NAGO: 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.
NAGO
Largest movements
- Current investments -€94,614
down €94,614 (-21.0%), from €450,000 to €355,386
- Cash -€54,936
down €54,936 (-28.1%), from €195,238 to €140,302
mainly Debts after one year (-€101,143) and Other debts (-€90,338)
- Tangible fixed assets -€45,003
down €45,003 (-16.5%), from €273,349 to €228,346
- Debts after one year -€101,143
down €101,143 (-48.1%), from €210,118 to €108,974
- Other debts -€90,338
down €90,338 (-53.3%), from €169,336 to €78,998
- Tax, wage and social debts -€17,841
down €17,841 (-61.0%), from €29,236 to €11,394
- Trade debts +€16,511
up €16,511 (+178.4%), from €9,255 to €25,766
- Profit (loss) carried forward -€12,884
new in 2025: -€12,884
- Gross operating margin -€171,868
down €171,868 (-62.2%), from €276,204 to €104,336
- Taxes -€75,105
down €75,105 (-97.2%), from €77,308 to €2,203
- Provisions +€40,000
up €40,000, from -€30,000 to €10,000
- Financial charges -€16,338
down €16,338 (-50.3%), from €32,468 to €16,129
- Financial income +€7,063
up €7,063 (+62.5%), from €11,310 to €18,373
of which Non-recurring financial income: +€12,893
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 | €968,120 | €768,129 | -€199,991 | -20.7% |
| Fixed assets | 21/28 | €273,765 | €228,762 | -€45,003 | -16.4% |
| Tangible fixed assets | 22/27 | €273,349 | €228,346 | -€45,003 | -16.5% |
| Furniture and vehicles | 24 | €273,349 | €228,346 | -€45,003 | -16.5% |
| Financial fixed assets | 28 | €415 | €415 | = | 0.0% |
| Current assets | 29/58 | €694,356 | €539,367 | -€154,988 | -22.3% |
| Stocks and contracts in progress | 3 | €4,425 | €11,217 | +€6,792 | +153.5% |
| Stocks | 30/36 | €4,425 | €11,217 | +€6,792 | +153.5% |
| Amounts receivable within one year | 40/41 | €34,568 | €25,962 | -€8,606 | -24.9% |
| Trade receivables | 40 | €29,526 | €19,885 | -€9,641 | -32.7% |
| Other amounts receivable | 41 | €5,043 | €6,078 | +€1,035 | +20.5% |
| Current investments | 50/53 | €450,000 | €355,386 | -€94,614 | -21.0% |
| Cash at bank and in hand | 54/58 | €195,238 | €140,302 | -€54,936 | -28.1% |
| Deferred charges and accrued income | 490/1 | €10,124 | €6,500 | -€3,623 | -35.8% |
| Total equity and liabilities | 10/49 | €968,120 | €768,129 | -€199,991 | -20.7% |
| Equity | 10/15 | €385,337 | €372,453 | -€12,884 | -3.3% |
| Contributions | 10/11 | €126,099 | €126,099 | = | 0.0% |
| Capital | 10 | €126,099 | €126,099 | = | 0.0% |
| Issued capital | 100 | €126,099 | €126,099 | = | 0.0% |
| Reserves | 13 | €259,238 | €259,238 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,610 | €12,610 | = | 0.0% |
| Legal reserve | 130 | €12,610 | €12,610 | = | 0.0% |
| Distributable reserves | 133 | €246,629 | €246,629 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€12,884 | -€12,884 | |
| Provisions and deferred taxes | 16 | €30,000 | €40,000 | +€10,000 | +33.3% |
| Provisions for liabilities and charges | 160/5 | €30,000 | €40,000 | +€10,000 | +33.3% |
| Major repairs and maintenance | 162 | €30,000 | €40,000 | +€10,000 | +33.3% |
| Amounts payable | 17/49 | €552,783 | €355,676 | -€197,108 | -35.7% |
| Amounts payable after more than one year | 17 | €210,118 | €108,974 | -€101,143 | -48.1% |
| Financial debts | 170/4 | €210,118 | €108,974 | -€101,143 | -48.1% |
| Amounts payable within one year | 42/48 | €327,881 | €237,716 | -€90,165 | -27.5% |
| Current portion of amounts payable after more than one year | 42 | €120,055 | €121,558 | +€1,503 | +1.3% |
| Trade debts | 44 | €9,255 | €25,766 | +€16,511 | +178.4% |
| Suppliers | 440/4 | €9,255 | €25,766 | +€16,511 | +178.4% |
| Taxes, remuneration and social security | 45 | €29,236 | €11,394 | -€17,841 | -61.0% |
| Taxes | 450/3 | €29,236 | €11,394 | -€17,841 | -61.0% |
| Other amounts payable | 47/48 | €169,336 | €78,998 | -€90,338 | -53.3% |
| Accrued charges and deferred income | 492/3 | €14,785 | €8,985 | -€5,799 | -39.2% |
| Non-recurring operating income | 76A | €309,416 | - | -€309,416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,807 | €105,092 | -€3,715 | -3.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€30,000 | €10,000 | +€40,000 | |
| Other operating charges | 640/8 | €2,320 | €2,168 | -€152 | -6.6% |
| Non-recurring operating charges | 66A | €73,500 | - | -€73,500 | |
| Gross operating margin | 9900 | €276,204 | €104,336 | -€171,868 | -62.2% |
| Operating profit (loss) | 9901 | €121,577 | -€12,924 | -€134,501 | |
| Financial income | 75/76B | €11,310 | €18,373 | +€7,063 | +62.5% |
| Recurring financial income | 75 | €11,310 | €5,480 | -€5,830 | -51.5% |
| Non-recurring financial income | 76B | - | €12,893 | +€12,893 | |
| Financial charges | 65/66B | €32,468 | €16,129 | -€16,338 | -50.3% |
| Recurring financial charges | 65 | €32,468 | €16,129 | -€16,338 | -50.3% |
| Profit (loss) for the period before taxes | 9903 | €100,419 | -€10,680 | -€111,099 | |
| Transfer from deferred taxes | 780 | €36,878 | - | -€36,878 | |
| Income taxes | 67/77 | €77,308 | €2,203 | -€75,105 | -97.2% |
| Profit (loss) for the period | 9904 | €59,988 | -€12,884 | -€72,872 | |
| Transfer from tax-exempt reserves | 789 | €110,634 | - | -€110,634 | |
| Profit (loss) for the period to be appropriated | 9905 | €170,622 | -€12,884 | -€183,506 |
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 29 September 2026 via checked.be.