NAIADES: 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.
NAIADES
Largest movements
- Receivables within one year -€25,371
down €25,371 (-86.5%), from €29,321 to €3,950
of which Other amounts receivable: -€23,208
- Stocks and contracts -€18,238
down €18,238 (-7.9%), from €230,395 to €212,157
- Tangible fixed assets -€16,290
down €16,290 (-8.3%), from €195,760 to €179,470
of which Land and buildings: -€10,045
- Reserves -€44,000
down €44,000 (-18.8%), from €233,634 to €189,634
- Debts after one year -€8,536
down €8,536 (-3.9%), from €218,536 to €210,000
of which Financial debts: -€8,536
- Purchases and services -€75,992
down €75,992 (-14.2%), from €534,843 to €458,852
- Turnover -€72,833
down €72,833 (-12.9%), from €562,886 to €490,053
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 | €650,806 | €593,516 | -€57,290 | -8.8% |
| Fixed assets | 21/28 | €195,996 | €179,707 | -€16,290 | -8.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €195,760 | €179,470 | -€16,290 | -8.3% |
| Land and buildings | 22 | €182,058 | €172,013 | -€10,045 | -5.5% |
| Plant, machinery and equipment | 23 | €8,363 | €7,027 | -€1,336 | -16.0% |
| Furniture and vehicles | 24 | €5,339 | €430 | -€4,909 | -91.9% |
| Financial fixed assets | 28 | €236 | €236 | = | 0.0% |
| Current assets | 29/58 | €454,810 | €413,809 | -€41,000 | -9.0% |
| Stocks and contracts in progress | 3 | €230,395 | €212,157 | -€18,238 | -7.9% |
| Stocks | 30/36 | €230,395 | €212,157 | -€18,238 | -7.9% |
| Amounts receivable within one year | 40/41 | €29,321 | €3,950 | -€25,371 | -86.5% |
| Trade receivables | 40 | €6,035 | €3,873 | -€2,162 | -35.8% |
| Other amounts receivable | 41 | €23,286 | €77 | -€23,208 | -99.7% |
| Cash at bank and in hand | 54/58 | €194,479 | €196,923 | +€2,443 | +1.3% |
| Deferred charges and accrued income | 490/1 | €614 | €779 | +€165 | +26.9% |
| Total equity and liabilities | 10/49 | €650,806 | €593,516 | -€57,290 | -8.8% |
| Equity | 10/15 | €415,018 | €373,194 | -€41,824 | -10.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €233,634 | €189,634 | -€44,000 | -18.8% |
| Distributable reserves | 133 | €233,634 | €189,634 | -€44,000 | -18.8% |
| Profit (loss) carried forward | 14 | €160,924 | €163,100 | +€2,176 | +1.4% |
| Amounts payable | 17/49 | €235,788 | €220,322 | -€15,465 | -6.6% |
| Amounts payable after more than one year | 17 | €218,536 | €210,000 | -€8,536 | -3.9% |
| Financial debts | 170/4 | €8,536 | €0 | -€8,536 | -100% |
| Other amounts payable | 178/9 | €210,000 | €210,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €17,251 | €10,322 | -€6,929 | -40.2% |
| Current portion of amounts payable after more than one year | 42 | €12,859 | €8,035 | -€4,825 | -37.5% |
| Trade debts | 44 | €563 | €799 | +€235 | +41.8% |
| Suppliers | 440/4 | €563 | €799 | +€235 | +41.8% |
| Taxes, remuneration and social security | 45 | €0 | €1,489 | +€1,489 | |
| Taxes | 450/3 | €0 | €1,489 | +€1,489 | |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €3,829 | €0 | -€3,829 | -100% |
| Turnover | 70 | €562,886 | €490,053 | -€72,833 | -12.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €534,843 | €458,852 | -€75,992 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,459 | €16,290 | -€169 | -1.0% |
| Other operating charges | 640/8 | €7,325 | €7,601 | +€276 | +3.8% |
| Gross operating margin | 9900 | €28,043 | €31,201 | +€3,159 | +11.3% |
| Operating profit (loss) | 9901 | €4,259 | €7,311 | +€3,052 | +71.7% |
| Financial income | 75/76B | €1,577 | €991 | -€586 | -37.1% |
| Recurring financial income | 75 | €1,577 | €991 | -€586 | -37.1% |
| Financial charges | 65/66B | €6,772 | €5,677 | -€1,094 | -16.2% |
| Recurring financial charges | 65 | €6,772 | €5,677 | -€1,094 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | -€935 | €2,625 | +€3,560 | |
| Income taxes | 67/77 | -€372 | €449 | +€822 | |
| Profit (loss) for the period | 9904 | -€563 | €2,176 | +€2,739 | |
| Profit (loss) for the period to be appropriated | 9905 | -€563 | €2,176 | +€2,739 |
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 31 October 2026 via checked.be.