Navimeuse: 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.
Navimeuse
Largest movements
- Receivables after one year -€172,298
down €172,298 (-79.3%), from €217,382 to €45,084
- Cash -€54,203
down €54,203 (-81.2%), from €66,748 to €12,545
mainly Investment in fixed assets (net) (-€220,672) and Contributions, distributions and other (-€184,073)
- Tangible fixed assets +€48,407
up €48,407 (+2.0%), from €2.5m to €2.5m
of which Land and buildings: +€48,523
- Reserves -€172,865
down €172,865 (-7.3%), from €2.4m to €2.2m
of which Distributable reserves: -€156,012
- Depreciation +€23,968
up €23,968 (+16.2%), from €148,297 to €172,265
- Gross operating margin +€14,700
up €14,700 (+7.3%), from €202,506 to €217,206
- Taxes -€14,120
down €14,120 (-83.4%), from €16,937 to €2,818
- Write-downs +€10,126
up €10,126 (+2,361%), from €429 to €10,555
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 | €3,051,909 | €2,863,209 | -€188,700 | -6.2% |
| Fixed assets | 21/28 | €2,465,898 | €2,514,304 | +€48,407 | +2.0% |
| Tangible fixed assets | 22/27 | €2,465,898 | €2,514,304 | +€48,407 | +2.0% |
| Land and buildings | 22 | €2,465,080 | €2,513,602 | +€48,523 | +2.0% |
| Furniture and vehicles | 24 | €818 | €702 | -€116 | -14.2% |
| Current assets | 29/58 | €586,011 | €348,905 | -€237,106 | -40.5% |
| Amounts receivable after more than one year | 29 | €217,382 | €45,084 | -€172,298 | -79.3% |
| Other amounts receivable | 291 | €217,382 | €45,084 | -€172,298 | -79.3% |
| Amounts receivable within one year | 40/41 | €32,718 | €25,303 | -€7,414 | -22.7% |
| Trade receivables | 40 | €32,718 | €25,303 | -€7,414 | -22.7% |
| Current investments | 50/53 | €264,944 | €265,924 | +€980 | +0.4% |
| Cash at bank and in hand | 54/58 | €66,748 | €12,545 | -€54,203 | -81.2% |
| Deferred charges and accrued income | 490/1 | €4,218 | €48 | -€4,170 | -98.9% |
| Total equity and liabilities | 10/49 | €3,051,909 | €2,863,209 | -€188,700 | -6.2% |
| Equity | 10/15 | €2,790,396 | €2,617,531 | -€172,865 | -6.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,383,929 | €2,211,064 | -€172,865 | -7.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €525,300 | €508,446 | -€16,853 | -3.2% |
| Distributable reserves | 133 | €1,852,429 | €1,696,418 | -€156,012 | -8.4% |
| Profit (loss) carried forward | 14 | €344,467 | €344,467 | = | 0.0% |
| Provisions and deferred taxes | 16 | €172,932 | €158,373 | -€14,558 | -8.4% |
| Deferred taxes | 168 | €172,932 | €158,373 | -€14,558 | -8.4% |
| Amounts payable | 17/49 | €88,581 | €87,304 | -€1,277 | -1.4% |
| Amounts payable within one year | 42/48 | €88,581 | €87,304 | -€1,277 | -1.4% |
| Trade debts | 44 | €19,126 | €3,028 | -€16,097 | -84.2% |
| Suppliers | 440/4 | €19,126 | €3,028 | -€16,097 | -84.2% |
| Taxes, remuneration and social security | 45 | €20,260 | €29,373 | +€9,112 | +45.0% |
| Taxes | 450/3 | €20,260 | €29,373 | +€9,112 | +45.0% |
| Other amounts payable | 47/48 | €49,195 | €54,903 | +€5,708 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,297 | €172,265 | +€23,968 | +16.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €429 | €10,555 | +€10,126 | +2,361% |
| Other operating charges | 640/8 | €34,456 | €34,846 | +€390 | +1.1% |
| Non-recurring operating charges | 66A | €1,000 | - | -€1,000 | |
| Gross operating margin | 9900 | €202,506 | €217,206 | +€14,700 | +7.3% |
| Operating profit (loss) | 9901 | €18,324 | -€461 | -€18,784 | |
| Financial income | 75/76B | €1,406 | €1,223 | -€183 | -13.0% |
| Recurring financial income | 75 | €1,406 | €1,223 | -€183 | -13.0% |
| Financial charges | 65/66B | €1,117 | €1,294 | +€177 | +15.8% |
| Recurring financial charges | 65 | €1,117 | €1,294 | +€177 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | €18,613 | -€532 | -€19,145 | |
| Transfer from deferred taxes | 780 | €7,854 | €14,558 | +€6,705 | +85.4% |
| Income taxes | 67/77 | €16,937 | €2,818 | -€14,120 | -83.4% |
| Profit (loss) for the period | 9904 | €9,529 | €11,209 | +€1,679 | +17.6% |
| Transfer from tax-exempt reserves | 789 | €23,561 | €16,853 | -€6,708 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,090 | €28,062 | -€5,029 | -15.2% |
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 29 October 2026 via checked.be.