NAO: 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.
NAO
Largest movements
- Tangible fixed assets -€12,644
down €12,644 (-26.4%), from €47,891 to €35,246
of which Furniture and vehicles: -€9,404
- Cash +€5,617
up €5,617 (+3.8%), from €147,846 to €153,463
mainly Other debts (+€17,613) and Depreciation (+€12,644)
- Reserves -€20,188
down €20,188 (-11.4%), from €177,072 to €156,884
- Other debts +€17,613
up €17,613 (+207.7%), from €8,478 to €26,091
- Profit (loss) carried forward -€3,435
new in 2025: -€3,435
- Current portion of long-term debt -€3,051
no longer reported in 2025 (was €3,051)
- Gross operating margin -€2,660
down €2,660 (-8.3%), from €32,152 to €29,492
- Staff costs +€1,036
up €1,036 (+7.6%), from €13,686 to €14,722
- Taxes -€935
down €935 (-45.9%), from €2,037 to €1,102
- Other operating charges +€666
up €666 (+17.3%), from €3,856 to €4,523
- Financial income -€545
down €545 (-58.2%), from €935 to €391
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 | €207,497 | €199,397 | -€8,100 | -3.9% |
| Fixed assets | 21/28 | €47,891 | €35,246 | -€12,644 | -26.4% |
| Tangible fixed assets | 22/27 | €47,891 | €35,246 | -€12,644 | -26.4% |
| Land and buildings | 22 | €36,360 | €33,120 | -€3,240 | -8.9% |
| Furniture and vehicles | 24 | €11,531 | €2,126 | -€9,404 | -81.6% |
| Current assets | 29/58 | €159,607 | €164,150 | +€4,544 | +2.8% |
| Stocks and contracts in progress | 3 | €9,438 | €9,213 | -€225 | -2.4% |
| Stocks | 30/36 | €9,438 | €9,213 | -€225 | -2.4% |
| Amounts receivable within one year | 40/41 | €301 | €41 | -€260 | -86.3% |
| Trade receivables | 40 | €56 | €41 | -€15 | -26.0% |
| Other amounts receivable | 41 | €246 | - | -€246 | |
| Cash at bank and in hand | 54/58 | €147,846 | €153,463 | +€5,617 | +3.8% |
| Deferred charges and accrued income | 490/1 | €2,021 | €1,433 | -€587 | -29.1% |
| Total equity and liabilities | 10/49 | €207,497 | €199,397 | -€8,100 | -3.9% |
| Equity | 10/15 | €183,272 | €159,649 | -€23,623 | -12.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €177,072 | €156,884 | -€20,188 | -11.4% |
| Distributable reserves | 133 | €177,072 | €156,884 | -€20,188 | -11.4% |
| Profit (loss) carried forward | 14 | - | -€3,435 | -€3,435 | |
| Amounts payable | 17/49 | €24,225 | €39,747 | +€15,523 | +64.1% |
| Amounts payable within one year | 42/48 | €24,225 | €39,747 | +€15,523 | +64.1% |
| Current portion of amounts payable after more than one year | 42 | €3,051 | - | -€3,051 | |
| Trade debts | 44 | €687 | €1,723 | +€1,036 | +150.9% |
| Suppliers | 440/4 | €687 | €1,723 | +€1,036 | +150.9% |
| Taxes, remuneration and social security | 45 | €12,009 | €11,934 | -€75 | -0.6% |
| Taxes | 450/3 | €6,349 | €6,063 | -€286 | -4.5% |
| Remuneration and social security | 454/9 | €5,660 | €5,871 | +€211 | +3.7% |
| Other amounts payable | 47/48 | €8,478 | €26,091 | +€17,613 | +207.7% |
| Remuneration, social security and pensions | 62 | €13,686 | €14,722 | +€1,036 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,422 | €12,644 | +€222 | +1.8% |
| Other operating charges | 640/8 | €3,856 | €4,523 | +€666 | +17.3% |
| Gross operating margin | 9900 | €32,152 | €29,492 | -€2,660 | -8.3% |
| Operating profit (loss) | 9901 | €2,187 | -€2,398 | -€4,585 | |
| Financial income | 75/76B | €935 | €391 | -€545 | -58.2% |
| Recurring financial income | 75 | €935 | €391 | -€545 | -58.2% |
| Financial charges | 65/66B | €437 | €326 | -€111 | -25.4% |
| Recurring financial charges | 65 | €437 | €326 | -€111 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €2,686 | -€2,332 | -€5,018 | |
| Income taxes | 67/77 | €2,037 | €1,102 | -€935 | -45.9% |
| Profit (loss) for the period | 9904 | €649 | -€3,435 | -€4,084 | |
| Profit (loss) for the period to be appropriated | 9905 | €649 | -€3,435 | -€4,084 |
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 4 October 2026 via checked.be.