NAPA: 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.
NAPA
Largest movements
- Cash -€30,811
down €30,811 (-33.9%), from €90,979 to €60,168
mainly Contributions, distributions and other (-€30,719) and Investment in fixed assets (net) (-€25,125)
- Tangible fixed assets +€8,428
up €8,428 (+3.8%), from €220,892 to €229,320
of which Furniture and vehicles: +€12,626
- Receivables within one year -€5,906
down €5,906 (-31.3%), from €18,853 to €12,947
of which Trade receivables: -€5,621
- Deferred charges and accrued income +€4,988
up €4,988 (+253.2%), from €1,970 to €6,958
- Other debts -€15,498
down €15,498 (-24.1%), from €64,417 to €48,919
- Current portion of long-term debt -€15,124
down €15,124 (-67.6%), from €22,374 to €7,249
- Tax, wage and social debts +€8,527
up €8,527 (+133.3%), from €6,396 to €14,923
- Debts after one year -€7,249
no longer reported in 2025 (was €7,249)
- Reserves +€3,944
up €3,944 (+2.4%), from €166,729 to €170,673
- Gross operating margin +€25,561
up €25,561 (+55.6%), from €45,933 to €71,494
- Other operating charges -€8,333
down €8,333 (-77.5%), from €10,756 to €2,424
- Write-downs +€7,783
no longer reported in 2025 (was -€7,783)
- Taxes +€7,132
up €7,132 (+62.6%), from €11,396 to €18,527
- Depreciation +€4,762
up €4,762 (+39.9%), from €11,935 to €16,697
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 | €332,694 | €309,394 | -€23,300 | -7.0% |
| Fixed assets | 21/28 | €220,892 | €229,320 | +€8,428 | +3.8% |
| Tangible fixed assets | 22/27 | €220,892 | €229,320 | +€8,428 | +3.8% |
| Land and buildings | 22 | €207,823 | €201,596 | -€6,226 | -3.0% |
| Plant, machinery and equipment | 23 | €3,540 | €5,569 | +€2,028 | +57.3% |
| Furniture and vehicles | 24 | €9,529 | €22,155 | +€12,626 | +132.5% |
| Current assets | 29/58 | €111,802 | €80,074 | -€31,728 | -28.4% |
| Amounts receivable within one year | 40/41 | €18,853 | €12,947 | -€5,906 | -31.3% |
| Trade receivables | 40 | €17,933 | €12,312 | -€5,621 | -31.3% |
| Other amounts receivable | 41 | €920 | €635 | -€285 | -31.0% |
| Cash at bank and in hand | 54/58 | €90,979 | €60,168 | -€30,811 | -33.9% |
| Deferred charges and accrued income | 490/1 | €1,970 | €6,958 | +€4,988 | +253.2% |
| Total equity and liabilities | 10/49 | €332,694 | €309,394 | -€23,300 | -7.0% |
| Equity | 10/15 | €232,189 | €236,134 | +€3,944 | +1.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €166,729 | €170,673 | +€3,944 | +2.4% |
| Distributable reserves | 133 | €166,729 | €170,673 | +€3,944 | +2.4% |
| Profit (loss) carried forward | 14 | €45,001 | €45,001 | = | 0.0% |
| Amounts payable | 17/49 | €100,505 | €73,260 | -€27,244 | -27.1% |
| Amounts payable after more than one year | 17 | €7,249 | - | -€7,249 | |
| Financial debts | 170/4 | €7,249 | - | -€7,249 | |
| Amounts payable within one year | 42/48 | €93,256 | €73,260 | -€19,995 | -21.4% |
| Current portion of amounts payable after more than one year | 42 | €22,374 | €7,249 | -€15,124 | -67.6% |
| Trade debts | 44 | €69 | €2,169 | +€2,100 | +3035.5% |
| Suppliers | 440/4 | €69 | €2,169 | +€2,100 | +3035.5% |
| Taxes, remuneration and social security | 45 | €6,396 | €14,923 | +€8,527 | +133.3% |
| Taxes | 450/3 | €6,396 | €14,923 | +€8,527 | +133.3% |
| Other amounts payable | 47/48 | €64,417 | €48,919 | -€15,498 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,935 | €16,697 | +€4,762 | +39.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,783 | - | +€7,783 | |
| Other operating charges | 640/8 | €10,756 | €2,424 | -€8,333 | -77.5% |
| Gross operating margin | 9900 | €45,933 | €71,494 | +€25,561 | +55.6% |
| Operating profit (loss) | 9901 | €31,025 | €52,373 | +€21,348 | +68.8% |
| Financial income | 75/76B | €884 | €1,722 | +€838 | +94.9% |
| Recurring financial income | 75 | €884 | €1,722 | +€838 | +94.9% |
| Financial charges | 65/66B | €2,010 | €904 | -€1,107 | -55.1% |
| Recurring financial charges | 65 | €2,010 | €904 | -€1,107 | -55.1% |
| Profit (loss) for the period before taxes | 9903 | €29,898 | €53,191 | +€23,293 | +77.9% |
| Income taxes | 67/77 | €11,396 | €18,527 | +€7,132 | +62.6% |
| Profit (loss) for the period | 9904 | €18,502 | €34,664 | +€16,161 | +87.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,502 | €34,664 | +€16,161 | +87.3% |
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 6 October 2026 via checked.be.