NAVA: 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.
NAVA
Largest movements
- Cash +€101,696
up €101,696 (+41.1%), from €247,408 to €349,104
mainly Short-term financial debts (+€120,875) and Receivables within one year (+€58,990)
- Receivables within one year -€58,990
down €58,990 (-86.1%), from €68,541 to €9,550
of which Trade receivables: -€59,630
- Tangible fixed assets +€51,813
up €51,813 (+9.9%), from €521,736 to €573,549
of which Land and buildings: +€28,816
- Short-term financial debts +€120,875
new in 2025: €120,875
- Debts after one year -€42,598
down €42,598 (-6.6%), from €647,306 to €604,708
of which Financial debts: -€42,598
- Other operating charges -€11,060
down €11,060 (-69.1%), from €16,010 to €4,950
- Depreciation +€9,352
up €9,352 (+34.8%), from €26,884 to €36,237
- Gross operating margin -€4,172
down €4,172 (-7.2%), from €58,335 to €54,162
- Financial charges +€681
up €681 (+5.5%), from €12,364 to €13,046
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 | €884,125 | €983,273 | +€99,148 | +11.2% |
| Fixed assets | 21/28 | €521,736 | €573,549 | +€51,813 | +9.9% |
| Tangible fixed assets | 22/27 | €521,736 | €573,549 | +€51,813 | +9.9% |
| Land and buildings | 22 | €488,051 | €516,867 | +€28,816 | +5.9% |
| Plant, machinery and equipment | 23 | €33,686 | €28,648 | -€5,037 | -15.0% |
| Furniture and vehicles | 24 | - | €28,033 | +€28,033 | |
| Current assets | 29/58 | €362,389 | €409,725 | +€47,336 | +13.1% |
| Stocks and contracts in progress | 3 | €46,440 | €51,070 | +€4,630 | +10.0% |
| Stocks | 30/36 | €46,440 | €51,070 | +€4,630 | +10.0% |
| Amounts receivable within one year | 40/41 | €68,541 | €9,550 | -€58,990 | -86.1% |
| Trade receivables | 40 | €67,986 | €8,355 | -€59,630 | -87.7% |
| Other amounts receivable | 41 | €555 | €1,195 | +€640 | +115% |
| Cash at bank and in hand | 54/58 | €247,408 | €349,104 | +€101,696 | +41.1% |
| Total equity and liabilities | 10/49 | €884,125 | €983,273 | +€99,148 | +11.2% |
| Equity | 10/15 | €38,566 | €38,566 | = | 0.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €18,566 | €18,566 | = | 0.0% |
| Distributable reserves | 133 | €18,566 | €18,566 | = | 0.0% |
| Amounts payable | 17/49 | €845,559 | €944,707 | +€99,148 | +11.7% |
| Amounts payable after more than one year | 17 | €647,306 | €604,708 | -€42,598 | -6.6% |
| Financial debts | 170/4 | €646,665 | €604,067 | -€42,598 | -6.6% |
| Other amounts payable | 178/9 | €641 | €641 | = | 0.0% |
| Amounts payable within one year | 42/48 | €198,253 | €340,000 | +€141,747 | +71.5% |
| Current portion of amounts payable after more than one year | 42 | €30,577 | €38,795 | +€8,219 | +26.9% |
| Financial debts | 43 | - | €120,875 | +€120,875 | |
| Credit institutions | 430/8 | - | €120,875 | +€120,875 | |
| Trade debts | 44 | €1,051 | €4,788 | +€3,737 | +356% |
| Suppliers | 440/4 | €1,051 | €4,788 | +€3,737 | +356% |
| Advances received on contracts in progress | 46 | €677 | €1,117 | +€440 | +65.0% |
| Taxes, remuneration and social security | 45 | €2,146 | €3,236 | +€1,090 | +50.8% |
| Taxes | 450/3 | €1,021 | €3,171 | +€2,150 | +211% |
| Remuneration and social security | 454/9 | €1,125 | €65 | -€1,060 | -94.2% |
| Other amounts payable | 47/48 | €163,803 | €171,187 | +€7,384 | +4.5% |
| Non-recurring operating income | 76A | €18,377 | - | -€18,377 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,884 | €36,237 | +€9,352 | +34.8% |
| Other operating charges | 640/8 | €16,010 | €4,950 | -€11,060 | -69.1% |
| Gross operating margin | 9900 | €58,335 | €54,162 | -€4,172 | -7.2% |
| Operating profit (loss) | 9901 | €15,440 | €12,975 | -€2,465 | -16.0% |
| Financial income | 75/76B | €948 | €1,336 | +€388 | +40.9% |
| Recurring financial income | 75 | €948 | €1,336 | +€388 | +40.9% |
| Financial charges | 65/66B | €12,364 | €13,046 | +€681 | +5.5% |
| Recurring financial charges | 65 | €12,364 | €13,046 | +€681 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €4,024 | €1,265 | -€2,759 | -68.6% |
| Income taxes | 67/77 | €1,391 | €859 | -€532 | -38.3% |
| Profit (loss) for the period | 9904 | €2,633 | €406 | -€2,227 | -84.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,633 | €406 | -€2,227 | -84.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.