NALVAS: 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.
NALVAS
Largest movements
- Cash -€76,677
down €76,677 (-65.3%), from €117,361 to €40,684
mainly Contributions, distributions and other (-€90,000) and Other debts (-€34,085)
- Tangible fixed assets -€8,068
down €8,068 (-45.1%), from €17,886 to €9,818
- Receivables within one year +€6,473
up €6,473 (+22.5%), from €28,707 to €35,181
of which Trade receivables: +€4,649
- Profit (loss) carried forward -€46,930
down €46,930 (-94.4%), from €49,706 to €2,776
- Other debts -€34,085
down €34,085 (-30.9%), from €110,140 to €76,055
- Tax, wage and social debts +€3,443
up €3,443 (+95.0%), from €3,623 to €7,066
- Gross operating margin +€26,858
up €26,858 (+62.9%), from €42,671 to €69,528
- Taxes +€5,134
up €5,134 (+64.6%), from €7,946 to €13,081
- Other operating charges +€1,457
up €1,457 (+77.3%), from €1,885 to €3,342
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 | €164,569 | €86,998 | -€77,571 | -47.1% |
| Fixed assets | 21/28 | €17,886 | €9,818 | -€8,068 | -45.1% |
| Tangible fixed assets | 22/27 | €17,886 | €9,818 | -€8,068 | -45.1% |
| Furniture and vehicles | 24 | €17,886 | €9,818 | -€8,068 | -45.1% |
| Current assets | 29/58 | €146,683 | €77,180 | -€69,503 | -47.4% |
| Amounts receivable within one year | 40/41 | €28,707 | €35,181 | +€6,473 | +22.5% |
| Trade receivables | 40 | €28,154 | €32,803 | +€4,649 | +16.5% |
| Other amounts receivable | 41 | €554 | €2,378 | +€1,824 | +329.6% |
| Cash at bank and in hand | 54/58 | €117,361 | €40,684 | -€76,677 | -65.3% |
| Deferred charges and accrued income | 490/1 | €615 | €1,316 | +€701 | +114.1% |
| Total equity and liabilities | 10/49 | €164,569 | €86,998 | -€77,571 | -47.1% |
| Equity | 10/15 | €50,806 | €3,876 | -€46,930 | -92.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,706 | €2,776 | -€46,930 | -94.4% |
| Amounts payable | 17/49 | €113,763 | €83,122 | -€30,641 | -26.9% |
| Amounts payable within one year | 42/48 | €113,763 | €83,122 | -€30,641 | -26.9% |
| Taxes, remuneration and social security | 45 | €3,623 | €7,066 | +€3,443 | +95.0% |
| Taxes | 450/3 | €3,623 | €7,066 | +€3,443 | +95.0% |
| Other amounts payable | 47/48 | €110,140 | €76,055 | -€34,085 | -30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,744 | €9,836 | +€92 | +0.9% |
| Other operating charges | 640/8 | €1,885 | €3,342 | +€1,457 | +77.3% |
| Gross operating margin | 9900 | €42,671 | €69,528 | +€26,858 | +62.9% |
| Operating profit (loss) | 9901 | €31,042 | €56,351 | +€25,308 | +81.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -96.8% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -96.8% |
| Financial charges | 65/66B | €220 | €199 | -€21 | -9.5% |
| Recurring financial charges | 65 | €220 | €199 | -€21 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €30,822 | €56,151 | +€25,329 | +82.2% |
| Income taxes | 67/77 | €7,946 | €13,081 | +€5,134 | +64.6% |
| Profit (loss) for the period | 9904 | €22,876 | €43,070 | +€20,195 | +88.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,876 | €43,070 | +€20,195 | +88.3% |
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.