Naze: 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.
Naze
Largest movements
- Cash +€17,538
up €17,538 (+47.3%), from €37,078 to €54,615
mainly Receivables within one year (+€15,539) and Net result for the year (+€12,606)
- Receivables within one year -€15,539
no longer reported in 2025 (was €15,539)
of which Trade receivables: -€10,338
- Tangible fixed assets +€2,683
up €2,683 (+31.5%), from €8,521 to €11,204
of which Furniture and vehicles: +€2,430
- Profit (loss) carried forward +€12,606
up €12,606 (+72.1%), from €17,473 to €30,079
- Trade debts -€9,392
down €9,392 (-62.8%), from €14,960 to €5,568
- Accrued charges and deferred income +€929
new in 2025: €929
- Tax, wage and social debts +€917
up €917 (+7.8%), from €11,757 to €12,674
of which Remuneration and social security: +€3,165
- Staff costs +€19,037
new in 2025: €19,037
- Gross operating margin +€13,255
up €13,255 (+24.7%), from €53,590 to €66,844
- Taxes +€8,430
up €8,430 (+154.5%), from €5,455 to €13,885
- Depreciation +€4,245
up €4,245 (+78.3%), from €5,423 to €9,669
- Other operating charges -€1,567
down €1,567 (-22.9%), from €6,837 to €5,269
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 | €64,190 | €69,251 | +€5,061 | +7.9% |
| Fixed assets | 21/28 | €8,821 | €11,504 | +€2,683 | +30.4% |
| Tangible fixed assets | 22/27 | €8,521 | €11,204 | +€2,683 | +31.5% |
| Plant, machinery and equipment | 23 | €7,196 | €7,449 | +€253 | +3.5% |
| Furniture and vehicles | 24 | €1,325 | €3,755 | +€2,430 | +183.4% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €55,370 | €57,747 | +€2,378 | +4.3% |
| Stocks and contracts in progress | 3 | €2,754 | €3,132 | +€378 | +13.7% |
| Stocks | 30/36 | €2,754 | €3,132 | +€378 | +13.7% |
| Amounts receivable within one year | 40/41 | €15,539 | - | -€15,539 | |
| Trade receivables | 40 | €10,338 | - | -€10,338 | |
| Other amounts receivable | 41 | €5,201 | - | -€5,201 | |
| Cash at bank and in hand | 54/58 | €37,078 | €54,615 | +€17,538 | +47.3% |
| Total equity and liabilities | 10/49 | €64,190 | €69,251 | +€5,061 | +7.9% |
| Equity | 10/15 | €17,474 | €30,080 | +€12,606 | +72.1% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Outside capital | 11 | €1 | €1 | = | 0.0% |
| Other | 1109/19 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,473 | €30,079 | +€12,606 | +72.1% |
| Amounts payable | 17/49 | €46,716 | €39,171 | -€7,546 | -16.2% |
| Amounts payable within one year | 42/48 | €46,716 | €38,242 | -€8,475 | -18.1% |
| Trade debts | 44 | €14,960 | €5,568 | -€9,392 | -62.8% |
| Suppliers | 440/4 | €14,960 | €5,568 | -€9,392 | -62.8% |
| Taxes, remuneration and social security | 45 | €11,757 | €12,674 | +€917 | +7.8% |
| Taxes | 450/3 | €11,757 | €9,508 | -€2,248 | -19.1% |
| Remuneration and social security | 454/9 | - | €3,165 | +€3,165 | |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €929 | +€929 | |
| Remuneration, social security and pensions | 62 | - | €19,037 | +€19,037 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,423 | €9,669 | +€4,245 | +78.3% |
| Other operating charges | 640/8 | €6,837 | €5,269 | -€1,567 | -22.9% |
| Gross operating margin | 9900 | €53,590 | €66,844 | +€13,255 | +24.7% |
| Operating profit (loss) | 9901 | €41,330 | €32,869 | -€8,461 | -20.5% |
| Financial income | 75/76B | €211 | €41 | -€170 | -80.6% |
| Recurring financial income | 75 | €211 | €41 | -€170 | -80.6% |
| Financial charges | 65/66B | €5,542 | €6,418 | +€876 | +15.8% |
| Recurring financial charges | 65 | €5,542 | €6,418 | +€876 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | €35,999 | €26,492 | -€9,507 | -26.4% |
| Income taxes | 67/77 | €5,455 | €13,885 | +€8,430 | +154.5% |
| Profit (loss) for the period | 9904 | €30,544 | €12,606 | -€17,938 | -58.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,544 | €12,606 | -€17,938 | -58.7% |
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 1 October 2026 via checked.be.