LOUIS NATAN: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
LOUIS NATAN
Largest movements
- Tangible fixed assets -€3,049
down €3,049 (-32.8%), from €9,286 to €6,237
of which Furniture and vehicles: -€2,480
- Receivables within one year +€2,272
up €2,272 (+27.3%), from €8,331 to €10,603
of which Trade receivables: +€3,645
- Trade debts -€11,056
down €11,056 (-78.3%), from €14,124 to €3,068
- Tax, wage and social debts +€9,174
up €9,174 (+32.0%), from €28,703 to €37,877
of which Remuneration and social security: +€9,785
- Current portion of long-term debt +€2,880
new in 2025: €2,880
- Short-term financial debts -€2,667
no longer reported in 2025 (was €2,667)
- Staff costs +€34,386
up €34,386 (+26.2%), from €131,223 to €165,609
- Gross operating margin +€17,773
up €17,773 (+11.1%), from €160,522 to €178,295
- Financial charges +€5,975
up €5,975 (+358%), from €1,668 to €7,643
- Taxes -€5,305
down €5,305 (-85.9%), from €6,175 to €870
- Depreciation -€2,996
down €2,996 (-49.6%), from €6,045 to €3,049
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 | €77,150 | €75,686 | -€1,464 | -1.9% |
| Fixed assets | 21/28 | €9,336 | €6,287 | -€3,049 | -32.7% |
| Tangible fixed assets | 22/27 | €9,286 | €6,237 | -€3,049 | -32.8% |
| Plant, machinery and equipment | 23 | €2,072 | €1,553 | -€519 | -25.1% |
| Furniture and vehicles | 24 | €7,164 | €4,684 | -€2,480 | -34.6% |
| Other tangible fixed assets | 26 | €50 | - | -€50 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €67,814 | €69,399 | +€1,585 | +2.3% |
| Stocks and contracts in progress | 3 | €12,872 | €12,563 | -€309 | -2.4% |
| Stocks | 30/36 | €12,872 | €12,563 | -€309 | -2.4% |
| Amounts receivable within one year | 40/41 | €8,331 | €10,603 | +€2,272 | +27.3% |
| Trade receivables | 40 | €480 | €4,125 | +€3,645 | +759% |
| Other amounts receivable | 41 | €7,851 | €6,478 | -€1,373 | -17.5% |
| Cash at bank and in hand | 54/58 | €46,611 | €45,842 | -€769 | -1.7% |
| Deferred charges and accrued income | 490/1 | - | €392 | +€392 | |
| Total equity and liabilities | 10/49 | €77,150 | €75,686 | -€1,464 | -1.9% |
| Equity | 10/15 | €31,656 | €31,840 | +€184 | +0.6% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €31,655 | €31,655 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €29,795 | €29,795 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | - | €184 | +€184 | |
| Amounts payable | 17/49 | €45,494 | €43,846 | -€1,648 | -3.6% |
| Amounts payable within one year | 42/48 | €45,494 | €43,824 | -€1,670 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | - | €2,880 | +€2,880 | |
| Financial debts | 43 | €2,667 | - | -€2,667 | |
| Credit institutions | 430/8 | €2,667 | - | -€2,667 | |
| Trade debts | 44 | €14,124 | €3,068 | -€11,056 | -78.3% |
| Suppliers | 440/4 | €14,124 | €3,068 | -€11,056 | -78.3% |
| Taxes, remuneration and social security | 45 | €28,703 | €37,877 | +€9,174 | +32.0% |
| Taxes | 450/3 | €19,713 | €19,102 | -€611 | -3.1% |
| Remuneration and social security | 454/9 | €8,990 | €18,775 | +€9,785 | +109% |
| Accrued charges and deferred income | 492/3 | - | €22 | +€22 | |
| Remuneration, social security and pensions | 62 | €131,223 | €165,609 | +€34,386 | +26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,045 | €3,049 | -€2,996 | -49.6% |
| Other operating charges | 640/8 | €421 | €372 | -€49 | -11.7% |
| Non-recurring operating charges | 66A | - | €729 | +€729 | |
| Gross operating margin | 9900 | €160,522 | €178,295 | +€17,773 | +11.1% |
| Operating profit (loss) | 9901 | €22,833 | €8,536 | -€14,297 | -62.6% |
| Financial income | 75/76B | €400 | €161 | -€239 | -59.7% |
| Recurring financial income | 75 | €400 | €161 | -€239 | -59.7% |
| Financial charges | 65/66B | €1,668 | €7,643 | +€5,975 | +358% |
| Recurring financial charges | 65 | €1,668 | €7,643 | +€5,975 | +358% |
| Profit (loss) for the period before taxes | 9903 | €21,565 | €1,054 | -€20,511 | -95.1% |
| Income taxes | 67/77 | €6,175 | €870 | -€5,305 | -85.9% |
| Profit (loss) for the period | 9904 | €15,390 | €184 | -€15,206 | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,390 | €184 | -€15,206 | -98.8% |
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 1 November 2026 via checked.be.