NARH: what changed
Two fiscal 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.
NARH
Largest movements
- Stocks and contracts +€27,094
up €27,094 (+60.7%), from €44,651 to €71,745
- Tangible fixed assets -€11,128
down €11,128 (-30.1%), from €37,031 to €25,903
- Receivables within one year -€5,114
down €5,114 (-33.6%), from €15,219 to €10,105
- Cash -€2,800
down €2,800 (-11.6%), from €24,163 to €21,363
mainly Stocks and contracts (-€27,094) and Debts after one year (-€14,024)
- Debts after one year -€14,024
down €14,024 (-65.5%), from €21,421 to €7,397
- Tax, wage and social debts +€13,137
up €13,137 (+256.2%), from €5,127 to €18,264
of which Remuneration and social security: +€7,994
- Profit (loss) carried forward +€7,546
up €7,546 (+9.2%), from €81,906 to €89,452
- Other debts +€3,000
new in 2025: €3,000
- Trade debts -€1,607
down €1,607 (-81.1%), from €1,982 to €375
- Purchases and services -€44,716
down €44,716 (-5.7%), from €779,699 to €734,983
- Staff costs +€24,999
up €24,999 (+35.0%), from €71,379 to €96,378
- Turnover -€24,260
down €24,260 (-2.8%), from €879,379 to €855,119
- Gross operating margin +€20,456
up €20,456 (+20.5%), from €99,680 to €120,136
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.
Cash bridge derived
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 | €121,064 | €129,116 | +€8,052 | +6.7% |
| Fixed assets | 21/28 | €37,031 | €25,903 | -€11,128 | -30.1% |
| Tangible fixed assets | 22/27 | €37,031 | €25,903 | -€11,128 | -30.1% |
| Furniture and vehicles | 24 | €37,031 | €25,903 | -€11,128 | -30.1% |
| Current assets | 29/58 | €84,033 | €103,213 | +€19,180 | +22.8% |
| Stocks and contracts in progress | 3 | €44,651 | €71,745 | +€27,094 | +60.7% |
| Stocks | 30/36 | €44,651 | €71,745 | +€27,094 | +60.7% |
| Amounts receivable within one year | 40/41 | €15,219 | €10,105 | -€5,114 | -33.6% |
| Other amounts receivable | 41 | €15,219 | €10,105 | -€5,114 | -33.6% |
| Cash at bank and in hand | 54/58 | €24,163 | €21,363 | -€2,800 | -11.6% |
| Total equity and liabilities | 10/49 | €121,064 | €129,116 | +€8,052 | +6.7% |
| Equity | 10/15 | €92,534 | €100,080 | +€7,546 | +8.2% |
| Contributions | 10/11 | €5,500 | €5,500 | = | 0.0% |
| Outside capital | 11 | €5,500 | - | -€5,500 | |
| Other | 1109/19 | €5,500 | - | -€5,500 | |
| Reserves | 13 | €5,128 | €5,128 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,128 | €5,128 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,128 | €5,128 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,906 | €89,452 | +€7,546 | +9.2% |
| Amounts payable | 17/49 | €28,530 | €29,036 | +€506 | +1.8% |
| Amounts payable after more than one year | 17 | €21,421 | €7,397 | -€14,024 | -65.5% |
| Financial debts | 170/4 | €21,421 | €7,397 | -€14,024 | -65.5% |
| Amounts payable within one year | 42/48 | €7,109 | €21,639 | +€14,530 | +204.4% |
| Trade debts | 44 | €1,982 | €375 | -€1,607 | -81.1% |
| Suppliers | 440/4 | €1,982 | €375 | -€1,607 | -81.1% |
| Taxes, remuneration and social security | 45 | €5,127 | €18,264 | +€13,137 | +256.2% |
| Taxes | 450/3 | €2,108 | €7,251 | +€5,143 | +244.0% |
| Remuneration and social security | 454/9 | €3,019 | €11,013 | +€7,994 | +264.8% |
| Other amounts payable | 47/48 | - | €3,000 | +€3,000 | |
| Turnover | 70 | €879,379 | €855,119 | -€24,260 | -2.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €779,699 | €734,983 | -€44,716 | -5.7% |
| Remuneration, social security and pensions | 62 | €71,379 | €96,378 | +€24,999 | +35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,000 | €11,128 | +€4,128 | +59.0% |
| Other operating charges | 640/8 | €6,279 | €2,631 | -€3,648 | -58.1% |
| Gross operating margin | 9900 | €99,680 | €120,136 | +€20,456 | +20.5% |
| Operating profit (loss) | 9901 | €15,022 | €9,999 | -€5,023 | -33.4% |
| Financial charges | 65/66B | €181 | €567 | +€386 | +213.3% |
| Recurring financial charges | 65 | €181 | €567 | +€386 | +213.3% |
| Profit (loss) for the period before taxes | 9903 | €14,841 | €9,432 | -€5,409 | -36.4% |
| Income taxes | 67/77 | - | €1,886 | +€1,886 | |
| Profit (loss) for the period | 9904 | €14,841 | €7,546 | -€7,295 | -49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,841 | €7,546 | -€7,295 | -49.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.