naQ: 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.
naQ
Largest movements
- Tangible fixed assets +€75,595
up €75,595 (+190.6%), from €39,669 to €115,264
of which Furniture and vehicles: +€82,129
- Receivables within one year +€24,932
up €24,932 (+731.3%), from €3,409 to €28,341
of which Other amounts receivable: +€26,191
- Cash -€21,321
down €21,321 (-20.0%), from €106,712 to €85,391
mainly Investment in fixed assets (net) (-€103,813) and Contributions, distributions and other (-€61,500)
- Stocks and contracts +€3,305
up €3,305 (+100.4%), from €3,291 to €6,596
- Current portion of long-term debt +€46,250
up €46,250 (+248.5%), from €18,612 to €64,862
- Reserves +€30,000
new in 2025: €30,000
- Profit (loss) carried forward -€26,809
down €26,809 (-79.2%), from €33,855 to €7,046
- Debts after one year +€16,585
up €16,585 (+158.1%), from €10,488 to €27,073
- Trade debts +€11,432
up €11,432 (+564.5%), from €2,025 to €13,458
- Depreciation +€14,652
up €14,652 (+108.0%), from €13,566 to €28,218
- Gross operating margin -€3,138
down €3,138 (-2.6%), from €119,649 to €116,511
- Financial charges +€2,405
up €2,405 (+68.5%), from €3,509 to €5,913
- Taxes -€1,207
down €1,207 (-6.8%), from €17,647 to €16,440
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 | €153,789 | €237,155 | +€83,366 | +54.2% |
| Fixed assets | 21/28 | €39,669 | €115,264 | +€75,595 | +190.6% |
| Tangible fixed assets | 22/27 | €39,669 | €115,264 | +€75,595 | +190.6% |
| Furniture and vehicles | 24 | €24,422 | €106,551 | +€82,129 | +336.3% |
| Other tangible fixed assets | 26 | €15,247 | €8,713 | -€6,534 | -42.9% |
| Current assets | 29/58 | €114,121 | €121,891 | +€7,771 | +6.8% |
| Stocks and contracts in progress | 3 | €3,291 | €6,596 | +€3,305 | +100.4% |
| Stocks | 30/36 | €3,291 | €6,596 | +€3,305 | +100.4% |
| Amounts receivable within one year | 40/41 | €3,409 | €28,341 | +€24,932 | +731.3% |
| Trade receivables | 40 | €1,479 | €220 | -€1,260 | -85.1% |
| Other amounts receivable | 41 | €1,930 | €28,121 | +€26,191 | +1357.1% |
| Cash at bank and in hand | 54/58 | €106,712 | €85,391 | -€21,321 | -20.0% |
| Deferred charges and accrued income | 490/1 | €709 | €1,564 | +€855 | +120.7% |
| Total equity and liabilities | 10/49 | €153,789 | €237,155 | +€83,366 | +54.2% |
| Equity | 10/15 | €38,855 | €42,046 | +€3,191 | +8.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €30,000 | +€30,000 | |
| Distributable reserves | 133 | - | €30,000 | +€30,000 | |
| Profit (loss) carried forward | 14 | €33,855 | €7,046 | -€26,809 | -79.2% |
| Amounts payable | 17/49 | €114,934 | €195,109 | +€80,175 | +69.8% |
| Amounts payable after more than one year | 17 | €10,488 | €27,073 | +€16,585 | +158.1% |
| Financial debts | 170/4 | €10,488 | €27,073 | +€16,585 | +158.1% |
| Amounts payable within one year | 42/48 | €104,446 | €168,036 | +€63,590 | +60.9% |
| Current portion of amounts payable after more than one year | 42 | €18,612 | €64,862 | +€46,250 | +248.5% |
| Trade debts | 44 | €2,025 | €13,458 | +€11,432 | +564.5% |
| Suppliers | 440/4 | €2,025 | €13,458 | +€11,432 | +564.5% |
| Taxes, remuneration and social security | 45 | €23,809 | €23,942 | +€133 | +0.6% |
| Taxes | 450/3 | €23,809 | €23,942 | +€133 | +0.6% |
| Other amounts payable | 47/48 | €60,000 | €65,775 | +€5,775 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,566 | €28,218 | +€14,652 | +108.0% |
| Other operating charges | 640/8 | €1,113 | €1,250 | +€137 | +12.3% |
| Gross operating margin | 9900 | €119,649 | €116,511 | -€3,138 | -2.6% |
| Operating profit (loss) | 9901 | €104,970 | €87,043 | -€17,927 | -17.1% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €3,509 | €5,913 | +€2,405 | +68.5% |
| Recurring financial charges | 65 | €3,509 | €5,913 | +€2,405 | +68.5% |
| Profit (loss) for the period before taxes | 9903 | €101,461 | €81,131 | -€20,330 | -20.0% |
| Income taxes | 67/77 | €17,647 | €16,440 | -€1,207 | -6.8% |
| Profit (loss) for the period | 9904 | €83,814 | €64,691 | -€19,123 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €83,814 | €64,691 | -€19,123 | -22.8% |
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 4 October 2026 via checked.be.