NAERT: what changed
Two fiscal 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.
NAERT
Largest movements
- Current investments -€39,937
down €39,937 (-8.4%), from €477,338 to €437,401
- Cash +€12,223
up €12,223 (+178.6%), from €6,845 to €19,068
mainly Current investments (+€39,937) and Receivables within one year (+€1,220)
- Other debts -€27,460
down €27,460 (-17.3%), from €158,529 to €131,069
- Financial charges +€9,631
up €9,631 (+382.3%), from €2,519 to €12,150
of which Non-recurring financial charges: +€11,121
- Provisions -€1,500
no longer reported in 2025 (was €1,500)
- Gross operating margin -€660
down €660 (-8.4%), from -€7,855 to -€8,515
- Other operating charges -€339
down €339 (-31.3%), from €1,081 to €742
- Financial income -€306
down €306 (-1.3%), from €23,143 to €22,838
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 | €487,257 | €458,100 | -€29,157 | -6.0% |
| Fixed assets | 21/28 | €469 | €247 | -€222 | -47.4% |
| Tangible fixed assets | 22/27 | €469 | €247 | -€222 | -47.4% |
| Furniture and vehicles | 24 | €469 | €247 | -€222 | -47.4% |
| Current assets | 29/58 | €486,787 | €457,853 | -€28,934 | -5.9% |
| Amounts receivable within one year | 40/41 | €2,605 | €1,384 | -€1,220 | -46.8% |
| Other amounts receivable | 41 | €2,605 | €1,384 | -€1,220 | -46.8% |
| Current investments | 50/53 | €477,338 | €437,401 | -€39,937 | -8.4% |
| Cash at bank and in hand | 54/58 | €6,845 | €19,068 | +€12,223 | +178.6% |
| Total equity and liabilities | 10/49 | €487,257 | €458,100 | -€29,157 | -6.0% |
| Equity | 10/15 | €103,498 | €101,427 | -€2,071 | -2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,813 | €55,813 | = | 0.0% |
| Distributable reserves | 133 | €55,813 | €55,813 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,085 | €27,014 | -€2,071 | -7.1% |
| Amounts payable | 17/49 | €383,759 | €356,673 | -€27,086 | -7.1% |
| Amounts payable after more than one year | 17 | €225,000 | €225,000 | = | 0.0% |
| Other amounts payable | 178/9 | €225,000 | €225,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €158,759 | €131,673 | -€27,086 | -17.1% |
| Trade debts | 44 | €170 | €544 | +€374 | +220.5% |
| Suppliers | 440/4 | €170 | €544 | +€374 | +220.5% |
| Taxes, remuneration and social security | 45 | €60 | €60 | = | 0.0% |
| Taxes | 450/3 | €60 | €60 | = | 0.0% |
| Other amounts payable | 47/48 | €158,529 | €131,069 | -€27,460 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222 | €222 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,500 | - | -€1,500 | |
| Other operating charges | 640/8 | €1,081 | €742 | -€339 | -31.3% |
| Gross operating margin | 9900 | -€7,855 | -€8,515 | -€660 | -8.4% |
| Operating profit (loss) | 9901 | -€10,659 | -€9,480 | +€1,179 | +11.1% |
| Financial income | 75/76B | €23,143 | €22,838 | -€306 | -1.3% |
| Recurring financial income | 75 | €23,143 | €22,838 | -€306 | -1.3% |
| Financial charges | 65/66B | €2,519 | €12,150 | +€9,631 | +382.3% |
| Recurring financial charges | 65 | €2,519 | €1,029 | -€1,489 | -59.1% |
| Non-recurring financial charges | 66B | - | €11,121 | +€11,121 | |
| Profit (loss) for the period before taxes | 9903 | €9,966 | €1,208 | -€8,758 | -87.9% |
| Income taxes | 67/77 | €3,208 | €3,279 | +€71 | +2.2% |
| Profit (loss) for the period | 9904 | €6,758 | -€2,071 | -€8,829 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,758 | -€2,071 | -€8,829 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.