Naphil: 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.
What changed
Naphil
NACE 64.210, Activities of holding companies
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€164,506
2025 · €1.4m-€1.3m
Equity
€7.2m
2025 · €7.0m+€164,506
Cash
€141,198
2025 · €422,246-€281,048
Balance sheet total
€12.0m
2025 · €11.0m+€1.0m
Largest movements
Assets
- Tangible fixed assets +€1.9m
up €1.9m (+82.7%), from €2.3m to €4.1m
of which Land and buildings: +€1.9m
- Current investments -€500,000
down €500,000 (-50.0%), from €1.0m to €500,000
- Cash -€281,048
down €281,048 (-66.6%), from €422,246 to €141,198
mainly Investment in fixed assets (net) (-€2.0m) and Other debts (-€708,322)
Equity and liabilities
- Debts after one year +€1.1m
up €1.1m (+263%), from €399,613 to €1.5m
- Other debts -€708,322
down €708,322 (-23.0%), from €3.1m to €2.4m
- Short-term financial debts +€400,000
up €400,000 (+400%), from €100,000 to €500,000
- Profit (loss) carried forward +€191,705
up €191,705 (+5.8%), from €3.3m to €3.5m
Income statement
- Gross operating margin -€1.7m
down €1.7m (-79.5%), from €2.2m to €440,907
- Taxes -€99,675
down €99,675 (-53.4%), from €186,827 to €87,152
- Depreciation +€72,331
up €72,331 (+108%), from €67,013 to €139,344
- Financial charges -€40,401
down €40,401 (-40.8%), from €98,995 to €58,594
From the 2025 result to the 2026 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.
Result 2025
€1.4m
Gross operating margin
-€1.7m
Depreciation
-€72,331
Other operating charges
+€6,749
Financial income
+€18,064
Financial charges
+€40,401
Taxes
+€99,675
Deferred taxes and other
+€345,692
Result 2026
€164,506
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€338,337
Investment
-€1.5m
Financing
+€1.5m
Cash 2025
€422,246
From operations (derived)
-€338,337
Net result for the year
+€164,506
Depreciation
+€139,344
Receivables within one year
+€77,437
Deferred charges and accrued income
-€43,473
Provisions
-€9,066
Trade debts
+€7,822
Tax, wage and social debts
+€39,000
Other debts
-€708,322
Accrued charges and deferred income
-€5,585
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€2.0m
Current investments
+€500,000
Financing
+€1.5m
Debts after one year
+€1.1m
Current portion of long-term debt
+€83,268
Short-term financial debts
+€400,000
Cash 2026
€141,198
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,993,334 | €12,016,492 | +€1.0m | +9.3% |
| Fixed assets | 21/28 | €8,899,051 | €10,737,220 | +€1.8m | +20.7% |
| Intangible fixed assets | 21 | €260,166 | €220,158 | -€40,009 | -15.4% |
| Tangible fixed assets | 22/27 | €2,270,459 | €4,148,637 | +€1.9m | +82.7% |
| Land and buildings | 22 | €2,088,298 | €3,957,777 | +€1.9m | +89.5% |
| Plant, machinery and equipment | 23 | €182,161 | €190,860 | +€8,699 | +4.8% |
| Financial fixed assets | 28 | €6,368,426 | €6,368,426 | = | 0.0% |
| Current assets | 29/58 | €2,094,284 | €1,279,272 | -€815,012 | -38.9% |
| Amounts receivable within one year | 40/41 | €609,518 | €532,081 | -€77,437 | -12.7% |
| Other amounts receivable | 41 | €609,518 | €532,081 | -€77,437 | -12.7% |
| Current investments | 50/53 | €1,000,000 | €500,000 | -€500,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €422,246 | €141,198 | -€281,048 | -66.6% |
| Deferred charges and accrued income | 490/1 | €62,520 | €105,992 | +€43,473 | +69.5% |
| Total equity and liabilities | 10/49 | €10,993,334 | €12,016,492 | +€1.0m | +9.3% |
| Equity | 10/15 | €7,035,906 | €7,200,412 | +€164,506 | +2.3% |
| Contributions | 10/11 | €1,173,037 | €1,173,037 | = | 0.0% |
| Capital | 10 | €1,173,037 | €1,173,037 | = | 0.0% |
| Issued capital | 100 | €1,173,037 | €1,173,037 | = | 0.0% |
| Revaluation surpluses | 12 | €77,189 | €77,189 | = | 0.0% |
| Reserves | 13 | €2,492,967 | €2,465,769 | -€27,199 | -1.1% |
| Non-distributable reserves | 130/1 | €186,047 | €186,047 | = | 0.0% |
| Legal reserve | 130 | €186,047 | €186,047 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,751,707 | €1,454,198 | -€297,508 | -17.0% |
| Distributable reserves | 133 | €555,213 | €825,523 | +€270,310 | +48.7% |
| Profit (loss) carried forward | 14 | €3,292,713 | €3,484,417 | +€191,705 | +5.8% |
| Provisions and deferred taxes | 16 | €336,626 | €327,559 | -€9,066 | -2.7% |
| Deferred taxes | 168 | €336,626 | €327,559 | -€9,066 | -2.7% |
| Amounts payable | 17/49 | €3,620,803 | €4,488,521 | +€867,718 | +24.0% |
| Amounts payable after more than one year | 17 | €399,613 | €1,451,148 | +€1.1m | +263% |
| Financial debts | 170/4 | €399,613 | €1,451,148 | +€1.1m | +263% |
| Amounts payable within one year | 42/48 | €3,208,412 | €3,030,179 | -€178,232 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | - | €83,268 | +€83,268 | |
| Financial debts | 43 | €100,000 | €500,000 | +€400,000 | +400% |
| Credit institutions | 430/8 | €100,000 | €500,000 | +€400,000 | +400% |
| Trade debts | 44 | €9,703 | €17,524 | +€7,822 | +80.6% |
| Suppliers | 440/4 | €9,703 | €17,524 | +€7,822 | +80.6% |
| Taxes, remuneration and social security | 45 | €21,000 | €60,000 | +€39,000 | +186% |
| Taxes | 450/3 | €21,000 | €60,000 | +€39,000 | +186% |
| Other amounts payable | 47/48 | €3,077,709 | €2,369,387 | -€708,322 | -23.0% |
| Accrued charges and deferred income | 492/3 | €12,778 | €7,193 | -€5,585 | -43.7% |
| Non-recurring operating income | 76A | €1,670,053 | - | -€1.7m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,013 | €139,344 | +€72,331 | +108% |
| Other operating charges | 640/8 | €27,961 | €21,213 | -€6,749 | -24.1% |
| Gross operating margin | 9900 | €2,152,281 | €440,907 | -€1.7m | -79.5% |
| Operating profit (loss) | 9901 | €2,057,307 | €280,350 | -€1.8m | -86.4% |
| Financial income | 75/76B | €2,772 | €20,836 | +€18,064 | +652% |
| Recurring financial income | 75 | €2,772 | €20,836 | +€18,064 | +652% |
| Financial charges | 65/66B | €98,995 | €58,594 | -€40,401 | -40.8% |
| Recurring financial charges | 65 | €98,995 | €58,594 | -€40,401 | -40.8% |
| Profit (loss) for the period before taxes | 9903 | €1,961,085 | €242,592 | -€1.7m | -87.6% |
| Transfer from deferred taxes | 780 | - | €9,066 | +€9,066 | |
| Transfer to deferred taxes | 680 | €336,626 | - | -€336,626 | |
| Income taxes | 67/77 | €186,827 | €87,152 | -€99,675 | -53.4% |
| Profit (loss) for the period | 9904 | €1,437,632 | €164,506 | -€1.3m | -88.6% |
| Transfer from tax-exempt reserves | 789 | €540,740 | €297,508 | -€243,232 | -45.0% |
| Transfer to tax-exempt reserves | 689 | €1,384,597 | - | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €593,776 | €462,014 | -€131,761 | -22.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.