NAUDTS PROJECTS: 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.
NAUDTS PROJECTS
Largest movements
- Receivables within one year +€96,588
up €96,588 (+99.9%), from €96,688 to €193,276
of which Trade receivables: +€106,775
- Tangible fixed assets -€66,858
down €66,858 (-18.5%), from €362,083 to €295,225
of which Land and buildings: -€87,693
- Cash -€21,915
down €21,915 (-55.2%), from €39,690 to €17,775
mainly Receivables within one year (-€96,588) and Net result for the year (-€48,142)
- Profit (loss) carried forward -€48,142
down €48,142 (-1182.7%), from -€4,071 to -€52,213
- Trade debts +€27,358
up €27,358 (+1994.9%), from €1,371 to €28,730
- Tax, wage and social debts +€17,205
up €17,205 (+198.6%), from €8,665 to €25,870
of which Taxes: +€17,069
- Other debts +€13,529
up €13,529 (+32.9%), from €41,066 to €54,595
- Gross operating margin +€36,081
up €36,081 (+170.2%), from €21,201 to €57,282
- Depreciation +€5,337
up €5,337 (+348.8%), from €1,530 to €6,867
- Financial charges -€943
down €943 (-8.2%), from €11,494 to €10,552
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 | €499,065 | €508,839 | +€9,774 | +2.0% |
| Fixed assets | 21/28 | €362,083 | €295,225 | -€66,858 | -18.5% |
| Tangible fixed assets | 22/27 | €362,083 | €295,225 | -€66,858 | -18.5% |
| Land and buildings | 22 | €362,083 | €274,390 | -€87,693 | -24.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | - | €20,835 | +€20,835 | |
| Current assets | 29/58 | €136,982 | €213,615 | +€76,632 | +55.9% |
| Amounts receivable within one year | 40/41 | €96,688 | €193,276 | +€96,588 | +99.9% |
| Trade receivables | 40 | €81,665 | €188,440 | +€106,775 | +130.7% |
| Other amounts receivable | 41 | €15,023 | €4,835 | -€10,188 | -67.8% |
| Cash at bank and in hand | 54/58 | €39,690 | €17,775 | -€21,915 | -55.2% |
| Deferred charges and accrued income | 490/1 | €605 | €2,565 | +€1,960 | +324.0% |
| Total equity and liabilities | 10/49 | €499,065 | €508,839 | +€9,774 | +2.0% |
| Equity | 10/15 | €297,547 | €249,404 | -€48,142 | -16.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €295,417 | €295,417 | = | 0.0% |
| Distributable reserves | 133 | €295,417 | €295,417 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,071 | -€52,213 | -€48,142 | -1182.7% |
| Amounts payable | 17/49 | €201,518 | €259,435 | +€57,917 | +28.7% |
| Amounts payable after more than one year | 17 | €140,000 | €140,000 | = | 0.0% |
| Financial debts | 170/4 | €140,000 | €140,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €61,518 | €119,435 | +€57,917 | +94.1% |
| Financial debts | 43 | €10,416 | €10,241 | -€175 | -1.7% |
| Credit institutions | 430/8 | €10,416 | €10,241 | -€175 | -1.7% |
| Trade debts | 44 | €1,371 | €28,730 | +€27,358 | +1994.9% |
| Suppliers | 440/4 | €1,371 | €28,730 | +€27,358 | +1994.9% |
| Taxes, remuneration and social security | 45 | €8,665 | €25,870 | +€17,205 | +198.6% |
| Taxes | 450/3 | €5,370 | €22,439 | +€17,069 | +317.9% |
| Remuneration and social security | 454/9 | €3,295 | €3,431 | +€136 | +4.1% |
| Other amounts payable | 47/48 | €41,066 | €54,595 | +€13,529 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,530 | €6,867 | +€5,337 | +348.8% |
| Other operating charges | 640/8 | €1,024 | €1,246 | +€222 | +21.7% |
| Non-recurring operating charges | 66A | €11,735 | €87,046 | +€75,311 | +641.8% |
| Gross operating margin | 9900 | €21,201 | €57,282 | +€36,081 | +170.2% |
| Operating profit (loss) | 9901 | €6,912 | -€37,877 | -€44,789 | |
| Financial income | 75/76B | €690 | €451 | -€239 | -34.7% |
| Recurring financial income | 75 | €690 | €451 | -€239 | -34.7% |
| Financial charges | 65/66B | €11,494 | €10,552 | -€943 | -8.2% |
| Recurring financial charges | 65 | €11,494 | €10,552 | -€943 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,892 | -€47,978 | -€44,086 | -1132.7% |
| Income taxes | 67/77 | €179 | €165 | -€14 | -7.9% |
| Profit (loss) for the period | 9904 | -€4,071 | -€48,142 | -€44,072 | -1082.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,071 | -€48,142 | -€44,072 | -1082.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.