Navigeer: 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.
Navigeer
Largest movements
- Receivables after one year +€247,955
up €247,955 (+992%), from €25,000 to €272,955
- Cash +€164,985
up €164,985 (+1,408%), from €11,714 to €176,699
mainly Net result for the year (+€400,165) and Receivables within one year (+€137,979)
- Receivables within one year -€137,979
down €137,979 (-79.1%), from €174,362 to €36,383
of which Trade receivables: -€87,320
- Tangible fixed assets +€87,322
up €87,322 (+201%), from €43,359 to €130,681
of which Other tangible fixed assets: +€99,872
- Financial fixed assets +€15,981
up €15,981 (+10.7%), from €149,433 to €165,414
- Reserves +€400,165
up €400,165 (+171%), from €233,789 to €633,954
- Other debts -€62,358
no longer reported in 2025 (was €62,358)
- Tax, wage and social debts +€54,226
up €54,226 (+74.7%), from €72,597 to €126,823
- Debts after one year -€14,388
down €14,388 (-85.7%), from €16,796 to €2,408
- Gross operating margin +€258,609
up €258,609 (+106%), from €243,862 to €502,471
- Taxes +€24,246
up €24,246 (+53.7%), from €45,148 to €69,394
- Depreciation +€8,965
up €8,965 (+50.4%), from €17,804 to €26,769
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 | €403,869 | €785,201 | +€381,332 | +94.4% |
| Fixed assets | 21/28 | €192,793 | €296,095 | +€103,302 | +53.6% |
| Tangible fixed assets | 22/27 | €43,359 | €130,681 | +€87,322 | +201% |
| Plant, machinery and equipment | 23 | €3,889 | €2,706 | -€1,183 | -30.4% |
| Furniture and vehicles | 24 | €33,953 | €22,586 | -€11,367 | -33.5% |
| Other tangible fixed assets | 26 | €5,518 | €105,390 | +€99,872 | +1,810% |
| Financial fixed assets | 28 | €149,433 | €165,414 | +€15,981 | +10.7% |
| Current assets | 29/58 | €211,076 | €489,106 | +€278,030 | +132% |
| Amounts receivable after more than one year | 29 | €25,000 | €272,955 | +€247,955 | +992% |
| Other amounts receivable | 291 | €25,000 | €272,955 | +€247,955 | +992% |
| Amounts receivable within one year | 40/41 | €174,362 | €36,383 | -€137,979 | -79.1% |
| Trade receivables | 40 | €104,060 | €16,740 | -€87,320 | -83.9% |
| Other amounts receivable | 41 | €70,302 | €19,643 | -€50,659 | -72.1% |
| Cash at bank and in hand | 54/58 | €11,714 | €176,699 | +€164,985 | +1,408% |
| Deferred charges and accrued income | 490/1 | - | €3,069 | +€3,069 | |
| Total equity and liabilities | 10/49 | €403,869 | €785,201 | +€381,332 | +94.4% |
| Equity | 10/15 | €235,789 | €635,954 | +€400,165 | +170% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €233,789 | €633,954 | +€400,165 | +171% |
| Distributable reserves | 133 | €233,789 | €633,954 | +€400,165 | +171% |
| Amounts payable | 17/49 | €168,080 | €149,247 | -€18,833 | -11.2% |
| Amounts payable after more than one year | 17 | €16,796 | €2,408 | -€14,388 | -85.7% |
| Financial debts | 170/4 | €16,796 | €2,408 | -€14,388 | -85.7% |
| Amounts payable within one year | 42/48 | €151,284 | €146,839 | -€4,445 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €14,285 | €14,388 | +€103 | +0.7% |
| Trade debts | 44 | €2,045 | €5,628 | +€3,583 | +175% |
| Suppliers | 440/4 | €2,045 | €5,628 | +€3,583 | +175% |
| Taxes, remuneration and social security | 45 | €72,597 | €126,823 | +€54,226 | +74.7% |
| Taxes | 450/3 | €72,597 | €126,823 | +€54,226 | +74.7% |
| Other amounts payable | 47/48 | €62,358 | - | -€62,358 | |
| Non-recurring operating income | 76A | €125,001 | €378,079 | +€253,078 | +202% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,804 | €26,769 | +€8,965 | +50.4% |
| Other operating charges | 640/8 | €892 | €1,149 | +€257 | +28.8% |
| Non-recurring operating charges | 66A | - | €6,640 | +€6,640 | |
| Gross operating margin | 9900 | €243,862 | €502,471 | +€258,609 | +106% |
| Operating profit (loss) | 9901 | €225,166 | €467,913 | +€242,747 | +108% |
| Financial income | 75/76B | - | €1,876 | +€1,876 | |
| Recurring financial income | 75 | - | €1,876 | +€1,876 | |
| Financial charges | 65/66B | €3,436 | €231 | -€3,205 | -93.3% |
| Recurring financial charges | 65 | €3,436 | €231 | -€3,205 | -93.3% |
| Profit (loss) for the period before taxes | 9903 | €221,731 | €469,559 | +€247,829 | +112% |
| Income taxes | 67/77 | €45,148 | €69,394 | +€24,246 | +53.7% |
| Profit (loss) for the period | 9904 | €176,582 | €400,165 | +€223,583 | +127% |
| Profit (loss) for the period to be appropriated | 9905 | €176,582 | €400,165 | +€223,583 | +127% |
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 26 October 2026 via checked.be.