NAOXIS: 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.
NAOXIS
Largest movements
- Stocks and contracts -€5.5m
down €5.5m (-57.4%), from €9.5m to €4.1m
- Cash +€2.6m
up €2.6m (+850.1%), from €301,212 to €2.9m
mainly Stocks and contracts (+€5.5m) and Trade debts (+€760,327)
- Receivables within one year +€174,545
up €174,545 (+1168.5%), from €14,938 to €189,483
of which Trade receivables: +€173,877
- Short-term financial debts -€3.4m
down €3.4m (-53.3%), from €6.3m to €3.0m
- Debts after one year -€985,000
down €985,000 (-38.0%), from €2.6m to €1.6m
- Trade debts +€760,327
up €760,327 (+94.8%), from €802,057 to €1.6m
- Accrued charges and deferred income +€442,636
up €442,636 (+38040.9%), from €1,164 to €443,800
- Profit (loss) carried forward +€221,781
new in 2025: €221,781
- Gross operating margin +€227,241
up €227,241 (+20.0%), from €1.1m to €1.4m
- Taxes +€77,597
up €77,597 (+2982.8%), from €2,602 to €80,199
- Financial charges -€66,420
down €66,420 (-5.9%), from €1.1m to €1.1m
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 | €9,839,794 | €7,110,270 | -€2.7m | -27.7% |
| Fixed assets | 21/28 | €9,260 | €6,945 | -€2,315 | -25.0% |
| Tangible fixed assets | 22/27 | €9,260 | €6,945 | -€2,315 | -25.0% |
| Furniture and vehicles | 24 | €9,260 | €6,945 | -€2,315 | -25.0% |
| Current assets | 29/58 | €9,830,534 | €7,103,325 | -€2.7m | -27.7% |
| Stocks and contracts in progress | 3 | €9,514,385 | €4,052,118 | -€5.5m | -57.4% |
| Stocks | 30/36 | €9,514,385 | €4,052,118 | -€5.5m | -57.4% |
| Amounts receivable within one year | 40/41 | €14,938 | €189,483 | +€174,545 | +1168.5% |
| Trade receivables | 40 | - | €173,877 | +€173,877 | |
| Other amounts receivable | 41 | €14,938 | €15,606 | +€668 | +4.5% |
| Cash at bank and in hand | 54/58 | €301,212 | €2,861,725 | +€2.6m | +850.1% |
| Total equity and liabilities | 10/49 | €9,839,794 | €7,110,270 | -€2.7m | -27.7% |
| Equity | 10/15 | €28,051 | €249,831 | +€221,781 | +790.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €8,051 | €8,051 | = | 0.0% |
| Distributable reserves | 133 | €8,051 | €8,051 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €221,781 | +€221,781 | |
| Amounts payable | 17/49 | €9,811,744 | €6,860,439 | -€3.0m | -30.1% |
| Amounts payable after more than one year | 17 | €2,595,000 | €1,610,000 | -€985,000 | -38.0% |
| Financial debts | 170/4 | €2,595,000 | €1,610,000 | -€985,000 | -38.0% |
| Amounts payable within one year | 42/48 | €7,215,580 | €4,806,639 | -€2.4m | -33.4% |
| Financial debts | 43 | €6,340,488 | €2,962,800 | -€3.4m | -53.3% |
| Credit institutions | 430/8 | €6,340,488 | €2,962,800 | -€3.4m | -53.3% |
| Trade debts | 44 | €802,057 | €1,562,384 | +€760,327 | +94.8% |
| Suppliers | 440/4 | €802,057 | €1,562,384 | +€760,327 | +94.8% |
| Taxes, remuneration and social security | 45 | €73,035 | €281,455 | +€208,419 | +285.4% |
| Taxes | 450/3 | €73,035 | €281,455 | +€208,419 | +285.4% |
| Accrued charges and deferred income | 492/3 | €1,164 | €443,800 | +€442,636 | +38040.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,315 | €2,315 | = | 0.0% |
| Other operating charges | 640/8 | €1,311 | €2,539 | +€1,229 | +93.8% |
| Gross operating margin | 9900 | €1,133,825 | €1,361,066 | +€227,241 | +20.0% |
| Operating profit (loss) | 9901 | €1,130,199 | €1,356,212 | +€226,013 | +20.0% |
| Financial charges | 65/66B | €1,120,653 | €1,054,232 | -€66,420 | -5.9% |
| Recurring financial charges | 65 | €1,120,653 | €1,054,232 | -€66,420 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €9,547 | €301,979 | +€292,433 | +3063.1% |
| Income taxes | 67/77 | €2,602 | €80,199 | +€77,597 | +2982.8% |
| Profit (loss) for the period | 9904 | €6,945 | €221,781 | +€214,835 | +3093.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,945 | €221,781 | +€214,835 | +3093.2% |
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 9 October 2026 via checked.be.