NAFT: what changed
NAFT
Largest movements
- Stocks and contracts +€12,531
up €12,531 (+124%), from €10,090 to €22,620
- Cash +€8,790
up €8,790 (+63.9%), from €13,767 to €22,557
mainly Net result for the year (+€16,569) and Depreciation (+€7,486)
- Receivables within one year +€5,087
up €5,087 (+35.1%), from €14,483 to €19,570
of which Trade receivables: +€10,409
- Tangible fixed assets +€1,176
up €1,176 (+8.9%), from €13,243 to €14,418
of which Furniture and vehicles: +€2,058
- Intangible fixed assets -€1,080
down €1,080 (-20.2%), from €5,343 to €4,263
- Profit (loss) carried forward +€16,569
new in 2025: €16,569
- Trade debts +€5,519
up €5,519 (+48.8%), from €11,303 to €16,822
- Tax, wage and social debts +€2,685
up €2,685, from €0 to €2,685
- Other debts +€1,200
up €1,200 (+32.1%), from €3,735 to €4,935
- Gross operating margin +€17,056
up €17,056 (+92.0%), from €18,531 to €35,586
- Other operating charges +€5,171
up €5,171 (+674%), from €767 to €5,937
- Depreciation +€2,372
up €2,372 (+46.4%), from €5,114 to €7,486
- Taxes +€2,212
up €2,212 (+65.5%), from €3,375 to €5,587
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €58,015 | €83,988 | +€25,973 | +44.8% |
| Fixed assets | 21/28 | €18,585 | €18,681 | +€96 | +0.5% |
| Intangible fixed assets | 21 | €5,343 | €4,263 | -€1,080 | -20.2% |
| Tangible fixed assets | 22/27 | €13,243 | €14,418 | +€1,176 | +8.9% |
| Plant, machinery and equipment | 23 | €10,240 | €9,358 | -€883 | -8.6% |
| Furniture and vehicles | 24 | €3,002 | €5,061 | +€2,058 | +68.6% |
| Current assets | 29/58 | €39,430 | €65,307 | +€25,878 | +65.6% |
| Stocks and contracts in progress | 3 | €10,090 | €22,620 | +€12,531 | +124% |
| Stocks | 30/36 | €10,090 | €22,620 | +€12,531 | +124% |
| Amounts receivable within one year | 40/41 | €14,483 | €19,570 | +€5,087 | +35.1% |
| Trade receivables | 40 | €6,036 | €16,445 | +€10,409 | +172% |
| Other amounts receivable | 41 | €8,447 | €3,125 | -€5,322 | -63.0% |
| Cash at bank and in hand | 54/58 | €13,767 | €22,557 | +€8,790 | +63.9% |
| Deferred charges and accrued income | 490/1 | €1,090 | €560 | -€530 | -48.7% |
| Total equity and liabilities | 10/49 | €58,015 | €83,988 | +€25,973 | +44.8% |
| Equity | 10/15 | €42,977 | €59,546 | +€16,569 | +38.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €27,977 | €27,977 | = | 0.0% |
| Distributable reserves | 133 | €27,977 | €27,977 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €16,569 | +€16,569 | |
| Amounts payable | 17/49 | €15,038 | €24,442 | +€9,404 | +62.5% |
| Amounts payable within one year | 42/48 | €15,038 | €24,442 | +€9,404 | +62.5% |
| Trade debts | 44 | €11,303 | €16,822 | +€5,519 | +48.8% |
| Suppliers | 440/4 | €11,303 | €16,822 | +€5,519 | +48.8% |
| Taxes, remuneration and social security | 45 | €0 | €2,685 | +€2,685 | |
| Taxes | 450/3 | €0 | €2,685 | +€2,685 | |
| Other amounts payable | 47/48 | €3,735 | €4,935 | +€1,200 | +32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,114 | €7,486 | +€2,372 | +46.4% |
| Other operating charges | 640/8 | €767 | €5,937 | +€5,171 | +674% |
| Gross operating margin | 9900 | €18,531 | €35,586 | +€17,056 | +92.0% |
| Operating profit (loss) | 9901 | €12,650 | €22,163 | +€9,513 | +75.2% |
| Financial charges | 65/66B | €78 | €6 | -€72 | -91.7% |
| Recurring financial charges | 65 | €78 | €6 | -€72 | -91.7% |
| Profit (loss) for the period before taxes | 9903 | €12,572 | €22,157 | +€9,585 | +76.2% |
| Income taxes | 67/77 | €3,375 | €5,587 | +€2,212 | +65.5% |
| Profit (loss) for the period | 9904 | €9,197 | €16,569 | +€7,373 | +80.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,197 | €16,569 | +€7,373 | +80.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.