NAR: 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.
NAR
Largest movements
- Cash +€7,833
up €7,833 (+6.9%), from €113,373 to €121,205
mainly Other debts (+€73,665) and Net result for the year (+€58,244)
- Tangible fixed assets +€1,483
up €1,483 (+29.4%), from €5,046 to €6,529
of which Furniture and vehicles: +€1,483
- Other debts +€73,665
up €73,665 (+5894.3%), from €1,250 to €74,915
- Reserves -€51,956
down €51,956 (-47.1%), from €110,200 to €58,244
- Tax, wage and social debts -€11,185
down €11,185 (-63.4%), from €17,644 to €6,459
- Gross operating margin +€2,594
up €2,594 (+3.6%), from €73,017 to €75,612
- Taxes +€944
up €944 (+6.5%), from €14,446 to €15,390
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 | €134,721 | €145,408 | +€10,687 | +7.9% |
| Fixed assets | 21/28 | €5,046 | €6,529 | +€1,483 | +29.4% |
| Tangible fixed assets | 22/27 | €5,046 | €6,529 | +€1,483 | +29.4% |
| Furniture and vehicles | 24 | €693 | €2,176 | +€1,483 | +213.9% |
| Other tangible fixed assets | 26 | €4,353 | €4,353 | = | 0.0% |
| Current assets | 29/58 | €129,675 | €138,879 | +€9,204 | +7.1% |
| Amounts receivable within one year | 40/41 | €15,730 | €17,102 | +€1,372 | +8.7% |
| Trade receivables | 40 | €15,730 | €15,730 | = | 0.0% |
| Other amounts receivable | 41 | - | €1,372 | +€1,372 | |
| Cash at bank and in hand | 54/58 | €113,373 | €121,205 | +€7,833 | +6.9% |
| Deferred charges and accrued income | 490/1 | €572 | €572 | = | 0.0% |
| Total equity and liabilities | 10/49 | €134,721 | €145,408 | +€10,687 | +7.9% |
| Equity | 10/15 | €115,200 | €63,244 | -€51,956 | -45.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €110,200 | €58,244 | -€51,956 | -47.1% |
| Distributable reserves | 133 | €110,200 | €58,244 | -€51,956 | -47.1% |
| Amounts payable | 17/49 | €19,521 | €82,164 | +€62,643 | +320.9% |
| Amounts payable within one year | 42/48 | €19,521 | €82,164 | +€62,643 | +320.9% |
| Trade debts | 44 | €627 | €790 | +€162 | +25.9% |
| Suppliers | 440/4 | €627 | €790 | +€162 | +25.9% |
| Taxes, remuneration and social security | 45 | €17,644 | €6,459 | -€11,185 | -63.4% |
| Taxes | 450/3 | €17,644 | €6,459 | -€11,185 | -63.4% |
| Other amounts payable | 47/48 | €1,250 | €74,915 | +€73,665 | +5894.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,909 | €1,707 | -€201 | -10.6% |
| Other operating charges | 640/8 | €464 | €138 | -€326 | -70.3% |
| Gross operating margin | 9900 | €73,017 | €75,612 | +€2,594 | +3.6% |
| Operating profit (loss) | 9901 | €70,645 | €73,767 | +€3,122 | +4.4% |
| Financial charges | 65/66B | €854 | €132 | -€721 | -84.5% |
| Recurring financial charges | 65 | €854 | €132 | -€721 | -84.5% |
| Profit (loss) for the period before taxes | 9903 | €69,791 | €73,634 | +€3,843 | +5.5% |
| Income taxes | 67/77 | €14,446 | €15,390 | +€944 | +6.5% |
| Profit (loss) for the period | 9904 | €55,345 | €58,244 | +€2,900 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,345 | €58,244 | +€2,900 | +5.2% |
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 12 October 2026 via checked.be.