Narenco: 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.
Narenco
Largest movements
- Cash -€1.3m
down €1.3m (-97.0%), from €1.3m to €39,901
mainly Current investments (-€1.0m) and Contributions, distributions and other (-€312,075)
- Current investments +€1.0m
new in 2025: €1.0m
- Receivables within one year +€152,158
up €152,158 (+60.3%), from €252,463 to €404,621
of which Other amounts receivable: +€175,888
- Tangible fixed assets -€59,293
down €59,293 (-7.0%), from €847,241 to €787,948
of which Land and buildings: -€44,974
- Other debts -€80,689
down €80,689 (-100%), from €80,689 to €0
- Reserves -€47,607
down €47,607 (-2.5%), from €1.9m to €1.9m
- Financial income -€920,349
down €920,349 (-75.4%), from €1.2m to €299,754
- Taxes -€83,460
down €83,460 (-75.6%), from €110,455 to €26,995
- Gross operating margin +€11,217
up €11,217 (+18.7%), from €59,963 to €71,180
- Depreciation +€6,632
up €6,632 (+10.9%), from €60,626 to €67,258
- Other operating charges +€2,679
up €2,679 (+42.3%), from €6,326 to €9,006
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 | €2,454,868 | €2,267,890 | -€186,978 | -7.6% |
| Fixed assets | 21/28 | €877,866 | €818,573 | -€59,293 | -6.8% |
| Tangible fixed assets | 22/27 | €847,241 | €787,948 | -€59,293 | -7.0% |
| Land and buildings | 22 | €792,094 | €747,120 | -€44,974 | -5.7% |
| Plant, machinery and equipment | 23 | €3,146 | €2,791 | -€355 | -11.3% |
| Furniture and vehicles | 24 | €52,001 | €38,037 | -€13,964 | -26.9% |
| Financial fixed assets | 28 | €30,625 | €30,625 | = | 0.0% |
| Current assets | 29/58 | €1,577,002 | €1,449,317 | -€127,685 | -8.1% |
| Amounts receivable within one year | 40/41 | €252,463 | €404,621 | +€152,158 | +60.3% |
| Trade receivables | 40 | €24,089 | €360 | -€23,729 | -98.5% |
| Other amounts receivable | 41 | €228,373 | €404,261 | +€175,888 | +77.0% |
| Current investments | 50/53 | - | €1,004,212 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €1,319,384 | €39,901 | -€1.3m | -97.0% |
| Deferred charges and accrued income | 490/1 | €5,155 | €583 | -€4,573 | -88.7% |
| Total equity and liabilities | 10/49 | €2,454,868 | €2,267,890 | -€186,978 | -7.6% |
| Equity | 10/15 | €2,070,655 | €2,023,048 | -€47,607 | -2.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,925,130 | €1,877,523 | -€47,607 | -2.5% |
| Distributable reserves | 133 | €1,925,130 | €1,877,523 | -€47,607 | -2.5% |
| Profit (loss) carried forward | 14 | €139,325 | €139,325 | = | 0.0% |
| Amounts payable | 17/49 | €384,213 | €244,842 | -€139,371 | -36.3% |
| Amounts payable after more than one year | 17 | €100,246 | €78,791 | -€21,455 | -21.4% |
| Financial debts | 170/4 | €100,246 | €78,791 | -€21,455 | -21.4% |
| Amounts payable within one year | 42/48 | €283,967 | €166,051 | -€117,916 | -41.5% |
| Current portion of amounts payable after more than one year | 42 | €24,937 | €21,455 | -€3,481 | -14.0% |
| Trade debts | 44 | €12,261 | €2,291 | -€9,970 | -81.3% |
| Suppliers | 440/4 | €12,261 | €2,291 | -€9,970 | -81.3% |
| Taxes, remuneration and social security | 45 | €166,080 | €142,305 | -€23,776 | -14.3% |
| Taxes | 450/3 | €166,080 | €142,305 | -€23,776 | -14.3% |
| Other amounts payable | 47/48 | €80,689 | €0 | -€80,689 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,626 | €67,258 | +€6,632 | +10.9% |
| Other operating charges | 640/8 | €6,326 | €9,006 | +€2,679 | +42.3% |
| Gross operating margin | 9900 | €59,963 | €71,180 | +€11,217 | +18.7% |
| Operating profit (loss) | 9901 | -€6,989 | -€5,083 | +€1,906 | +27.3% |
| Financial income | 75/76B | €1,220,103 | €299,754 | -€920,349 | -75.4% |
| Recurring financial income | 75 | €1,220,103 | €299,754 | -€920,349 | -75.4% |
| Financial charges | 65/66B | €3,834 | €3,208 | -€626 | -16.3% |
| Recurring financial charges | 65 | €3,834 | €3,208 | -€626 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €1,209,280 | €291,463 | -€917,817 | -75.9% |
| Income taxes | 67/77 | €110,455 | €26,995 | -€83,460 | -75.6% |
| Profit (loss) for the period | 9904 | €1,098,825 | €264,468 | -€834,357 | -75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,098,825 | €264,468 | -€834,357 | -75.9% |
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 19 October 2026 via checked.be.