NAT: what changed
Two fiscal 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.
NAT
Largest movements
- Tangible fixed assets -€736,903
down €736,903 (-5.2%), from €14.2m to €13.5m
- Debts after one year -€918,407
down €918,407 (-6.8%), from €13.4m to €12.5m
- Profit (loss) carried forward +€164,349
up €164,349 (+6.1%), from -€2.7m to -€2.5m
- Gross operating margin -€64,561
down €64,561 (-4.2%), from €1.5m to €1.5m
- Financial charges -€33,690
down €33,690 (-6.5%), from €516,728 to €483,038
- Depreciation -€24,080
down €24,080 (-3.2%), from €760,983 to €736,903
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.
Cash bridge derived
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 | €14,213,628 | €13,459,993 | -€753,635 | -5.3% |
| Fixed assets | 21/28 | €14,188,298 | €13,451,396 | -€736,903 | -5.2% |
| Tangible fixed assets | 22/27 | €14,188,298 | €13,451,396 | -€736,903 | -5.2% |
| Land and buildings | 22 | €14,188,298 | €13,451,396 | -€736,903 | -5.2% |
| Current assets | 29/58 | €25,329 | €8,597 | -€16,732 | -66.1% |
| Cash at bank and in hand | 54/58 | €25,329 | €8,597 | -€16,732 | -66.1% |
| Total equity and liabilities | 10/49 | €14,213,628 | €13,459,993 | -€753,635 | -5.3% |
| Equity | 10/15 | €707,938 | €872,287 | +€164,349 | +23.2% |
| Contributions | 10/11 | €3,400,000 | €3,400,000 | = | 0.0% |
| Reserves | 13 | €3,086 | €3,086 | = | 0.0% |
| Distributable reserves | 133 | €3,086 | €3,086 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,695,148 | -€2,530,799 | +€164,349 | +6.1% |
| Amounts payable | 17/49 | €13,505,690 | €12,587,706 | -€917,984 | -6.8% |
| Amounts payable after more than one year | 17 | €13,441,251 | €12,522,844 | -€918,407 | -6.8% |
| Other amounts payable | 178/9 | €13,441,251 | €12,522,844 | -€918,407 | -6.8% |
| Amounts payable within one year | 42/48 | €64,439 | €64,863 | +€424 | +0.7% |
| Trade debts | 44 | €64,439 | €64,863 | +€424 | +0.7% |
| Suppliers | 440/4 | €64,439 | €64,863 | +€424 | +0.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €760,983 | €736,903 | -€24,080 | -3.2% |
| Other operating charges | 640/8 | €97,666 | €100,574 | +€2,908 | +3.0% |
| Gross operating margin | 9900 | €1,549,425 | €1,484,864 | -€64,561 | -4.2% |
| Operating profit (loss) | 9901 | €690,776 | €647,387 | -€43,389 | -6.3% |
| Financial income | 75/76B | €50 | €0 | -€50 | -100.0% |
| Recurring financial income | 75 | €50 | €0 | -€50 | -100.0% |
| Financial charges | 65/66B | €516,728 | €483,038 | -€33,690 | -6.5% |
| Recurring financial charges | 65 | €516,728 | €483,038 | -€33,690 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €174,098 | €164,349 | -€9,749 | -5.6% |
| Profit (loss) for the period | 9904 | €174,098 | €164,349 | -€9,749 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €174,098 | €164,349 | -€9,749 | -5.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.