NARTELLE: 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.
NARTELLE
Largest movements
- Receivables within one year +€38,200
up €38,200 (+117%), from €32,777 to €70,977
of which Other amounts receivable: +€34,477
- Cash +€22,256
up €22,256 (+24.3%), from €91,649 to €113,905
mainly Net result for the year (+€68,400) and Deferred charges and accrued income (+€6,835)
- Deferred charges and accrued income -€6,835
down €6,835 (-89.1%), from €7,671 to €836
- Reserves +€148,373
new in 2025: €148,373
- Profit (loss) carried forward -€79,973
down €79,973 (-100%), from €79,973 to €0
- Tax, wage and social debts -€11,019
down €11,019 (-26.7%), from €41,210 to €30,192
- Trade debts -€6,532
down €6,532 (-89.1%), from €7,330 to €798
- Short-term financial debts +€2,500
new in 2025: €2,500
- Gross operating margin +€50,853
up €50,853 (+143%), from €35,445 to €86,298
- Taxes +€10,243
up €10,243 (+135%), from €7,590 to €17,834
- Financial income +€1,072
up €1,072 (+137%), from €781 to €1,853
of which Financial income: +€1,072
- Other operating charges +€929
up €929 (+588%), from €158 to €1,087
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 | €133,514 | €186,863 | +€53,349 | +40.0% |
| Fixed assets | 21/28 | €1,417 | €1,144 | -€273 | -19.2% |
| Tangible fixed assets | 22/27 | €1,417 | €1,144 | -€273 | -19.2% |
| Land and buildings | 22 | €1,315 | €1,144 | -€171 | -13.0% |
| Plant, machinery and equipment | 23 | €102 | €0 | -€102 | -100% |
| Current assets | 29/58 | €132,097 | €185,719 | +€53,622 | +40.6% |
| Amounts receivable within one year | 40/41 | €32,777 | €70,977 | +€38,200 | +117% |
| Trade receivables | 40 | €20,277 | €24,000 | +€3,723 | +18.4% |
| Other amounts receivable | 41 | €12,500 | €46,977 | +€34,477 | +276% |
| Cash at bank and in hand | 54/58 | €91,649 | €113,905 | +€22,256 | +24.3% |
| Deferred charges and accrued income | 490/1 | €7,671 | €836 | -€6,835 | -89.1% |
| Total equity and liabilities | 10/49 | €133,514 | €186,863 | +€53,349 | +40.0% |
| Equity | 10/15 | €84,973 | €153,373 | +€68,400 | +80.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €148,373 | +€148,373 | |
| Distributable reserves | 133 | - | €148,373 | +€148,373 | |
| Profit (loss) carried forward | 14 | €79,973 | €0 | -€79,973 | -100% |
| Amounts payable | 17/49 | €48,541 | €33,490 | -€15,051 | -31.0% |
| Amounts payable within one year | 42/48 | €48,541 | €33,490 | -€15,051 | -31.0% |
| Financial debts | 43 | - | €2,500 | +€2,500 | |
| Other loans | 439 | - | €2,500 | +€2,500 | |
| Trade debts | 44 | €7,330 | €798 | -€6,532 | -89.1% |
| Suppliers | 440/4 | €7,330 | €798 | -€6,532 | -89.1% |
| Taxes, remuneration and social security | 45 | €41,210 | €30,192 | -€11,019 | -26.7% |
| Taxes | 450/3 | €41,210 | €30,192 | -€11,019 | -26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €324 | €273 | -€51 | -15.8% |
| Other operating charges | 640/8 | €158 | €1,087 | +€929 | +588% |
| Gross operating margin | 9900 | €35,445 | €86,298 | +€50,853 | +143% |
| Operating profit (loss) | 9901 | €34,963 | €84,939 | +€49,976 | +143% |
| Financial income | 75/76B | €781 | €1,853 | +€1,072 | +137% |
| Recurring financial income | 75 | €781 | €1,853 | +€1,072 | +137% |
| Non-recurring financial income | 76B | €781 | - | -€781 | |
| Financial charges | 65/66B | €528 | €558 | +€30 | +5.7% |
| Recurring financial charges | 65 | €528 | €558 | +€30 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €35,216 | €86,233 | +€51,017 | +145% |
| Income taxes | 67/77 | €7,590 | €17,834 | +€10,243 | +135% |
| Profit (loss) for the period | 9904 | €27,626 | €68,400 | +€40,774 | +148% |
| Profit (loss) for the period to be appropriated | 9905 | €27,626 | €68,400 | +€40,774 | +148% |
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 24 October 2026 via checked.be.