Nafaka: 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.
Nafaka
Largest movements
- Current investments +€41,348
up €41,348 (+23.3%), from €177,801 to €219,149
- Receivables within one year +€40,033
new in 2025: €40,033
- Tangible fixed assets +€22,025
up €22,025 (+4,321%), from €510 to €22,535
- Cash -€7,894
down €7,894 (-47.3%), from €16,679 to €8,785
mainly Current investments (-€41,348) and Receivables within one year (-€40,033)
- Deferred charges and accrued income +€3,064
up €3,064 (+203%), from €1,509 to €4,573
- Reserves +€95,020
up €95,020 (+62.8%), from €151,396 to €246,417
- Tax, wage and social debts +€8,634
up €8,634 (+23.9%), from €36,142 to €44,776
- Other debts -€5,807
down €5,807 (-89.9%), from €6,460 to €654
- Gross operating margin +€18,192
up €18,192 (+17.5%), from €104,214 to €122,406
- Taxes +€4,241
up €4,241 (+19.6%), from €21,681 to €25,922
- Depreciation +€3,417
up €3,417 (+1,216%), from €281 to €3,698
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 | €196,499 | €295,075 | +€98,577 | +50.2% |
| Fixed assets | 21/28 | €510 | €22,535 | +€22,025 | +4,321% |
| Tangible fixed assets | 22/27 | €510 | €22,535 | +€22,025 | +4,321% |
| Furniture and vehicles | 24 | €510 | €22,535 | +€22,025 | +4,321% |
| Current assets | 29/58 | €195,989 | €272,541 | +€76,552 | +39.1% |
| Amounts receivable within one year | 40/41 | - | €40,033 | +€40,033 | |
| Other amounts receivable | 41 | - | €40,033 | +€40,033 | |
| Current investments | 50/53 | €177,801 | €219,149 | +€41,348 | +23.3% |
| Cash at bank and in hand | 54/58 | €16,679 | €8,785 | -€7,894 | -47.3% |
| Deferred charges and accrued income | 490/1 | €1,509 | €4,573 | +€3,064 | +203% |
| Total equity and liabilities | 10/49 | €196,499 | €295,075 | +€98,577 | +50.2% |
| Equity | 10/15 | €152,896 | €247,917 | +€95,020 | +62.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €151,396 | €246,417 | +€95,020 | +62.8% |
| Distributable reserves | 133 | €151,396 | €246,417 | +€95,020 | +62.8% |
| Amounts payable | 17/49 | €43,602 | €47,159 | +€3,556 | +8.2% |
| Amounts payable within one year | 42/48 | €42,602 | €46,159 | +€3,556 | +8.3% |
| Trade debts | 44 | - | €729 | +€729 | |
| Suppliers | 440/4 | - | €729 | +€729 | |
| Taxes, remuneration and social security | 45 | €36,142 | €44,776 | +€8,634 | +23.9% |
| Taxes | 450/3 | €36,142 | €44,776 | +€8,634 | +23.9% |
| Other amounts payable | 47/48 | €6,460 | €654 | -€5,807 | -89.9% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €281 | €3,698 | +€3,417 | +1,216% |
| Other operating charges | 640/8 | €64 | €1,021 | +€957 | +1,500% |
| Gross operating margin | 9900 | €104,214 | €122,406 | +€18,192 | +17.5% |
| Operating profit (loss) | 9901 | €103,869 | €117,687 | +€13,818 | +13.3% |
| Financial income | 75/76B | €2,676 | €2,998 | +€322 | +12.0% |
| Recurring financial income | 75 | €2,676 | €2,998 | +€322 | +12.0% |
| Financial charges | 65/66B | €413 | -€257 | -€670 | |
| Recurring financial charges | 65 | €413 | -€257 | -€670 | |
| Profit (loss) for the period before taxes | 9903 | €106,133 | €120,943 | +€14,810 | +14.0% |
| Income taxes | 67/77 | €21,681 | €25,922 | +€4,241 | +19.6% |
| Profit (loss) for the period | 9904 | €84,452 | €95,020 | +€10,569 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €84,452 | €95,020 | +€10,569 | +12.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.