NAVINVEST: 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.
NAVINVEST
Largest movements
- Current investments -€147,814
down €147,814 (-99.7%), from €148,230 to €416
- Tangible fixed assets -€107,565
no longer reported in 2025 (was €107,565)
- Cash +€75,955
up €75,955 (+76.3%), from €99,533 to €175,488
mainly Current investments (+€147,814) and Investment in fixed assets (net) (+€107,565)
- Receivables within one year +€28,000
new in 2025: €28,000
- Debts after one year -€285,000
no longer reported in 2025 (was €285,000)
- Reserves +€98,728
up €98,728 (+57.0%), from €173,188 to €271,916
of which Tax-exempt reserves: +€98,728
- Provisions +€27,421
up €27,421 (+50.8%), from €53,971 to €81,392
- Taxes -€15,563
down €15,563 (-86.0%), from €18,105 to €2,542
- Financial charges +€13,132
up €13,132 (+798%), from €1,645 to €14,777
- Depreciation -€5,731
no longer reported in 2025 (was €5,731)
- Gross operating margin -€3,547
down €3,547 (-2.3%), from €154,926 to €151,379
- Other operating charges -€3,241
down €3,241 (-52.7%), from €6,154 to €2,913
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 | €1,117,778 | €966,354 | -€151,424 | -13.5% |
| Fixed assets | 21/28 | €870,015 | €762,450 | -€107,565 | -12.4% |
| Tangible fixed assets | 22/27 | €107,565 | - | -€107,565 | |
| Land and buildings | 22 | €107,565 | - | -€107,565 | |
| Financial fixed assets | 28 | €762,450 | €762,450 | = | 0.0% |
| Current assets | 29/58 | €247,763 | €203,904 | -€43,859 | -17.7% |
| Amounts receivable within one year | 40/41 | - | €28,000 | +€28,000 | |
| Other amounts receivable | 41 | - | €28,000 | +€28,000 | |
| Current investments | 50/53 | €148,230 | €416 | -€147,814 | -99.7% |
| Cash at bank and in hand | 54/58 | €99,533 | €175,488 | +€75,955 | +76.3% |
| Total equity and liabilities | 10/49 | €1,117,778 | €966,354 | -€151,424 | -13.5% |
| Equity | 10/15 | €557,923 | €663,584 | +€105,661 | +18.9% |
| Contributions | 10/11 | €221,835 | €221,835 | = | 0.0% |
| Capital | 10 | €221,835 | €221,835 | = | 0.0% |
| Issued capital | 100 | €221,835 | €221,835 | = | 0.0% |
| Reserves | 13 | €173,188 | €271,916 | +€98,728 | +57.0% |
| Non-distributable reserves | 130/1 | €11,626 | €11,626 | = | 0.0% |
| Legal reserve | 130 | €11,626 | €11,626 | = | 0.0% |
| Tax-exempt reserves | 132 | €145,449 | €244,177 | +€98,728 | +67.9% |
| Distributable reserves | 133 | €16,113 | €16,113 | = | 0.0% |
| Profit (loss) carried forward | 14 | €162,900 | €169,833 | +€6,933 | +4.3% |
| Provisions and deferred taxes | 16 | €53,971 | €81,392 | +€27,421 | +50.8% |
| Deferred taxes | 168 | €53,971 | €81,392 | +€27,421 | +50.8% |
| Amounts payable | 17/49 | €505,884 | €221,378 | -€284,506 | -56.2% |
| Amounts payable after more than one year | 17 | €285,000 | - | -€285,000 | |
| Financial debts | 170/4 | €285,000 | - | -€285,000 | |
| Amounts payable within one year | 42/48 | €220,884 | €221,378 | +€494 | +0.2% |
| Trade debts | 44 | €1,791 | €1,559 | -€232 | -13.0% |
| Suppliers | 440/4 | €1,791 | €1,559 | -€232 | -13.0% |
| Taxes, remuneration and social security | 45 | €19,782 | €20,507 | +€725 | +3.7% |
| Taxes | 450/3 | €19,782 | €20,507 | +€725 | +3.7% |
| Other amounts payable | 47/48 | €199,311 | €199,312 | +€1 | 0.0% |
| Non-recurring operating income | 76A | €7,800 | - | -€7,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,731 | - | -€5,731 | |
| Other operating charges | 640/8 | €6,154 | €2,913 | -€3,241 | -52.7% |
| Gross operating margin | 9900 | €154,926 | €151,379 | -€3,547 | -2.3% |
| Operating profit (loss) | 9901 | €143,041 | €148,466 | +€5,425 | +3.8% |
| Financial income | 75/76B | - | €1,935 | +€1,935 | |
| Recurring financial income | 75 | - | €1,935 | +€1,935 | |
| Financial charges | 65/66B | €1,645 | €14,777 | +€13,132 | +798% |
| Recurring financial charges | 65 | €1,645 | €14,777 | +€13,132 | +798% |
| Profit (loss) for the period before taxes | 9903 | €141,396 | €135,624 | -€5,772 | -4.1% |
| Transfer from deferred taxes | 780 | €83,102 | €15,563 | -€67,539 | -81.3% |
| Transfer to deferred taxes | 680 | €38,409 | €42,984 | +€4,575 | +11.9% |
| Income taxes | 67/77 | €18,105 | €2,542 | -€15,563 | -86.0% |
| Profit (loss) for the period | 9904 | €167,984 | €105,661 | -€62,323 | -37.1% |
| Transfer from tax-exempt reserves | 789 | - | €30,223 | +€30,223 | |
| Transfer to tax-exempt reserves | 689 | €115,226 | €128,951 | +€13,725 | +11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €52,758 | €6,933 | -€45,825 | -86.9% |
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.