NAREE: 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.
NAREE
Largest movements
- Cash +€15,295
up €15,295 (+326%), from €4,690 to €19,985
mainly Net result for the year (+€17,747) and Depreciation (+€5,643)
- Intangible fixed assets -€3,000
down €3,000 (-13.6%), from €21,995 to €18,995
- Receivables within one year +€2,337
up €2,337 (+39.8%), from €5,873 to €8,210
of which Trade receivables: +€4,838
- Tangible fixed assets +€1,241
up €1,241 (+19.5%), from €6,366 to €7,607
of which Furniture and vehicles: +€1,723
- Profit (loss) carried forward +€17,747
up €17,747 (+75.0%), from €23,674 to €41,421
- Other debts -€5,433
down €5,433 (-95.4%), from €5,695 to €262
- Trade debts +€3,406
up €3,406 (+130%), from €2,625 to €6,031
- Gross operating margin +€9,555
up €9,555 (+26.7%), from €35,820 to €45,375
- Other operating charges +€3,647
up €3,647 (+178%), from €2,045 to €5,692
- Taxes +€2,294
up €2,294 (+55.2%), from €4,155 to €6,449
- Staff costs +€966
up €966 (+11.5%), from €8,389 to €9,355
- Depreciation +€857
up €857 (+17.9%), from €4,786 to €5,643
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 | €43,006 | €59,309 | +€16,303 | +37.9% |
| Fixed assets | 21/28 | €28,618 | €26,859 | -€1,759 | -6.1% |
| Intangible fixed assets | 21 | €21,995 | €18,995 | -€3,000 | -13.6% |
| Tangible fixed assets | 22/27 | €6,366 | €7,607 | +€1,241 | +19.5% |
| Plant, machinery and equipment | 23 | €2,573 | €2,091 | -€482 | -18.7% |
| Furniture and vehicles | 24 | €3,793 | €5,516 | +€1,723 | +45.4% |
| Financial fixed assets | 28 | €257 | €257 | = | 0.0% |
| Current assets | 29/58 | €14,388 | €32,450 | +€18,062 | +126% |
| Amounts receivable within one year | 40/41 | €5,873 | €8,210 | +€2,337 | +39.8% |
| Trade receivables | 40 | €3,372 | €8,210 | +€4,838 | +143% |
| Other amounts receivable | 41 | €2,501 | - | -€2,501 | |
| Cash at bank and in hand | 54/58 | €4,690 | €19,985 | +€15,295 | +326% |
| Deferred charges and accrued income | 490/1 | €3,825 | €4,255 | +€430 | +11.2% |
| Total equity and liabilities | 10/49 | €43,006 | €59,309 | +€16,303 | +37.9% |
| Equity | 10/15 | €25,274 | €43,021 | +€17,747 | +70.2% |
| Contributions | 10/11 | €1,600 | €1,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,674 | €41,421 | +€17,747 | +75.0% |
| Amounts payable | 17/49 | €17,732 | €16,288 | -€1,444 | -8.1% |
| Amounts payable within one year | 42/48 | €17,732 | €16,288 | -€1,444 | -8.1% |
| Trade debts | 44 | €2,625 | €6,031 | +€3,406 | +130% |
| Suppliers | 440/4 | €2,625 | €6,031 | +€3,406 | +130% |
| Taxes, remuneration and social security | 45 | €9,412 | €9,995 | +€583 | +6.2% |
| Taxes | 450/3 | €4,155 | €8,886 | +€4,731 | +114% |
| Remuneration and social security | 454/9 | €5,257 | €1,109 | -€4,148 | -78.9% |
| Other amounts payable | 47/48 | €5,695 | €262 | -€5,433 | -95.4% |
| Remuneration, social security and pensions | 62 | €8,389 | €9,355 | +€966 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,786 | €5,643 | +€857 | +17.9% |
| Other operating charges | 640/8 | €2,045 | €5,692 | +€3,647 | +178% |
| Gross operating margin | 9900 | €35,820 | €45,375 | +€9,555 | +26.7% |
| Operating profit (loss) | 9901 | €20,600 | €24,685 | +€4,085 | +19.8% |
| Financial income | 75/76B | €67 | €47 | -€20 | -29.9% |
| Recurring financial income | 75 | €67 | €47 | -€20 | -29.9% |
| Financial charges | 65/66B | €195 | €536 | +€341 | +175% |
| Recurring financial charges | 65 | €195 | €536 | +€341 | +175% |
| Profit (loss) for the period before taxes | 9903 | €20,472 | €24,196 | +€3,724 | +18.2% |
| Income taxes | 67/77 | €4,155 | €6,449 | +€2,294 | +55.2% |
| Profit (loss) for the period | 9904 | €16,317 | €17,747 | +€1,430 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,317 | €17,747 | +€1,430 | +8.8% |
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 18 October 2026 via checked.be.