NAPAS: 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.
NAPAS
Largest movements
- Tangible fixed assets +€902,361
up €902,361 (+122.3%), from €738,062 to €1.6m
of which Land and buildings: +€902,361
- Debts after one year +€423,127
up €423,127 (+327.2%), from €129,329 to €552,456
- Other debts +€330,000
new in 2025: €330,000
- Current portion of long-term debt +€94,640
up €94,640 (+448.1%), from €21,123 to €115,762
- Reserves +€54,365
up €54,365 (+9.7%), from €561,704 to €616,070
of which Distributable reserves: +€54,365
- Depreciation +€50,952
up €50,952 (+253.4%), from €20,107 to €71,059
- Gross operating margin +€25,434
up €25,434 (+15.5%), from €163,910 to €189,345
- Financial charges +€14,482
up €14,482 (+307.7%), from €4,707 to €19,188
- Taxes -€13,253
down €13,253 (-34.3%), from €38,623 to €25,370
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 | €786,517 | €1,691,061 | +€904,544 | +115.0% |
| Fixed assets | 21/28 | €738,062 | €1,640,422 | +€902,361 | +122.3% |
| Tangible fixed assets | 22/27 | €738,062 | €1,640,422 | +€902,361 | +122.3% |
| Land and buildings | 22 | €539,822 | €1,442,182 | +€902,361 | +167.2% |
| Other tangible fixed assets | 26 | €198,240 | €198,240 | = | 0.0% |
| Current assets | 29/58 | €48,455 | €50,638 | +€2,183 | +4.5% |
| Amounts receivable within one year | 40/41 | - | €4,630 | +€4,630 | |
| Other amounts receivable | 41 | - | €4,630 | +€4,630 | |
| Cash at bank and in hand | 54/58 | €48,455 | €46,009 | -€2,446 | -5.0% |
| Total equity and liabilities | 10/49 | €786,517 | €1,691,061 | +€904,544 | +115.0% |
| Equity | 10/15 | €628,636 | €683,001 | +€54,365 | +8.6% |
| Contributions | 10/11 | €66,931 | €66,931 | = | 0.0% |
| Capital | 10 | €66,931 | €66,931 | = | 0.0% |
| Issued capital | 100 | €66,931 | €66,931 | = | 0.0% |
| Reserves | 13 | €561,704 | €616,070 | +€54,365 | +9.7% |
| Non-distributable reserves | 130/1 | €9,106 | €9,106 | = | 0.0% |
| Legal reserve | 130 | €9,106 | €9,106 | = | 0.0% |
| Distributable reserves | 133 | €552,598 | €606,963 | +€54,365 | +9.8% |
| Amounts payable | 17/49 | €157,881 | €1,008,060 | +€850,179 | +538.5% |
| Amounts payable after more than one year | 17 | €129,329 | €552,456 | +€423,127 | +327.2% |
| Financial debts | 170/4 | €129,329 | €552,456 | +€423,127 | +327.2% |
| Amounts payable within one year | 42/48 | €28,552 | €455,604 | +€427,052 | +1495.7% |
| Current portion of amounts payable after more than one year | 42 | €21,123 | €115,762 | +€94,640 | +448.1% |
| Trade debts | 44 | €266 | €180 | -€86 | -32.5% |
| Suppliers | 440/4 | €266 | €180 | -€86 | -32.5% |
| Taxes, remuneration and social security | 45 | €7,163 | €9,662 | +€2,499 | +34.9% |
| Taxes | 450/3 | €7,163 | €9,662 | +€2,499 | +34.9% |
| Other amounts payable | 47/48 | - | €330,000 | +€330,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,107 | €71,059 | +€50,952 | +253.4% |
| Other operating charges | 640/8 | €17,638 | €19,362 | +€1,724 | +9.8% |
| Gross operating margin | 9900 | €163,910 | €189,345 | +€25,434 | +15.5% |
| Operating profit (loss) | 9901 | €126,165 | €98,924 | -€27,241 | -21.6% |
| Financial charges | 65/66B | €4,707 | €19,188 | +€14,482 | +307.7% |
| Recurring financial charges | 65 | €4,707 | €19,188 | +€14,482 | +307.7% |
| Profit (loss) for the period before taxes | 9903 | €121,459 | €79,735 | -€41,723 | -34.4% |
| Income taxes | 67/77 | €38,623 | €25,370 | -€13,253 | -34.3% |
| Profit (loss) for the period | 9904 | €82,835 | €54,365 | -€28,470 | -34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €82,835 | €54,365 | -€28,470 | -34.4% |
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 2 October 2026 via checked.be.