NAERT - DEGRANDE: 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 - DEGRANDE
Largest movements
- Receivables within one year +€216,961
up €216,961 (+145%), from €149,198 to €366,159
of which Trade receivables: +€198,386
- Stocks and contracts -€185,017
down €185,017 (-36.7%), from €504,404 to €319,387
of which Stocks: -€347,032
- Formation expenses +€49,890
new in 2025: €49,890
- Deferred charges and accrued income -€30,349
down €30,349 (-82.9%), from €36,625 to €6,276
- Tangible fixed assets +€18,270
up €18,270 (+37.6%), from €48,638 to €66,909
of which Plant, machinery and equipment: +€43,624
- Trade debts +€192,023
up €192,023 (+148%), from €129,686 to €321,709
- Accrued charges and deferred income -€176,518
down €176,518 (-100%), from €176,518 to €0
- Reserves +€133,271
up €133,271 (+27.9%), from €477,842 to €611,113
of which Distributable reserves: +€131,903
- Profit (loss) carried forward -€110,926
down €110,926 (-100%), from €110,926 to €0
- Current portion of long-term debt +€25,682
new in 2025: €25,682
- Gross operating margin -€129,111
down €129,111 (-28.6%), from €451,329 to €322,218
- Staff costs -€30,793
down €30,793 (-10.6%), from €289,981 to €259,188
- Taxes -€24,990
down €24,990 (-68.1%), from €36,672 to €11,682
- Financial income -€6,723
down €6,723 (-96.4%), from €6,977 to €254
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 | €915,145 | €993,244 | +€78,099 | +8.5% |
| Formation expenses | 20 | - | €49,890 | +€49,890 | |
| Fixed assets | 21/28 | €48,713 | €66,983 | +€18,270 | +37.5% |
| Tangible fixed assets | 22/27 | €48,638 | €66,909 | +€18,270 | +37.6% |
| Land and buildings | 22 | €26,225 | €21,428 | -€4,797 | -18.3% |
| Plant, machinery and equipment | 23 | €1,857 | €45,481 | +€43,624 | +2,350% |
| Furniture and vehicles | 24 | €20,557 | €0 | -€20,557 | -100% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €866,432 | €876,371 | +€9,939 | +1.1% |
| Stocks and contracts in progress | 3 | €504,404 | €319,387 | -€185,017 | -36.7% |
| Stocks | 30/36 | €504,404 | €157,372 | -€347,032 | -68.8% |
| Contracts in progress | 37 | - | €162,015 | +€162,015 | |
| Amounts receivable within one year | 40/41 | €149,198 | €366,159 | +€216,961 | +145% |
| Trade receivables | 40 | €118,373 | €316,760 | +€198,386 | +168% |
| Other amounts receivable | 41 | €30,824 | €49,400 | +€18,575 | +60.3% |
| Cash at bank and in hand | 54/58 | €176,205 | €184,548 | +€8,343 | +4.7% |
| Deferred charges and accrued income | 490/1 | €36,625 | €6,276 | -€30,349 | -82.9% |
| Total equity and liabilities | 10/49 | €915,145 | €993,244 | +€78,099 | +8.5% |
| Equity | 10/15 | €602,574 | €624,920 | +€22,346 | +3.7% |
| Contributions | 10/11 | €13,807 | €13,807 | = | 0.0% |
| Reserves | 13 | €477,842 | €611,113 | +€133,271 | +27.9% |
| Non-distributable reserves | 130/1 | - | €1,369 | +€1,369 | |
| Reserves not available under the articles | 1311 | - | €1,369 | +€1,369 | |
| Distributable reserves | 133 | €477,842 | €609,744 | +€131,903 | +27.6% |
| Profit (loss) carried forward | 14 | €110,926 | €0 | -€110,926 | -100% |
| Amounts payable | 17/49 | €312,570 | €368,324 | +€55,754 | +17.8% |
| Amounts payable within one year | 42/48 | €136,053 | €368,324 | +€232,271 | +171% |
| Current portion of amounts payable after more than one year | 42 | - | €25,682 | +€25,682 | |
| Trade debts | 44 | €129,686 | €321,709 | +€192,023 | +148% |
| Suppliers | 440/4 | €129,686 | €321,709 | +€192,023 | +148% |
| Taxes, remuneration and social security | 45 | €6,366 | €20,932 | +€14,566 | +229% |
| Taxes | 450/3 | €6,366 | €755 | -€5,611 | -88.1% |
| Remuneration and social security | 454/9 | - | €20,178 | +€20,178 | |
| Accrued charges and deferred income | 492/3 | €176,518 | €0 | -€176,518 | -100% |
| Remuneration, social security and pensions | 62 | €289,981 | €259,188 | -€30,793 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,873 | €17,077 | -€2,795 | -14.1% |
| Other operating charges | 640/8 | €3,014 | €1,645 | -€1,368 | -45.4% |
| Non-recurring operating charges | 66A | - | €5,928 | +€5,928 | |
| Gross operating margin | 9900 | €451,329 | €322,218 | -€129,111 | -28.6% |
| Operating profit (loss) | 9901 | €138,462 | €38,379 | -€100,083 | -72.3% |
| Financial income | 75/76B | €6,977 | €254 | -€6,723 | -96.4% |
| Recurring financial income | 75 | €6,977 | €254 | -€6,723 | -96.4% |
| Financial charges | 65/66B | €4,153 | €4,605 | +€453 | +10.9% |
| Recurring financial charges | 65 | €4,153 | €4,605 | +€453 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €141,287 | €34,028 | -€107,259 | -75.9% |
| Income taxes | 67/77 | €36,672 | €11,682 | -€24,990 | -68.1% |
| Profit (loss) for the period | 9904 | €104,615 | €22,346 | -€82,269 | -78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €104,615 | €22,346 | -€82,269 | -78.6% |
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 29 October 2026 via checked.be.