NASHAL: 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.
NASHAL
Largest movements
- Receivables within one year -€43,660
down €43,660 (-42.4%), from €102,914 to €59,254
of which Trade receivables: -€34,193
- Cash +€14,318
up €14,318 (+54.4%), from €26,328 to €40,645
mainly Net result for the year (+€169,939) and Receivables within one year (+€43,660)
- Reserves +€109,939
up €109,939 (+32.9%), from €334,005 to €443,944
- Debts after one year -€92,322
down €92,322 (-37.2%), from €248,018 to €155,696
- Current portion of long-term debt -€74,429
down €74,429 (-56.5%), from €131,751 to €57,322
- Other debts +€27,594
new in 2025: €27,594
- Gross operating margin -€17,704
down €17,704 (-34.6%), from €51,133 to €33,429
- Taxes -€3,353
down €3,353 (-36.8%), from €9,119 to €5,766
- Other operating charges +€2,696
up €2,696 (+127%), from €2,118 to €4,814
- Financial charges -€2,611
down €2,611 (-24.8%), from €10,520 to €7,910
- Financial income -€690
down €690 (-0.4%), from €155,690 to €155,000
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 | €752,791 | €722,898 | -€29,893 | -4.0% |
| Fixed assets | 21/28 | €620,000 | €620,000 | = | 0.0% |
| Financial fixed assets | 28 | €620,000 | €620,000 | = | 0.0% |
| Current assets | 29/58 | €132,791 | €102,898 | -€29,893 | -22.5% |
| Amounts receivable within one year | 40/41 | €102,914 | €59,254 | -€43,660 | -42.4% |
| Trade receivables | 40 | €92,273 | €58,080 | -€34,193 | -37.1% |
| Other amounts receivable | 41 | €10,642 | €1,174 | -€9,467 | -89.0% |
| Cash at bank and in hand | 54/58 | €26,328 | €40,645 | +€14,318 | +54.4% |
| Deferred charges and accrued income | 490/1 | €3,550 | €2,999 | -€551 | -15.5% |
| Total equity and liabilities | 10/49 | €752,791 | €722,898 | -€29,893 | -4.0% |
| Equity | 10/15 | €346,405 | €456,344 | +€109,939 | +31.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €334,005 | €443,944 | +€109,939 | +32.9% |
| Distributable reserves | 133 | €334,005 | €443,944 | +€109,939 | +32.9% |
| Amounts payable | 17/49 | €406,386 | €266,554 | -€139,832 | -34.4% |
| Amounts payable after more than one year | 17 | €248,018 | €155,696 | -€92,322 | -37.2% |
| Financial debts | 170/4 | €248,018 | €155,696 | -€92,322 | -37.2% |
| Amounts payable within one year | 42/48 | €158,368 | €110,859 | -€47,509 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €131,751 | €57,322 | -€74,429 | -56.5% |
| Trade debts | 44 | €6,284 | €1,340 | -€4,945 | -78.7% |
| Suppliers | 440/4 | €6,284 | €1,340 | -€4,945 | -78.7% |
| Taxes, remuneration and social security | 45 | €20,333 | €24,603 | +€4,271 | +21.0% |
| Taxes | 450/3 | €20,333 | €24,603 | +€4,271 | +21.0% |
| Other amounts payable | 47/48 | - | €27,594 | +€27,594 | |
| Non-recurring operating income | 76A | €5,574 | - | -€5,574 | |
| Other operating charges | 640/8 | €2,118 | €4,814 | +€2,696 | +127% |
| Gross operating margin | 9900 | €51,133 | €33,429 | -€17,704 | -34.6% |
| Operating profit (loss) | 9901 | €49,014 | €28,615 | -€20,400 | -41.6% |
| Financial income | 75/76B | €155,690 | €155,000 | -€690 | -0.4% |
| Recurring financial income | 75 | €155,690 | €155,000 | -€690 | -0.4% |
| Financial charges | 65/66B | €10,520 | €7,910 | -€2,611 | -24.8% |
| Recurring financial charges | 65 | €10,520 | €7,910 | -€2,611 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €194,185 | €175,705 | -€18,480 | -9.5% |
| Income taxes | 67/77 | €9,119 | €5,766 | -€3,353 | -36.8% |
| Profit (loss) for the period | 9904 | €185,066 | €169,939 | -€15,127 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €185,066 | €169,939 | -€15,127 | -8.2% |
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 30 October 2026 via checked.be.