NATALE (0473.798.280): financials and annual accounts

NATALE

Antwerp ·KBO/BCE: BE 0473.798.280

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Balance sheet: assets
Total assets`20/58`	5.9m	4.3m	4.6m	4.1m	4.1m	4.3m	4.7m	4.6m	4.5m	4.4m	4.3m	3.9m	3.8m	3.4m	2.8m	2.8m	3.5m	3.7m	3.6m
Fixed assets`21/28`	1.1m	1.0m	1.1m	1.1m	1.2m	1.4m	1.5m	1.7m	1.9m	1.9m	1.9m	1.2m	1.3m	1.4m	1.4m	1.4m	1.5m	1.4m	1.2m
Intangible fixed assets`21`	252,736	342,474	410,980	501,994	593,008	684,022	775,035	881,157	987,279	1.1m	1.2m	543,156	588,419	633,682	678,945	724,208	769,471	814,734	859,997
Tangible fixed assets`22/27`	858,054	677,204	680,925	543,356	589,944	652,924	725,061	804,569	867,454	830,664	633,648	633,146	702,303	735,872	665,572	706,278	729,826	601,407	333,996
Land and buildings`22`	669,520	532,624	474,745	514,537	557,832	619,694	681,013	739,189	787,362	748,331	574,132	552,880	594,028	630,469	628,085	663,711	687,243	553,815	278,391
Plant, machinery and equipment`23`	119,345	112,820	87,207	27,067	30,886	23,666	19,130	24,676	22,519	18,063	4,536	1,088	1,848	13,036	11,969	11,105	6,995	11,575	26,709
Furniture and vehicles`24`	69,189	31,760	12,770	1,751	1,226	9,563	24,918	40,704	57,573	64,270	54,980	79,178	106,427	92,368	25,518	31,462	35,588	36,016	28,896
Assets under construction and advance payments`27`	-	0	106,203	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	23,687	22,037	18,887	18,737	18,737	18,737	18,737	18,737	18,737	18,737	17,507	24,501	24,501	19,501	19,501	19,501	19,501	19,501	19,501
Current assets`29/58`	4.7m	3.2m	3.5m	3.0m	2.9m	3.0m	3.2m	2.8m	2.7m	2.5m	2.4m	2.7m	2.5m	2.0m	1.4m	1.4m	1.9m	2.3m	2.4m
Stocks and contracts in progress`3`	1.4m	767,855	843,167	780,681	781,978	750,114	664,216	677,724	675,297	657,291	585,294	381,647	239,969	81,526	124,162	78,433	74,327	-	-
Stocks`30/36`	1.4m	767,855	843,167	780,681	781,978	750,114	664,216	677,724	675,297	657,291	585,294	381,647	239,969	81,526	124,162	78,433	74,327	-	-
Amounts receivable within one year`40/41`	1.7m	1.2m	2.0m	1.8m	1.7m	1.9m	2.4m	2.0m	1.8m	1.8m	1.8m	2.2m	1.6m	1.2m	1.0m	1.1m	967,911	1.4m	1.5m
Trade receivables`40`	752,994	585,794	963,933	812,633	717,454	912,232	1.3m	1.0m	871,595	762,272	976,005	1.5m	1.2m	1.1m	914,103	985,613	886,059	1.3m	1.4m
Other amounts receivable`41`	946,795	614,806	1.0m	987,461	976,989	949,595	1.1m	973,131	959,581	1.0m	828,034	679,107	327,190	67,064	104,185	96,037	81,852	143,062	46,848
Current investments`50/53`	300,000	300,000	-	-	-	885	885	885	885	885	885	885	885	1,256	1,251	1,248	600,465	423,582	410,296
Cash at bank and in hand`54/58`	881,414	642,898	477,190	312,072	213,861	179,892	19,848	48,253	147,019	23,004	39,502	56,747	573,526	704,455	237,638	229,129	297,724	443,177	496,614
Deferred charges and accrued income`490/1`	441,045	302,785	183,642	134,628	176,946	185,005	84,917	126,019	21,690	8,193	10,050	12,292	81,593	5,268	40,020	3,491	4,503	9,282	2,273
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	5.9m	4.3m	4.6m	4.1m	4.1m	4.3m	4.7m	4.6m	4.5m	4.4m	4.3m	3.9m	3.8m	3.4m	2.8m	2.8m	3.5m	3.7m	3.6m
Equity`10/15`	3.9m	2.9m	3.1m	3.1m	3.0m	3.0m	3.0m	3.1m	3.1m	3.1m	3.1m	3.4m	3.2m	2.9m	2.5m	2.3m	2.1m	1.9m	1.3m
Contributions`10/11`	24,800	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Issued capital`100`	-	-	-	-	-	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Reserves`13`	841,865	83,151	41,514	20,610	20,610	20,610	20,610	20,610	20,610	20,610	20,610	20,610	20,610	20,610	20,610	20,610	20,610	20,610	20,610
Non-distributable reserves`130/1`	-	0	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860
Reserves not available under the articles`1311`	-	0	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax-exempt reserves`132`	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750	18,750
Distributable reserves`133`	823,115	64,401	20,904	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	3.0m	2.8m	3.1m	3.1m	3.0m	3.0m	3.0m	3.0m	3.1m	3.1m	3.0m	3.3m	3.2m	2.8m	2.4m	2.2m	2.1m	1.8m	1.2m
Provisions and deferred taxes`16`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	60,000	-
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	60,000	-
Amounts payable`17/49`	2.0m	1.4m	1.5m	991,153	1.0m	1.3m	1.7m	1.5m	1.4m	1.3m	1.2m	470,122	581,916	482,323	334,590	556,358	1.3m	1.8m	2.3m
Amounts payable after more than one year`17`	523,638	619,866	680,886	609,772	690,542	754,169	816,457	918,535	1.2m	1.1m	937,028	58,181	113,089	124,112	161,064	206,223	249,279	197,736	219,358
Financial debts`170/4`	523,638	619,866	680,886	609,772	690,542	754,169	816,457	918,535	1.2m	1.1m	937,028	58,181	113,089	124,112	161,064	206,223	249,279	197,736	219,358
Amounts payable within one year`42/48`	1.4m	773,036	803,184	381,381	349,057	573,014	839,522	552,839	223,943	177,976	294,620	411,941	468,827	358,051	173,526	350,135	1.1m	1.6m	1.8m
Current portion of amounts payable after more than one year`42`	114,784	111,829	122,758	106,458	126,139	94,124	147,851	141,244	134,655	89,910	100,970	180,343	225,652	204,422	96,421	93,812	167,953	303,818	20,660
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	42
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	42
Trade debts`44`	569,176	329,844	530,425	100,938	157,267	368,047	609,354	333,105	31,434	29,907	113,185	112,286	96,843	46,586	35,146	191,716	320,438	613,762	469,093
Suppliers`440/4`	569,176	329,844	530,425	100,938	157,267	368,047	609,354	333,105	31,434	29,907	113,185	112,286	96,843	46,586	35,146	191,716	320,438	613,762	469,093
Taxes, remuneration and social security`45`	755,821	331,363	150,001	173,984	65,650	110,844	82,318	78,490	57,854	58,010	75,465	114,312	141,332	107,044	41,960	59,466	41,035	68,440	415,400
Taxes`450/3`	403,026	166,426	115,141	104,546	13,473	48,054	312	-	-	-	-	36,193	72,670	51,302	181	18,449	41,035	35,547	399,908
Remuneration and social security`454/9`	352,795	164,937	34,859	69,438	52,178	62,790	82,006	78,490	57,854	58,010	75,465	78,119	68,662	55,742	41,779	41,017	-	32,893	15,492
Other amounts payable`47/48`	-	-	-	-	-	-	-	-	-	149	5,000	5,000	5,000	-	-	5,141	548,176	608,751	923,274
Accrued charges and deferred income`492/3`	8,500	0	5,411	-	-	-	4,000	4,000	10,000	-	-	-	-	160	-	-	-	-	275,717
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	-	-	-	42,530	26,613	-	-	30,732	-	-
Gross operating margin`9900`	2.6m	1.5m	1.1m	927,459	834,946	949,144	867,634	826,917	800,871	809,638	576,531	1.3m	1.2m	1.4m	796,163	797,029	705,412	1.3m	1.7m
Remuneration, social security and pensions`62`	1.8m	1.1m	783,692	608,318	576,324	580,887	645,192	633,321	578,577	536,679	671,805	825,269	629,332	490,953	366,081	356,521	323,506	281,916	226,367
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	231,346	193,976	167,547	159,488	168,915	177,824	194,091	196,209	196,983	193,537	176,939	121,250	123,981	114,777	105,701	102,280	109,347	102,548	88,424
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	-	-	-	-	-	-	70,866	-	14,445	-	-	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-60,000	60,000	-
Other operating charges`640/8`	23,555	14,450	11,016	11,069	11,609	11,143	9,822	9,697	9,444	9,223	8,280	10,562	7,085	6,887	97,537	40,196	2,298	2,086	96,046
Non-recurring operating charges`66A`	-	-	-	-	-	-	1,421	-	-	-	-	-	42,530	26,613	-	10,212	-	-	-
Operating profit (loss)`9901`	510,665	195,558	133,234	148,584	78,098	179,290	17,107	-12,310	15,868	70,200	-280,493	293,906	483,529	685,168	226,845	283,587	330,261	885,346	1.3m
Financial income`75/76B`	14,605	5,579	2,239	1,089	14,291	99	6,382	25,100	30,244	40,508	14,885	20,079	27,720	24,937	23,013	21,086	35,485	43,049	37,113
Recurring financial income`75`	14,605	5,579	2,239	1,089	14,291	99	6,382	25,100	30,244	40,508	14,885	20,079	27,720	24,937	23,013	21,086	35,485	43,049	37,113
Financial charges`65/66B`	66,545	110,844	95,084	78,176	68,916	197,691	73,386	39,389	85,550	27,655	60,498	60,569	69,861	55,265	35,323	43,298	50,185	57,151	36,363
Recurring financial charges`65`	66,060	110,844	95,084	78,176	68,916	197,691	73,386	39,389	85,550	27,655	60,498	60,569	69,861	55,265	35,323	43,298	50,185	57,151	36,363
Non-recurring financial charges`66B`	485	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period before taxes`9903`	458,725	90,293	40,389	71,497	23,472	-18,302	-49,897	-26,599	-39,438	83,053	-326,106	253,417	441,387	654,840	214,535	251,163	346,293	871,243	1.3m
Income taxes`67/77`	171,870	48,656	19,486	406	375	335	312	417	38	295	-	63,396	131,209	220,920	51,327	100,428	85,461	280,179	452,421
Profit (loss) for the period`9904`	286,856	41,637	20,904	71,090	23,098	-18,637	-50,209	-27,016	-39,476	82,758	-326,106	190,021	310,178	433,920	163,208	150,735	260,832	591,064	831,135
Profit (loss) for the period to be appropriated`9905`	286,856	41,637	20,904	71,090	23,098	-18,637	-50,209	-27,016	-39,476	82,758	-326,106	190,021	310,178	433,920	163,208	150,735	260,832	591,064	831,135
Appropriation of the result
Profit (loss) to be appropriated`9906`	3.3m	3.1m	3.1m	3.1m	3.0m	3.0m	3.0m	3.0m	3.1m	3.1m	3.0m	3.3m	3.2m	2.8m	2.4m	2.2m	2.1m	1.8m	1.2m
Profit (loss) brought forward from the previous period`14P`	3.0m	3.1m	3.1m	3.0m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	286,856	41,637	20,904	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
To other reserves`6921`	286,856	41,637	20,904	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	0	300,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	0	300,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	29.7	16.6	13.9	11.4	10.9	11.4	12.5	12	10.9	10.9	12.5	15.4	12.7	9.1	7.6	7.5	6.7	5.8	5
Hours worked`1013`	50,599	26,570	23,283	18,643	16,886	17,616	19,914	18,807	17,200	17,334	20,574	23,887	20,017	15,299	12,046	13,017	11,148	9,809	8,679
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Financial year	Type	Filed	Reference	Document
31-03-2025	abbreviated format	28-11-2025	2025-00575553	PDF
31-03-2024	abbreviated format	29-11-2024	2024-00610678	PDF
31-03-2023	abbreviated format	30-11-2023	2023-00520485	PDF
31-03-2022	abbreviated format	28-11-2022	2022-20526409	PDF
31-03-2021	abbreviated format	29-11-2021	2021-79200075	PDF
31-03-2020	abbreviated format	22-12-2020	2020-76700411	PDF
31-03-2019	abbreviated format	29-11-2019	2019-74700141	PDF
31-03-2018	abbreviated format	30-11-2018	2018-73600289	PDF
31-03-2017	abbreviated format	29-11-2017	2017-70800061	PDF
31-03-2016	abbreviated format	30-11-2016	2016-69000493	PDF
31-03-2015	abbreviated format	29-10-2015	2015-66000269	PDF
31-03-2014	abbreviated format	07-11-2014	2014-67000163	PDF
31-03-2013	abbreviated format	25-11-2013	2013-67200238	PDF
31-03-2012	abbreviated format	30-11-2012	2012-65200381	PDF
31-03-2011	abbreviated format	30-11-2011	2011-62600263	PDF
31-03-2010	abbreviated format	30-11-2010	2010-62300354	PDF
31-03-2009	abbreviated format	12-11-2009	2009-85600290	PDF
31-03-2008	abbreviated format	27-11-2008	2008-83100112	PDF
31-03-2007	abbreviated format	31-10-2007	2007-78800319	PDF
31-03-2006	abbreviated format	08-11-2006	2006-87100123	PDF
31-03-2005	abbreviated format	31-10-2005	2005-84703012	PDF
31-03-2004	abbreviated format	05-11-2004	2004-78201391	PDF
31-03-2003	abbreviated format	30-09-2003	2003-70702012	PDF
31-03-2002	abbreviated format	09-12-2002	2002-75701272	PDF

Year	Entries	Awarded	Paid
2025	2	€11,724	€10,862
2024	2	€13,225	€13,225
2023	2	€11,243	€11,243
2022	2	€10,697	€10,697

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
EBITDA	742,011	389,534	300,781	308,072	247,013	357,114	211,198	183,898	212,851	263,737	-103,554	415,157	607,509	799,945	332,545	385,867	439,608	987,893	1.4m
Cash flow	518,201	235,613	188,451	230,579	192,013	159,187	143,883	169,192	157,507	276,295	-149,167	311,271	434,159	548,697	268,909	253,015	370,180	693,611	919,559
Investment in fixed assets	1.1m	124,898	214,253	21,886	14,922	14,673	8,461	27,202	127,650	285,661	833,809	6,830	50,149	140,517	19,732	33,469	201,504	324,696	1.3m
Change in cash	238,516	165,708	165,118	98,211	33,970	160,044	-28,405	-98,766	124,015	-16,498	-17,244	-516,780	-130,929	466,817	8,509	-68,595	-145,453	-53,437	-
Working capital	3.3m	2.4m	2.7m	2.6m	2.5m	2.4m	2.3m	2.3m	2.5m	2.3m	2.1m	2.2m	2.0m	1.6m	1.2m	1.0m	867,326	698,106	566,530
Solvency	66.4%	67.3%	67.7%	75.8%	74.5%	69.4%	64.6%	67.6%	68.2%	71.2%	71.3%	87.8%	84.6%	85.7%	88.0%	80.4%	61.7%	50.3%	35.6%
Current ratio	3.28	4.16	4.36	7.94	8.21	5.20	3.77	5.15	11.95	13.88	8.28	6.44	5.25	5.52	8.19	3.98	1.80	1.44	1.31
Quick ratio	2.31	3.16	3.31	5.89	5.97	3.89	2.98	3.92	8.93	10.19	6.29	5.52	4.74	5.30	7.48	3.76	1.74	1.44	1.31
Debt to equity	0.51	0.49	0.48	0.32	0.34	0.44	0.55	0.48	0.47	0.40	0.40	0.14	0.18	0.17	0.14	0.24	0.62	0.96	1.81
ROE	7.4%	1.5%	0.7%	2.3%	0.8%	-0.6%	-1.7%	-0.9%	-1.3%	2.6%	-10.7%	5.6%	9.7%	15.0%	6.7%	6.6%	12.2%	31.5%	64.7%
ROA	4.9%	1.0%	0.5%	1.7%	0.6%	-0.4%	-1.1%	-0.6%	-0.9%	1.9%	-7.6%	4.9%	8.2%	12.9%	5.9%	5.3%	7.5%	15.9%	23.0%
Interest coverage	11.23	3.51	3.16	3.94	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-03-2025	31-03-2024	31-03-2023	31-03-2022
Employees at the balance-sheet date	39	22	19	15
full-time	14	9	9	5
part-time	25	13	10	10
in full-time equivalents	31.6	16.8	15.9	12.8
Average over the year, in full-time equivalents	29.7	16.6	13.9	11.4
On a permanent contract	36	19	15	14
Joined	535	28	28	24
Left	518	25	24	22

NATALE

Annual accounts 2025

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency66.4%

Current ratio3.28

Return on assets4.9%

Staff

Staff cost per FTE€60,997

Joined and left+17

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2022 to 2025, 8 entries, €46,889 awarded, €46,027 paid

Key figures and ratios

Social balance sheet

Securities and guarantees

Investments

Insights on NATALE

Next steps

Item	31-03-2025	31-03-2024	31-03-2023	31-03-2022
Debts guaranteed by Belgian public bodies	-	€731,695	€803,644	€716,230
Mortgages, amount registered	€228,953	€319,967	€410,980	€501,994
Carrying value of the mortgaged assets	€228,953	€319,967	€410,980	€501,994

Item	31-03-2025	31-03-2024	31-03-2023	31-03-2022
Tangible fixed assets	€960,805	€96,919	€214,103	€21,886
Intangible fixed assets	€110,000	€24,829	-	-
Financial fixed assets	€4,800	€3,150	€150	-
Depreciation and write-downs of the year	€231,346	€193,976	€167,547	€159,488