NAVIGATOR: what changed
What changed
NAVIGATOR
NACE 46.160, Agents in the wholesale of textiles, clothing, fur, footwear and leather goods
filed annual accounts (NBB)
Net result for the year
€33,813
2024 · €12,129+€21,684
Equity
€82,088
2024 · €172,733-€90,645
Cash
€410,999
2024 · €12,523+€398,476
Balance sheet total
€968,947
2024 · €482,873+€486,074
Largest movements
Assets
- Cash +€398,476
up €398,476 (+3,182%), from €12,523 to €410,999
mainly Trade debts (+€392,341) and Other debts (+€124,458)
- Receivables within one year +€111,173
up €111,173 (+28.3%), from €392,207 to €503,380
of which Trade receivables: +€185,607
- Tangible fixed assets -€19,111
down €19,111 (-30.2%), from €63,331 to €44,219
of which Furniture and vehicles: -€19,456
Equity and liabilities
- Trade debts +€392,341
up €392,341 (+167%), from €235,228 to €627,569
- Other debts +€124,458
new in 2025: €124,458
- Tax, wage and social debts +€93,235
new in 2025: €93,235
- Reserves -€90,645
down €90,645 (-58.8%), from €154,133 to €63,488
- Short-term financial debts -€17,473
down €17,473 (-100%), from €17,473 to €0
Income statement
- Gross operating margin +€18,336
up €18,336 (+36.9%), from €49,667 to €68,002
- Taxes +€14,204
up €14,204 (+610%), from €2,329 to €16,533
- Financial income +€11,672
up €11,672 (+3,614%), from €323 to €11,995
- Write-downs -€3,719
down €3,719 (-100%), from €3,719 to €0
- Financial charges -€2,090
down €2,090 (-31.2%), from €6,697 to €4,607
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.
Result 2024
€12,129
Gross operating margin
+€18,336
Depreciation
+€225
Write-downs
+€3,719
Other operating charges
-€153
Financial income
+€11,672
Financial charges
+€2,090
Taxes
-€14,204
Result 2025
€33,813
raises the resultlowers the result
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.
From operations
+€557,193
Investment
-€1,346
Financing
-€157,372
Cash 2024
€12,523
From operations (derived)
+€557,193
Net result for the year
+€33,813
Depreciation
+€20,457
Receivables after one year
+€3,600
Receivables within one year
-€111,173
Smaller working-capital items
+€462
Trade debts
+€392,341
Tax, wage and social debts
+€93,235
Other debts
+€124,458
Investment (derived)
-€1,346
Investment in fixed assets (net)
-€1,346
Financing
-€157,372
Debts after one year
-€16,110
Current portion of long-term debt
+€670
Short-term financial debts
-€17,473
Contributions, distributions and other
-€124,458
Cash 2025
€410,999
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €482,873 | €968,947 | +€486,074 | +101% |
| Fixed assets | 21/28 | €63,331 | €44,219 | -€19,111 | -30.2% |
| Tangible fixed assets | 22/27 | €63,331 | €44,219 | -€19,111 | -30.2% |
| Plant, machinery and equipment | 23 | - | €344 | +€344 | |
| Furniture and vehicles | 24 | €63,331 | €43,875 | -€19,456 | -30.7% |
| Current assets | 29/58 | €419,543 | €924,728 | +€505,185 | +120% |
| Amounts receivable after more than one year | 29 | €10,600 | €7,000 | -€3,600 | -34.0% |
| Other amounts receivable | 291 | €10,600 | €7,000 | -€3,600 | -34.0% |
| Stocks and contracts in progress | 3 | €1,640 | €1,640 | = | 0.0% |
| Stocks | 30/36 | €1,640 | €1,640 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €392,207 | €503,380 | +€111,173 | +28.3% |
| Trade receivables | 40 | €92,925 | €278,532 | +€185,607 | +200% |
| Other amounts receivable | 41 | €299,282 | €224,848 | -€74,434 | -24.9% |
| Cash at bank and in hand | 54/58 | €12,523 | €410,999 | +€398,476 | +3,182% |
| Deferred charges and accrued income | 490/1 | €2,573 | €1,709 | -€864 | -33.6% |
| Total equity and liabilities | 10/49 | €482,873 | €968,947 | +€486,074 | +101% |
| Equity | 10/15 | €172,733 | €82,088 | -€90,645 | -52.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €154,133 | €63,488 | -€90,645 | -58.8% |
| Distributable reserves | 133 | €154,133 | €63,488 | -€90,645 | -58.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €310,141 | €886,860 | +€576,719 | +186% |
| Amounts payable after more than one year | 17 | €41,597 | €25,487 | -€16,110 | -38.7% |
| Financial debts | 170/4 | €41,597 | €25,487 | -€16,110 | -38.7% |
| Amounts payable within one year | 42/48 | €268,142 | €861,373 | +€593,231 | +221% |
| Current portion of amounts payable after more than one year | 42 | €15,440 | €16,110 | +€670 | +4.3% |
| Financial debts | 43 | €17,473 | €0 | -€17,473 | -100% |
| Credit institutions | 430/8 | €17,473 | €0 | -€17,473 | -100% |
| Trade debts | 44 | €235,228 | €627,569 | +€392,341 | +167% |
| Suppliers | 440/4 | €235,228 | €627,569 | +€392,341 | +167% |
| Taxes, remuneration and social security | 45 | - | €93,235 | +€93,235 | |
| Taxes | 450/3 | - | €93,235 | +€93,235 | |
| Other amounts payable | 47/48 | - | €124,458 | +€124,458 | |
| Accrued charges and deferred income | 492/3 | €402 | €0 | -€402 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,682 | €20,457 | -€225 | -1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,719 | €0 | -€3,719 | -100% |
| Other operating charges | 640/8 | €4,434 | €4,587 | +€153 | +3.5% |
| Gross operating margin | 9900 | €49,667 | €68,002 | +€18,336 | +36.9% |
| Operating profit (loss) | 9901 | €20,832 | €42,959 | +€22,126 | +106% |
| Financial income | 75/76B | €323 | €11,995 | +€11,672 | +3,614% |
| Recurring financial income | 75 | €323 | €11,995 | +€11,672 | +3,614% |
| Financial charges | 65/66B | €6,697 | €4,607 | -€2,090 | -31.2% |
| Recurring financial charges | 65 | €6,697 | €4,607 | -€2,090 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €14,458 | €50,346 | +€35,889 | +248% |
| Income taxes | 67/77 | €2,329 | €16,533 | +€14,204 | +610% |
| Profit (loss) for the period | 9904 | €12,129 | €33,813 | +€21,684 | +179% |
| Profit (loss) for the period to be appropriated | 9905 | €12,129 | €33,813 | +€21,684 | +179% |
Next steps
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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 2 November 2026 via checked.be.