NAREK.V: 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.V
Largest movements
- Receivables within one year +€81,528
up €81,528 (+89.2%), from €91,355 to €172,884
- Cash -€26,465
down €26,465 (-92.0%), from €28,769 to €2,304
mainly Receivables within one year (-€81,528) and Trade debts (-€3,988)
- Tangible fixed assets -€3,498
down €3,498 (-57.4%), from €6,095 to €2,598
of which Furniture and vehicles: -€3,100
- Profit (loss) carried forward +€53,942
up €53,942 (+63.5%), from €84,974 to €138,916
- Trade debts -€3,988
down €3,988 (-87.4%), from €4,562 to €573
- Tax, wage and social debts +€2,108
up €2,108 (+6.6%), from €31,769 to €33,877
- Gross operating margin +€53,974
up €53,974 (+152%), from €35,490 to €89,464
- Taxes +€12,944
up €12,944 (+144%), from €9,000 to €21,944
- Other operating charges +€8,343
up €8,343 (+480%), from €1,737 to €10,080
- Financial income -€5,374
no longer reported in 2025 (was €5,374)
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 | €127,505 | €179,567 | +€52,062 | +40.8% |
| Fixed assets | 21/28 | €6,095 | €2,598 | -€3,498 | -57.4% |
| Tangible fixed assets | 22/27 | €6,095 | €2,598 | -€3,498 | -57.4% |
| Plant, machinery and equipment | 23 | €795 | €398 | -€398 | -50.0% |
| Furniture and vehicles | 24 | €5,300 | €2,200 | -€3,100 | -58.5% |
| Current assets | 29/58 | €121,410 | €176,969 | +€55,559 | +45.8% |
| Stocks and contracts in progress | 3 | €1,286 | €286 | -€1,000 | -77.8% |
| Stocks | 30/36 | €1,286 | €286 | -€1,000 | -77.8% |
| Amounts receivable within one year | 40/41 | €91,355 | €172,884 | +€81,528 | +89.2% |
| Other amounts receivable | 41 | €91,355 | €172,884 | +€81,528 | +89.2% |
| Cash at bank and in hand | 54/58 | €28,769 | €2,304 | -€26,465 | -92.0% |
| Deferred charges and accrued income | 490/1 | - | €1,496 | +€1,496 | |
| Total equity and liabilities | 10/49 | €127,505 | €179,567 | +€52,062 | +40.8% |
| Equity | 10/15 | €91,174 | €145,116 | +€53,942 | +59.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Profit (loss) carried forward | 14 | €84,974 | €138,916 | +€53,942 | +63.5% |
| Amounts payable | 17/49 | €36,331 | €34,451 | -€1,880 | -5.2% |
| Amounts payable within one year | 42/48 | €36,331 | €34,451 | -€1,880 | -5.2% |
| Trade debts | 44 | €4,562 | €573 | -€3,988 | -87.4% |
| Suppliers | 440/4 | €4,562 | €573 | -€3,988 | -87.4% |
| Taxes, remuneration and social security | 45 | €31,769 | €33,877 | +€2,108 | +6.6% |
| Taxes | 450/3 | €31,769 | €33,877 | +€2,108 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,531 | €3,498 | -€33 | -0.9% |
| Other operating charges | 640/8 | €1,737 | €10,080 | +€8,343 | +480% |
| Gross operating margin | 9900 | €35,490 | €89,464 | +€53,974 | +152% |
| Operating profit (loss) | 9901 | €30,222 | €75,886 | +€45,665 | +151% |
| Financial income | 75/76B | €5,374 | - | -€5,374 | |
| Recurring financial income | 75 | €5,374 | - | -€5,374 | |
| Profit (loss) for the period before taxes | 9903 | €35,595 | €75,886 | +€40,291 | +113% |
| Income taxes | 67/77 | €9,000 | €21,944 | +€12,944 | +144% |
| Profit (loss) for the period | 9904 | €26,595 | €53,942 | +€27,347 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €26,595 | €53,942 | +€27,347 | +103% |
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 30 October 2026 via checked.be.