NAERT - BUREAU: 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.
NAERT - BUREAU
Largest movements
- Cash +€44,492
up €44,492 (+50.8%), from €87,536 to €132,028
mainly Trade debts (+€20,029) and Stocks and contracts (+€11,337)
- Stocks and contracts -€11,337
down €11,337 (-30.4%), from €37,350 to €26,013
- Intangible fixed assets -€6,445
down €6,445 (-33.3%), from €19,336 to €12,890
- Receivables within one year +€4,261
up €4,261 (+4.3%), from €98,407 to €102,668
of which Trade receivables: +€9,009
- Trade debts +€20,029
up €20,029 (+81.7%), from €24,528 to €44,557
- Other debts +€4,260
up €4,260 (+18.5%), from €23,015 to €27,275
- Tax, wage and social debts +€4,074
up €4,074 (+207%), from €1,963 to €6,037
- Reserves +€2,877
up €2,877 (+4.8%), from €59,409 to €62,286
- Gross operating margin -€6,509
down €6,509 (-26.2%), from €24,826 to €18,316
- Taxes -€1,746
down €1,746 (-33.2%), from €5,252 to €3,506
- Financial charges +€411
up €411 (+9.8%), from €4,218 to €4,629
- Financial income +€277
up €277 (+25.1%), from €1,104 to €1,382
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 | €249,582 | €280,822 | +€31,240 | +12.5% |
| Fixed assets | 21/28 | €22,248 | €16,120 | -€6,128 | -27.5% |
| Intangible fixed assets | 21 | €19,336 | €12,890 | -€6,445 | -33.3% |
| Tangible fixed assets | 22/27 | €788 | €1,105 | +€317 | +40.3% |
| Furniture and vehicles | 24 | - | €580 | +€580 | |
| Other tangible fixed assets | 26 | €788 | €525 | -€263 | -33.3% |
| Financial fixed assets | 28 | €2,125 | €2,125 | = | 0.0% |
| Current assets | 29/58 | €227,334 | €264,701 | +€37,367 | +16.4% |
| Stocks and contracts in progress | 3 | €37,350 | €26,013 | -€11,337 | -30.4% |
| Stocks | 30/36 | €37,350 | €26,013 | -€11,337 | -30.4% |
| Amounts receivable within one year | 40/41 | €98,407 | €102,668 | +€4,261 | +4.3% |
| Trade receivables | 40 | €93,659 | €102,668 | +€9,009 | +9.6% |
| Other amounts receivable | 41 | €4,748 | - | -€4,748 | |
| Cash at bank and in hand | 54/58 | €87,536 | €132,028 | +€44,492 | +50.8% |
| Deferred charges and accrued income | 490/1 | €4,040 | €3,993 | -€48 | -1.2% |
| Total equity and liabilities | 10/49 | €249,582 | €280,822 | +€31,240 | +12.5% |
| Equity | 10/15 | €149,890 | €152,767 | +€2,877 | +1.9% |
| Contributions | 10/11 | €90,481 | €90,481 | = | 0.0% |
| Reserves | 13 | €59,409 | €62,286 | +€2,877 | +4.8% |
| Distributable reserves | 133 | €59,409 | €62,286 | +€2,877 | +4.8% |
| Amounts payable | 17/49 | €99,692 | €128,055 | +€28,363 | +28.5% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €49,692 | €78,055 | +€28,363 | +57.1% |
| Current portion of amounts payable after more than one year | 42 | €186 | €186 | = | 0.0% |
| Trade debts | 44 | €24,528 | €44,557 | +€20,029 | +81.7% |
| Suppliers | 440/4 | €24,528 | €44,557 | +€20,029 | +81.7% |
| Taxes, remuneration and social security | 45 | €1,963 | €6,037 | +€4,074 | +207% |
| Taxes | 450/3 | €1,963 | €6,037 | +€4,074 | +207% |
| Other amounts payable | 47/48 | €23,015 | €27,275 | +€4,260 | +18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,708 | €6,873 | +€165 | +2.5% |
| Other operating charges | 640/8 | €1,636 | €1,813 | +€177 | +10.8% |
| Gross operating margin | 9900 | €24,826 | €18,316 | -€6,509 | -26.2% |
| Operating profit (loss) | 9901 | €16,482 | €9,630 | -€6,852 | -41.6% |
| Financial income | 75/76B | €1,104 | €1,382 | +€277 | +25.1% |
| Recurring financial income | 75 | €1,104 | €1,382 | +€277 | +25.1% |
| Financial charges | 65/66B | €4,218 | €4,629 | +€411 | +9.8% |
| Recurring financial charges | 65 | €4,218 | €4,629 | +€411 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €13,369 | €6,382 | -€6,986 | -52.3% |
| Income taxes | 67/77 | €5,252 | €3,506 | -€1,746 | -33.2% |
| Profit (loss) for the period | 9904 | €8,116 | €2,877 | -€5,240 | -64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,116 | €2,877 | -€5,240 | -64.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.