NAVARONE: what changed
NAVARONE
Largest movements
- Cash -€34,033
down €34,033 (-37.4%), from €90,967 to €56,934
mainly Net result for the year (-€25,728) and Receivables within one year (-€19,640)
- Receivables within one year +€19,640
up €19,640 (+777%), from €2,527 to €22,167
of which Trade receivables: +€22,153
- Tangible fixed assets -€1,827
down €1,827 (-42.0%), from €4,351 to €2,524
- Profit (loss) carried forward -€25,728
down €25,728 (-35.6%), from -€72,322 to -€98,051
- Tax, wage and social debts +€9,577
up €9,577 (+6,864%), from €140 to €9,717
- Advances received +€1,256
new in 2025: €1,256
- Gross operating margin +€47,665
up €47,665 (+67.2%), from -€70,902 to -€23,238
- Depreciation +€1,012
up €1,012 (+124%), from €814 to €1,827
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 | €100,616 | €85,091 | -€15,525 | -15.4% |
| Fixed assets | 21/28 | €4,351 | €2,524 | -€1,827 | -42.0% |
| Tangible fixed assets | 22/27 | €4,351 | €2,524 | -€1,827 | -42.0% |
| Furniture and vehicles | 24 | €4,351 | €2,524 | -€1,827 | -42.0% |
| Current assets | 29/58 | €96,265 | €82,567 | -€13,698 | -14.2% |
| Amounts receivable within one year | 40/41 | €2,527 | €22,167 | +€19,640 | +777% |
| Trade receivables | 40 | €14 | €22,167 | +€22,153 | +160,416% |
| Other amounts receivable | 41 | €2,513 | - | -€2,513 | |
| Cash at bank and in hand | 54/58 | €90,967 | €56,934 | -€34,033 | -37.4% |
| Deferred charges and accrued income | 490/1 | €2,771 | €3,466 | +€695 | +25.1% |
| Total equity and liabilities | 10/49 | €100,616 | €85,091 | -€15,525 | -15.4% |
| Equity | 10/15 | €99,375 | €73,647 | -€25,728 | -25.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €165,498 | €165,498 | = | 0.0% |
| Distributable reserves | 133 | €165,498 | €165,498 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,322 | -€98,051 | -€25,728 | -35.6% |
| Amounts payable | 17/49 | €1,240 | €11,444 | +€10,204 | +823% |
| Amounts payable within one year | 42/48 | €1,207 | €11,444 | +€10,237 | +848% |
| Trade debts | 44 | €1,013 | €417 | -€596 | -58.8% |
| Suppliers | 440/4 | €1,013 | €417 | -€596 | -58.8% |
| Advances received on contracts in progress | 46 | - | €1,256 | +€1,256 | |
| Taxes, remuneration and social security | 45 | €140 | €9,717 | +€9,577 | +6,864% |
| Taxes | 450/3 | €140 | €9,717 | +€9,577 | +6,864% |
| Other amounts payable | 47/48 | €55 | €55 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €34 | - | -€34 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €814 | €1,827 | +€1,012 | +124% |
| Other operating charges | 640/8 | €303 | €379 | +€76 | +25.1% |
| Gross operating margin | 9900 | -€70,902 | -€23,238 | +€47,665 | +67.2% |
| Operating profit (loss) | 9901 | -€72,019 | -€25,443 | +€46,576 | +64.7% |
| Financial income | 75/76B | €101 | €166 | +€65 | +64.7% |
| Recurring financial income | 75 | €101 | €166 | +€65 | +64.7% |
| Financial charges | 65/66B | €264 | €309 | +€45 | +16.9% |
| Recurring financial charges | 65 | €264 | €309 | +€45 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | -€72,183 | -€25,586 | +€46,597 | +64.6% |
| Income taxes | 67/77 | €140 | €142 | +€3 | +2.1% |
| Profit (loss) for the period | 9904 | -€72,322 | -€25,728 | +€46,594 | +64.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,322 | -€25,728 | +€46,594 | +64.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.