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
- Current investments +€31,162
up €31,162 (+58.8%), from €53,000 to €84,162
- Cash +€28,531
up €28,531 (+36.3%), from €78,568 to €107,099
mainly Net result for the year (+€57,181) and Depreciation (+€13,346)
- Tangible fixed assets -€13,346
down €13,346 (-16.1%), from €82,916 to €69,570
of which Other tangible fixed assets: -€12,030
- Receivables within one year -€12,223
down €12,223 (-12.0%), from €101,965 to €89,741
of which Trade receivables: -€24,499
- Reserves +€57,181
up €57,181 (+25.2%), from €226,904 to €284,086
of which Distributable reserves: +€36,131
- Other debts -€21,973
down €21,973 (-42.4%), from €51,769 to €29,797
- Accrued charges and deferred income -€3,696
down €3,696 (-57.0%), from €6,480 to €2,784
- Gross operating margin -€59,057
down €59,057 (-36.8%), from €160,384 to €101,327
- Taxes -€5,271
down €5,271 (-15.7%), from €33,609 to €28,338
- Financial income +€4,899
up €4,899 (+374.3%), from €1,309 to €6,207
- Depreciation +€4,171
up €4,171 (+45.5%), from €9,176 to €13,346
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 | €319,449 | €353,834 | +€34,385 | +10.8% |
| Fixed assets | 21/28 | €82,916 | €69,570 | -€13,346 | -16.1% |
| Tangible fixed assets | 22/27 | €82,916 | €69,570 | -€13,346 | -16.1% |
| Plant, machinery and equipment | 23 | €3,502 | €2,991 | -€511 | -14.6% |
| Furniture and vehicles | 24 | €1,325 | €519 | -€805 | -60.8% |
| Other tangible fixed assets | 26 | €78,089 | €66,060 | -€12,030 | -15.4% |
| Current assets | 29/58 | €236,532 | €284,264 | +€47,731 | +20.2% |
| Amounts receivable within one year | 40/41 | €101,965 | €89,741 | -€12,223 | -12.0% |
| Trade receivables | 40 | €50,753 | €26,254 | -€24,499 | -48.3% |
| Other amounts receivable | 41 | €51,212 | €63,488 | +€12,276 | +24.0% |
| Current investments | 50/53 | €53,000 | €84,162 | +€31,162 | +58.8% |
| Cash at bank and in hand | 54/58 | €78,568 | €107,099 | +€28,531 | +36.3% |
| Deferred charges and accrued income | 490/1 | €3,000 | €3,262 | +€262 | +8.7% |
| Total equity and liabilities | 10/49 | €319,449 | €353,834 | +€34,385 | +10.8% |
| Equity | 10/15 | €231,904 | €289,086 | +€57,181 | +24.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €226,904 | €284,086 | +€57,181 | +25.2% |
| Tax-exempt reserves | 132 | - | €21,050 | +€21,050 | |
| Distributable reserves | 133 | €226,904 | €263,036 | +€36,131 | +15.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €87,544 | €64,748 | -€22,796 | -26.0% |
| Amounts payable within one year | 42/48 | €81,064 | €61,964 | -€19,100 | -23.6% |
| Financial debts | 43 | €1,710 | €2,271 | +€561 | +32.8% |
| Credit institutions | 430/8 | €1,710 | €2,271 | +€561 | +32.8% |
| Trade debts | 44 | €611 | €1,416 | +€805 | +131.9% |
| Suppliers | 440/4 | €611 | €1,416 | +€805 | +131.9% |
| Taxes, remuneration and social security | 45 | €26,975 | €28,481 | +€1,506 | +5.6% |
| Taxes | 450/3 | €26,975 | €28,481 | +€1,506 | +5.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €51,769 | €29,797 | -€21,973 | -42.4% |
| Accrued charges and deferred income | 492/3 | €6,480 | €2,784 | -€3,696 | -57.0% |
| Non-recurring operating income | 76A | €1,056 | €0 | -€1,056 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,176 | €13,346 | +€4,171 | +45.5% |
| Other operating charges | 640/8 | €1,774 | €1,235 | -€539 | -30.4% |
| Gross operating margin | 9900 | €160,384 | €101,327 | -€59,057 | -36.8% |
| Operating profit (loss) | 9901 | €149,435 | €86,746 | -€62,689 | -42.0% |
| Financial income | 75/76B | €1,309 | €6,207 | +€4,899 | +374.3% |
| Recurring financial income | 75 | €1,309 | €6,207 | +€4,899 | +374.3% |
| Financial charges | 65/66B | €6,457 | €7,434 | +€977 | +15.1% |
| Recurring financial charges | 65 | €6,457 | €7,434 | +€977 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €144,286 | €85,519 | -€58,767 | -40.7% |
| Income taxes | 67/77 | €33,609 | €28,338 | -€5,271 | -15.7% |
| Profit (loss) for the period | 9904 | €110,677 | €57,181 | -€53,496 | -48.3% |
| Transfer to tax-exempt reserves | 689 | - | €21,050 | +€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €110,677 | €36,131 | -€74,546 | -67.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.