NAXIS: 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.
NAXIS
Largest movements
- Tangible fixed assets +€756,352
up €756,352 (+330%), from €228,912 to €985,264
of which Land and buildings: +€705,540
- Cash -€46,371
down €46,371 (-38.5%), from €120,308 to €73,937
mainly Investment in fixed assets (net) (-€795,900) and Other debts (-€49,513)
- Receivables within one year +€42,242
up €42,242 (+102%), from €41,362 to €83,604
of which Trade receivables: +€54,224
- Receivables after one year -€25,000
no longer reported in 2025 (was €25,000)
- Current investments +€24,000
up €24,000 (+27.1%), from €88,613 to €112,613
- Reserves +€376,733
up €376,733 (+112%), from €337,055 to €713,788
of which Tax-exempt reserves: +€254,750
- Debts after one year +€213,211
up €213,211 (+391%), from €54,558 to €267,769
- Provisions +€84,917
new in 2025: €84,917
- Other debts -€49,513
down €49,513 (-98.2%), from €50,417 to €904
- Tax, wage and social debts +€47,643
up €47,643 (+514%), from €9,263 to €56,906
- Gross operating margin +€436,510
up €436,510 (+335%), from €130,301 to €566,811
- Taxes +€19,225
up €19,225 (+63.7%), from €30,182 to €49,407
- Depreciation +€11,519
up €11,519 (+41.1%), from €28,029 to €39,548
- Financial charges +€10,597
up €10,597 (+300%), from €3,533 to €14,130
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 | €504,195 | €1,255,418 | +€751,223 | +149% |
| Fixed assets | 21/28 | €228,912 | €985,264 | +€756,352 | +330% |
| Tangible fixed assets | 22/27 | €228,912 | €985,264 | +€756,352 | +330% |
| Land and buildings | 22 | €140,086 | €845,626 | +€705,540 | +504% |
| Furniture and vehicles | 24 | €88,826 | €139,638 | +€50,812 | +57.2% |
| Current assets | 29/58 | €275,283 | €270,154 | -€5,129 | -1.9% |
| Amounts receivable after more than one year | 29 | €25,000 | - | -€25,000 | |
| Other amounts receivable | 291 | €25,000 | - | -€25,000 | |
| Amounts receivable within one year | 40/41 | €41,362 | €83,604 | +€42,242 | +102% |
| Trade receivables | 40 | €25,939 | €80,163 | +€54,224 | +209% |
| Other amounts receivable | 41 | €15,423 | €3,441 | -€11,982 | -77.7% |
| Current investments | 50/53 | €88,613 | €112,613 | +€24,000 | +27.1% |
| Cash at bank and in hand | 54/58 | €120,308 | €73,937 | -€46,371 | -38.5% |
| Total equity and liabilities | 10/49 | €504,195 | €1,255,418 | +€751,223 | +149% |
| Equity | 10/15 | €364,715 | €741,448 | +€376,733 | +103% |
| Contributions | 10/11 | €27,660 | €27,660 | = | 0.0% |
| Contributions outside capital | 11 | €27,660 | €27,660 | = | 0.0% |
| Other | 1109/19 | €27,660 | €27,660 | = | 0.0% |
| Reserves | 13 | €337,055 | €713,788 | +€376,733 | +112% |
| Tax-exempt reserves | 132 | - | €254,750 | +€254,750 | |
| Distributable reserves | 133 | €337,055 | €459,038 | +€121,983 | +36.2% |
| Provisions and deferred taxes | 16 | - | €84,917 | +€84,917 | |
| Provisions for liabilities and charges | 160/5 | - | €84,917 | +€84,917 | |
| Taxes | 161 | - | €84,917 | +€84,917 | |
| Amounts payable | 17/49 | €139,480 | €429,053 | +€289,573 | +208% |
| Amounts payable after more than one year | 17 | €54,558 | €267,769 | +€213,211 | +391% |
| Financial debts | 170/4 | €54,558 | €267,769 | +€213,211 | +391% |
| Amounts payable within one year | 42/48 | €84,922 | €161,284 | +€76,362 | +89.9% |
| Current portion of amounts payable after more than one year | 42 | €14,103 | €54,334 | +€40,231 | +285% |
| Trade debts | 44 | €11,139 | €49,140 | +€38,001 | +341% |
| Suppliers | 440/4 | €11,139 | €49,140 | +€38,001 | +341% |
| Taxes, remuneration and social security | 45 | €9,263 | €56,906 | +€47,643 | +514% |
| Taxes | 450/3 | €9,263 | €56,906 | +€47,643 | +514% |
| Other amounts payable | 47/48 | €50,417 | €904 | -€49,513 | -98.2% |
| Non-recurring operating income | 76A | - | €339,666 | +€339,666 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,029 | €39,548 | +€11,519 | +41.1% |
| Other operating charges | 640/8 | €4,559 | €3,778 | -€781 | -17.1% |
| Gross operating margin | 9900 | €130,301 | €566,811 | +€436,510 | +335% |
| Operating profit (loss) | 9901 | €97,713 | €523,485 | +€425,772 | +436% |
| Financial income | 75/76B | €3,497 | €1,701 | -€1,796 | -51.4% |
| Recurring financial income | 75 | €3,497 | €1,701 | -€1,796 | -51.4% |
| Financial charges | 65/66B | €3,533 | €14,130 | +€10,597 | +300% |
| Recurring financial charges | 65 | €3,533 | €14,130 | +€10,597 | +300% |
| Profit (loss) for the period before taxes | 9903 | €97,677 | €511,056 | +€413,379 | +423% |
| Transfer to deferred taxes | 680 | - | €84,916 | +€84,916 | |
| Income taxes | 67/77 | €30,182 | €49,407 | +€19,225 | +63.7% |
| Profit (loss) for the period | 9904 | €67,495 | €376,733 | +€309,238 | +458% |
| Transfer to tax-exempt reserves | 689 | - | €254,750 | +€254,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €67,495 | €121,983 | +€54,488 | +80.7% |
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.