NAERT CHRIS: 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 CHRIS
Largest movements
- Current investments +€500,000
new in 2025: €500,000
- Tangible fixed assets -€179,374
down €179,374 (-23.7%), from €756,046 to €576,672
of which Furniture and vehicles: -€150,431
- Receivables within one year +€34,576
up €34,576 (+62.9%), from €55,000 to €89,576
of which Trade receivables: +€54,524
- Cash -€34,498
down €34,498 (-7.5%), from €457,528 to €423,030
mainly Current investments (-€500,000) and Debts after one year (-€121,672)
- Reserves +€294,880
up €294,880 (+77.6%), from €379,882 to €674,762
of which Distributable reserves: +€300,000
- Tax, wage and social debts +€130,477
up €130,477 (+333%), from €39,238 to €169,715
of which Taxes: +€133,313
- Debts after one year -€121,672
down €121,672 (-27.8%), from €437,279 to €315,608
- Current portion of long-term debt -€54,507
down €54,507 (-29.2%), from €186,499 to €131,992
- Trade debts +€47,261
up €47,261 (+90.5%), from €52,236 to €99,498
- Gross operating margin +€272,675
up €272,675 (+44.2%), from €616,344 to €889,018
- Taxes +€118,890
up €118,890 (+428%), from €27,766 to €146,656
- Staff costs -€108,739
down €108,739 (-42.2%), from €257,431 to €148,693
- Provisions +€40,000
no longer reported in 2025 (was -€40,000)
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 | €1,278,599 | €1,590,088 | +€311,489 | +24.4% |
| Fixed assets | 21/28 | €756,856 | €577,482 | -€179,374 | -23.7% |
| Tangible fixed assets | 22/27 | €756,046 | €576,672 | -€179,374 | -23.7% |
| Land and buildings | 22 | €480,480 | €451,537 | -€28,942 | -6.0% |
| Furniture and vehicles | 24 | €275,566 | €125,135 | -€150,431 | -54.6% |
| Financial fixed assets | 28 | €810 | €810 | = | 0.0% |
| Current assets | 29/58 | €521,743 | €1,012,606 | +€490,863 | +94.1% |
| Amounts receivable within one year | 40/41 | €55,000 | €89,576 | +€34,576 | +62.9% |
| Trade receivables | 40 | €35,052 | €89,576 | +€54,524 | +156% |
| Other amounts receivable | 41 | €19,948 | - | -€19,948 | |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €457,528 | €423,030 | -€34,498 | -7.5% |
| Deferred charges and accrued income | 490/1 | €9,215 | - | -€9,215 | |
| Total equity and liabilities | 10/49 | €1,278,599 | €1,590,088 | +€311,489 | +24.4% |
| Equity | 10/15 | €482,483 | €778,907 | +€296,425 | +61.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €379,882 | €674,762 | +€294,880 | +77.6% |
| Tax-exempt reserves | 132 | €18,722 | €13,602 | -€5,120 | -27.3% |
| Distributable reserves | 133 | €361,160 | €661,160 | +€300,000 | +83.1% |
| Profit (loss) carried forward | 14 | €84,001 | €85,545 | +€1,544 | +1.8% |
| Provisions and deferred taxes | 16 | €4,680 | €3,401 | -€1,280 | -27.3% |
| Deferred taxes | 168 | €4,680 | €3,401 | -€1,280 | -27.3% |
| Amounts payable | 17/49 | €791,436 | €807,780 | +€16,345 | +2.1% |
| Amounts payable after more than one year | 17 | €437,279 | €315,608 | -€121,672 | -27.8% |
| Financial debts | 170/4 | €437,279 | €315,608 | -€121,672 | -27.8% |
| Amounts payable within one year | 42/48 | €354,156 | €488,303 | +€134,147 | +37.9% |
| Current portion of amounts payable after more than one year | 42 | €186,499 | €131,992 | -€54,507 | -29.2% |
| Trade debts | 44 | €52,236 | €99,498 | +€47,261 | +90.5% |
| Suppliers | 440/4 | €52,236 | €99,498 | +€47,261 | +90.5% |
| Taxes, remuneration and social security | 45 | €39,238 | €169,715 | +€130,477 | +333% |
| Taxes | 450/3 | €25,287 | €158,600 | +€133,313 | +527% |
| Remuneration and social security | 454/9 | €13,950 | €11,115 | -€2,836 | -20.3% |
| Other amounts payable | 47/48 | €76,183 | €87,099 | +€10,916 | +14.3% |
| Accrued charges and deferred income | 492/3 | - | €3,869 | +€3,869 | |
| Non-recurring operating income | 76A | €12,500 | €10,000 | -€2,500 | -20.0% |
| Remuneration, social security and pensions | 62 | €257,431 | €148,693 | -€108,739 | -42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €183,136 | €179,374 | -€3,762 | -2.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€40,000 | - | +€40,000 | |
| Other operating charges | 640/8 | €95,761 | €97,818 | +€2,057 | +2.1% |
| Non-recurring operating charges | 66A | €3,598 | €1,770 | -€1,828 | -50.8% |
| Gross operating margin | 9900 | €616,344 | €889,018 | +€272,675 | +44.2% |
| Operating profit (loss) | 9901 | €116,418 | €461,364 | +€344,946 | +296% |
| Financial income | 75/76B | €347 | €2,372 | +€2,025 | +584% |
| Recurring financial income | 75 | €347 | €2,372 | +€2,025 | +584% |
| Financial charges | 65/66B | €22,571 | €20,335 | -€2,236 | -9.9% |
| Recurring financial charges | 65 | €22,571 | €20,335 | -€2,236 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €94,193 | €443,400 | +€349,207 | +371% |
| Transfer from deferred taxes | 780 | €1,280 | €1,280 | = | 0.0% |
| Income taxes | 67/77 | €27,766 | €146,656 | +€118,890 | +428% |
| Profit (loss) for the period | 9904 | €67,707 | €298,025 | +€230,317 | +340% |
| Transfer from tax-exempt reserves | 789 | €5,120 | €5,120 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,827 | €303,144 | +€230,317 | +316% |
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 18 October 2026 via checked.be.