NAFI: what changed
Two fiscal 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.
NAFI
Largest movements
- Tangible fixed assets +€25,005
up €25,005 (+111.0%), from €22,518 to €47,523
of which Land and buildings: +€25,567
- Cash -€12,107
down €12,107 (-46.1%), from €26,270 to €14,163
mainly Investment in fixed assets (net) (-€25,744) and Accrued charges and deferred income (-€9,401)
- Reserves +€19,529
up €19,529 (+90.9%), from €21,491 to €41,020
- Accrued charges and deferred income -€9,401
no longer reported in 2025 (was €9,401)
- Tax, wage and social debts +€2,816
up €2,816 (+125.2%), from €2,250 to €5,066
- Gross operating margin +€5,168
up €5,168 (+17.9%), from €28,871 to €34,039
- Taxes +€3,816
up €3,816 (+63.6%), from €6,001 to €9,817
- Other operating charges +€3,079
new in 2025: €3,079
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.
Cash bridge derived
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 | €49,752 | €63,073 | +€13,321 | +26.8% |
| Fixed assets | 21/28 | €22,518 | €47,523 | +€25,005 | +111.0% |
| Tangible fixed assets | 22/27 | €22,518 | €47,523 | +€25,005 | +111.0% |
| Land and buildings | 22 | €21,334 | €46,901 | +€25,567 | +119.8% |
| Furniture and vehicles | 24 | €1,184 | €622 | -€562 | -47.5% |
| Current assets | 29/58 | €27,234 | €15,550 | -€11,684 | -42.9% |
| Cash at bank and in hand | 54/58 | €26,270 | €14,163 | -€12,107 | -46.1% |
| Deferred charges and accrued income | 490/1 | €964 | €1,387 | +€423 | +43.9% |
| Total equity and liabilities | 10/49 | €49,752 | €63,073 | +€13,321 | +26.8% |
| Equity | 10/15 | €33,567 | €53,096 | +€19,529 | +58.2% |
| Contributions | 10/11 | €12,076 | €12,076 | = | 0.0% |
| Reserves | 13 | €21,491 | €41,020 | +€19,529 | +90.9% |
| Distributable reserves | 133 | €21,491 | €41,020 | +€19,529 | +90.9% |
| Amounts payable | 17/49 | €16,185 | €9,977 | -€6,208 | -38.4% |
| Amounts payable within one year | 42/48 | €6,784 | €9,977 | +€3,193 | +47.1% |
| Trade debts | 44 | €3,008 | €3,502 | +€494 | +16.4% |
| Suppliers | 440/4 | €3,008 | €3,502 | +€494 | +16.4% |
| Taxes, remuneration and social security | 45 | €2,250 | €5,066 | +€2,816 | +125.2% |
| Taxes | 450/3 | €2,250 | €5,066 | +€2,816 | +125.2% |
| Other amounts payable | 47/48 | €1,526 | €1,409 | -€117 | -7.7% |
| Accrued charges and deferred income | 492/3 | €9,401 | - | -€9,401 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €504 | €739 | +€235 | +46.6% |
| Other operating charges | 640/8 | - | €3,079 | +€3,079 | |
| Gross operating margin | 9900 | €28,871 | €34,039 | +€5,168 | +17.9% |
| Operating profit (loss) | 9901 | €28,367 | €30,221 | +€1,854 | +6.5% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €28,322 | €30,176 | +€1,854 | +6.5% |
| Income taxes | 67/77 | €6,001 | €9,817 | +€3,816 | +63.6% |
| Profit (loss) for the period | 9904 | €22,321 | €20,359 | -€1,962 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,321 | €20,359 | -€1,962 | -8.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.