Narwal: 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.
Narwal
Largest movements
- Cash -€165,163
down €165,163 (-66.9%), from €246,945 to €81,782
mainly Contributions, distributions and other (-€308,762) and Receivables within one year (-€94,249)
- Receivables within one year +€94,249
up €94,249 (+56.3%), from €167,383 to €261,632
of which Other amounts receivable: +€83,375
- Tangible fixed assets -€50,220
down €50,220 (-34.1%), from €147,334 to €97,113
of which Furniture and vehicles: -€40,260
- Profit (loss) carried forward -€58,393
down €58,393 (-100%), from €58,393 to €0
- Reserves -€51,414
down €51,414 (-23.7%), from €217,341 to €165,926
- Tax, wage and social debts +€44,234
up €44,234 (+183%), from €24,224 to €68,458
of which Taxes: +€42,606
- Other debts -€37,777
down €37,777 (-6.3%), from €602,747 to €564,970
- Debts after one year -€36,556
down €36,556 (-43.4%), from €84,197 to €47,641
- Gross operating margin +€28,089
up €28,089 (+9.1%), from €309,108 to €337,197
- Depreciation +€7,775
up €7,775 (+18.3%), from €42,445 to €50,220
- Financial income +€4,177
up €4,177 (+16,330%), from €26 to €4,203
- Taxes +€4,020
up €4,020 (+6.1%), from €66,433 to €70,453
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 | €1,059,573 | €942,650 | -€116,923 | -11.0% |
| Fixed assets | 21/28 | €147,334 | €97,113 | -€50,220 | -34.1% |
| Tangible fixed assets | 22/27 | €147,334 | €97,113 | -€50,220 | -34.1% |
| Plant, machinery and equipment | 23 | €3,977 | €2,558 | -€1,419 | -35.7% |
| Furniture and vehicles | 24 | €124,741 | €84,481 | -€40,260 | -32.3% |
| Other tangible fixed assets | 26 | €18,615 | €10,075 | -€8,541 | -45.9% |
| Current assets | 29/58 | €912,239 | €845,537 | -€66,703 | -7.3% |
| Amounts receivable after more than one year | 29 | €496,060 | €496,060 | = | 0.0% |
| Other amounts receivable | 291 | €496,060 | €496,060 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €167,383 | €261,632 | +€94,249 | +56.3% |
| Trade receivables | 40 | €167,237 | €178,111 | +€10,874 | +6.5% |
| Other amounts receivable | 41 | €146 | €83,521 | +€83,375 | +56,954% |
| Cash at bank and in hand | 54/58 | €246,945 | €81,782 | -€165,163 | -66.9% |
| Deferred charges and accrued income | 490/1 | €1,851 | €6,063 | +€4,212 | +228% |
| Total equity and liabilities | 10/49 | €1,059,573 | €942,650 | -€116,923 | -11.0% |
| Equity | 10/15 | €294,333 | €184,526 | -€109,807 | -37.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €217,341 | €165,926 | -€51,414 | -23.7% |
| Distributable reserves | 133 | €217,341 | €165,926 | -€51,414 | -23.7% |
| Profit (loss) carried forward | 14 | €58,393 | €0 | -€58,393 | -100% |
| Amounts payable | 17/49 | €765,240 | €758,124 | -€7,116 | -0.9% |
| Amounts payable after more than one year | 17 | €84,197 | €47,641 | -€36,556 | -43.4% |
| Financial debts | 170/4 | €84,197 | €47,641 | -€36,556 | -43.4% |
| Amounts payable within one year | 42/48 | €667,328 | €686,353 | +€19,025 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €35,227 | €36,556 | +€1,329 | +3.8% |
| Financial debts | 43 | - | €10,930 | +€10,930 | |
| Credit institutions | 430/8 | - | €10,930 | +€10,930 | |
| Trade debts | 44 | €5,130 | €5,439 | +€309 | +6.0% |
| Suppliers | 440/4 | €5,130 | €5,439 | +€309 | +6.0% |
| Taxes, remuneration and social security | 45 | €24,224 | €68,458 | +€44,234 | +183% |
| Taxes | 450/3 | €21,224 | €63,830 | +€42,606 | +201% |
| Remuneration and social security | 454/9 | €3,000 | €4,629 | +€1,629 | +54.3% |
| Other amounts payable | 47/48 | €602,747 | €564,970 | -€37,777 | -6.3% |
| Accrued charges and deferred income | 492/3 | €13,715 | €24,130 | +€10,415 | +75.9% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,445 | €50,220 | +€7,775 | +18.3% |
| Other operating charges | 640/8 | €697 | €178 | -€519 | -74.4% |
| Gross operating margin | 9900 | €309,108 | €337,197 | +€28,089 | +9.1% |
| Operating profit (loss) | 9901 | €265,966 | €286,798 | +€20,833 | +7.8% |
| Financial income | 75/76B | €26 | €4,203 | +€4,177 | +16,330% |
| Recurring financial income | 75 | €26 | €4,203 | +€4,177 | +16,330% |
| Financial charges | 65/66B | €18,685 | €21,593 | +€2,908 | +15.6% |
| Recurring financial charges | 65 | €18,685 | €21,593 | +€2,908 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €247,306 | €269,408 | +€22,103 | +8.9% |
| Income taxes | 67/77 | €66,433 | €70,453 | +€4,020 | +6.1% |
| Profit (loss) for the period | 9904 | €180,873 | €198,955 | +€18,082 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €180,873 | €198,955 | +€18,082 | +10.0% |
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 22 October 2026 via checked.be.