NAOSHA: 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.
NAOSHA
Largest movements
- Cash -€112,744
down €112,744 (-34.2%), from €330,035 to €217,292
mainly Net result for the year (-€187,956) and Investment in fixed assets (net) (-€67,838)
- Receivables within one year +€15,938
up €15,938 (+64.8%), from €24,584 to €40,522
of which Trade receivables: +€14,973
- Deferred charges and accrued income +€14,455
up €14,455 (+111%), from €13,020 to €27,476
- Reserves -€138,094
no longer reported in 2025 (was €138,094)
- Trade debts +€102,722
up €102,722 (+41.4%), from €248,052 to €350,773
- Profit (loss) carried forward -€49,862
new in 2025: -€49,862
- Gross operating margin -€102,026
down €102,026 (-12.9%), from €792,561 to €690,535
- Staff costs +€9,658
up €9,658 (+1.2%), from €783,267 to €792,925
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.
Derived cash bridge
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 | €587,915 | €499,119 | -€88,796 | -15.1% |
| Fixed assets | 21/28 | €199,586 | €198,007 | -€1,578 | -0.8% |
| Tangible fixed assets | 22/27 | €198,991 | €197,413 | -€1,578 | -0.8% |
| Plant, machinery and equipment | 23 | €198,991 | €197,413 | -€1,578 | -0.8% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €388,329 | €301,111 | -€87,218 | -22.5% |
| Stocks and contracts in progress | 3 | €20,690 | €15,822 | -€4,867 | -23.5% |
| Stocks | 30/36 | €20,690 | €15,822 | -€4,867 | -23.5% |
| Amounts receivable within one year | 40/41 | €24,584 | €40,522 | +€15,938 | +64.8% |
| Trade receivables | 40 | €10,617 | €25,590 | +€14,973 | +141% |
| Other amounts receivable | 41 | €13,967 | €14,932 | +€965 | +6.9% |
| Cash at bank and in hand | 54/58 | €330,035 | €217,292 | -€112,744 | -34.2% |
| Deferred charges and accrued income | 490/1 | €13,020 | €27,476 | +€14,455 | +111% |
| Total equity and liabilities | 10/49 | €587,915 | €499,119 | -€88,796 | -15.1% |
| Equity | 10/15 | €200,068 | €12,112 | -€187,956 | -93.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €138,094 | - | -€138,094 | |
| Distributable reserves | 133 | €138,094 | - | -€138,094 | |
| Profit (loss) carried forward | 14 | - | -€49,862 | -€49,862 | |
| Amounts payable | 17/49 | €387,847 | €487,007 | +€99,160 | +25.6% |
| Amounts payable after more than one year | 17 | €61,973 | €61,973 | = | 0.0% |
| Other amounts payable | 178/9 | €61,973 | €61,973 | = | 0.0% |
| Amounts payable within one year | 42/48 | €325,874 | €425,034 | +€99,160 | +30.4% |
| Trade debts | 44 | €248,052 | €350,773 | +€102,722 | +41.4% |
| Suppliers | 440/4 | €248,052 | €350,773 | +€102,722 | +41.4% |
| Taxes, remuneration and social security | 45 | €77,624 | €74,080 | -€3,544 | -4.6% |
| Taxes | 450/3 | €306 | €87 | -€219 | -71.6% |
| Remuneration and social security | 454/9 | €77,318 | €73,993 | -€3,325 | -4.3% |
| Other amounts payable | 47/48 | €199 | €180 | -€18 | -9.2% |
| Remuneration, social security and pensions | 62 | €783,267 | €792,925 | +€9,658 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,617 | €69,417 | +€4,799 | +7.4% |
| Other operating charges | 640/8 | €11,161 | €8,631 | -€2,530 | -22.7% |
| Gross operating margin | 9900 | €792,561 | €690,535 | -€102,026 | -12.9% |
| Operating profit (loss) | 9901 | -€66,484 | -€180,438 | -€113,954 | -171% |
| Financial income | 75/76B | €152 | €0 | -€152 | -100.0% |
| Recurring financial income | 75 | €152 | €0 | -€152 | -100.0% |
| Financial charges | 65/66B | €7,374 | €7,431 | +€56 | +0.8% |
| Recurring financial charges | 65 | €7,374 | €7,431 | +€56 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | -€73,707 | -€187,869 | -€114,162 | -155% |
| Income taxes | 67/77 | €174 | €87 | -€88 | -50.2% |
| Profit (loss) for the period | 9904 | -€73,881 | -€187,956 | -€114,075 | -154% |
| Profit (loss) for the period to be appropriated | 9905 | -€73,881 | -€187,956 | -€114,075 | -154% |
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 15 October 2026 via checked.be.