Preheat your oven to 350°F (175°C).
In a large bowl, mix together the ketchup, molasses, brown sugar, Worcestershire sauce, Dijon mustard, smoked paprika, garlic powder, onion powder, black pepper, and salt.
Add the navy beans and water to the bowl and stir until well combined.
If you're using bacon, lay the slices over the top of the beans.
Transfer the bean mixture to a baking dish.
Cover the dish with foil and bake for 45 minutes.
Remove the foil and bake for an additional 15-20 minutes, or until the beans are bubbly and the bacon is crispy (if using).
Let the beans cool for a few minutes before serving.
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