NAVANDI: 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.
NAVANDI
Largest movements
- Cash -€18,238
down €18,238 (-56.6%), from €32,216 to €13,978
mainly Debts after one year (-€74,210) and Investment in fixed assets (net) (-€38,310)
- Receivables within one year +€8,890
up €8,890 (+102%), from €8,725 to €17,614
of which Trade receivables: +€15,125
- Debts after one year -€74,210
down €74,210 (-17.3%), from €428,932 to €354,722
of which Other amounts payable: -€45,252
- Profit (loss) carried forward +€48,452
new in 2025: €48,452
- Trade debts +€6,926
up €6,926 (+409%), from €1,695 to €8,621
- Gross operating margin +€20,926
up €20,926 (+22.5%), from €92,812 to €113,739
- Depreciation +€6,787
up €6,787 (+19.9%), from €34,177 to €40,964
- Taxes +€4,230
up €4,230 (+37.5%), from €11,278 to €15,509
- Other operating charges +€1,719
up €1,719 (+1,125%), from €153 to €1,872
- Financial charges +€1,244
up €1,244 (+20.9%), from €5,949 to €7,193
of which Financial charges: +€994
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 | €592,199 | €579,440 | -€12,758 | -2.2% |
| Fixed assets | 21/28 | €550,503 | €547,848 | -€2,654 | -0.5% |
| Tangible fixed assets | 22/27 | €550,503 | €547,848 | -€2,654 | -0.5% |
| Land and buildings | 22 | €544,552 | €531,891 | -€12,661 | -2.3% |
| Furniture and vehicles | 24 | €5,951 | €15,958 | +€10,006 | +168% |
| Current assets | 29/58 | €41,696 | €31,592 | -€10,104 | -24.2% |
| Amounts receivable within one year | 40/41 | €8,725 | €17,614 | +€8,890 | +102% |
| Trade receivables | 40 | €2,420 | €17,545 | +€15,125 | +625% |
| Other amounts receivable | 41 | €6,305 | €69 | -€6,235 | -98.9% |
| Cash at bank and in hand | 54/58 | €32,216 | €13,978 | -€18,238 | -56.6% |
| Deferred charges and accrued income | 490/1 | €755 | - | -€755 | |
| Total equity and liabilities | 10/49 | €592,199 | €579,440 | -€12,758 | -2.2% |
| Equity | 10/15 | €119,353 | €167,804 | +€48,452 | +40.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €109,353 | €109,353 | = | 0.0% |
| Distributable reserves | 133 | €109,353 | €109,353 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €48,452 | +€48,452 | |
| Amounts payable | 17/49 | €472,846 | €411,636 | -€61,210 | -12.9% |
| Amounts payable after more than one year | 17 | €428,932 | €354,722 | -€74,210 | -17.3% |
| Financial debts | 170/4 | €358,321 | €329,362 | -€28,958 | -8.1% |
| Other amounts payable | 178/9 | €70,611 | €25,359 | -€45,252 | -64.1% |
| Amounts payable within one year | 42/48 | €43,914 | €56,915 | +€13,001 | +29.6% |
| Current portion of amounts payable after more than one year | 42 | €28,539 | €28,958 | +€419 | +1.5% |
| Trade debts | 44 | €1,695 | €8,621 | +€6,926 | +409% |
| Suppliers | 440/4 | €1,695 | €8,621 | +€6,926 | +409% |
| Taxes, remuneration and social security | 45 | €13,680 | €15,388 | +€1,708 | +12.5% |
| Taxes | 450/3 | €13,680 | €15,388 | +€1,708 | +12.5% |
| Other amounts payable | 47/48 | - | €3,947 | +€3,947 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,177 | €40,964 | +€6,787 | +19.9% |
| Other operating charges | 640/8 | €153 | €1,872 | +€1,719 | +1,125% |
| Gross operating margin | 9900 | €92,812 | €113,739 | +€20,926 | +22.5% |
| Operating profit (loss) | 9901 | €58,482 | €70,903 | +€12,421 | +21.2% |
| Financial income | 75/76B | - | €250 | +€250 | |
| Recurring financial income | 75 | - | €250 | +€250 | |
| Financial charges | 65/66B | €5,949 | €7,193 | +€1,244 | +20.9% |
| Recurring financial charges | 65 | €5,949 | €6,943 | +€994 | +16.7% |
| Non-recurring financial charges | 66B | - | €250 | +€250 | |
| Profit (loss) for the period before taxes | 9903 | €52,534 | €63,960 | +€11,427 | +21.8% |
| Income taxes | 67/77 | €11,278 | €15,509 | +€4,230 | +37.5% |
| Profit (loss) for the period | 9904 | €41,255 | €48,452 | +€7,197 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,255 | €48,452 | +€7,197 | +17.4% |
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 28 October 2026 via checked.be.