €247,167 | - | -€247,167 | |
| Plant, machinery and equipment | 23 | €67,801 | €58,115 | -€9,685 | -14.3% |
| Furniture and vehicles | 24 | €78,243 | €57,998 | -€20,245 | -25.9% |
| Leasing and similar rights | 25 | - | €1,298,724 | +€1.3m | |
| Financial fixed assets | 28 | €293,500 | €293,500 | = | 0.0% |
| Current assets | 29/58 | €12,775 | €367,082 | +€354,307 | +2,773% |
| Amounts receivable within one year | 40/41 | €1,351 | €345,740 | +€344,388 | +25,483% |
| Trade receivables | 40 | - | €325,411 | +€325,411 | |
| Other amounts receivable | 41 | €1,351 | €20,329 | +€18,978 | +1,404% |
| Cash at bank and in hand | 54/58 | €6,839 | €876 | -€5,963 | -87.2% |
| Deferred charges and accrued income | 490/1 | €4,585 | €20,466 | +€15,882 | +346% |
| Total equity and liabilities | 10/49 | €699,486 | €2,075,419 | +€1.4m | +197% |
| Equity | 10/15 | -€96,846 | €44,676 | +€141,521 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €42,676 | +€42,676 | |
| Distributable reserves | 133 | - | €42,676 | +€42,676 | |
| Profit (loss) carried forward | 14 | -€98,846 | - | +€98,846 | |
| Amounts payable | 17/49 | €796,331 | €2,030,744 | +€1.2m | +155% |
| Amounts payable after more than one year | 17 | €731,532 | €1,711,399 | +€979,867 | +134% |
| Financial debts | 170/4 | €357,248 | €1,323,152 | +€965,904 | +270% |
| Other amounts payable | 178/9 | €374,284 | €388,247 | +€13,963 | +3.7% |
| Amounts payable within one year | 42/48 | €64,799 | €319,344 | +€254,545 | +393% |
| Current portion of amounts payable after more than one year | 42 | €28,740 | €92,352 | +€63,612 | +221% |
| Financial debts | 43 | - | €306 | +€306 | |
| Credit institutions | 430/8 | - | €306 | +€306 | |
| Trade debts | 44 | €4,593 | €26,721 | +€22,128 | +482% |
| Suppliers | 440/4 | €4,593 | €26,721 | +€22,128 | +482% |
| Taxes, remuneration and social security | 45 | €23,725 | €199,965 | +€176,241 | +743% |
| Taxes | 450/3 | €5,701 | €196,037 | +€190,336 | +3,338% |
| Remuneration and social security | 454/9 | €18,023 | €3,928 | -€14,095 | -78.2% |
| Other amounts payable | 47/48 | €7,741 | - | -€7,741 | |
| Remuneration, social security and pensions | 62 | €37,740 | €43,892 | +€6,152 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,751 | €1,127,336 | +€1.1m | +4,455% |
| Other operating charges | 640/8 | €4,982 | €5,822 | +€840 | +16.9% |
| Non-recurring operating charges | 66A | €14,460 | - | -€14,460 | |
| Gross operating margin | 9900 | €54,562 | €1,355,765 | +€1.3m | +2,385% |
| Operating profit (loss) | 9901 | -€27,371 | €178,715 | +€206,085 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -50.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -50.0% |
| Financial charges | 65/66B | €9,888 | €37,070 | +€27,182 | +275% |
| Recurring financial charges | 65 | €9,888 | €37,070 | +€27,182 | +275% |
| Profit (loss) for the period before taxes | 9903 | -€37,258 | €141,645 | +€178,903 | |
| Income taxes | 67/77 | €110 | €124 | +€14 | +12.9% |
| Profit (loss) for the period | 9904 | -€37,368 | €141,521 | +€178,889 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,368 | €141,521 | +€178,889 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.