Naranjo: 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.
Naranjo
Largest movements
- Receivables within one year -€290,457
down €290,457 (-40.2%), from €722,335 to €431,878
of which Other amounts receivable: -€194,142
- Tangible fixed assets -€73,609
down €73,609 (-4.6%), from €1.6m to €1.5m
of which Other tangible fixed assets: -€57,829
- Cash -€34,793
down €34,793 (-17.7%), from €196,859 to €162,066
mainly Contributions, distributions and other (-€870,000) and Debts after one year (-€79,287)
- Reserves -€702,103
down €702,103 (-55.0%), from €1.3m to €575,433
of which Distributable reserves: -€698,669
- Other debts +€419,742
up €419,742 (+34402.3%), from €1,220 to €420,962
- Debts after one year -€79,287
down €79,287 (-7.8%), from €1.0m to €940,731
- Trade debts -€36,946
down €36,946 (-69.6%), from €53,046 to €16,100
- Gross operating margin +€190,055
up €190,055 (+137.7%), from €138,071 to €328,126
- Taxes +€52,350
up €52,350 (+16704.9%), from €313 to €52,663
- Depreciation -€38,535
down €38,535 (-33.5%), from €114,914 to €76,379
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 | €2,517,022 | €2,117,621 | -€399,401 | -15.9% |
| Fixed assets | 21/28 | €1,591,069 | €1,517,460 | -€73,609 | -4.6% |
| Tangible fixed assets | 22/27 | €1,591,069 | €1,517,460 | -€73,609 | -4.6% |
| Furniture and vehicles | 24 | €44,185 | €28,404 | -€15,781 | -35.7% |
| Other tangible fixed assets | 26 | €1,546,884 | €1,489,056 | -€57,829 | -3.7% |
| Current assets | 29/58 | €925,953 | €600,161 | -€325,792 | -35.2% |
| Amounts receivable within one year | 40/41 | €722,335 | €431,878 | -€290,457 | -40.2% |
| Trade receivables | 40 | €320,023 | €223,708 | -€96,315 | -30.1% |
| Other amounts receivable | 41 | €402,312 | €208,170 | -€194,142 | -48.3% |
| Cash at bank and in hand | 54/58 | €196,859 | €162,066 | -€34,793 | -17.7% |
| Deferred charges and accrued income | 490/1 | €6,760 | €6,217 | -€542 | -8.0% |
| Total equity and liabilities | 10/49 | €2,517,022 | €2,117,621 | -€399,401 | -15.9% |
| Equity | 10/15 | €1,296,135 | €594,033 | -€702,103 | -54.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,277,535 | €575,433 | -€702,103 | -55.0% |
| Tax-exempt reserves | 132 | €93,851 | €90,417 | -€3,434 | -3.7% |
| Distributable reserves | 133 | €1,183,684 | €485,015 | -€698,669 | -59.0% |
| Provisions and deferred taxes | 16 | €31,284 | €30,139 | -€1,145 | -3.7% |
| Provisions for liabilities and charges | 160/5 | €31,284 | €30,139 | -€1,145 | -3.7% |
| Taxes | 161 | €31,284 | €30,139 | -€1,145 | -3.7% |
| Amounts payable | 17/49 | €1,189,604 | €1,493,449 | +€303,846 | +25.5% |
| Amounts payable after more than one year | 17 | €1,020,018 | €940,731 | -€79,287 | -7.8% |
| Financial debts | 170/4 | €1,020,018 | €940,731 | -€79,287 | -7.8% |
| Amounts payable within one year | 42/48 | €165,892 | €545,102 | +€379,211 | +228.6% |
| Current portion of amounts payable after more than one year | 42 | €80,736 | €65,850 | -€14,885 | -18.4% |
| Financial debts | 43 | €22,744 | €10,116 | -€12,629 | -55.5% |
| Credit institutions | 430/8 | €22,744 | €10,116 | -€12,629 | -55.5% |
| Trade debts | 44 | €53,046 | €16,100 | -€36,946 | -69.6% |
| Suppliers | 440/4 | €53,046 | €16,100 | -€36,946 | -69.6% |
| Taxes, remuneration and social security | 45 | €8,146 | €32,073 | +€23,928 | +293.7% |
| Taxes | 450/3 | €8,146 | €32,073 | +€23,928 | +293.7% |
| Other amounts payable | 47/48 | €1,220 | €420,962 | +€419,742 | +34402.3% |
| Accrued charges and deferred income | 492/3 | €3,694 | €7,616 | +€3,922 | +106.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,914 | €76,379 | -€38,535 | -33.5% |
| Other operating charges | 640/8 | €7,797 | €6,804 | -€992 | -12.7% |
| Gross operating margin | 9900 | €138,071 | €328,126 | +€190,055 | +137.7% |
| Operating profit (loss) | 9901 | €15,361 | €244,943 | +€229,582 | +1494.6% |
| Financial income | 75/76B | €6,633 | €4,909 | -€1,723 | -26.0% |
| Recurring financial income | 75 | €6,633 | €4,909 | -€1,723 | -26.0% |
| Financial charges | 65/66B | €28,197 | €30,436 | +€2,239 | +7.9% |
| Recurring financial charges | 65 | €28,197 | €30,436 | +€2,239 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,204 | €219,416 | +€225,620 | |
| Transfer from deferred taxes | 780 | €1,145 | €1,145 | = | 0.0% |
| Income taxes | 67/77 | €313 | €52,663 | +€52,350 | +16704.9% |
| Profit (loss) for the period | 9904 | -€5,373 | €167,897 | +€173,270 | |
| Transfer from tax-exempt reserves | 789 | €3,434 | €3,434 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,939 | €171,331 | +€173,270 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.