NAOSU: 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.
NAOSU
Largest movements
- Current investments -€250,000
down €250,000 (-62.5%), from €400,000 to €150,000
- Cash +€93,887
up €93,887 (+237%), from €39,697 to €133,584
mainly Net result for the year (+€340,129) and Current investments (+€250,000)
- Tangible fixed assets +€36,618
new in 2025: €36,618
of which Other tangible fixed assets: +€32,149
- Reserves -€121,348
down €121,348 (-39.8%), from €304,740 to €183,392
- Tax, wage and social debts -€17,436
down €17,436 (-23.4%), from €74,499 to €57,064
- Other debts +€10,007
up €10,007 (+3.5%), from €282,873 to €292,880
- Gross operating margin +€16,782
up €16,782 (+3.9%), from €432,088 to €448,870
- Financial income -€5,987
down €5,987 (-54.5%), from €10,983 to €4,997
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 | €667,217 | €544,137 | -€123,081 | -18.4% |
| Fixed assets | 21/28 | - | €36,618 | +€36,618 | |
| Tangible fixed assets | 22/27 | - | €36,618 | +€36,618 | |
| Furniture and vehicles | 24 | - | €4,468 | +€4,468 | |
| Other tangible fixed assets | 26 | - | €32,149 | +€32,149 | |
| Current assets | 29/58 | €667,217 | €507,519 | -€159,698 | -23.9% |
| Amounts receivable within one year | 40/41 | €1,485 | €0 | -€1,485 | -100% |
| Other amounts receivable | 41 | €1,485 | €0 | -€1,485 | -100% |
| Current investments | 50/53 | €400,000 | €150,000 | -€250,000 | -62.5% |
| Cash at bank and in hand | 54/58 | €39,697 | €133,584 | +€93,887 | +237% |
| Deferred charges and accrued income | 490/1 | €226,035 | €223,935 | -€2,100 | -0.9% |
| Total equity and liabilities | 10/49 | €667,217 | €544,137 | -€123,081 | -18.4% |
| Equity | 10/15 | €309,740 | €188,392 | -€121,348 | -39.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €304,740 | €183,392 | -€121,348 | -39.8% |
| Distributable reserves | 133 | €304,740 | €183,392 | -€121,348 | -39.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €357,477 | €355,745 | -€1,733 | -0.5% |
| Amounts payable within one year | 42/48 | €357,477 | €355,745 | -€1,733 | -0.5% |
| Trade debts | 44 | €105 | €5,801 | +€5,696 | +5,427% |
| Suppliers | 440/4 | €105 | €5,801 | +€5,696 | +5,427% |
| Taxes, remuneration and social security | 45 | €74,499 | €57,064 | -€17,436 | -23.4% |
| Taxes | 450/3 | €74,499 | €57,064 | -€17,436 | -23.4% |
| Other amounts payable | 47/48 | €282,873 | €292,880 | +€10,007 | +3.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €221 | €931 | +€710 | +321% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,673 | +€1,673 | |
| Other operating charges | 640/8 | €2,335 | €2,819 | +€484 | +20.7% |
| Non-recurring operating charges | 66A | - | €1,154 | +€1,154 | |
| Gross operating margin | 9900 | €432,088 | €448,870 | +€16,782 | +3.9% |
| Operating profit (loss) | 9901 | €429,531 | €442,293 | +€12,762 | +3.0% |
| Financial income | 75/76B | €10,983 | €4,997 | -€5,987 | -54.5% |
| Recurring financial income | 75 | €10,983 | €4,997 | -€5,987 | -54.5% |
| Financial charges | 65/66B | €919 | €768 | -€151 | -16.4% |
| Recurring financial charges | 65 | €919 | €768 | -€151 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €439,596 | €446,522 | +€6,926 | +1.6% |
| Income taxes | 67/77 | €106,829 | €106,393 | -€436 | -0.4% |
| Profit (loss) for the period | 9904 | €332,766 | €340,129 | +€7,362 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €332,766 | €340,129 | +€7,362 | +2.2% |
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 14 October 2026 via checked.be.