NAÏAD: 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.
NAÏAD
Largest movements
- Receivables within one year -€25,349
down €25,349 (-67.3%), from €37,678 to €12,329
- Deferred charges and accrued income -€6,845
down €6,845 (-71.8%), from €9,532 to €2,687
- Cash -€4,829
down €4,829 (-17.2%), from €28,016 to €23,187
mainly Other debts (-€25,453) and Trade debts (-€12,724)
- Tangible fixed assets -€1,480
down €1,480 (-22.3%), from €6,647 to €5,167
of which Other tangible fixed assets: -€1,362
- Other debts -€25,453
down €25,453 (-69.2%), from €36,773 to €11,321
- Trade debts -€12,724
down €12,724 (-82.1%), from €15,491 to €2,766
- Taxes -€5,367
down €5,367 (-97.4%), from €5,510 to €143
- Gross operating margin -€3,302
down €3,302 (-50.3%), from €6,567 to €3,265
- Write-downs -€3,185
new in 2025: -€3,185
- Other operating charges +€200
new in 2025: €200
- Depreciation -€69
down €69 (-3.4%), from €2,026 to €1,957
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 | €81,874 | €43,371 | -€38,503 | -47.0% |
| Fixed assets | 21/28 | €6,647 | €5,167 | -€1,480 | -22.3% |
| Tangible fixed assets | 22/27 | €6,647 | €5,167 | -€1,480 | -22.3% |
| Plant, machinery and equipment | 23 | - | €444 | +€444 | |
| Furniture and vehicles | 24 | €955 | €394 | -€561 | -58.8% |
| Other tangible fixed assets | 26 | €5,692 | €4,329 | -€1,362 | -23.9% |
| Current assets | 29/58 | €75,227 | €38,204 | -€37,023 | -49.2% |
| Amounts receivable within one year | 40/41 | €37,678 | €12,329 | -€25,349 | -67.3% |
| Trade receivables | 40 | €37,678 | €12,329 | -€25,349 | -67.3% |
| Cash at bank and in hand | 54/58 | €28,016 | €23,187 | -€4,829 | -17.2% |
| Deferred charges and accrued income | 490/1 | €9,532 | €2,687 | -€6,845 | -71.8% |
| Total equity and liabilities | 10/49 | €81,874 | €43,371 | -€38,503 | -47.0% |
| Equity | 10/15 | €20,542 | €21,143 | +€601 | +2.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €49,659 | €49,659 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,907 | €2,907 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,907 | €2,907 | = | 0.0% |
| Distributable reserves | 133 | €46,752 | €46,752 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,117 | -€58,516 | +€601 | +1.0% |
| Amounts payable | 17/49 | €61,332 | €22,228 | -€39,104 | -63.8% |
| Amounts payable within one year | 42/48 | €60,993 | €22,228 | -€38,765 | -63.6% |
| Trade debts | 44 | €15,491 | €2,766 | -€12,724 | -82.1% |
| Suppliers | 440/4 | €15,491 | €2,766 | -€12,724 | -82.1% |
| Taxes, remuneration and social security | 45 | €8,729 | €8,141 | -€588 | -6.7% |
| Taxes | 450/3 | €8,729 | €8,141 | -€588 | -6.7% |
| Other amounts payable | 47/48 | €36,773 | €11,321 | -€25,453 | -69.2% |
| Accrued charges and deferred income | 492/3 | €339 | - | -€339 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,026 | €1,957 | -€69 | -3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€3,185 | -€3,185 | |
| Other operating charges | 640/8 | - | €200 | +€200 | |
| Non-recurring operating charges | 66A | €500 | €3,185 | +€2,685 | +537.1% |
| Gross operating margin | 9900 | €6,567 | €3,265 | -€3,302 | -50.3% |
| Operating profit (loss) | 9901 | €4,041 | €1,107 | -€2,934 | -72.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -71.4% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -71.4% |
| Financial charges | 65/66B | €295 | €363 | +€68 | +23.2% |
| Recurring financial charges | 65 | €219 | €276 | +€57 | +26.0% |
| Non-recurring financial charges | 66B | €76 | €87 | +€11 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €3,746 | €744 | -€3,002 | -80.1% |
| Income taxes | 67/77 | €5,510 | €143 | -€5,367 | -97.4% |
| Profit (loss) for the period | 9904 | -€1,764 | €601 | +€2,365 | |
| Transfer from tax-exempt reserves | 789 | €19,500 | - | -€19,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,737 | €601 | -€17,135 | -96.6% |
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 10 October 2026 via checked.be.