NAOWA: 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.
NAOWA
Largest movements
- Tangible fixed assets -€103,786
down €103,786 (-99.2%), from €104,617 to €831
of which Land and buildings: -€98,359
- Cash +€60,554
up €60,554 (+258%), from €23,429 to €83,983
mainly Investment in fixed assets (net) (+€102,761) and Net result for the year (+€56,415)
- Stocks and contracts -€7,378
no longer reported in 2025 (was €7,378)
- Receivables within one year +€4,615
up €4,615 (+135%), from €3,420 to €8,035
of which Trade receivables: +€4,163
- Debts after one year -€73,897
down €73,897 (-94.3%), from €78,374 to €4,477
- Profit (loss) carried forward +€56,415
up €56,415, from -€14,465 to €41,950
- Other debts -€24,730
down €24,730 (-69.7%), from €35,499 to €10,769
- Current portion of long-term debt -€9,542
down €9,542 (-60.2%), from €15,850 to €6,308
- Tax, wage and social debts +€6,485
up €6,485 (+9,946%), from €65 to €6,550
- Gross operating margin +€31,334
up €31,334 (+166%), from €18,915 to €50,249
- Taxes -€17,578
new in 2025: -€17,578
- Other operating charges -€13,612
down €13,612 (-91.7%), from €14,843 to €1,231
- Depreciation -€8,042
down €8,042 (-88.7%), from €9,067 to €1,025
- Write-downs +€7,378
new in 2025: €7,378
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 | €138,996 | €92,988 | -€46,009 | -33.1% |
| Fixed assets | 21/28 | €104,617 | €831 | -€103,786 | -99.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €104,617 | €831 | -€103,786 | -99.2% |
| Land and buildings | 22 | €98,359 | - | -€98,359 | |
| Plant, machinery and equipment | 23 | €6,121 | €831 | -€5,290 | -86.4% |
| Furniture and vehicles | 24 | €137 | - | -€137 | |
| Current assets | 29/58 | €34,379 | €92,157 | +€57,778 | +168% |
| Stocks and contracts in progress | 3 | €7,378 | - | -€7,378 | |
| Stocks | 30/36 | €7,378 | - | -€7,378 | |
| Amounts receivable within one year | 40/41 | €3,420 | €8,035 | +€4,615 | +135% |
| Trade receivables | 40 | €2,692 | €6,855 | +€4,163 | +155% |
| Other amounts receivable | 41 | €728 | €1,180 | +€452 | +62.1% |
| Cash at bank and in hand | 54/58 | €23,429 | €83,983 | +€60,554 | +258% |
| Deferred charges and accrued income | 490/1 | €152 | €139 | -€14 | -9.0% |
| Total equity and liabilities | 10/49 | €138,996 | €92,988 | -€46,009 | -33.1% |
| Equity | 10/15 | €7,035 | €63,450 | +€56,415 | +802% |
| Contributions | 10/11 | €21,500 | €21,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,465 | €41,950 | +€56,415 | |
| Amounts payable | 17/49 | €131,962 | €29,538 | -€102,423 | -77.6% |
| Amounts payable after more than one year | 17 | €78,374 | €4,477 | -€73,897 | -94.3% |
| Financial debts | 170/4 | €78,374 | €4,477 | -€73,897 | -94.3% |
| Amounts payable within one year | 42/48 | €53,588 | €25,062 | -€28,526 | -53.2% |
| Current portion of amounts payable after more than one year | 42 | €15,850 | €6,308 | -€9,542 | -60.2% |
| Trade debts | 44 | €2,174 | €1,434 | -€740 | -34.0% |
| Suppliers | 440/4 | €2,174 | €1,434 | -€740 | -34.0% |
| Taxes, remuneration and social security | 45 | €65 | €6,550 | +€6,485 | +9,946% |
| Taxes | 450/3 | €65 | €6,550 | +€6,485 | +9,946% |
| Other amounts payable | 47/48 | €35,499 | €10,769 | -€24,730 | -69.7% |
| Turnover | 70 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,067 | €1,025 | -€8,042 | -88.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,378 | +€7,378 | |
| Other operating charges | 640/8 | €14,843 | €1,231 | -€13,612 | -91.7% |
| Gross operating margin | 9900 | €18,915 | €50,249 | +€31,334 | +166% |
| Operating profit (loss) | 9901 | -€4,995 | €40,615 | +€45,611 | |
| Financial income | 75/76B | - | €508 | +€508 | |
| Recurring financial income | 75 | - | €508 | +€508 | |
| Financial charges | 65/66B | €2,122 | €2,287 | +€164 | +7.7% |
| Recurring financial charges | 65 | €2,122 | €2,287 | +€164 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,117 | €38,837 | +€45,954 | |
| Income taxes | 67/77 | - | -€17,578 | -€17,578 | |
| Profit (loss) for the period | 9904 | -€7,117 | €56,415 | +€63,532 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,117 | €56,415 | +€63,532 |
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 20 October 2026 via checked.be.