Naoshima: 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.
Naoshima
Largest movements
- Receivables within one year +€5.3m
up €5.3m (+25.9%), from €20.5m to €25.9m
- Financial fixed assets +€486,536
up €486,536 (+3.7%), from €13.0m to €13.5m
- Other debts +€6.2m
up €6.2m (+18.4%), from €33.5m to €39.6m
- Financial income +€5,031
up €5,031 (+10.4%), from €48,438 to €53,470
- Taxes +€3,265
up €3,265 (+45.1%), from €7,243 to €10,509
- Gross operating margin -€1,759
down €1,759 (-16.0%), from -€10,980 to -€12,739
- Other operating charges +€613
up €613 (+135.9%), from €451 to €1,064
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 | €33,643,364 | €39,825,875 | +€6.2m | +18.4% |
| Fixed assets | 21/28 | €13,047,572 | €13,534,108 | +€486,536 | +3.7% |
| Financial fixed assets | 28 | €13,047,572 | €13,534,108 | +€486,536 | +3.7% |
| Current assets | 29/58 | €20,595,792 | €26,291,767 | +€5.7m | +27.7% |
| Amounts receivable after more than one year | 29 | €42,773 | €412,118 | +€369,345 | +863.5% |
| Other amounts receivable | 291 | €42,773 | €412,118 | +€369,345 | +863.5% |
| Amounts receivable within one year | 40/41 | €20,549,302 | €25,878,854 | +€5.3m | +25.9% |
| Other amounts receivable | 41 | €20,549,302 | €25,878,854 | +€5.3m | +25.9% |
| Cash at bank and in hand | 54/58 | €3,717 | €794 | -€2,923 | -78.6% |
| Total equity and liabilities | 10/49 | €33,643,364 | €39,825,875 | +€6.2m | +18.4% |
| Equity | 10/15 | €141,730 | €170,598 | +€28,868 | +20.4% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,730 | €50,598 | +€28,868 | +132.8% |
| Amounts payable | 17/49 | €33,501,634 | €39,655,277 | +€6.2m | +18.4% |
| Amounts payable within one year | 42/48 | €33,501,634 | €39,655,277 | +€6.2m | +18.4% |
| Trade debts | 44 | €1,390 | €1,668 | +€278 | +20.0% |
| Suppliers | 440/4 | €1,390 | €1,668 | +€278 | +20.0% |
| Taxes, remuneration and social security | 45 | €7,243 | €10,509 | +€3,265 | +45.1% |
| Taxes | 450/3 | €7,243 | €10,509 | +€3,265 | +45.1% |
| Other amounts payable | 47/48 | €33,493,000 | €39,643,100 | +€6.2m | +18.4% |
| Other operating charges | 640/8 | €451 | €1,064 | +€613 | +135.9% |
| Gross operating margin | 9900 | -€10,980 | -€12,739 | -€1,759 | -16.0% |
| Operating profit (loss) | 9901 | -€11,431 | -€13,803 | -€2,372 | -20.8% |
| Financial income | 75/76B | €48,438 | €53,470 | +€5,031 | +10.4% |
| Recurring financial income | 75 | €48,438 | €53,470 | +€5,031 | +10.4% |
| Financial charges | 65/66B | €273 | €290 | +€17 | +6.4% |
| Recurring financial charges | 65 | €273 | €290 | +€17 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €36,735 | €39,376 | +€2,642 | +7.2% |
| Income taxes | 67/77 | €7,243 | €10,509 | +€3,265 | +45.1% |
| Profit (loss) for the period | 9904 | €29,491 | €28,868 | -€623 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,491 | €28,868 | -€623 | -2.1% |
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 8 October 2026 via checked.be.