NAREK & SAQ: 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.
NAREK & SAQ
Largest movements
- Receivables within one year +€313,298
up €313,298 (+876%), from €35,763 to €349,061
of which Other amounts receivable: +€279,941
- Tangible fixed assets +€151,403
up €151,403 (+8,676%), from €1,745 to €153,148
of which Land and buildings: +€112,087
- Cash +€112,650
up €112,650 (+22,582%), from €499 to €113,148
mainly Trade debts (+€411,028) and Net result for the year (+€79,591)
- Deferred charges and accrued income +€7,561
up €7,561 (+380%), from €1,987 to €9,548
- Trade debts +€411,028
up €411,028 (+8,842%), from €4,648 to €415,677
- Profit (loss) carried forward +€79,591
up €79,591, from -€11,870 to €67,721
- Tax, wage and social debts +€56,792
up €56,792 (+299%), from €18,995 to €75,787
of which Taxes: +€56,792
- Other debts +€40,500
up €40,500 (+3,317%), from €1,221 to €41,721
- Gross operating margin +€166,561
up €166,561 (+836%), from €19,930 to €186,491
- Taxes +€33,941
up €33,941 (+446%), from €7,618 to €41,559
- Depreciation +€8,538
up €8,538 (+847%), from €1,008 to €9,546
- Other operating charges +€2,008
up €2,008 (+44.4%), from €4,522 to €6,530
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 | €39,994 | €624,905 | +€584,911 | +1,462% |
| Fixed assets | 21/28 | €1,745 | €153,148 | +€151,403 | +8,676% |
| Tangible fixed assets | 22/27 | €1,745 | €153,148 | +€151,403 | +8,676% |
| Land and buildings | 22 | - | €112,087 | +€112,087 | |
| Plant, machinery and equipment | 23 | €1,745 | €1,722 | -€23 | -1.3% |
| Furniture and vehicles | 24 | - | €16,940 | +€16,940 | |
| Other tangible fixed assets | 26 | - | €22,398 | +€22,398 | |
| Current assets | 29/58 | €38,249 | €471,758 | +€433,508 | +1,133% |
| Amounts receivable within one year | 40/41 | €35,763 | €349,061 | +€313,298 | +876% |
| Trade receivables | 40 | €13,224 | €46,581 | +€33,357 | +252% |
| Other amounts receivable | 41 | €22,539 | €302,480 | +€279,941 | +1,242% |
| Cash at bank and in hand | 54/58 | €499 | €113,148 | +€112,650 | +22,582% |
| Deferred charges and accrued income | 490/1 | €1,987 | €9,548 | +€7,561 | +380% |
| Total equity and liabilities | 10/49 | €39,994 | €624,905 | +€584,911 | +1,462% |
| Equity | 10/15 | €12,130 | €91,721 | +€79,591 | +656% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,870 | €67,721 | +€79,591 | |
| Amounts payable | 17/49 | €27,864 | €533,184 | +€505,320 | +1,814% |
| Amounts payable within one year | 42/48 | €27,864 | €533,184 | +€505,320 | +1,814% |
| Financial debts | 43 | €3,000 | - | -€3,000 | |
| Credit institutions | 430/8 | €3,000 | - | -€3,000 | |
| Trade debts | 44 | €4,648 | €415,677 | +€411,028 | +8,842% |
| Suppliers | 440/4 | €4,648 | €415,677 | +€411,028 | +8,842% |
| Taxes, remuneration and social security | 45 | €18,995 | €75,787 | +€56,792 | +299% |
| Taxes | 450/3 | €18,011 | €74,803 | +€56,792 | +315% |
| Remuneration and social security | 454/9 | €984 | €984 | = | 0.0% |
| Other amounts payable | 47/48 | €1,221 | €41,721 | +€40,500 | +3,317% |
| Remuneration, social security and pensions | 62 | -€613 | €961 | +€1,575 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,008 | €9,546 | +€8,538 | +847% |
| Other operating charges | 640/8 | €4,522 | €6,530 | +€2,008 | +44.4% |
| Non-recurring operating charges | 66A | - | €46,038 | +€46,038 | |
| Gross operating margin | 9900 | €19,930 | €186,491 | +€166,561 | +836% |
| Operating profit (loss) | 9901 | €15,014 | €123,417 | +€108,403 | +722% |
| Financial charges | 65/66B | €2,425 | €2,267 | -€158 | -6.5% |
| Recurring financial charges | 65 | €2,425 | €2,267 | -€158 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €12,589 | €121,150 | +€108,561 | +862% |
| Income taxes | 67/77 | €7,618 | €41,559 | +€33,941 | +446% |
| Profit (loss) for the period | 9904 | €4,971 | €79,591 | +€74,620 | +1,501% |
| Profit (loss) for the period to be appropriated | 9905 | €4,971 | €79,591 | +€74,620 | +1,501% |
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 20 October 2026 via checked.be.