NAOL: 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.
NAOL
Largest movements
- Tangible fixed assets +€156,064
up €156,064 (+17.8%), from €874,533 to €1.0m
of which Land and buildings: +€390,660
- Cash -€42,694
down €42,694 (-72.9%), from €58,531 to €15,837
mainly Contributions, distributions and other (-€220,000) and Investment in fixed assets (net) (-€200,748)
- Other debts +€187,500
up €187,500 (+142.9%), from €131,206 to €318,706
- Debts after one year -€55,718
down €55,718 (-8.5%), from €656,258 to €600,540
- Advances received -€50,000
down €50,000 (-50.0%), from €100,000 to €50,000
- Tax, wage and social debts +€23,057
up €23,057 (+92.1%), from €25,041 to €48,098
of which Taxes: +€15,088
- Gross operating margin +€27,263
up €27,263 (+113.0%), from €24,118 to €51,381
- Taxes -€17,041
down €17,041 (-96.3%), from €17,698 to €657
- Depreciation -€3,139
down €3,139 (-6.6%), from €47,823 to €44,684
- Financial charges +€3,003
up €3,003 (+14.8%), from €20,351 to €23,354
- Other operating charges +€719
up €719 (+13.8%), from €5,223 to €5,942
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 | €1,732,164 | €1,837,065 | +€104,901 | +6.1% |
| Fixed assets | 21/28 | €1,662,633 | €1,818,698 | +€156,064 | +9.4% |
| Tangible fixed assets | 22/27 | €874,533 | €1,030,598 | +€156,064 | +17.8% |
| Land and buildings | 22 | €585,205 | €975,864 | +€390,660 | +66.8% |
| Furniture and vehicles | 24 | €8,003 | €54,733 | +€46,731 | +583.9% |
| Other tangible fixed assets | 26 | €281,326 | - | -€281,326 | |
| Financial fixed assets | 28 | €788,100 | €788,100 | = | 0.0% |
| Current assets | 29/58 | €69,531 | €18,367 | -€51,164 | -73.6% |
| Amounts receivable within one year | 40/41 | €11,000 | €2,531 | -€8,469 | -77.0% |
| Trade receivables | 40 | €11,000 | - | -€11,000 | |
| Other amounts receivable | 41 | - | €2,531 | +€2,531 | |
| Cash at bank and in hand | 54/58 | €58,531 | €15,837 | -€42,694 | -72.9% |
| Total equity and liabilities | 10/49 | €1,732,164 | €1,837,065 | +€104,901 | +6.1% |
| Equity | 10/15 | €725,197 | €721,941 | -€3,256 | -0.4% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €645,000 | €645,000 | = | 0.0% |
| Distributable reserves | 133 | €645,000 | €645,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,197 | €6,941 | -€3,256 | -31.9% |
| Amounts payable | 17/49 | €1,006,967 | €1,115,124 | +€108,157 | +10.7% |
| Amounts payable after more than one year | 17 | €656,258 | €600,540 | -€55,718 | -8.5% |
| Financial debts | 170/4 | €656,258 | €600,540 | -€55,718 | -8.5% |
| Amounts payable within one year | 42/48 | €350,709 | €512,084 | +€161,374 | +46.0% |
| Current portion of amounts payable after more than one year | 42 | €92,210 | €94,086 | +€1,876 | +2.0% |
| Trade debts | 44 | €2,252 | €1,194 | -€1,059 | -47.0% |
| Suppliers | 440/4 | €2,252 | €1,194 | -€1,059 | -47.0% |
| Advances received on contracts in progress | 46 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Taxes, remuneration and social security | 45 | €25,041 | €48,098 | +€23,057 | +92.1% |
| Taxes | 450/3 | €19,452 | €34,540 | +€15,088 | +77.6% |
| Remuneration and social security | 454/9 | €5,589 | €13,558 | +€7,969 | +142.6% |
| Other amounts payable | 47/48 | €131,206 | €318,706 | +€187,500 | +142.9% |
| Accrued charges and deferred income | 492/3 | - | €2,500 | +€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,823 | €44,684 | -€3,139 | -6.6% |
| Other operating charges | 640/8 | €5,223 | €5,942 | +€719 | +13.8% |
| Gross operating margin | 9900 | €24,118 | €51,381 | +€27,263 | +113.0% |
| Operating profit (loss) | 9901 | -€28,928 | €755 | +€29,683 | |
| Financial income | 75/76B | €240,000 | €240,000 | = | 0.0% |
| Recurring financial income | 75 | €240,000 | €240,000 | = | 0.0% |
| Financial charges | 65/66B | €20,351 | €23,354 | +€3,003 | +14.8% |
| Recurring financial charges | 65 | €20,351 | €23,354 | +€3,003 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €190,721 | €217,401 | +€26,680 | +14.0% |
| Income taxes | 67/77 | €17,698 | €657 | -€17,041 | -96.3% |
| Profit (loss) for the period | 9904 | €173,023 | €216,744 | +€43,721 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €173,023 | €216,744 | +€43,721 | +25.3% |
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.