NAFRAN: 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.
NAFRAN
Largest movements
- Tangible fixed assets -€8,093
down €8,093 (-8.8%), from €92,163 to €84,070
- Cash +€6,642
up €6,642 (+73.9%), from €8,985 to €15,626
mainly Net result for the year (+€24,544) and Tax, wage and social debts (+€8,806)
- Receivables within one year -€3,037
no longer reported in 2025 (was €3,037)
- Other debts -€37,704
down €37,704 (-53.4%), from €70,657 to €32,953
- Reserves +€24,544
up €24,544 (+171.1%), from €14,341 to €38,885
- Tax, wage and social debts +€8,806
up €8,806 (+166.2%), from €5,297 to €14,103
- Taxes +€9,851
up €9,851 (+430.2%), from €2,290 to €12,141
- Gross operating margin -€4,145
down €4,145 (-8.1%), from €51,413 to €47,268
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 | €104,185 | €99,697 | -€4,488 | -4.3% |
| Fixed assets | 21/28 | €92,163 | €84,070 | -€8,093 | -8.8% |
| Tangible fixed assets | 22/27 | €92,163 | €84,070 | -€8,093 | -8.8% |
| Land and buildings | 22 | €92,163 | €84,070 | -€8,093 | -8.8% |
| Current assets | 29/58 | €12,022 | €15,626 | +€3,604 | +30.0% |
| Amounts receivable within one year | 40/41 | €3,037 | - | -€3,037 | |
| Trade receivables | 40 | €3,037 | - | -€3,037 | |
| Cash at bank and in hand | 54/58 | €8,985 | €15,626 | +€6,642 | +73.9% |
| Total equity and liabilities | 10/49 | €104,185 | €99,697 | -€4,488 | -4.3% |
| Equity | 10/15 | €26,741 | €51,285 | +€24,544 | +91.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €14,341 | €38,885 | +€24,544 | +171.1% |
| Distributable reserves | 133 | €14,341 | €38,885 | +€24,544 | +171.1% |
| Amounts payable | 17/49 | €77,444 | €48,412 | -€29,032 | -37.5% |
| Amounts payable within one year | 42/48 | €77,444 | €48,412 | -€29,032 | -37.5% |
| Trade debts | 44 | €1,490 | €1,356 | -€134 | -9.0% |
| Suppliers | 440/4 | €1,490 | €1,356 | -€134 | -9.0% |
| Taxes, remuneration and social security | 45 | €5,297 | €14,103 | +€8,806 | +166.2% |
| Taxes | 450/3 | €5,297 | €14,103 | +€8,806 | +166.2% |
| Other amounts payable | 47/48 | €70,657 | €32,953 | -€37,704 | -53.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,093 | €8,093 | = | 0.0% |
| Other operating charges | 640/8 | €2,461 | €2,328 | -€134 | -5.4% |
| Gross operating margin | 9900 | €51,413 | €47,268 | -€4,145 | -8.1% |
| Operating profit (loss) | 9901 | €40,859 | €36,848 | -€4,012 | -9.8% |
| Financial income | 75/76B | €19 | €27 | +€9 | +45.9% |
| Recurring financial income | 75 | €19 | €27 | +€9 | +45.9% |
| Financial charges | 65/66B | €206 | €191 | -€16 | -7.7% |
| Recurring financial charges | 65 | €206 | €191 | -€16 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €40,672 | €36,685 | -€3,987 | -9.8% |
| Income taxes | 67/77 | €2,290 | €12,141 | +€9,851 | +430.2% |
| Profit (loss) for the period | 9904 | €38,382 | €24,544 | -€13,838 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,382 | €24,544 | -€13,838 | -36.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.