Naro: 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.
Naro
Largest movements
- Tangible fixed assets +€15,696
up €15,696 (+56.0%), from €28,012 to €43,708
of which Furniture and vehicles: +€14,467
- Receivables within one year +€7,042
up €7,042 (+40.0%), from €17,621 to €24,663
of which Other amounts receivable: +€4,643
- Cash -€6,137
down €6,137 (-100.0%), from €6,137 to €0
mainly Investment in fixed assets (net) (-€30,735) and Receivables within one year (-€7,042)
- Receivables after one year +€4,000
new in 2025: €4,000
- Deferred charges and accrued income +€2,527
up €2,527 (+670.6%), from €377 to €2,904
- Debts after one year +€9,759
up €9,759 (+44.0%), from €22,162 to €31,921
- Trade debts +€9,065
up €9,065 (+48.0%), from €18,888 to €27,953
- Current portion of long-term debt +€3,106
up €3,106 (+49.8%), from €6,233 to €9,339
- Short-term financial debts +€970
new in 2025: €970
- Gross operating margin +€6,754
up €6,754 (+48.5%), from €13,939 to €20,693
- Depreciation +€4,867
up €4,867 (+47.8%), from €10,173 to €15,040
- Financial charges +€1,567
up €1,567 (+103.2%), from €1,518 to €3,084
- Other operating charges +€687
up €687 (+177.4%), from €387 to €1,074
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 | €52,147 | €75,275 | +€23,128 | +44.4% |
| Fixed assets | 21/28 | €28,012 | €43,708 | +€15,696 | +56.0% |
| Tangible fixed assets | 22/27 | €28,012 | €43,708 | +€15,696 | +56.0% |
| Plant, machinery and equipment | 23 | - | €1,228 | +€1,228 | |
| Furniture and vehicles | 24 | €28,012 | €42,480 | +€14,467 | +51.6% |
| Current assets | 29/58 | €24,135 | €31,567 | +€7,432 | +30.8% |
| Amounts receivable after more than one year | 29 | - | €4,000 | +€4,000 | |
| Other amounts receivable | 291 | - | €4,000 | +€4,000 | |
| Amounts receivable within one year | 40/41 | €17,621 | €24,663 | +€7,042 | +40.0% |
| Trade receivables | 40 | €11,685 | €14,084 | +€2,399 | +20.5% |
| Other amounts receivable | 41 | €5,936 | €10,579 | +€4,643 | +78.2% |
| Cash at bank and in hand | 54/58 | €6,137 | €0 | -€6,137 | -100.0% |
| Deferred charges and accrued income | 490/1 | €377 | €2,904 | +€2,527 | +670.6% |
| Total equity and liabilities | 10/49 | €52,147 | €75,275 | +€23,128 | +44.4% |
| Equity | 10/15 | €3,591 | €3,985 | +€394 | +11.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €591 | €985 | +€394 | +66.7% |
| Distributable reserves | 133 | €591 | €985 | +€394 | +66.7% |
| Amounts payable | 17/49 | €48,556 | €71,290 | +€22,734 | +46.8% |
| Amounts payable after more than one year | 17 | €22,162 | €31,921 | +€9,759 | +44.0% |
| Financial debts | 170/4 | €22,162 | €31,921 | +€9,759 | +44.0% |
| Amounts payable within one year | 42/48 | €26,394 | €39,369 | +€12,975 | +49.2% |
| Current portion of amounts payable after more than one year | 42 | €6,233 | €9,339 | +€3,106 | +49.8% |
| Financial debts | 43 | - | €970 | +€970 | |
| Credit institutions | 430/8 | - | €970 | +€970 | |
| Trade debts | 44 | €18,888 | €27,953 | +€9,065 | +48.0% |
| Suppliers | 440/4 | €18,888 | €27,953 | +€9,065 | +48.0% |
| Taxes, remuneration and social security | 45 | €1,274 | €1,107 | -€167 | -13.1% |
| Taxes | 450/3 | €1,274 | €1,107 | -€167 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,173 | €15,040 | +€4,867 | +47.8% |
| Other operating charges | 640/8 | €387 | €1,074 | +€687 | +177.4% |
| Gross operating margin | 9900 | €13,939 | €20,693 | +€6,754 | +48.5% |
| Operating profit (loss) | 9901 | €3,379 | €4,579 | +€1,200 | +35.5% |
| Financial income | 75/76B | €4 | €7 | +€3 | +90.7% |
| Recurring financial income | 75 | €4 | €7 | +€3 | +90.7% |
| Financial charges | 65/66B | €1,518 | €3,084 | +€1,567 | +103.2% |
| Recurring financial charges | 65 | €1,518 | €3,084 | +€1,567 | +103.2% |
| Profit (loss) for the period before taxes | 9903 | €1,865 | €1,502 | -€363 | -19.5% |
| Income taxes | 67/77 | €1,274 | €1,107 | -€167 | -13.1% |
| Profit (loss) for the period | 9904 | €591 | €394 | -€197 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €591 | €394 | -€197 | -33.3% |
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 8 October 2026 via checked.be.