R-NAVER: 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.
R-NAVER
Largest movements
- Stocks and contracts -€454,589
down €454,589 (-68.1%), from €667,384 to €212,795
- Cash +€40,775
up €40,775 (+2,070%), from €1,969 to €42,744
mainly Stocks and contracts (+€454,589) and Depreciation (+€7,641)
- Tangible fixed assets +€10,220
up €10,220 (+80.7%), from €12,657 to €22,877
of which Furniture and vehicles: +€10,288
- Short-term financial debts -€350,330
down €350,330 (-81.8%), from €428,330 to €78,000
- Reserves -€28,235
down €28,235 (-72.5%), from €38,934 to €10,699
- Accrued charges and deferred income -€16,348
no longer reported in 2025 (was €16,348)
- Trade debts -€13,064
down €13,064 (-64.0%), from €20,401 to €7,338
- Gross operating margin -€40,266
down €40,266 (-55.5%), from €72,557 to €32,291
- Financial charges +€8,732
up €8,732 (+98.8%), from €8,838 to €17,570
- Taxes -€6,833
down €6,833 (-65.3%), from €10,471 to €3,638
- Financial income +€4,336
up €4,336 (+15,141%), from €29 to €4,365
- Staff costs -€2,205
no longer reported in 2025 (was €2,205)
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 | €686,295 | €280,562 | -€405,733 | -59.1% |
| Fixed assets | 21/28 | €12,657 | €22,877 | +€10,220 | +80.7% |
| Tangible fixed assets | 22/27 | €12,657 | €22,877 | +€10,220 | +80.7% |
| Plant, machinery and equipment | 23 | €2,069 | €2,001 | -€68 | -3.3% |
| Furniture and vehicles | 24 | €10,589 | €20,877 | +€10,288 | +97.2% |
| Current assets | 29/58 | €673,638 | €257,684 | -€415,954 | -61.7% |
| Stocks and contracts in progress | 3 | €667,384 | €212,795 | -€454,589 | -68.1% |
| Stocks | 30/36 | €667,384 | €212,795 | -€454,589 | -68.1% |
| Amounts receivable within one year | 40/41 | €3,261 | €2,073 | -€1,188 | -36.4% |
| Trade receivables | 40 | €3,261 | €2,073 | -€1,188 | -36.4% |
| Cash at bank and in hand | 54/58 | €1,969 | €42,744 | +€40,775 | +2,070% |
| Deferred charges and accrued income | 490/1 | €1,023 | €72 | -€952 | -93.0% |
| Total equity and liabilities | 10/49 | €686,295 | €280,562 | -€405,733 | -59.1% |
| Equity | 10/15 | €118,934 | €96,698 | -€22,236 | -18.7% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €38,934 | €10,699 | -€28,235 | -72.5% |
| Distributable reserves | 133 | €38,934 | €10,699 | -€28,235 | -72.5% |
| Profit (loss) carried forward | 14 | - | €6,000 | +€6,000 | |
| Amounts payable | 17/49 | €567,361 | €183,863 | -€383,498 | -67.6% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Other amounts payable | 178/9 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €476,013 | €108,863 | -€367,150 | -77.1% |
| Financial debts | 43 | €428,330 | €78,000 | -€350,330 | -81.8% |
| Credit institutions | 430/8 | €428,330 | €78,000 | -€350,330 | -81.8% |
| Trade debts | 44 | €20,401 | €7,338 | -€13,064 | -64.0% |
| Suppliers | 440/4 | €20,401 | €7,338 | -€13,064 | -64.0% |
| Taxes, remuneration and social security | 45 | €10,888 | €10,880 | -€8 | -0.1% |
| Taxes | 450/3 | €10,888 | €10,880 | -€8 | -0.1% |
| Other amounts payable | 47/48 | €16,394 | €12,646 | -€3,748 | -22.9% |
| Accrued charges and deferred income | 492/3 | €16,348 | - | -€16,348 | |
| Remuneration, social security and pensions | 62 | €2,205 | - | -€2,205 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,903 | €7,641 | +€738 | +10.7% |
| Other operating charges | 640/8 | €2,753 | €1,807 | -€947 | -34.4% |
| Non-recurring operating charges | 66A | €2,440 | - | -€2,440 | |
| Gross operating margin | 9900 | €72,557 | €32,291 | -€40,266 | -55.5% |
| Operating profit (loss) | 9901 | €58,256 | €22,843 | -€35,413 | -60.8% |
| Financial income | 75/76B | €29 | €4,365 | +€4,336 | +15,141% |
| Recurring financial income | 75 | €29 | €4,365 | +€4,336 | +15,141% |
| Financial charges | 65/66B | €8,838 | €17,570 | +€8,732 | +98.8% |
| Recurring financial charges | 65 | €8,838 | €17,570 | +€8,732 | +98.8% |
| Profit (loss) for the period before taxes | 9903 | €49,447 | €9,638 | -€39,809 | -80.5% |
| Income taxes | 67/77 | €10,471 | €3,638 | -€6,833 | -65.3% |
| Profit (loss) for the period | 9904 | €38,975 | €6,000 | -€32,976 | -84.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,975 | €6,000 | -€32,976 | -84.6% |
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 21 October 2026 via checked.be.