NARVAL: what changed
NARVAL
Largest movements
- Cash +€84,133
up €84,133 (+22,862%), from €368 to €84,501
mainly Debts after one year (+€56,379) and Tax, wage and social debts (+€25,345)
- Tangible fixed assets +€10,902
up €10,902 (+14.9%), from €73,147 to €84,049
of which Plant, machinery and equipment: +€14,897
- Stocks and contracts +€8,369
new in 2025: €8,369
- Receivables within one year +€3,206
up €3,206 (+6.3%), from €50,673 to €53,879
of which Other amounts receivable: +€44,173
- Debts after one year +€56,379
new in 2025: €56,379
- Other debts -€30,928
down €30,928 (-28.0%), from €110,574 to €79,646
- Tax, wage and social debts +€25,345
up €25,345 (+295%), from €8,588 to €33,933
of which Remuneration and social security: +€12,826
- Accrued charges and deferred income +€21,577
new in 2025: €21,577
- Current portion of long-term debt +€17,868
new in 2025: €17,868
- Staff costs +€53,857
new in 2025: €53,857
- Gross operating margin +€34,456
up €34,456 (+81.7%), from €42,177 to €76,633
- Depreciation -€7,654
down €7,654 (-45.8%), from €16,699 to €9,045
- Financial charges +€4,096
up €4,096 (+3,080%), from €133 to €4,229
- Taxes -€3,222
down €3,222 (-36.4%), from €8,842 to €5,620
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €124,368 | €232,786 | +€108,418 | +87.2% |
| Formation expenses | 20 | - | €674 | +€674 | |
| Fixed assets | 21/28 | €73,327 | €84,229 | +€10,902 | +14.9% |
| Tangible fixed assets | 22/27 | €73,147 | €84,049 | +€10,902 | +14.9% |
| Plant, machinery and equipment | 23 | €57,863 | €72,760 | +€14,897 | +25.7% |
| Furniture and vehicles | 24 | €15,284 | €11,289 | -€3,995 | -26.1% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €51,041 | €147,883 | +€96,842 | +190% |
| Stocks and contracts in progress | 3 | - | €8,369 | +€8,369 | |
| Stocks | 30/36 | - | €8,369 | +€8,369 | |
| Amounts receivable within one year | 40/41 | €50,673 | €53,879 | +€3,206 | +6.3% |
| Trade receivables | 40 | €50,000 | €9,033 | -€40,967 | -81.9% |
| Other amounts receivable | 41 | €673 | €44,846 | +€44,173 | +6,564% |
| Cash at bank and in hand | 54/58 | €368 | €84,501 | +€84,133 | +22,862% |
| Deferred charges and accrued income | 490/1 | - | €1,134 | +€1,134 | |
| Total equity and liabilities | 10/49 | €124,368 | €232,786 | +€108,418 | +87.2% |
| Equity | 10/15 | €5,000 | €7,743 | +€2,743 | +54.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €2,743 | +€2,743 | |
| Amounts payable | 17/49 | €119,368 | €225,043 | +€105,675 | +88.5% |
| Amounts payable after more than one year | 17 | - | €56,379 | +€56,379 | |
| Financial debts | 170/4 | - | €56,379 | +€56,379 | |
| Amounts payable within one year | 42/48 | €119,368 | €147,087 | +€27,719 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | - | €17,868 | +€17,868 | |
| Trade debts | 44 | €206 | €15,640 | +€15,434 | +7,492% |
| Suppliers | 440/4 | €206 | €15,640 | +€15,434 | +7,492% |
| Taxes, remuneration and social security | 45 | €8,588 | €33,933 | +€25,345 | +295% |
| Taxes | 450/3 | €8,588 | €21,107 | +€12,519 | +146% |
| Remuneration and social security | 454/9 | - | €12,826 | +€12,826 | |
| Other amounts payable | 47/48 | €110,574 | €79,646 | -€30,928 | -28.0% |
| Accrued charges and deferred income | 492/3 | - | €21,577 | +€21,577 | |
| Remuneration, social security and pensions | 62 | - | €53,857 | +€53,857 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,699 | €9,045 | -€7,654 | -45.8% |
| Other operating charges | 640/8 | €2,725 | €1,139 | -€1,586 | -58.2% |
| Gross operating margin | 9900 | €42,177 | €76,633 | +€34,456 | +81.7% |
| Operating profit (loss) | 9901 | €22,753 | €12,592 | -€10,161 | -44.7% |
| Financial charges | 65/66B | €133 | €4,229 | +€4,096 | +3,080% |
| Recurring financial charges | 65 | €133 | €4,229 | +€4,096 | +3,080% |
| Profit (loss) for the period before taxes | 9903 | €22,620 | €8,363 | -€14,257 | -63.0% |
| Income taxes | 67/77 | €8,842 | €5,620 | -€3,222 | -36.4% |
| Profit (loss) for the period | 9904 | €13,778 | €2,743 | -€11,035 | -80.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,778 | €2,743 | -€11,035 | -80.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.