NAOR: 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.
NAOR
Largest movements
- Cash -€3,635
down €3,635 (-12.4%), from €29,340 to €25,705
mainly Receivables within one year (-€3,079) and Trade debts (-€361)
- Receivables within one year +€3,079
up €3,079 (+3.0%), from €102,626 to €105,706
of which Other amounts receivable: +€5,477
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€135,891
up €135,891 (+96.9%), from -€140,251 to -€4,361
- Write-downs +€116,835
no longer reported in 2025 (was -€116,835)
- Financial income -€1,793
down €1,793 (-24.8%), from €7,233 to €5,440
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 | €132,157 | €131,601 | -€555 | -0.4% |
| Current assets | 29/58 | €132,157 | €131,601 | -€555 | -0.4% |
| Stocks and contracts in progress | 3 | €190 | €190 | = | 0.0% |
| Stocks | 30/36 | €190 | €190 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €102,626 | €105,706 | +€3,079 | +3.0% |
| Trade receivables | 40 | €4,893 | €2,495 | -€2,398 | -49.0% |
| Other amounts receivable | 41 | €97,734 | €103,211 | +€5,477 | +5.6% |
| Cash at bank and in hand | 54/58 | €29,340 | €25,705 | -€3,635 | -12.4% |
| Total equity and liabilities | 10/49 | €132,157 | €131,601 | -€555 | -0.4% |
| Equity | 10/15 | €130,554 | €130,556 | +€1 | 0.0% |
| Contributions | 10/11 | €495,787 | €495,787 | = | 0.0% |
| Capital | 10 | €495,787 | €495,787 | = | 0.0% |
| Issued capital | 100 | €495,787 | €495,787 | = | 0.0% |
| Reserves | 13 | €49,579 | €49,579 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49,579 | €49,579 | = | 0.0% |
| Legal reserve | 130 | €49,579 | €49,579 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€414,811 | -€414,810 | +€1 | 0.0% |
| Amounts payable | 17/49 | €1,602 | €1,045 | -€557 | -34.8% |
| Amounts payable within one year | 42/48 | €1,602 | €1,045 | -€557 | -34.8% |
| Trade debts | 44 | €1,407 | €1,045 | -€361 | -25.7% |
| Suppliers | 440/4 | €1,407 | €1,045 | -€361 | -25.7% |
| Taxes, remuneration and social security | 45 | €196 | - | -€196 | |
| Taxes | 450/3 | €196 | - | -€196 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€116,835 | - | +€116,835 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€140,251 | -€4,361 | +€135,891 | +96.9% |
| Operating profit (loss) | 9901 | -€23,803 | -€4,760 | +€19,043 | +80.0% |
| Financial income | 75/76B | €7,233 | €5,440 | -€1,793 | -24.8% |
| Recurring financial income | 75 | €7,233 | €5,440 | -€1,793 | -24.8% |
| Financial charges | 65/66B | €677 | €678 | +€1 | +0.1% |
| Recurring financial charges | 65 | €677 | €678 | +€1 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | -€17,248 | €1 | +€17,249 | |
| Profit (loss) for the period | 9904 | -€17,248 | €1 | +€17,249 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,248 | €1 | +€17,249 |
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.