NAPADEL: 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.
NAPADEL
Largest movements
- Receivables within one year +€24,605
up €24,605 (+75.2%), from €32,714 to €57,319
of which Other amounts receivable: +€44,570
- Cash +€11,200
up €11,200 (+14.0%), from €80,141 to €91,341
mainly Net result for the year (+€43,398) and Depreciation (+€10,666)
- Tangible fixed assets -€5,695
down €5,695 (-11.0%), from €51,798 to €46,103
of which Furniture and vehicles: -€7,465
- Reserves +€41,498
up €41,498 (+38.1%), from €108,990 to €150,488
- Debts after one year -€4,764
down €4,764 (-26.5%), from €17,976 to €13,212
- Tax, wage and social debts -€3,983
down €3,983 (-48.6%), from €8,203 to €4,220
- Other debts -€3,142
down €3,142 (-55.6%), from €5,650 to €2,508
- Depreciation +€4,192
up €4,192 (+64.8%), from €6,474 to €10,666
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 | €166,400 | €196,609 | +€30,209 | +18.2% |
| Fixed assets | 21/28 | €51,798 | €46,103 | -€5,695 | -11.0% |
| Tangible fixed assets | 22/27 | €51,798 | €46,103 | -€5,695 | -11.0% |
| Plant, machinery and equipment | 23 | €808 | €2,598 | +€1,790 | +221.7% |
| Furniture and vehicles | 24 | €32,810 | €25,345 | -€7,465 | -22.8% |
| Other tangible fixed assets | 26 | €18,181 | €18,160 | -€21 | -0.1% |
| Current assets | 29/58 | €114,602 | €150,506 | +€35,904 | +31.3% |
| Amounts receivable within one year | 40/41 | €32,714 | €57,319 | +€24,605 | +75.2% |
| Trade receivables | 40 | €30,229 | €10,264 | -€19,965 | -66.0% |
| Other amounts receivable | 41 | €2,485 | €47,055 | +€44,570 | +1793.6% |
| Cash at bank and in hand | 54/58 | €80,141 | €91,341 | +€11,200 | +14.0% |
| Deferred charges and accrued income | 490/1 | €1,747 | €1,846 | +€99 | +5.7% |
| Total equity and liabilities | 10/49 | €166,400 | €196,609 | +€30,209 | +18.2% |
| Equity | 10/15 | €128,990 | €170,488 | +€41,498 | +32.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €108,990 | €150,488 | +€41,498 | +38.1% |
| Distributable reserves | 133 | €108,990 | €150,488 | +€41,498 | +38.1% |
| Amounts payable | 17/49 | €37,410 | €26,121 | -€11,289 | -30.2% |
| Amounts payable after more than one year | 17 | €17,976 | €13,212 | -€4,764 | -26.5% |
| Financial debts | 170/4 | €17,976 | €13,212 | -€4,764 | -26.5% |
| Amounts payable within one year | 42/48 | €19,228 | €12,890 | -€6,338 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €4,580 | €4,764 | +€184 | +4.0% |
| Trade debts | 44 | €795 | €1,398 | +€603 | +75.8% |
| Suppliers | 440/4 | €795 | €1,398 | +€603 | +75.8% |
| Taxes, remuneration and social security | 45 | €8,203 | €4,220 | -€3,983 | -48.6% |
| Taxes | 450/3 | €8,203 | €4,220 | -€3,983 | -48.6% |
| Other amounts payable | 47/48 | €5,650 | €2,508 | -€3,142 | -55.6% |
| Accrued charges and deferred income | 492/3 | €206 | €19 | -€187 | -90.8% |
| Non-recurring operating income | 76A | €4,222 | - | -€4,222 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,474 | €10,666 | +€4,192 | +64.8% |
| Other operating charges | 640/8 | €1,401 | €957 | -€444 | -31.7% |
| Gross operating margin | 9900 | €67,552 | €67,003 | -€549 | -0.8% |
| Operating profit (loss) | 9901 | €59,677 | €55,380 | -€4,297 | -7.2% |
| Financial income | 75/76B | €748 | €242 | -€506 | -67.6% |
| Recurring financial income | 75 | €748 | €242 | -€506 | -67.6% |
| Financial charges | 65/66B | €739 | €885 | +€146 | +19.7% |
| Recurring financial charges | 65 | €739 | €885 | +€146 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €59,686 | €54,737 | -€4,949 | -8.3% |
| Income taxes | 67/77 | €11,487 | €11,339 | -€148 | -1.3% |
| Profit (loss) for the period | 9904 | €48,199 | €43,398 | -€4,801 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,199 | €43,398 | -€4,801 | -10.0% |
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.