Navigo: 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.
Navigo
Largest movements
- Cash +€37,437
up €37,437 (+125%), from €29,919 to €67,356
mainly Net result for the year (+€48,322) and Tax, wage and social debts (+€10,051)
- Receivables within one year +€16,667
up €16,667 (+109%), from €15,280 to €31,947
- Reserves +€48,322
up €48,322 (+186%), from €25,927 to €74,249
- Tax, wage and social debts +€10,051
up €10,051 (+71.4%), from €14,072 to €24,123
of which Taxes: +€6,742
- Trade debts -€2,989
down €2,989 (-93.2%), from €3,208 to €219
- Other debts -€1,606
down €1,606 (-96.6%), from €1,662 to €56
- Gross operating margin +€30,741
up €30,741 (+93.6%), from €32,861 to €63,602
- Taxes +€6,543
up €6,543 (+98.8%), from €6,620 to €13,164
- Other operating charges +€1,216
up €1,216 (+817%), from €149 to €1,365
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 | €47,869 | €101,647 | +€53,778 | +112% |
| Fixed assets | 21/28 | €2,670 | €1,961 | -€709 | -26.5% |
| Tangible fixed assets | 22/27 | €2,670 | €1,961 | -€709 | -26.5% |
| Furniture and vehicles | 24 | €2,670 | €1,961 | -€709 | -26.5% |
| Current assets | 29/58 | €45,199 | €99,686 | +€54,486 | +121% |
| Amounts receivable within one year | 40/41 | €15,280 | €31,947 | +€16,667 | +109% |
| Trade receivables | 40 | €15,280 | €31,947 | +€16,667 | +109% |
| Cash at bank and in hand | 54/58 | €29,919 | €67,356 | +€37,437 | +125% |
| Deferred charges and accrued income | 490/1 | - | €382 | +€382 | |
| Total equity and liabilities | 10/49 | €47,869 | €101,647 | +€53,778 | +112% |
| Equity | 10/15 | €28,927 | €77,249 | +€48,322 | +167% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €25,927 | €74,249 | +€48,322 | +186% |
| Distributable reserves | 133 | €25,927 | €74,249 | +€48,322 | +186% |
| Amounts payable | 17/49 | €18,942 | €24,398 | +€5,456 | +28.8% |
| Amounts payable within one year | 42/48 | €18,942 | €24,398 | +€5,456 | +28.8% |
| Trade debts | 44 | €3,208 | €219 | -€2,989 | -93.2% |
| Suppliers | 440/4 | €3,208 | €219 | -€2,989 | -93.2% |
| Taxes, remuneration and social security | 45 | €14,072 | €24,123 | +€10,051 | +71.4% |
| Taxes | 450/3 | €14,072 | €20,813 | +€6,742 | +47.9% |
| Remuneration and social security | 454/9 | - | €3,309 | +€3,309 | |
| Other amounts payable | 47/48 | €1,662 | €56 | -€1,606 | -96.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165 | €709 | +€544 | +330% |
| Other operating charges | 640/8 | €149 | €1,365 | +€1,216 | +817% |
| Gross operating margin | 9900 | €32,861 | €63,602 | +€30,741 | +93.6% |
| Operating profit (loss) | 9901 | €32,547 | €61,529 | +€28,981 | +89.0% |
| Financial charges | 65/66B | - | €42 | +€42 | |
| Recurring financial charges | 65 | - | €42 | +€42 | |
| Profit (loss) for the period before taxes | 9903 | €32,547 | €61,486 | +€28,939 | +88.9% |
| Income taxes | 67/77 | €6,620 | €13,164 | +€6,543 | +98.8% |
| Profit (loss) for the period | 9904 | €25,927 | €48,322 | +€22,396 | +86.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,927 | €48,322 | +€22,396 | +86.4% |
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 16 October 2026 via checked.be.