NAIEF: 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.
NAIEF
Largest movements
- Receivables after one year -€15,000
down €15,000 (-30.0%), from €50,000 to €35,000
- Cash +€10,476
up €10,476 (+128.5%), from €8,151 to €18,627
mainly Receivables after one year (+€15,000) and Net result for the year (+€8,477)
- Tangible fixed assets +€1,775
up €1,775 (+18.5%), from €9,602 to €11,377
of which Other tangible fixed assets: +€1,959
- Trade debts -€16,506
down €16,506 (-36.4%), from €45,394 to €28,889
- Reserves +€8,477
up €8,477 (+49.7%), from €17,071 to €25,548
- Tax, wage and social debts +€3,551
new in 2025: €3,551
- Other debts +€1,838
up €1,838 (+38.4%), from €4,783 to €6,621
- Gross operating margin -€17,883
down €17,883 (-52.5%), from €34,033 to €16,150
- Taxes -€6,460
down €6,460 (-86.1%), from €7,500 to €1,040
- Other operating charges -€4,802
down €4,802 (-54.2%), from €8,853 to €4,051
- Depreciation +€1,811
up €1,811 (+161.8%), from €1,119 to €2,930
- Financial income -€402
down €402 (-32.1%), from €1,252 to €850
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 | €72,248 | €69,608 | -€2,640 | -3.7% |
| Fixed assets | 21/28 | €9,602 | €11,377 | +€1,775 | +18.5% |
| Tangible fixed assets | 22/27 | €9,602 | €11,377 | +€1,775 | +18.5% |
| Plant, machinery and equipment | 23 | €5,689 | €6,466 | +€778 | +13.7% |
| Furniture and vehicles | 24 | €2,564 | €1,603 | -€962 | -37.5% |
| Other tangible fixed assets | 26 | €1,350 | €3,308 | +€1,959 | +145.1% |
| Current assets | 29/58 | €62,645 | €58,231 | -€4,415 | -7.0% |
| Amounts receivable after more than one year | 29 | €50,000 | €35,000 | -€15,000 | -30.0% |
| Other amounts receivable | 291 | €50,000 | €35,000 | -€15,000 | -30.0% |
| Amounts receivable within one year | 40/41 | €3,180 | €3,689 | +€509 | +16.0% |
| Other amounts receivable | 41 | €3,180 | €3,689 | +€509 | +16.0% |
| Cash at bank and in hand | 54/58 | €8,151 | €18,627 | +€10,476 | +128.5% |
| Deferred charges and accrued income | 490/1 | €1,314 | €915 | -€399 | -30.4% |
| Total equity and liabilities | 10/49 | €72,248 | €69,608 | -€2,640 | -3.7% |
| Equity | 10/15 | €22,071 | €30,548 | +€8,477 | +38.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €17,071 | €25,548 | +€8,477 | +49.7% |
| Distributable reserves | 133 | €17,071 | €25,548 | +€8,477 | +49.7% |
| Amounts payable | 17/49 | €50,177 | €39,060 | -€11,117 | -22.2% |
| Amounts payable within one year | 42/48 | €50,177 | €39,060 | -€11,117 | -22.2% |
| Trade debts | 44 | €45,394 | €28,889 | -€16,506 | -36.4% |
| Suppliers | 440/4 | €45,394 | €28,889 | -€16,506 | -36.4% |
| Taxes, remuneration and social security | 45 | - | €3,551 | +€3,551 | |
| Taxes | 450/3 | - | €3,551 | +€3,551 | |
| Other amounts payable | 47/48 | €4,783 | €6,621 | +€1,838 | +38.4% |
| Remuneration, social security and pensions | 62 | €275 | - | -€275 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,119 | €2,930 | +€1,811 | +161.8% |
| Other operating charges | 640/8 | €8,853 | €4,051 | -€4,802 | -54.2% |
| Gross operating margin | 9900 | €34,033 | €16,150 | -€17,883 | -52.5% |
| Operating profit (loss) | 9901 | €23,786 | €9,169 | -€14,617 | -61.5% |
| Financial income | 75/76B | €1,252 | €850 | -€402 | -32.1% |
| Recurring financial income | 75 | €1,252 | €850 | -€402 | -32.1% |
| Financial charges | 65/66B | €468 | €503 | +€35 | +7.5% |
| Recurring financial charges | 65 | €468 | €503 | +€35 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €24,571 | €9,516 | -€15,054 | -61.3% |
| Income taxes | 67/77 | €7,500 | €1,040 | -€6,460 | -86.1% |
| Profit (loss) for the period | 9904 | €17,071 | €8,477 | -€8,594 | -50.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,071 | €8,477 | -€8,594 | -50.3% |
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.