NAV SERVICES: 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.
NAV SERVICES
Largest movements
- Receivables within one year +€161,816
up €161,816 (+148%), from €109,261 to €271,077
of which Other amounts receivable: +€170,183
- Tangible fixed assets -€131,473
down €131,473 (-9.6%), from €1.4m to €1.2m
of which Land and buildings: -€110,009
- Short-term financial debts +€200,000
up €200,000 (+70.2%), from €285,000 to €485,000
of which Other loans: +€485,000
- Profit (loss) carried forward -€148,426
down €148,426 (-55.7%), from €266,320 to €117,894
- Debts after one year -€106,346
down €106,346 (-7.6%), from €1.4m to €1.3m
- Other debts +€91,446
up €91,446 (+135%), from €67,731 to €159,177
- Gross operating margin -€68,388
down €68,388 (-26.8%), from €254,798 to €186,410
- Depreciation -€8,664
down €8,664 (-3.9%), from €224,369 to €215,705
- Financial charges +€5,784
up €5,784 (+9.4%), from €61,728 to €67,512
- Other operating charges +€3,519
up €3,519 (+7.3%), from €47,960 to €51,479
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 | €2,496,578 | €2,516,305 | +€19,727 | +0.8% |
| Fixed assets | 21/28 | €2,373,135 | €2,241,662 | -€131,473 | -5.5% |
| Tangible fixed assets | 22/27 | €1,373,484 | €1,242,011 | -€131,473 | -9.6% |
| Land and buildings | 22 | €1,329,566 | €1,219,557 | -€110,009 | -8.3% |
| Plant, machinery and equipment | 23 | €1,618 | €1,304 | -€314 | -19.4% |
| Furniture and vehicles | 24 | €42,300 | €21,150 | -€21,150 | -50.0% |
| Financial fixed assets | 28 | €999,651 | €999,651 | = | 0.0% |
| Current assets | 29/58 | €123,443 | €274,643 | +€151,200 | +122% |
| Amounts receivable within one year | 40/41 | €109,261 | €271,077 | +€161,816 | +148% |
| Trade receivables | 40 | €9,175 | €808 | -€8,367 | -91.2% |
| Other amounts receivable | 41 | €100,086 | €270,269 | +€170,183 | +170% |
| Cash at bank and in hand | 54/58 | €14,182 | €3,566 | -€10,616 | -74.9% |
| Total equity and liabilities | 10/49 | €2,496,578 | €2,516,305 | +€19,727 | +0.8% |
| Equity | 10/15 | €518,180 | €369,754 | -€148,426 | -28.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €266,320 | €117,894 | -€148,426 | -55.7% |
| Amounts payable | 17/49 | €1,978,398 | €2,146,551 | +€168,153 | +8.5% |
| Amounts payable after more than one year | 17 | €1,394,473 | €1,288,127 | -€106,346 | -7.6% |
| Financial debts | 170/4 | €1,394,473 | €1,288,127 | -€106,346 | -7.6% |
| Amounts payable within one year | 42/48 | €568,781 | €839,266 | +€270,485 | +47.6% |
| Current portion of amounts payable after more than one year | 42 | €208,174 | €184,312 | -€23,862 | -11.5% |
| Financial debts | 43 | €285,000 | €485,000 | +€200,000 | +70.2% |
| Credit institutions | 430/8 | €285,000 | - | -€285,000 | |
| Other loans | 439 | - | €485,000 | +€485,000 | |
| Trade debts | 44 | €7,020 | €10,640 | +€3,620 | +51.6% |
| Suppliers | 440/4 | €7,020 | €10,640 | +€3,620 | +51.6% |
| Taxes, remuneration and social security | 45 | €856 | €137 | -€719 | -84.0% |
| Taxes | 450/3 | €856 | €137 | -€719 | -84.0% |
| Other amounts payable | 47/48 | €67,731 | €159,177 | +€91,446 | +135% |
| Accrued charges and deferred income | 492/3 | €15,144 | €19,158 | +€4,014 | +26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,369 | €215,705 | -€8,664 | -3.9% |
| Other operating charges | 640/8 | €47,960 | €51,479 | +€3,519 | +7.3% |
| Gross operating margin | 9900 | €254,798 | €186,410 | -€68,388 | -26.8% |
| Operating profit (loss) | 9901 | -€17,531 | -€80,774 | -€63,243 | -361% |
| Financial charges | 65/66B | €61,728 | €67,512 | +€5,784 | +9.4% |
| Recurring financial charges | 65 | €61,728 | €67,512 | +€5,784 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | -€79,259 | -€148,286 | -€69,027 | -87.1% |
| Income taxes | 67/77 | €135 | €140 | +€5 | +3.7% |
| Profit (loss) for the period | 9904 | -€79,394 | -€148,426 | -€69,032 | -86.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€79,394 | -€148,426 | -€69,032 | -86.9% |
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 31 October 2026 via checked.be.