NAX: what changed
Two fiscal 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.
NAX
Largest movements
- Tangible fixed assets -€37,504
down €37,504 (-6.3%), from €592,928 to €555,424
- Profit (loss) carried forward -€28,245
down €28,245 (-10.6%), from -€266,749 to -€294,993
- Debts after one year -€14,504
down €14,504 (-6.1%), from €237,100 to €222,596
- Gross operating margin -€4,367
down €4,367 (-17.7%), from €24,739 to €20,372
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.
Cash bridge derived
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 | €626,579 | €585,535 | -€41,044 | -6.6% |
| Fixed assets | 21/28 | €618,000 | €580,496 | -€37,504 | -6.1% |
| Tangible fixed assets | 22/27 | €592,928 | €555,424 | -€37,504 | -6.3% |
| Land and buildings | 22 | €592,928 | €555,424 | -€37,504 | -6.3% |
| Financial fixed assets | 28 | €25,072 | €25,072 | = | 0.0% |
| Current assets | 29/58 | €8,579 | €5,039 | -€3,540 | -41.3% |
| Cash at bank and in hand | 54/58 | €8,579 | €5,039 | -€3,540 | -41.3% |
| Total equity and liabilities | 10/49 | €626,579 | €585,535 | -€41,044 | -6.6% |
| Equity | 10/15 | €326,947 | €298,702 | -€28,245 | -8.6% |
| Contributions | 10/11 | €587,495 | €587,495 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€266,749 | -€294,993 | -€28,245 | -10.6% |
| Amounts payable | 17/49 | €299,632 | €286,833 | -€12,799 | -4.3% |
| Amounts payable after more than one year | 17 | €237,100 | €222,596 | -€14,504 | -6.1% |
| Financial debts | 170/4 | €237,100 | €222,596 | -€14,504 | -6.1% |
| Amounts payable within one year | 42/48 | €62,532 | €64,237 | +€1,705 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €13,891 | €14,504 | +€612 | +4.4% |
| Trade debts | 44 | €1,250 | €1,311 | +€61 | +4.9% |
| Suppliers | 440/4 | €1,250 | €1,311 | +€61 | +4.9% |
| Other amounts payable | 47/48 | €47,391 | €48,422 | +€1,031 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,504 | €37,504 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €24,739 | €20,372 | -€4,367 | -17.7% |
| Operating profit (loss) | 9901 | -€13,152 | -€17,532 | -€4,379 | -33.3% |
| Financial charges | 65/66B | €10,622 | €10,713 | +€91 | +0.9% |
| Recurring financial charges | 65 | €10,622 | €10,713 | +€91 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | -€23,774 | -€28,245 | -€4,470 | -18.8% |
| Profit (loss) for the period | 9904 | -€23,774 | -€28,245 | -€4,470 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,774 | -€28,245 | -€4,470 | -18.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.