NAVAL: what changed
Two fiscal 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.
NAVAL
Largest movements
- Stocks and contracts -€252,067
down €252,067 (-100.0%), from €252,067 to €0
- Cash -€92,439
down €92,439 (-56.9%), from €162,573 to €70,134
mainly Debts after one year (-€352,544) and Tax, wage and social debts (-€49,979)
- Tangible fixed assets -€62,487
down €62,487 (-3.7%), from €1.7m to €1.6m
of which Land and buildings: -€35,976
- Debts after one year -€352,544
down €352,544 (-25.8%), from €1.4m to €1.0m
- Tax, wage and social debts -€49,979
down €49,979 (-83.6%), from €59,760 to €9,781
of which Taxes: -€32,731
- Profit (loss) carried forward -€23,128
down €23,128 (-73.2%), from -€31,616 to -€54,744
- Gross operating margin -€235,159
down €235,159 (-65.8%), from €357,355 to €122,196
- Staff costs -€124,154
down €124,154 (-72.2%), from €171,981 to €47,827
- Financial charges -€83,007
down €83,007 (-97.6%), from €85,083 to €2,076
- Depreciation -€18,761
down €18,761 (-17.9%), from €104,641 to €85,880
- Taxes -€11,803
down €11,803 (-78.9%), from €14,950 to €3,147
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 | €2,164,386 | €1,738,309 | -€426,077 | -19.7% |
| Fixed assets | 21/28 | €1,707,116 | €1,644,630 | -€62,487 | -3.7% |
| Tangible fixed assets | 22/27 | €1,706,616 | €1,644,130 | -€62,487 | -3.7% |
| Land and buildings | 22 | €1,615,385 | €1,579,409 | -€35,976 | -2.2% |
| Plant, machinery and equipment | 23 | €635 | €333 | -€303 | -47.6% |
| Furniture and vehicles | 24 | €90,596 | €64,388 | -€26,208 | -28.9% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €457,269 | €93,679 | -€363,590 | -79.5% |
| Stocks and contracts in progress | 3 | €252,067 | €0 | -€252,067 | -100.0% |
| Stocks | 30/36 | €252,067 | €0 | -€252,067 | -100.0% |
| Amounts receivable within one year | 40/41 | €37,575 | €18,662 | -€18,913 | -50.3% |
| Trade receivables | 40 | €31,481 | €10,238 | -€21,243 | -67.5% |
| Other amounts receivable | 41 | €6,094 | €8,424 | +€2,330 | +38.2% |
| Cash at bank and in hand | 54/58 | €162,573 | €70,134 | -€92,439 | -56.9% |
| Deferred charges and accrued income | 490/1 | €5,053 | €4,884 | -€170 | -3.4% |
| Total equity and liabilities | 10/49 | €2,164,386 | €1,738,309 | -€426,077 | -19.7% |
| Equity | 10/15 | €670,065 | €646,937 | -€23,128 | -3.5% |
| Contributions | 10/11 | €272,800 | €272,800 | = | 0.0% |
| Capital | 10 | €272,800 | €272,800 | = | 0.0% |
| Issued capital | 100 | €272,800 | €272,800 | = | 0.0% |
| Reserves | 13 | €428,881 | €428,881 | = | 0.0% |
| Non-distributable reserves | 130/1 | €27,280 | €27,280 | = | 0.0% |
| Legal reserve | 130 | €27,280 | €27,280 | = | 0.0% |
| Distributable reserves | 133 | €401,601 | €401,601 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,616 | -€54,744 | -€23,128 | -73.2% |
| Amounts payable | 17/49 | €1,494,320 | €1,091,372 | -€402,948 | -27.0% |
| Amounts payable after more than one year | 17 | €1,363,873 | €1,011,329 | -€352,544 | -25.8% |
| Other amounts payable | 178/9 | €1,363,873 | €1,011,329 | -€352,544 | -25.8% |
| Amounts payable within one year | 42/48 | €130,448 | €80,044 | -€50,404 | -38.6% |
| Trade debts | 44 | €70,688 | €70,262 | -€425 | -0.6% |
| Suppliers | 440/4 | €70,688 | €70,262 | -€425 | -0.6% |
| Taxes, remuneration and social security | 45 | €59,760 | €9,781 | -€49,979 | -83.6% |
| Taxes | 450/3 | €41,105 | €8,374 | -€32,731 | -79.6% |
| Remuneration and social security | 454/9 | €18,655 | €1,407 | -€17,248 | -92.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €171,981 | €47,827 | -€124,154 | -72.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,641 | €85,880 | -€18,761 | -17.9% |
| Other operating charges | 640/8 | €6,718 | €6,418 | -€300 | -4.5% |
| Gross operating margin | 9900 | €357,355 | €122,196 | -€235,159 | -65.8% |
| Operating profit (loss) | 9901 | €74,015 | -€17,930 | -€91,944 | |
| Financial income | 75/76B | €1,079 | €24 | -€1,055 | -97.8% |
| Recurring financial income | 75 | €1,079 | €24 | -€1,055 | -97.8% |
| Financial charges | 65/66B | €85,083 | €2,076 | -€83,007 | -97.6% |
| Recurring financial charges | 65 | €85,083 | €2,076 | -€83,007 | -97.6% |
| Profit (loss) for the period before taxes | 9903 | -€9,989 | -€19,981 | -€9,992 | -100.0% |
| Income taxes | 67/77 | €14,950 | €3,147 | -€11,803 | -78.9% |
| Profit (loss) for the period | 9904 | -€24,939 | -€23,128 | +€1,810 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,939 | -€23,128 | +€1,810 | +7.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.