NAVALIA: 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.
NAVALIA
Largest movements
- Receivables within one year -€118,913
down €118,913 (-43.1%), from €276,010 to €157,097
- Stocks and contracts +€116,057
up €116,057 (+46.6%), from €248,785 to €364,842
- Tangible fixed assets -€22,909
down €22,909 (-5.2%), from €436,722 to €413,814
of which Plant, machinery and equipment: -€17,776
- Short-term financial debts -€72,520
down €72,520 (-29.0%), from €250,000 to €177,480
- Debts after one year +€44,971
up €44,971 (+27.6%), from €162,966 to €207,937
- Current portion of long-term debt +€32,247
up €32,247 (+133%), from €24,323 to €56,569
- Trade debts -€27,435
down €27,435 (-30.0%), from €91,416 to €63,981
- Tax, wage and social debts -€13,580
down €13,580 (-25.3%), from €53,632 to €40,051
of which Taxes: -€17,481
- Staff costs +€19,269
up €19,269 (+23.8%), from €80,907 to €100,176
- Taxes -€4,447
down €4,447 (-68.2%), from €6,518 to €2,070
- Other operating charges -€2,832
down €2,832 (-42.9%), from €6,594 to €3,763
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 | €985,379 | €958,904 | -€26,475 | -2.7% |
| Fixed assets | 21/28 | €437,010 | €414,101 | -€22,909 | -5.2% |
| Tangible fixed assets | 22/27 | €436,722 | €413,814 | -€22,909 | -5.2% |
| Land and buildings | 22 | €236,997 | €239,197 | +€2,201 | +0.9% |
| Plant, machinery and equipment | 23 | €180,031 | €162,255 | -€17,776 | -9.9% |
| Furniture and vehicles | 24 | €19,694 | €12,362 | -€7,333 | -37.2% |
| Financial fixed assets | 28 | €287 | €287 | = | 0.0% |
| Current assets | 29/58 | €548,369 | €544,803 | -€3,566 | -0.7% |
| Stocks and contracts in progress | 3 | €248,785 | €364,842 | +€116,057 | +46.6% |
| Stocks | 30/36 | €248,785 | €364,842 | +€116,057 | +46.6% |
| Amounts receivable within one year | 40/41 | €276,010 | €157,097 | -€118,913 | -43.1% |
| Trade receivables | 40 | €276,010 | €157,097 | -€118,913 | -43.1% |
| Current investments | 50/53 | €18 | €17 | -€1 | -6.1% |
| Cash at bank and in hand | 54/58 | €8,160 | €7,885 | -€275 | -3.4% |
| Deferred charges and accrued income | 490/1 | €15,396 | €14,962 | -€434 | -2.8% |
| Total equity and liabilities | 10/49 | €985,379 | €958,904 | -€26,475 | -2.7% |
| Equity | 10/15 | €267,572 | €277,464 | +€9,892 | +3.7% |
| Contributions | 10/11 | €123,970 | €123,970 | = | 0.0% |
| Reserves | 13 | €143,602 | €153,494 | +€9,892 | +6.9% |
| Distributable reserves | 133 | €143,602 | €153,494 | +€9,892 | +6.9% |
| Amounts payable | 17/49 | €717,807 | €681,440 | -€36,366 | -5.1% |
| Amounts payable after more than one year | 17 | €162,966 | €207,937 | +€44,971 | +27.6% |
| Financial debts | 170/4 | €162,966 | €207,937 | +€44,971 | +27.6% |
| Amounts payable within one year | 42/48 | €550,786 | €469,659 | -€81,127 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €24,323 | €56,569 | +€32,247 | +133% |
| Financial debts | 43 | €250,000 | €177,480 | -€72,520 | -29.0% |
| Credit institutions | 430/8 | €250,000 | €177,480 | -€72,520 | -29.0% |
| Trade debts | 44 | €91,416 | €63,981 | -€27,435 | -30.0% |
| Suppliers | 440/4 | €91,416 | €63,981 | -€27,435 | -30.0% |
| Taxes, remuneration and social security | 45 | €53,632 | €40,051 | -€13,580 | -25.3% |
| Taxes | 450/3 | €28,324 | €10,843 | -€17,481 | -61.7% |
| Remuneration and social security | 454/9 | €25,307 | €29,208 | +€3,901 | +15.4% |
| Other amounts payable | 47/48 | €131,416 | €131,577 | +€161 | +0.1% |
| Accrued charges and deferred income | 492/3 | €4,054 | €3,844 | -€210 | -5.2% |
| Remuneration, social security and pensions | 62 | €80,907 | €100,176 | +€19,269 | +23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,066 | €50,794 | +€1,728 | +3.5% |
| Other operating charges | 640/8 | €6,594 | €3,763 | -€2,832 | -42.9% |
| Gross operating margin | 9900 | €194,497 | €193,501 | -€997 | -0.5% |
| Operating profit (loss) | 9901 | €57,930 | €38,768 | -€19,162 | -33.1% |
| Financial income | 75/76B | €701 | €8 | -€694 | -98.9% |
| Recurring financial income | 75 | €701 | €8 | -€694 | -98.9% |
| Financial charges | 65/66B | €25,876 | €26,814 | +€939 | +3.6% |
| Recurring financial charges | 65 | €25,876 | €26,814 | +€939 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €32,756 | €11,962 | -€20,794 | -63.5% |
| Income taxes | 67/77 | €6,518 | €2,070 | -€4,447 | -68.2% |
| Profit (loss) for the period | 9904 | €26,238 | €9,892 | -€16,347 | -62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,238 | €9,892 | -€16,347 | -62.3% |
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 18 October 2026 via checked.be.