NAPELS: 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.
NAPELS
Largest movements
- Current investments +€3.5m
up €3.5m (+158.6%), from €2.2m to €5.7m
- Tangible fixed assets -€1.0m
down €1.0m (-30.8%), from €3.3m to €2.3m
of which Land and buildings: -€1.1m
- Cash -€196,864
down €196,864 (-58.6%), from €336,187 to €139,323
mainly Current investments (-€3.5m) and Other debts (-€1.3m)
- Reserves +€3.6m
up €3.6m (+159.5%), from €2.2m to €5.8m
of which Distributable reserves: +€3.6m
- Other debts -€1.3m
down €1.3m (-97.2%), from €1.3m to €36,858
- Trade debts -€179,866
down €179,866 (-79.9%), from €225,020 to €45,154
- Tax, wage and social debts +€91,558
up €91,558 (+22075.4%), from €415 to €91,972
- Financial income +€891,156
up €891,156 (+644.1%), from €138,349 to €1.0m
- Taxes +€336,311
up €336,311 (+1418.9%), from €23,702 to €360,013
- Gross operating margin +€219,007
up €219,007 (+253.5%), from €86,404 to €305,411
- Financial charges +€189,243
up €189,243 (+2731.1%), from €6,929 to €196,173
- Other operating charges +€46,893
up €46,893 (+186.3%), from €25,171 to €72,064
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 | €5,871,841 | €8,161,893 | +€2.3m | +39.0% |
| Fixed assets | 21/28 | €3,276,549 | €2,267,042 | -€1.0m | -30.8% |
| Tangible fixed assets | 22/27 | €3,276,549 | €2,267,042 | -€1.0m | -30.8% |
| Land and buildings | 22 | €2,002,265 | €925,814 | -€1.1m | -53.8% |
| Plant, machinery and equipment | 23 | €3,601 | €1,800 | -€1,800 | -50.0% |
| Furniture and vehicles | 24 | €371,253 | €371,253 | = | 0.0% |
| Other tangible fixed assets | 26 | €63,636 | €63,636 | = | 0.0% |
| Assets under construction and advance payments | 27 | €835,794 | €904,539 | +€68,744 | +8.2% |
| Current assets | 29/58 | €2,595,291 | €5,894,851 | +€3.3m | +127.1% |
| Amounts receivable within one year | 40/41 | €55,396 | €65,063 | +€9,667 | +17.5% |
| Trade receivables | 40 | €20,605 | €21,319 | +€714 | +3.5% |
| Other amounts receivable | 41 | €34,791 | €43,744 | +€8,953 | +25.7% |
| Current investments | 50/53 | €2,198,673 | €5,686,432 | +€3.5m | +158.6% |
| Cash at bank and in hand | 54/58 | €336,187 | €139,323 | -€196,864 | -58.6% |
| Deferred charges and accrued income | 490/1 | €5,036 | €4,033 | -€1,003 | -19.9% |
| Total equity and liabilities | 10/49 | €5,871,841 | €8,161,893 | +€2.3m | +39.0% |
| Equity | 10/15 | €4,276,383 | €7,965,966 | +€3.7m | +86.3% |
| Contributions | 10/11 | €109,459 | €152,802 | +€43,343 | +39.6% |
| Capital | 10 | €109,459 | €152,802 | +€43,343 | +39.6% |
| Issued capital | 100 | €109,459 | €152,802 | +€43,343 | +39.6% |
| Reserves | 13 | €2,246,264 | €5,829,102 | +€3.6m | +159.5% |
| Non-distributable reserves | 130/1 | €10,946 | €15,280 | +€4,334 | +39.6% |
| Legal reserve | 130 | €10,946 | €15,280 | +€4,334 | +39.6% |
| Tax-exempt reserves | 132 | €71,340 | €65,854 | -€5,486 | -7.7% |
| Distributable reserves | 133 | €2,163,978 | €5,747,968 | +€3.6m | +165.6% |
| Profit (loss) carried forward | 14 | €1,920,660 | €1,984,062 | +€63,402 | +3.3% |
| Provisions and deferred taxes | 16 | €23,771 | €21,943 | -€1,829 | -7.7% |
| Deferred taxes | 168 | €23,771 | €21,943 | -€1,829 | -7.7% |
| Amounts payable | 17/49 | €1,571,686 | €173,984 | -€1.4m | -88.9% |
| Amounts payable within one year | 42/48 | €1,563,161 | €173,984 | -€1.4m | -88.9% |
| Trade debts | 44 | €225,020 | €45,154 | -€179,866 | -79.9% |
| Suppliers | 440/4 | €225,020 | €45,154 | -€179,866 | -79.9% |
| Taxes, remuneration and social security | 45 | €415 | €91,972 | +€91,558 | +22075.4% |
| Taxes | 450/3 | €415 | €91,972 | +€91,558 | +22075.4% |
| Other amounts payable | 47/48 | €1,337,727 | €36,858 | -€1.3m | -97.2% |
| Accrued charges and deferred income | 492/3 | €8,525 | - | -€8,525 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,148 | €84,415 | -€43,732 | -34.1% |
| Other operating charges | 640/8 | €25,171 | €72,064 | +€46,893 | +186.3% |
| Gross operating margin | 9900 | €86,404 | €305,411 | +€219,007 | +253.5% |
| Operating profit (loss) | 9901 | -€66,915 | €148,932 | +€215,847 | |
| Financial income | 75/76B | €138,349 | €1,029,506 | +€891,156 | +644.1% |
| Recurring financial income | 75 | €138,349 | €1,029,506 | +€891,156 | +644.1% |
| Financial charges | 65/66B | €6,929 | €196,173 | +€189,243 | +2731.1% |
| Recurring financial charges | 65 | €6,929 | €196,173 | +€189,243 | +2731.1% |
| Profit (loss) for the period before taxes | 9903 | €64,505 | €982,265 | +€917,760 | +1422.8% |
| Transfer from deferred taxes | 780 | €1,829 | €1,829 | = | 0.0% |
| Income taxes | 67/77 | €23,702 | €360,013 | +€336,311 | +1418.9% |
| Profit (loss) for the period | 9904 | €42,631 | €624,080 | +€581,449 | +1363.9% |
| Transfer from tax-exempt reserves | 789 | €5,486 | €5,486 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,117 | €629,566 | +€581,449 | +1208.4% |
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 3 October 2026 via checked.be.