NARO: 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.
NARO
Largest movements
- Tangible fixed assets -€67,836
down €67,836 (-3.8%), from €1.8m to €1.7m
of which Land and buildings: -€55,495
- Profit (loss) carried forward -€52,316
down €52,316 (-50.3%), from -€104,015 to -€156,332
- Debts after one year -€37,817
down €37,817 (-9.6%), from €395,169 to €357,352
of which Financial debts: -€59,567
- Gross operating margin -€54,123
down €54,123 (-41.1%), from €131,701 to €77,578
- Financial charges +€3,209
up €3,209 (+9.2%), from €34,971 to €38,180
- Depreciation -€2,138
down €2,138 (-2.6%), from €81,366 to €79,228
- Other operating charges -€1,344
down €1,344 (-9.7%), from €13,830 to €12,486
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 | €1,875,710 | €1,807,739 | -€67,971 | -3.6% |
| Fixed assets | 21/28 | €1,767,387 | €1,699,551 | -€67,836 | -3.8% |
| Tangible fixed assets | 22/27 | €1,767,387 | €1,699,551 | -€67,836 | -3.8% |
| Land and buildings | 22 | €1,742,017 | €1,686,522 | -€55,495 | -3.2% |
| Plant, machinery and equipment | 23 | €25,370 | €13,029 | -€12,341 | -48.6% |
| Current assets | 29/58 | €108,324 | €108,188 | -€135 | -0.1% |
| Stocks and contracts in progress | 3 | €15,000 | €15,000 | = | 0.0% |
| Stocks | 30/36 | €15,000 | €15,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,000 | €31,998 | -€4,002 | -11.1% |
| Trade receivables | 40 | €700 | €1,688 | +€988 | +141% |
| Other amounts receivable | 41 | €35,300 | €30,310 | -€4,990 | -14.1% |
| Cash at bank and in hand | 54/58 | €57,324 | €61,191 | +€3,867 | +6.7% |
| Total equity and liabilities | 10/49 | €1,875,710 | €1,807,739 | -€67,971 | -3.6% |
| Equity | 10/15 | €937,727 | €885,411 | -€52,316 | -5.6% |
| Contributions | 10/11 | €1,035,710 | €1,035,710 | = | 0.0% |
| Reserves | 13 | €6,033 | €6,033 | = | 0.0% |
| Distributable reserves | 133 | €6,033 | €6,033 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€104,015 | -€156,332 | -€52,316 | -50.3% |
| Amounts payable | 17/49 | €937,983 | €922,328 | -€15,655 | -1.7% |
| Amounts payable after more than one year | 17 | €395,169 | €357,352 | -€37,817 | -9.6% |
| Financial debts | 170/4 | €388,519 | €328,952 | -€59,567 | -15.3% |
| Other amounts payable | 178/9 | €6,650 | €28,400 | +€21,750 | +327% |
| Amounts payable within one year | 42/48 | €542,814 | €564,977 | +€22,163 | +4.1% |
| Financial debts | 43 | €57,630 | €59,567 | +€1,937 | +3.4% |
| Credit institutions | 430/8 | €57,630 | €59,567 | +€1,937 | +3.4% |
| Trade debts | 44 | - | €11,969 | +€11,969 | |
| Suppliers | 440/4 | - | €11,969 | +€11,969 | |
| Taxes, remuneration and social security | 45 | €7,623 | €12,665 | +€5,041 | +66.1% |
| Taxes | 450/3 | €7,623 | €12,665 | +€5,041 | +66.1% |
| Other amounts payable | 47/48 | €477,560 | €480,776 | +€3,216 | +0.7% |
| Non-recurring operating income | 76A | €3,749 | €0 | -€3,749 | -100% |
| Remuneration, social security and pensions | 62 | €960 | €0 | -€960 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,366 | €79,228 | -€2,138 | -2.6% |
| Other operating charges | 640/8 | €13,830 | €12,486 | -€1,344 | -9.7% |
| Gross operating margin | 9900 | €131,701 | €77,578 | -€54,123 | -41.1% |
| Operating profit (loss) | 9901 | €35,545 | -€14,137 | -€49,682 | |
| Financial charges | 65/66B | €34,971 | €38,180 | +€3,209 | +9.2% |
| Recurring financial charges | 65 | €34,971 | €38,180 | +€3,209 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €575 | -€52,316 | -€52,891 | |
| Profit (loss) for the period | 9904 | €575 | -€52,316 | -€52,891 | |
| Profit (loss) for the period to be appropriated | 9905 | €575 | -€52,316 | -€52,891 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.