NAEYAERT: 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.
NAEYAERT
Largest movements
- Cash -€17,558
down €17,558 (-58.9%), from €29,807 to €12,249
mainly Investment in fixed assets (net) (-€32,416) and Debts after one year (-€10,500)
- Tangible fixed assets +€5,259
up €5,259 (+2.1%), from €251,447 to €256,705
of which Plant, machinery and equipment: +€8,611
- Receivables within one year +€4,319
up €4,319 (+24.2%), from €17,823 to €22,141
of which Other amounts receivable: +€3,679
- Debts after one year -€10,500
down €10,500 (-6.7%), from €155,750 to €145,250
- Reserves +€7,423
up €7,423 (+9.9%), from €74,882 to €82,305
- Other debts +€3,995
up €3,995 (+8.9%), from €44,932 to €48,927
- Current portion of long-term debt -€3,737
down €3,737 (-26.2%), from €14,237 to €10,500
- Depreciation +€5,351
up €5,351 (+24.5%), from €21,806 to €27,157
- Other operating charges -€1,653
down €1,653 (-48.5%), from €3,410 to €1,757
- Taxes -€1,051
down €1,051 (-32.4%), from €3,240 to €2,190
- Financial income +€575
up €575 (+211%), from €272 to €847
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 | €316,235 | €307,263 | -€8,973 | -2.8% |
| Fixed assets | 21/28 | €251,447 | €256,705 | +€5,259 | +2.1% |
| Tangible fixed assets | 22/27 | €251,447 | €256,705 | +€5,259 | +2.1% |
| Land and buildings | 22 | €209,575 | €211,671 | +€2,096 | +1.0% |
| Plant, machinery and equipment | 23 | €25,479 | €34,090 | +€8,611 | +33.8% |
| Furniture and vehicles | 24 | €16,393 | €10,944 | -€5,449 | -33.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €64,789 | €50,557 | -€14,231 | -22.0% |
| Stocks and contracts in progress | 3 | €16,186 | €15,306 | -€880 | -5.4% |
| Stocks | 30/36 | €16,186 | €15,306 | -€880 | -5.4% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €17,823 | €22,141 | +€4,319 | +24.2% |
| Trade receivables | 40 | €16,498 | €17,137 | +€639 | +3.9% |
| Other amounts receivable | 41 | €1,325 | €5,004 | +€3,679 | +278% |
| Cash at bank and in hand | 54/58 | €29,807 | €12,249 | -€17,558 | -58.9% |
| Deferred charges and accrued income | 490/1 | €973 | €862 | -€111 | -11.4% |
| Total equity and liabilities | 10/49 | €316,235 | €307,263 | -€8,973 | -2.8% |
| Equity | 10/15 | €93,826 | €101,249 | +€7,423 | +7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €74,882 | €82,305 | +€7,423 | +9.9% |
| Distributable reserves | 133 | €74,882 | €82,305 | +€7,423 | +9.9% |
| Profit (loss) carried forward | 14 | €344 | €344 | = | 0.0% |
| Amounts payable | 17/49 | €222,410 | €206,013 | -€16,396 | -7.4% |
| Amounts payable after more than one year | 17 | €155,750 | €145,250 | -€10,500 | -6.7% |
| Financial debts | 170/4 | €155,750 | €145,250 | -€10,500 | -6.7% |
| Amounts payable within one year | 42/48 | €64,760 | €60,763 | -€3,996 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €14,237 | €10,500 | -€3,737 | -26.2% |
| Trade debts | 44 | €3,040 | €244 | -€2,796 | -92.0% |
| Suppliers | 440/4 | €3,040 | €244 | -€2,796 | -92.0% |
| Taxes, remuneration and social security | 45 | €2,551 | €1,092 | -€1,459 | -57.2% |
| Taxes | 450/3 | €2,551 | €1,092 | -€1,459 | -57.2% |
| Other amounts payable | 47/48 | €44,932 | €48,927 | +€3,995 | +8.9% |
| Accrued charges and deferred income | 492/3 | €1,900 | €0 | -€1,900 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,806 | €27,157 | +€5,351 | +24.5% |
| Other operating charges | 640/8 | €3,410 | €1,757 | -€1,653 | -48.5% |
| Gross operating margin | 9900 | €40,144 | €40,333 | +€189 | +0.5% |
| Operating profit (loss) | 9901 | €14,928 | €11,419 | -€3,509 | -23.5% |
| Financial income | 75/76B | €272 | €847 | +€575 | +211% |
| Recurring financial income | 75 | €272 | €847 | +€575 | +211% |
| Financial charges | 65/66B | €2,951 | €2,653 | -€298 | -10.1% |
| Recurring financial charges | 65 | €2,951 | €2,653 | -€298 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €12,249 | €9,613 | -€2,636 | -21.5% |
| Income taxes | 67/77 | €3,240 | €2,190 | -€1,051 | -32.4% |
| Profit (loss) for the period | 9904 | €9,008 | €7,423 | -€1,585 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,008 | €7,423 | -€1,585 | -17.6% |
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 28 October 2026 via checked.be.