NAKO: 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.
NAKO
Largest movements
- Tangible fixed assets +€32,113
up €32,113 (+6.8%), from €471,111 to €503,223
of which Plant, machinery and equipment: +€23,187
- Cash -€14,461
down €14,461 (-38.4%), from €37,697 to €23,236
mainly Investment in fixed assets (net) (-€60,446) and Contributions, distributions and other (-€46,881)
- Stocks and contracts +€7,923
new in 2025: €7,923
- Other debts +€38,737
up €38,737 (+3484.6%), from €1,112 to €39,849
- Reserves -€32,259
down €32,259 (-17.8%), from €181,567 to €149,308
of which Distributable reserves: -€30,399
- Other operating charges -€23,152
down €23,152 (-92.9%), from €24,925 to €1,773
- Depreciation +€16,398
up €16,398 (+137.4%), from €11,936 to €28,333
- Gross operating margin -€12,479
down €12,479 (-17.2%), from €72,573 to €60,094
- Financial charges +€5,491
up €5,491 (+99.8%), from €5,501 to €10,993
- Taxes -€4,325
down €4,325 (-46.8%), from €9,235 to €4,911
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 | €567,290 | €589,491 | +€22,200 | +3.9% |
| Fixed assets | 21/28 | €471,111 | €503,223 | +€32,113 | +6.8% |
| Tangible fixed assets | 22/27 | €471,111 | €503,223 | +€32,113 | +6.8% |
| Land and buildings | 22 | €455,443 | €469,977 | +€14,535 | +3.2% |
| Plant, machinery and equipment | 23 | €620 | €23,806 | +€23,187 | +3742.8% |
| Furniture and vehicles | 24 | €15,048 | €9,439 | -€5,609 | -37.3% |
| Current assets | 29/58 | €96,180 | €86,267 | -€9,912 | -10.3% |
| Stocks and contracts in progress | 3 | - | €7,923 | +€7,923 | |
| Stocks | 30/36 | - | €7,923 | +€7,923 | |
| Amounts receivable within one year | 40/41 | €53,701 | €52,491 | -€1,210 | -2.3% |
| Trade receivables | 40 | €19,360 | €36,531 | +€17,171 | +88.7% |
| Other amounts receivable | 41 | €34,341 | €15,961 | -€18,380 | -53.5% |
| Cash at bank and in hand | 54/58 | €37,697 | €23,236 | -€14,461 | -38.4% |
| Deferred charges and accrued income | 490/1 | €4,782 | €2,618 | -€2,164 | -45.3% |
| Total equity and liabilities | 10/49 | €567,290 | €589,491 | +€22,200 | +3.9% |
| Equity | 10/15 | €200,167 | €167,908 | -€32,259 | -16.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €181,567 | €149,308 | -€32,259 | -17.8% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €179,707 | €149,308 | -€30,399 | -16.9% |
| Amounts payable | 17/49 | €367,123 | €421,582 | +€54,459 | +14.8% |
| Amounts payable after more than one year | 17 | €308,683 | €310,194 | +€1,511 | +0.5% |
| Financial debts | 170/4 | €308,683 | €310,194 | +€1,511 | +0.5% |
| Amounts payable within one year | 42/48 | €58,222 | €110,912 | +€52,690 | +90.5% |
| Current portion of amounts payable after more than one year | 42 | €24,016 | €27,244 | +€3,229 | +13.4% |
| Financial debts | 43 | - | €3,750 | +€3,750 | |
| Other loans | 439 | - | €3,750 | +€3,750 | |
| Trade debts | 44 | €20,978 | €26,640 | +€5,662 | +27.0% |
| Suppliers | 440/4 | €20,978 | €26,640 | +€5,662 | +27.0% |
| Taxes, remuneration and social security | 45 | €12,117 | €13,430 | +€1,313 | +10.8% |
| Taxes | 450/3 | €12,117 | €13,430 | +€1,313 | +10.8% |
| Other amounts payable | 47/48 | €1,112 | €39,849 | +€38,737 | +3484.6% |
| Accrued charges and deferred income | 492/3 | €218 | €476 | +€258 | +118.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,936 | €28,333 | +€16,398 | +137.4% |
| Other operating charges | 640/8 | €24,925 | €1,773 | -€23,152 | -92.9% |
| Gross operating margin | 9900 | €72,573 | €60,094 | -€12,479 | -17.2% |
| Operating profit (loss) | 9901 | €35,712 | €29,987 | -€5,725 | -16.0% |
| Financial income | 75/76B | €500 | €538 | +€38 | +7.6% |
| Recurring financial income | 75 | €500 | €538 | +€38 | +7.6% |
| Financial charges | 65/66B | €5,501 | €10,993 | +€5,491 | +99.8% |
| Recurring financial charges | 65 | €5,501 | €10,993 | +€5,491 | +99.8% |
| Profit (loss) for the period before taxes | 9903 | €30,711 | €19,533 | -€11,178 | -36.4% |
| Income taxes | 67/77 | €9,235 | €4,911 | -€4,325 | -46.8% |
| Profit (loss) for the period | 9904 | €21,475 | €14,622 | -€6,853 | -31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,475 | €14,622 | -€6,853 | -31.9% |
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 12 October 2026 via checked.be.