NAVARCO: what changed
NAVARCO
Largest movements
- Stocks and contracts -€189,390
down €189,390 (-19.6%), from €967,870 to €778,480
- Receivables within one year +€92,823
up €92,823 (+11.1%), from €833,491 to €926,313
of which Other amounts receivable: +€368,652
- Cash +€74,745
up €74,745 (+117%), from €64,083 to €138,828
mainly Stocks and contracts (+€189,390) and Net result for the year (+€121,726)
- Other debts -€162,069
down €162,069 (-50.6%), from €320,231 to €158,162
- Reserves +€121,700
up €121,700 (+31.3%), from €389,250 to €510,950
of which Distributable reserves: +€121,700
- Trade debts +€89,847
up €89,847 (+39.7%), from €226,132 to €315,979
- Tax, wage and social debts -€40,386
down €40,386 (-65.6%), from €61,574 to €21,188
- Debts after one year -€30,706
down €30,706 (-59.2%), from €51,844 to €21,138
- Gross operating margin -€53,047
down €53,047 (-20.5%), from €258,555 to €205,509
- Taxes -€15,351
down €15,351 (-21.0%), from €73,030 to €57,680
- Financial income +€6,724
up €6,724 (+1,034,414%), from €1 to €6,724
of which Non-recurring financial income: +€6,722
- Depreciation -€4,249
down €4,249 (-13.3%), from €31,987 to €27,738
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,977,909 | €1,957,483 | -€20,426 | -1.0% |
| Fixed assets | 21/28 | €110,723 | €112,556 | +€1,834 | +1.7% |
| Tangible fixed assets | 22/27 | €110,723 | €112,556 | +€1,834 | +1.7% |
| Plant, machinery and equipment | 23 | €13,445 | €9,826 | -€3,619 | -26.9% |
| Furniture and vehicles | 24 | €97,278 | €102,731 | +€5,453 | +5.6% |
| Current assets | 29/58 | €1,867,187 | €1,844,927 | -€22,260 | -1.2% |
| Stocks and contracts in progress | 3 | €967,870 | €778,480 | -€189,390 | -19.6% |
| Stocks | 30/36 | €967,870 | €778,480 | -€189,390 | -19.6% |
| Amounts receivable within one year | 40/41 | €833,491 | €926,313 | +€92,823 | +11.1% |
| Trade receivables | 40 | €833,491 | €557,662 | -€275,829 | -33.1% |
| Other amounts receivable | 41 | €0 | €368,652 | +€368,652 | |
| Cash at bank and in hand | 54/58 | €64,083 | €138,828 | +€74,745 | +117% |
| Deferred charges and accrued income | 490/1 | €1,743 | €1,306 | -€438 | -25.1% |
| Total equity and liabilities | 10/49 | €1,977,909 | €1,957,483 | -€20,426 | -1.0% |
| Equity | 10/15 | €1,288,583 | €1,410,310 | +€121,726 | +9.4% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Capital | 10 | €375,000 | €375,000 | = | 0.0% |
| Issued capital | 100 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €389,250 | €510,950 | +€121,700 | +31.3% |
| Non-distributable reserves | 130/1 | €37,500 | €37,500 | = | 0.0% |
| Legal reserve | 130 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €351,750 | €473,450 | +€121,700 | +34.6% |
| Profit (loss) carried forward | 14 | €524,333 | €524,360 | +€26 | 0.0% |
| Amounts payable | 17/49 | €689,326 | €547,174 | -€142,153 | -20.6% |
| Amounts payable after more than one year | 17 | €51,844 | €21,138 | -€30,706 | -59.2% |
| Financial debts | 170/4 | €51,844 | €21,138 | -€30,706 | -59.2% |
| Amounts payable within one year | 42/48 | €637,482 | €526,035 | -€111,446 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €29,544 | €30,706 | +€1,162 | +3.9% |
| Trade debts | 44 | €226,132 | €315,979 | +€89,847 | +39.7% |
| Suppliers | 440/4 | €226,132 | €315,979 | +€89,847 | +39.7% |
| Taxes, remuneration and social security | 45 | €61,574 | €21,188 | -€40,386 | -65.6% |
| Taxes | 450/3 | €61,574 | €21,188 | -€40,386 | -65.6% |
| Other amounts payable | 47/48 | €320,231 | €158,162 | -€162,069 | -50.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,987 | €27,738 | -€4,249 | -13.3% |
| Other operating charges | 640/8 | €1,935 | €2,132 | +€197 | +10.2% |
| Gross operating margin | 9900 | €258,555 | €205,509 | -€53,047 | -20.5% |
| Operating profit (loss) | 9901 | €224,634 | €175,639 | -€48,995 | -21.8% |
| Financial income | 75/76B | €1 | €6,724 | +€6,724 | +1,034,414% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +228% |
| Non-recurring financial income | 76B | €0 | €6,722 | +€6,722 | |
| Financial charges | 65/66B | €4,091 | €2,957 | -€1,133 | -27.7% |
| Recurring financial charges | 65 | €4,091 | €2,957 | -€1,133 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €220,543 | €179,406 | -€41,137 | -18.7% |
| Income taxes | 67/77 | €73,030 | €57,680 | -€15,351 | -21.0% |
| Profit (loss) for the period | 9904 | €147,513 | €121,726 | -€25,787 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €147,513 | €121,726 | -€25,787 | -17.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.