NAPHIBEL: 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.
NAPHIBEL
Largest movements
- Tangible fixed assets -€970
down €970 (-13.1%), from €7,381 to €6,411
of which Other tangible fixed assets: -€738
- Cash +€367
up €367 (+109.7%), from €335 to €701
mainly Other debts (+€2,417) and Depreciation (+€970)
- Profit (loss) carried forward -€3,459
down €3,459 (-34.2%), from -€10,111 to -€13,570
- Other debts +€2,417
up €2,417 (+84.4%), from €2,865 to €5,282
- Trade debts +€478
up €478 (+272.4%), from €175 to €653
- Gross operating margin +€6,395
up €6,395 (+72.9%), from -€8,771 to -€2,376
- Depreciation -€190
down €190 (-16.4%), from €1,159 to €970
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 | €7,976 | €7,366 | -€610 | -7.7% |
| Fixed assets | 21/28 | €7,381 | €6,411 | -€970 | -13.1% |
| Tangible fixed assets | 22/27 | €7,381 | €6,411 | -€970 | -13.1% |
| Plant, machinery and equipment | 23 | €739 | €508 | -€231 | -31.3% |
| Other tangible fixed assets | 26 | €6,642 | €5,903 | -€738 | -11.1% |
| Current assets | 29/58 | €595 | €954 | +€359 | +60.4% |
| Amounts receivable within one year | 40/41 | €260 | €253 | -€8 | -2.9% |
| Other amounts receivable | 41 | €260 | €253 | -€8 | -2.9% |
| Cash at bank and in hand | 54/58 | €335 | €701 | +€367 | +109.7% |
| Total equity and liabilities | 10/49 | €7,976 | €7,366 | -€610 | -7.7% |
| Equity | 10/15 | €4,889 | €1,430 | -€3,459 | -70.7% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,111 | -€13,570 | -€3,459 | -34.2% |
| Amounts payable | 17/49 | €3,087 | €5,935 | +€2,848 | +92.3% |
| Amounts payable within one year | 42/48 | €3,040 | €5,935 | +€2,895 | +95.2% |
| Trade debts | 44 | €175 | €653 | +€478 | +272.4% |
| Suppliers | 440/4 | €175 | €653 | +€478 | +272.4% |
| Other amounts payable | 47/48 | €2,865 | €5,282 | +€2,417 | +84.4% |
| Accrued charges and deferred income | 492/3 | €47 | €0 | -€47 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,159 | €970 | -€190 | -16.4% |
| Gross operating margin | 9900 | -€8,771 | -€2,376 | +€6,395 | +72.9% |
| Operating profit (loss) | 9901 | -€9,931 | -€3,346 | +€6,585 | +66.3% |
| Financial income | 75/76B | €11 | €0 | -€11 | -100.0% |
| Recurring financial income | 75 | €11 | €0 | -€11 | -100.0% |
| Financial charges | 65/66B | €192 | €113 | -€79 | -41.2% |
| Recurring financial charges | 65 | €192 | €113 | -€79 | -41.2% |
| Profit (loss) for the period before taxes | 9903 | -€10,111 | -€3,459 | +€6,653 | +65.8% |
| Profit (loss) for the period | 9904 | -€10,111 | -€3,459 | +€6,653 | +65.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,111 | -€3,459 | +€6,653 | +65.8% |
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 11 October 2026 via checked.be.