NAIRA: 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.
NAIRA
Largest movements
- Receivables within one year +€179,095
up €179,095 (+6.8%), from €2.6m to €2.8m
- Cash -€47,412
down €47,412 (-97.5%), from €48,647 to €1,235
mainly Receivables within one year (-€179,095) and Trade debts (-€47,193)
- Profit (loss) carried forward +€126,966
up €126,966 (+1.4%), from -€9.1m to -€9.0m
- Trade debts -€47,193
down €47,193 (-54.3%), from €86,900 to €39,707
- Financial income -€72,931
down €72,931 (-28.1%), from €259,173 to €186,242
of which Non-recurring financial income: -€65,614
- Services and other goods -€49,580
no longer reported in 2025 (was €49,580)
- Financial charges -€10,915
down €10,915 (-62.6%), from €17,444 to €6,529
of which Financial charges: -€10,416
- Gross operating margin +€2,929
new in 2025: €2,929
- Taxes +€1,999
up €1,999 (+3.8%), from €52,231 to €54,230
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 | €3,549,905 | €3,666,088 | +€116,183 | +3.3% |
| Fixed assets | 21/28 | €545,028 | €544,528 | -€500 | -0.1% |
| Financial fixed assets | 28 | €545,028 | €544,528 | -€500 | -0.1% |
| Affiliated companies | 280/1 | €466,600 | - | -€466,600 | |
| Participating interests | 280 | €466,600 | - | -€466,600 | |
| Amounts receivable | 281 | €0 | - | = | |
| Companies linked by participating interests | 282/3 | €28,428 | - | -€28,428 | |
| Participating interests | 282 | €28,428 | - | -€28,428 | |
| Other financial fixed assets | 284/8 | €50,000 | - | -€50,000 | |
| Shares | 284 | €50,000 | - | -€50,000 | |
| Current assets | 29/58 | €3,004,877 | €3,121,560 | +€116,683 | +3.9% |
| Amounts receivable after more than one year | 29 | €326,243 | €311,243 | -€15,000 | -4.6% |
| Other amounts receivable | 291 | €326,243 | €311,243 | -€15,000 | -4.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €2,629,987 | €2,809,082 | +€179,095 | +6.8% |
| Other amounts receivable | 41 | €2,629,987 | €2,809,082 | +€179,095 | +6.8% |
| Cash at bank and in hand | 54/58 | €48,647 | €1,235 | -€47,412 | -97.5% |
| Total equity and liabilities | 10/49 | €3,549,905 | €3,666,088 | +€116,183 | +3.3% |
| Equity | 10/15 | €3,394,541 | €3,521,506 | +€126,966 | +3.7% |
| Contributions | 10/11 | €6,889,432 | €6,889,432 | = | 0.0% |
| Reserves | 13 | €5,586,541 | €5,586,541 | = | 0.0% |
| Non-distributable reserves | 130/1 | €206,183 | €206,183 | = | 0.0% |
| Reserves not available under the articles | 1311 | €206,183 | €206,183 | = | 0.0% |
| Distributable reserves | 133 | €5,380,358 | €5,380,358 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,081,432 | -€8,954,466 | +€126,966 | +1.4% |
| Amounts payable | 17/49 | €155,364 | €144,581 | -€10,783 | -6.9% |
| Amounts payable within one year | 42/48 | €155,364 | €144,581 | -€10,783 | -6.9% |
| Trade debts | 44 | €86,900 | €39,707 | -€47,193 | -54.3% |
| Suppliers | 440/4 | €86,900 | €39,707 | -€47,193 | -54.3% |
| Taxes, remuneration and social security | 45 | €68,364 | €104,774 | +€36,410 | +53.3% |
| Taxes | 450/3 | €68,364 | €104,774 | +€36,410 | +53.3% |
| Other amounts payable | 47/48 | €100 | €100 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €0 | - | = | |
| Other operating income | 74 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €51,106 | - | -€51,106 | |
| Services and other goods | 61 | €49,580 | - | -€49,580 | |
| Other operating charges | 640/8 | €1,526 | €1,251 | -€274 | -18.0% |
| Gross operating margin | 9900 | - | €2,929 | +€2,929 | |
| Operating profit (loss) | 9901 | -€51,106 | €1,677 | +€52,783 | |
| Financial income | 75/76B | €259,173 | €186,242 | -€72,931 | -28.1% |
| Recurring financial income | 75 | €154,173 | €146,856 | -€7,317 | -4.7% |
| Income from financial fixed assets | 750 | €654 | - | -€654 | |
| Income from current assets | 751 | €153,519 | - | -€153,519 | |
| Other financial income | 752/9 | €0 | - | = | |
| Non-recurring financial income | 76B | €105,000 | €39,386 | -€65,614 | -62.5% |
| Financial charges | 65/66B | €17,444 | €6,529 | -€10,915 | -62.6% |
| Recurring financial charges | 65 | €16,445 | €6,029 | -€10,416 | -63.3% |
| Debt charges | 650 | €1,200 | - | -€1,200 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €15,245 | - | -€15,245 | |
| Non-recurring financial charges | 66B | €999 | €500 | -€499 | -49.9% |
| Profit (loss) for the period before taxes | 9903 | €190,623 | €181,391 | -€9,232 | -4.8% |
| Income taxes | 67/77 | €52,231 | €54,230 | +€1,999 | +3.8% |
| Taxes | 670/3 | €52,231 | - | -€52,231 | |
| Profit (loss) for the period | 9904 | €138,392 | €127,161 | -€11,232 | -8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €138,392 | €127,161 | -€11,232 | -8.1% |
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 3 October 2026 via checked.be.