NAQI: 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.
NAQI
Largest movements
- Tangible fixed assets -€52,707
down €52,707 (-22.0%), from €240,092 to €187,385
of which Plant, machinery and equipment: -€29,431
- Cash +€25,269
up €25,269, from €0 to €25,269
mainly Debts after one year (+€111,495) and Depreciation (+€96,435)
- Receivables within one year +€24,490
up €24,490 (+16.2%), from €150,968 to €175,457
of which Trade receivables: +€26,947
- Intangible fixed assets -€22,952
down €22,952 (-28.9%), from €79,510 to €56,558
- Financial fixed assets +€22,818
up €22,818 (+6.8%), from €333,292 to €356,110
- Short-term financial debts -€120,669
down €120,669 (-67.2%), from €179,662 to €58,993
- Debts after one year +€111,495
up €111,495 (+15.9%), from €702,733 to €814,228
- Trade debts +€51,528
up €51,528 (+216.9%), from €23,752 to €75,279
- Tax, wage and social debts -€27,024
down €27,024 (-29.8%), from €90,818 to €63,794
of which Remuneration and social security: -€18,077
- Reserves -€12,551
down €12,551 (-22.1%), from €56,712 to €44,161
of which Distributable reserves: -€12,551
- Gross operating margin -€36,710
down €36,710 (-6.7%), from €551,697 to €514,987
- Taxes -€15,070
down €15,070 (-78.4%), from €19,219 to €4,149
- Other operating charges +€14,268
up €14,268 (+82.1%), from €17,377 to €31,646
- Financial charges +€12,522
up €12,522 (+45.2%), from €27,688 to €40,210
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 | €1,250,351 | €1,248,651 | -€1,699 | -0.1% |
| Formation expenses | 20 | €38,393 | €29,698 | -€8,695 | -22.6% |
| Fixed assets | 21/28 | €652,894 | €600,053 | -€52,841 | -8.1% |
| Intangible fixed assets | 21 | €79,510 | €56,558 | -€22,952 | -28.9% |
| Tangible fixed assets | 22/27 | €240,092 | €187,385 | -€52,707 | -22.0% |
| Land and buildings | 22 | €82,931 | €71,556 | -€11,375 | -13.7% |
| Plant, machinery and equipment | 23 | €120,302 | €90,870 | -€29,431 | -24.5% |
| Furniture and vehicles | 24 | €36,859 | €24,959 | -€11,901 | -32.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €333,292 | €356,110 | +€22,818 | +6.8% |
| Current assets | 29/58 | €559,064 | €618,900 | +€59,836 | +10.7% |
| Stocks and contracts in progress | 3 | €401,402 | €410,734 | +€9,331 | +2.3% |
| Stocks | 30/36 | €401,402 | €410,734 | +€9,331 | +2.3% |
| Amounts receivable within one year | 40/41 | €150,968 | €175,457 | +€24,490 | +16.2% |
| Trade receivables | 40 | €148,236 | €175,183 | +€26,947 | +18.2% |
| Other amounts receivable | 41 | €2,732 | €274 | -€2,457 | -90.0% |
| Cash at bank and in hand | 54/58 | €0 | €25,269 | +€25,269 | |
| Deferred charges and accrued income | 490/1 | €6,693 | €7,440 | +€747 | +11.2% |
| Total equity and liabilities | 10/49 | €1,250,351 | €1,248,651 | -€1,699 | -0.1% |
| Equity | 10/15 | €118,712 | €106,161 | -€12,551 | -10.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €56,712 | €44,161 | -€12,551 | -22.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €50,512 | €37,961 | -€12,551 | -24.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,131,638 | €1,142,490 | +€10,852 | +1.0% |
| Amounts payable after more than one year | 17 | €702,733 | €814,228 | +€111,495 | +15.9% |
| Financial debts | 170/4 | €702,733 | €814,228 | +€111,495 | +15.9% |
| Amounts payable within one year | 42/48 | €428,718 | €327,594 | -€101,124 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €134,486 | €123,536 | -€10,950 | -8.1% |
| Financial debts | 43 | €179,662 | €58,993 | -€120,669 | -67.2% |
| Credit institutions | 430/8 | €179,662 | €58,993 | -€120,669 | -67.2% |
| Trade debts | 44 | €23,752 | €75,279 | +€51,528 | +216.9% |
| Suppliers | 440/4 | €23,752 | €75,279 | +€51,528 | +216.9% |
| Taxes, remuneration and social security | 45 | €90,818 | €63,794 | -€27,024 | -29.8% |
| Taxes | 450/3 | €38,817 | €29,871 | -€8,947 | -23.0% |
| Remuneration and social security | 454/9 | €52,001 | €33,924 | -€18,077 | -34.8% |
| Other amounts payable | 47/48 | €0 | €5,992 | +€5,992 | |
| Accrued charges and deferred income | 492/3 | €187 | €667 | +€480 | +256.6% |
| Non-recurring operating income | 76A | €5,180 | €0 | -€5,180 | -100.0% |
| Remuneration, social security and pensions | 62 | €353,734 | €356,589 | +€2,855 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,013 | €96,435 | -€3,579 | -3.6% |
| Other operating charges | 640/8 | €17,377 | €31,646 | +€14,268 | +82.1% |
| Gross operating margin | 9900 | €551,697 | €514,987 | -€36,710 | -6.7% |
| Operating profit (loss) | 9901 | €80,572 | €30,317 | -€50,254 | -62.4% |
| Financial income | 75/76B | €2,144 | €1,490 | -€654 | -30.5% |
| Recurring financial income | 75 | €2,144 | €1,490 | -€654 | -30.5% |
| Financial charges | 65/66B | €27,688 | €40,210 | +€12,522 | +45.2% |
| Recurring financial charges | 65 | €27,688 | €40,210 | +€12,522 | +45.2% |
| Profit (loss) for the period before taxes | 9903 | €55,028 | -€8,402 | -€63,430 | |
| Income taxes | 67/77 | €19,219 | €4,149 | -€15,070 | -78.4% |
| Profit (loss) for the period | 9904 | €35,809 | -€12,551 | -€48,360 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,809 | -€12,551 | -€48,360 |
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 5 October 2026 via checked.be.