NAFIS: 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.
NAFIS
Largest movements
- Receivables within one year +€74,600
up €74,600 (+41.2%), from €181,126 to €255,726
of which Other amounts receivable: +€81,833
- Cash -€30,791
down €30,791 (-42.3%), from €72,805 to €42,014
mainly Receivables within one year (-€74,600) and Debts after one year (-€8,238)
- Intangible fixed assets -€4,820
down €4,820 (-5.9%), from €81,938 to €77,118
- Reserves +€50,981
up €50,981 (+20.0%), from €254,555 to €305,536
of which Distributable reserves: +€50,981
- Debts after one year -€8,238
down €8,238 (-15.1%), from €54,580 to €46,342
- Tax, wage and social debts -€4,117
down €4,117 (-12.2%), from €33,848 to €29,731
- Gross operating margin -€4,702
down €4,702 (-5.8%), from €81,018 to €76,316
- Financial income +€2,768
up €2,768 (+44.8%), from €6,182 to €8,950
- Financial charges +€1,104
up €1,104 (+148%), from €745 to €1,849
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 | €357,788 | €396,549 | +€38,761 | +10.8% |
| Fixed assets | 21/28 | €102,594 | €97,546 | -€5,048 | -4.9% |
| Intangible fixed assets | 21 | €81,938 | €77,118 | -€4,820 | -5.9% |
| Tangible fixed assets | 22/27 | €456 | €228 | -€228 | -50.0% |
| Other tangible fixed assets | 26 | €456 | €228 | -€228 | -50.0% |
| Financial fixed assets | 28 | €20,200 | €20,200 | = | 0.0% |
| Current assets | 29/58 | €255,194 | €299,003 | +€43,809 | +17.2% |
| Amounts receivable within one year | 40/41 | €181,126 | €255,726 | +€74,600 | +41.2% |
| Trade receivables | 40 | €36,608 | €29,375 | -€7,233 | -19.8% |
| Other amounts receivable | 41 | €144,518 | €226,351 | +€81,833 | +56.6% |
| Cash at bank and in hand | 54/58 | €72,805 | €42,014 | -€30,791 | -42.3% |
| Deferred charges and accrued income | 490/1 | €1,263 | €1,263 | = | 0.0% |
| Total equity and liabilities | 10/49 | €357,788 | €396,549 | +€38,761 | +10.8% |
| Equity | 10/15 | €260,755 | €311,736 | +€50,981 | +19.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €254,555 | €305,536 | +€50,981 | +20.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €252,695 | €303,676 | +€50,981 | +20.2% |
| Amounts payable | 17/49 | €97,033 | €84,813 | -€12,220 | -12.6% |
| Amounts payable after more than one year | 17 | €54,580 | €46,342 | -€8,238 | -15.1% |
| Financial debts | 170/4 | €54,580 | €46,342 | -€8,238 | -15.1% |
| Amounts payable within one year | 42/48 | €41,950 | €37,970 | -€3,980 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €8,102 | €8,239 | +€137 | +1.7% |
| Taxes, remuneration and social security | 45 | €33,848 | €29,731 | -€4,117 | -12.2% |
| Taxes | 450/3 | €33,848 | €29,731 | -€4,117 | -12.2% |
| Accrued charges and deferred income | 492/3 | €503 | €501 | -€2 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,048 | €5,048 | = | 0.0% |
| Other operating charges | 640/8 | €1,328 | €1,489 | +€161 | +12.1% |
| Gross operating margin | 9900 | €81,018 | €76,316 | -€4,702 | -5.8% |
| Operating profit (loss) | 9901 | €74,642 | €69,779 | -€4,863 | -6.5% |
| Financial income | 75/76B | €6,182 | €8,950 | +€2,768 | +44.8% |
| Recurring financial income | 75 | €6,182 | €8,950 | +€2,768 | +44.8% |
| Financial charges | 65/66B | €745 | €1,849 | +€1,104 | +148% |
| Recurring financial charges | 65 | €745 | €1,849 | +€1,104 | +148% |
| Profit (loss) for the period before taxes | 9903 | €80,079 | €76,880 | -€3,199 | -4.0% |
| Income taxes | 67/77 | €26,520 | €25,899 | -€621 | -2.3% |
| Profit (loss) for the period | 9904 | €53,559 | €50,981 | -€2,578 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,559 | €50,981 | -€2,578 | -4.8% |
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.