NARAI: 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.
NARAI
Largest movements
- Tangible fixed assets -€14,329
down €14,329 (-26.1%), from €54,931 to €40,602
of which Leasing and similar rights: -€13,883
- Cash +€6,670
up €6,670 (+26.6%), from €25,070 to €31,741
mainly Depreciation (+€14,329) and Receivables within one year (+€4,834)
- Receivables within one year -€4,834
down €4,834 (-30.2%), from €15,998 to €11,164
of which Trade receivables: -€5,616
- Deferred charges and accrued income +€1,514
new in 2025: €1,514
- Debts after one year -€12,568
down €12,568 (-32.6%), from €38,538 to €25,970
- Profit (loss) carried forward +€2,150
up €2,150 (+7.4%), from -€29,167 to -€27,018
- Other debts -€1,841
down €1,841 (-3.0%), from €60,396 to €58,555
- Current portion of long-term debt +€1,012
up €1,012 (+8.8%), from €11,556 to €12,568
- Gross operating margin -€19,620
down €19,620 (-47.3%), from €41,518 to €21,898
- Other operating charges -€2,246
down €2,246 (-63.7%), from €3,528 to €1,281
- Financial charges -€697
down €697 (-14.4%), from €4,836 to €4,139
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 | €95,999 | €85,020 | -€10,978 | -11.4% |
| Fixed assets | 21/28 | €54,931 | €40,602 | -€14,329 | -26.1% |
| Tangible fixed assets | 22/27 | €54,931 | €40,602 | -€14,329 | -26.1% |
| Plant, machinery and equipment | 23 | €1,644 | €1,198 | -€446 | -27.1% |
| Leasing and similar rights | 25 | €53,287 | €39,404 | -€13,883 | -26.1% |
| Current assets | 29/58 | €41,068 | €44,419 | +€3,351 | +8.2% |
| Amounts receivable within one year | 40/41 | €15,998 | €11,164 | -€4,834 | -30.2% |
| Trade receivables | 40 | €15,174 | €9,559 | -€5,616 | -37.0% |
| Other amounts receivable | 41 | €823 | €1,605 | +€782 | +95.0% |
| Cash at bank and in hand | 54/58 | €25,070 | €31,741 | +€6,670 | +26.6% |
| Deferred charges and accrued income | 490/1 | - | €1,514 | +€1,514 | |
| Total equity and liabilities | 10/49 | €95,999 | €85,020 | -€10,978 | -11.4% |
| Equity | 10/15 | -€21,102 | -€18,952 | +€2,150 | +10.2% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,167 | -€27,018 | +€2,150 | +7.4% |
| Amounts payable | 17/49 | €117,101 | €103,973 | -€13,128 | -11.2% |
| Amounts payable after more than one year | 17 | €38,538 | €25,970 | -€12,568 | -32.6% |
| Financial debts | 170/4 | €38,538 | €25,970 | -€12,568 | -32.6% |
| Amounts payable within one year | 42/48 | €78,563 | €78,003 | -€560 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €11,556 | €12,568 | +€1,012 | +8.8% |
| Trade debts | 44 | €6,611 | €6,686 | +€75 | +1.1% |
| Suppliers | 440/4 | €6,611 | €6,686 | +€75 | +1.1% |
| Taxes, remuneration and social security | 45 | - | €194 | +€194 | |
| Taxes | 450/3 | - | €24 | +€24 | |
| Remuneration and social security | 454/9 | - | €170 | +€170 | |
| Other amounts payable | 47/48 | €60,396 | €58,555 | -€1,841 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,329 | €14,329 | = | 0.0% |
| Other operating charges | 640/8 | €3,528 | €1,281 | -€2,246 | -63.7% |
| Gross operating margin | 9900 | €41,518 | €21,898 | -€19,620 | -47.3% |
| Operating profit (loss) | 9901 | €23,661 | €6,288 | -€17,373 | -73.4% |
| Financial income | 75/76B | €32 | €1 | -€31 | -97.9% |
| Recurring financial income | 75 | €32 | €1 | -€31 | -97.9% |
| Financial charges | 65/66B | €4,836 | €4,139 | -€697 | -14.4% |
| Recurring financial charges | 65 | €4,836 | €4,139 | -€697 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €18,857 | €2,150 | -€16,708 | -88.6% |
| Profit (loss) for the period | 9904 | €18,857 | €2,150 | -€16,708 | -88.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,857 | €2,150 | -€16,708 | -88.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.