NAVESCO: 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.
NAVESCO
Largest movements
- Tangible fixed assets -€98,473
down €98,473 (-7.4%), from €1.3m to €1.2m
of which Other tangible fixed assets: -€80,937
- Receivables within one year +€41,836
up €41,836 (+1100.9%), from €3,800 to €45,636
of which Trade receivables: +€38,661
- Cash +€27,270
up €27,270 (+133.7%), from €20,394 to €47,664
mainly Depreciation (+€111,208) and Other debts (+€39,500)
- Debts after one year -€66,548
down €66,548 (-8.5%), from €784,643 to €718,095
- Other debts +€39,500
up €39,500 (+12.6%), from €313,000 to €352,500
- Current portion of long-term debt -€28,571
down €28,571 (-23.1%), from €123,690 to €95,119
- Trade debts +€27,723
up €27,723 (+86.4%), from €32,095 to €59,819
- Gross operating margin +€90,815
up €90,815 (+114.1%), from €79,562 to €170,377
- Depreciation +€18,445
up €18,445 (+19.9%), from €92,764 to €111,208
- Financial charges -€4,925
down €4,925 (-9.4%), from €52,610 to €47,685
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 | €1,368,323 | €1,340,871 | -€27,453 | -2.0% |
| Fixed assets | 21/28 | €1,343,460 | €1,244,987 | -€98,473 | -7.3% |
| Tangible fixed assets | 22/27 | €1,330,960 | €1,232,487 | -€98,473 | -7.4% |
| Plant, machinery and equipment | 23 | €113,503 | €95,967 | -€17,536 | -15.4% |
| Other tangible fixed assets | 26 | €1,217,457 | €1,136,520 | -€80,937 | -6.6% |
| Financial fixed assets | 28 | €12,500 | €12,500 | = | 0.0% |
| Current assets | 29/58 | €24,863 | €95,884 | +€71,021 | +285.6% |
| Amounts receivable within one year | 40/41 | €3,800 | €45,636 | +€41,836 | +1100.9% |
| Trade receivables | 40 | €3,485 | €42,146 | +€38,661 | +1109.3% |
| Other amounts receivable | 41 | €315 | €3,490 | +€3,175 | +1008.0% |
| Cash at bank and in hand | 54/58 | €20,394 | €47,664 | +€27,270 | +133.7% |
| Deferred charges and accrued income | 490/1 | €669 | €2,584 | +€1,915 | +286.1% |
| Total equity and liabilities | 10/49 | €1,368,323 | €1,340,871 | -€27,453 | -2.0% |
| Equity | 10/15 | €104,481 | €114,846 | +€10,365 | +9.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €1,100 | €1,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,100 | €1,100 | = | 0.0% |
| Legal reserve | 130 | €1,100 | €1,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,619 | -€36,254 | +€10,365 | +22.2% |
| Amounts payable | 17/49 | €1,263,842 | €1,226,024 | -€37,818 | -3.0% |
| Amounts payable after more than one year | 17 | €784,643 | €718,095 | -€66,548 | -8.5% |
| Financial debts | 170/4 | €784,643 | €718,095 | -€66,548 | -8.5% |
| Amounts payable within one year | 42/48 | €476,399 | €507,438 | +€31,038 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €123,690 | €95,119 | -€28,571 | -23.1% |
| Trade debts | 44 | €32,095 | €59,819 | +€27,723 | +86.4% |
| Suppliers | 440/4 | €32,095 | €59,819 | +€27,723 | +86.4% |
| Taxes, remuneration and social security | 45 | €7,614 | - | -€7,614 | |
| Taxes | 450/3 | €7,614 | - | -€7,614 | |
| Other amounts payable | 47/48 | €313,000 | €352,500 | +€39,500 | +12.6% |
| Accrued charges and deferred income | 492/3 | €2,800 | €491 | -€2,309 | -82.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,764 | €111,208 | +€18,445 | +19.9% |
| Other operating charges | 640/8 | €571 | €1,118 | +€547 | +95.8% |
| Gross operating margin | 9900 | €79,562 | €170,377 | +€90,815 | +114.1% |
| Operating profit (loss) | 9901 | -€13,773 | €58,050 | +€71,823 | |
| Financial charges | 65/66B | €52,610 | €47,685 | -€4,925 | -9.4% |
| Recurring financial charges | 65 | €52,610 | €47,685 | -€4,925 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | -€66,384 | €10,365 | +€76,749 | |
| Profit (loss) for the period | 9904 | -€66,384 | €10,365 | +€76,749 | |
| Profit (loss) for the period to be appropriated | 9905 | -€66,384 | €10,365 | +€76,749 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.