NAXBEL: 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.
What changed
NAXBEL
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€8,374
2024 · €5,676-€14,050
Equity
-€1,499
2024 · €6,876-€8,374
Cash
€895
2024 · €11,518-€10,623
Balance sheet total
€59,179
2024 · €18,197+€40,981
Largest movements
Assets
- Tangible fixed assets +€47,360
new in 2025: €47,360
of which Furniture and vehicles: +€47,360
- Cash -€10,623
down €10,623 (-92.2%), from €11,518 to €895
mainly Investment in fixed assets (net) (-€49,555) and Net result for the year (-€8,374)
- Receivables within one year +€4,244
up €4,244 (+63.5%), from €6,680 to €10,923
of which Other amounts receivable: +€3,955
Equity and liabilities
- Debts after one year +€38,826
new in 2025: €38,826
of which Financial debts: +€38,826
- Profit (loss) carried forward -€8,374
down €8,374, from €5,676 to -€2,699
- Other debts +€7,186
up €7,186 (+84.6%), from €8,489 to €15,675
- Trade debts +€1,752
up €1,752 (+124%), from €1,414 to €3,166
of which Suppliers: +€1,752
- Tax, wage and social debts +€1,593
up €1,593 (+112%), from €1,419 to €3,011
of which Taxes: +€1,593
Income statement
- Purchases and services +€18,882
new in 2025: €18,882
- Turnover +€13,362
new in 2025: €13,362
- Gross operating margin -€12,643
down €12,643, from €7,123 to -€5,520
- Depreciation +€2,194
new in 2025: €2,194
- Taxes -€1,419
down €1,419 (-100%), from €1,419 to €0
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.
Result 2024
€5,676
Gross operating margin
-€12,643
Depreciation
-€2,194
Other operating charges
-€288
Financial income
-€10
Financial charges
-€334
Taxes
+€1,419
Result 2025
-€8,374
raises the resultlowers the result
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.
From operations
+€106
Investment
-€49,555
Financing
+€38,826
Cash 2024
€11,518
From operations (derived)
+€106
Net result for the year
-€8,374
Depreciation
+€2,194
Receivables within one year
-€4,244
Trade debts
+€1,752
Tax, wage and social debts
+€1,593
Other debts
+€7,186
Investment (derived)
-€49,555
Investment in fixed assets (net)
-€49,555
Financing
+€38,826
Debts after one year
+€38,826
Cash 2025
€895
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,197 | €59,179 | +€40,981 | +225% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | - | €47,360 | +€47,360 | |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | - | €47,360 | +€47,360 | |
| Land and buildings | 22 | - | €0 | = | |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | - | €47,360 | +€47,360 | |
| Leasing and similar rights | 25 | - | €0 | = | |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Assets under construction and advance payments | 27 | - | €0 | = | |
| Financial fixed assets | 28 | - | €0 | = | |
| Current assets | 29/58 | €18,197 | €11,818 | -€6,379 | -35.1% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Stocks | 30/36 | - | €0 | = | |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €6,680 | €10,923 | +€4,244 | +63.5% |
| Trade receivables | 40 | €2,335 | €2,624 | +€288 | +12.3% |
| Other amounts receivable | 41 | €4,344 | €8,300 | +€3,955 | +91.1% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €11,518 | €895 | -€10,623 | -92.2% |
| Deferred charges and accrued income | 490/1 | - | €0 | = | |
| Total equity and liabilities | 10/49 | €18,197 | €59,179 | +€40,981 | +225% |
| Equity | 10/15 | €6,876 | -€1,499 | -€8,374 | |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Revaluation surpluses | 12 | - | €0 | = | |
| Reserves | 13 | - | €0 | = | |
| Non-distributable reserves | 130/1 | - | €0 | = | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Own shares acquired | 1312 | - | €0 | = | |
| Financial assistance | 1313 | - | €0 | = | |
| Other | 1319 | - | €0 | = | |
| Tax-exempt reserves | 132 | - | €0 | = | |
| Distributable reserves | 133 | - | €0 | = | |
| Profit (loss) carried forward | 14 | €5,676 | -€2,699 | -€8,374 | |
| Investment grants | 15 | - | €0 | = | |
| Advance to shareholders on the distribution of net assets | 19 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €0 | = | |
| Provisions for liabilities and charges | 160/5 | - | €0 | = | |
| Pensions and similar obligations | 160 | - | €0 | = | |
| Taxes | 161 | - | €0 | = | |
| Major repairs and maintenance | 162 | - | €0 | = | |
| Environmental obligations | 163 | - | €0 | = | |
| Other liabilities and charges | 164/5 | - | €0 | = | |
| Deferred taxes | 168 | - | €0 | = | |
| Amounts payable | 17/49 | €11,322 | €60,677 | +€49,355 | +436% |
| Amounts payable after more than one year | 17 | - | €38,826 | +€38,826 | |
| Financial debts | 170/4 | - | €38,826 | +€38,826 | |
| Trade debts | 175 | - | €0 | = | |
| Advances received on contracts in progress | 176 | - | €0 | = | |
| Other amounts payable | 178/9 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €11,322 | €21,852 | +€10,530 | +93.0% |
| Current portion of amounts payable after more than one year | 42 | - | €0 | = | |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €1,414 | €3,166 | +€1,752 | +124% |
| Suppliers | 440/4 | €1,414 | €3,166 | +€1,752 | +124% |
| Bills of exchange payable | 441 | - | €0 | = | |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €1,419 | €3,011 | +€1,593 | +112% |
| Taxes | 450/3 | €1,419 | €3,011 | +€1,593 | +112% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €8,489 | €15,675 | +€7,186 | +84.6% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Turnover | 70 | - | €13,362 | +€13,362 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €18,882 | +€18,882 | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,194 | +€2,194 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €0 | = | |
| Other operating charges | 640/8 | - | €288 | +€288 | |
| Operating charges capitalised as restructuring costs | 649 | - | €0 | = | |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €7,123 | -€5,520 | -€12,643 | |
| Operating profit (loss) | 9901 | €7,123 | -€8,002 | -€15,125 | |
| Financial income | 75/76B | €10 | €0 | -€10 | -100% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -100% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €39 | €372 | +€334 | +864% |
| Recurring financial charges | 65 | €39 | €372 | +€334 | +864% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €7,094 | -€8,374 | -€15,469 | |
| Transfer from deferred taxes | 780 | - | €0 | = | |
| Transfer to deferred taxes | 680 | - | €0 | = | |
| Income taxes | 67/77 | €1,419 | €0 | -€1,419 | -100% |
| Profit (loss) for the period | 9904 | €5,676 | -€8,374 | -€14,050 | |
| Transfer from tax-exempt reserves | 789 | - | €0 | = | |
| Transfer to tax-exempt reserves | 689 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €5,676 | -€8,374 | -€14,050 |
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 14 October 2026 via checked.be.