NAIRAKE: 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.
NAIRAKE
Largest movements
- Cash +€980,074
up €980,074 (+1940.0%), from €50,519 to €1.0m
mainly Other debts (+€1.1m) and Depreciation (+€773)
- Receivables after one year +€100,000
new in 2025: €100,000
- Other debts +€1.1m
new in 2025: €1.1m
- Debts after one year -€15,000
down €15,000 (-5.6%), from €269,743 to €254,743
- Depreciation -€1,096
down €1,096 (-58.6%), from €1,869 to €773
- Other operating charges -€844
down €844 (-61.5%), from €1,371 to €528
- Gross operating margin -€563
down €563 (-16.9%), from -€3,327 to -€3,890
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 | €258,697 | €1,337,998 | +€1.1m | +417.2% |
| Formation expenses | 20 | €773 | €0 | -€773 | -100.0% |
| Fixed assets | 21/28 | €207,405 | €207,405 | = | 0.0% |
| Financial fixed assets | 28 | €207,405 | €207,405 | = | 0.0% |
| Current assets | 29/58 | €50,519 | €1,130,593 | +€1.1m | +2138.0% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €50,519 | €1,030,593 | +€980,074 | +1940.0% |
| Total equity and liabilities | 10/49 | €258,697 | €1,337,998 | +€1.1m | +417.2% |
| Equity | 10/15 | -€15,036 | -€20,367 | -€5,331 | -35.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,036 | -€21,367 | -€5,331 | -33.2% |
| Amounts payable | 17/49 | €273,733 | €1,358,365 | +€1.1m | +396.2% |
| Amounts payable after more than one year | 17 | €269,743 | €254,743 | -€15,000 | -5.6% |
| Other amounts payable | 178/9 | €269,743 | €254,743 | -€15,000 | -5.6% |
| Amounts payable within one year | 42/48 | €3,990 | €1,103,622 | +€1.1m | +27558.0% |
| Trade debts | 44 | €3,990 | €3,622 | -€368 | -9.2% |
| Suppliers | 440/4 | €3,990 | €3,622 | -€368 | -9.2% |
| Other amounts payable | 47/48 | - | €1,100,000 | +€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,869 | €773 | -€1,096 | -58.6% |
| Other operating charges | 640/8 | €1,371 | €528 | -€844 | -61.5% |
| Gross operating margin | 9900 | -€3,327 | -€3,890 | -€563 | -16.9% |
| Operating profit (loss) | 9901 | -€6,567 | -€5,191 | +€1,376 | +21.0% |
| Financial charges | 65/66B | €140 | €140 | = | 0.0% |
| Recurring financial charges | 65 | €140 | €140 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,707 | -€5,331 | +€1,376 | +20.5% |
| Profit (loss) for the period | 9904 | -€6,707 | -€5,331 | +€1,376 | +20.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,707 | -€5,331 | +€1,376 | +20.5% |
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 7 October 2026 via checked.be.