NAREA: 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.
NAREA
Largest movements
- Receivables within one year +€45,458
up €45,458 (+12,443%), from €365 to €45,823
of which Trade receivables: +€43,439
- Cash +€18,578
up €18,578 (+11.3%), from €164,431 to €183,009
mainly Net result for the year (+€50,601) and Tax, wage and social debts (+€11,875)
- Reserves +€50,601
up €50,601 (+32.1%), from €157,730 to €208,331
- Tax, wage and social debts +€11,875
up €11,875 (+184%), from €6,446 to €18,321
of which Remuneration and social security: +€8,140
- Gross operating margin -€7,593
down €7,593 (-10.0%), from €76,050 to €68,456
- Depreciation -€2,923
down €2,923 (-55.6%), from €5,257 to €2,334
- Taxes -€786
down €786 (-5.2%), from €15,214 to €14,428
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.
Derived cash bridge
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 | €168,457 | €229,918 | +€61,461 | +36.5% |
| Formation expenses | 20 | €234 | €33 | -€200 | -85.7% |
| Fixed assets | 21/28 | €1,886 | €558 | -€1,328 | -70.4% |
| Tangible fixed assets | 22/27 | €1,886 | €558 | -€1,328 | -70.4% |
| Furniture and vehicles | 24 | €1,886 | €558 | -€1,328 | -70.4% |
| Current assets | 29/58 | €166,338 | €229,326 | +€62,989 | +37.9% |
| Amounts receivable within one year | 40/41 | €365 | €45,823 | +€45,458 | +12,443% |
| Trade receivables | 40 | - | €43,439 | +€43,439 | |
| Other amounts receivable | 41 | €365 | €2,384 | +€2,019 | +553% |
| Cash at bank and in hand | 54/58 | €164,431 | €183,009 | +€18,578 | +11.3% |
| Deferred charges and accrued income | 490/1 | €1,541 | €494 | -€1,046 | -67.9% |
| Total equity and liabilities | 10/49 | €168,457 | €229,918 | +€61,461 | +36.5% |
| Equity | 10/15 | €159,730 | €210,331 | +€50,601 | +31.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €157,730 | €208,331 | +€50,601 | +32.1% |
| Distributable reserves | 133 | €157,730 | €208,331 | +€50,601 | +32.1% |
| Amounts payable | 17/49 | €8,727 | €19,587 | +€10,860 | +124% |
| Amounts payable within one year | 42/48 | €8,727 | €19,587 | +€10,860 | +124% |
| Trade debts | 44 | €2,281 | €1,002 | -€1,279 | -56.1% |
| Suppliers | 440/4 | €2,281 | €1,002 | -€1,279 | -56.1% |
| Taxes, remuneration and social security | 45 | €6,446 | €18,321 | +€11,875 | +184% |
| Taxes | 450/3 | €5,461 | €9,197 | +€3,735 | +68.4% |
| Remuneration and social security | 454/9 | €985 | €9,125 | +€8,140 | +827% |
| Other amounts payable | 47/48 | - | €264 | +€264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,257 | €2,334 | -€2,923 | -55.6% |
| Other operating charges | 640/8 | €966 | €990 | +€24 | +2.5% |
| Gross operating margin | 9900 | €76,050 | €68,456 | -€7,593 | -10.0% |
| Operating profit (loss) | 9901 | €69,826 | €65,132 | -€4,694 | -6.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €102 | €103 | +€1 | +1.0% |
| Recurring financial charges | 65 | €102 | €103 | +€1 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €69,724 | €65,029 | -€4,695 | -6.7% |
| Income taxes | 67/77 | €15,214 | €14,428 | -€786 | -5.2% |
| Profit (loss) for the period | 9904 | €54,510 | €50,601 | -€3,910 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €54,510 | €50,601 | -€3,910 | -7.2% |
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 22 October 2026 via checked.be.