NARDI: 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.
NARDI
Largest movements
- Receivables within one year +€19,859
up €19,859 (+14.5%), from €137,328 to €157,187
of which Other amounts receivable: +€23,373
- Current investments +€14,635
new in 2025: €14,635
- Cash -€9,521
no longer reported in 2025 (was €9,521)
mainly Investment in fixed assets (net) (-€20,216) and Receivables within one year (-€19,859)
- Tangible fixed assets +€3,993
up €3,993 (+5.8%), from €69,076 to €73,069
of which Land and buildings: +€18,092
- Other debts +€41,082
up €41,082 (+113.0%), from €36,347 to €77,429
- Debts after one year -€16,503
down €16,503 (-83.2%), from €19,831 to €3,328
- Profit (loss) carried forward +€15,650
up €15,650 (+14.8%), from €105,921 to €121,571
- Tax, wage and social debts -€9,564
down €9,564 (-79.0%), from €12,108 to €2,544
- Trade debts -€7,654
down €7,654 (-70.8%), from €10,817 to €3,163
- Gross operating margin -€17,455
down €17,455 (-29.9%), from €58,436 to €40,981
- Other operating charges -€15,778
down €15,778 (-82.9%), from €19,034 to €3,256
- Depreciation -€7,809
down €7,809 (-32.5%), from €24,032 to €16,223
- Taxes -€1,309
down €1,309 (-19.8%), from €6,605 to €5,296
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 | €218,475 | €247,441 | +€28,966 | +13.3% |
| Fixed assets | 21/28 | €71,626 | €75,619 | +€3,993 | +5.6% |
| Tangible fixed assets | 22/27 | €69,076 | €73,069 | +€3,993 | +5.8% |
| Land and buildings | 22 | €43,918 | €62,010 | +€18,092 | +41.2% |
| Plant, machinery and equipment | 23 | €5,966 | €5,234 | -€732 | -12.3% |
| Furniture and vehicles | 24 | €19,192 | €5,825 | -€13,367 | -69.6% |
| Financial fixed assets | 28 | €2,550 | €2,550 | = | 0.0% |
| Current assets | 29/58 | €146,849 | €171,822 | +€24,973 | +17.0% |
| Amounts receivable within one year | 40/41 | €137,328 | €157,187 | +€19,859 | +14.5% |
| Trade receivables | 40 | €11,983 | €8,469 | -€3,514 | -29.3% |
| Other amounts receivable | 41 | €125,345 | €148,718 | +€23,373 | +18.6% |
| Current investments | 50/53 | - | €14,635 | +€14,635 | |
| Cash at bank and in hand | 54/58 | €9,521 | - | -€9,521 | |
| Total equity and liabilities | 10/49 | €218,475 | €247,441 | +€28,966 | +13.3% |
| Equity | 10/15 | €139,372 | €155,022 | +€15,650 | +11.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €14,859 | €14,859 | = | 0.0% |
| Distributable reserves | 133 | €14,859 | €14,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,921 | €121,571 | +€15,650 | +14.8% |
| Amounts payable | 17/49 | €79,103 | €92,419 | +€13,316 | +16.8% |
| Amounts payable after more than one year | 17 | €19,831 | €3,328 | -€16,503 | -83.2% |
| Financial debts | 170/4 | €19,831 | €3,328 | -€16,503 | -83.2% |
| Amounts payable within one year | 42/48 | €59,272 | €89,091 | +€29,819 | +50.3% |
| Financial debts | 43 | - | €5,955 | +€5,955 | |
| Credit institutions | 430/8 | - | €5,955 | +€5,955 | |
| Trade debts | 44 | €10,817 | €3,163 | -€7,654 | -70.8% |
| Suppliers | 440/4 | €10,817 | €3,163 | -€7,654 | -70.8% |
| Taxes, remuneration and social security | 45 | €12,108 | €2,544 | -€9,564 | -79.0% |
| Taxes | 450/3 | €12,108 | €2,544 | -€9,564 | -79.0% |
| Other amounts payable | 47/48 | €36,347 | €77,429 | +€41,082 | +113.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,032 | €16,223 | -€7,809 | -32.5% |
| Other operating charges | 640/8 | €19,034 | €3,256 | -€15,778 | -82.9% |
| Gross operating margin | 9900 | €58,436 | €40,981 | -€17,455 | -29.9% |
| Operating profit (loss) | 9901 | €15,370 | €21,502 | +€6,132 | +39.9% |
| Financial charges | 65/66B | €51 | €556 | +€505 | +990.2% |
| Recurring financial charges | 65 | €51 | €556 | +€505 | +990.2% |
| Profit (loss) for the period before taxes | 9903 | €15,319 | €20,946 | +€5,627 | +36.7% |
| Income taxes | 67/77 | €6,605 | €5,296 | -€1,309 | -19.8% |
| Profit (loss) for the period | 9904 | €8,714 | €15,650 | +€6,936 | +79.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,714 | €15,650 | +€6,936 | +79.6% |
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 6 October 2026 via checked.be.