Nat-Co: 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-Co
Largest movements
- Receivables within one year -€15,572
down €15,572 (-12.1%), from €128,466 to €112,894
- Tangible fixed assets -€9,044
down €9,044 (-3.9%), from €230,095 to €221,051
of which Furniture and vehicles: -€9,044
- Cash -€5,449
down €5,449 (-7.2%), from €75,530 to €70,081
mainly Contributions, distributions and other (-€48,750) and Trade debts (-€1,433)
- Reserves -€30,430
down €30,430 (-8.3%), from €368,405 to €337,975
of which Distributable reserves: -€30,430
- Gross operating margin -€6,490
down €6,490 (-14.7%), from €44,018 to €37,527
- Taxes +€1,502
up €1,502 (+18.8%), from €8,004 to €9,507
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 | €434,090 | €404,027 | -€30,063 | -6.9% |
| Fixed assets | 21/28 | €230,095 | €221,051 | -€9,044 | -3.9% |
| Tangible fixed assets | 22/27 | €230,095 | €221,051 | -€9,044 | -3.9% |
| Land and buildings | 22 | €198,824 | €198,824 | = | 0.0% |
| Furniture and vehicles | 24 | €31,271 | €22,227 | -€9,044 | -28.9% |
| Current assets | 29/58 | €203,996 | €182,976 | -€21,020 | -10.3% |
| Amounts receivable within one year | 40/41 | €128,466 | €112,894 | -€15,572 | -12.1% |
| Other amounts receivable | 41 | €128,466 | €112,894 | -€15,572 | -12.1% |
| Cash at bank and in hand | 54/58 | €75,530 | €70,081 | -€5,449 | -7.2% |
| Deferred charges and accrued income | 490/1 | €0 | €1 | +€1 | |
| Total equity and liabilities | 10/49 | €434,090 | €404,027 | -€30,063 | -6.9% |
| Equity | 10/15 | €430,405 | €399,975 | -€30,430 | -7.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €368,405 | €337,975 | -€30,430 | -8.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €362,205 | €331,775 | -€30,430 | -8.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,686 | €4,052 | +€367 | +9.9% |
| Amounts payable within one year | 42/48 | €3,686 | €4,052 | +€367 | +9.9% |
| Trade debts | 44 | €2,706 | €1,272 | -€1,433 | -53.0% |
| Suppliers | 440/4 | €2,706 | €1,272 | -€1,433 | -53.0% |
| Taxes, remuneration and social security | 45 | €980 | €2,780 | +€1,800 | +183.7% |
| Taxes | 450/3 | €980 | €2,780 | +€1,800 | +183.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,044 | €9,044 | = | 0.0% |
| Other operating charges | 640/8 | €292 | €478 | +€186 | +63.6% |
| Gross operating margin | 9900 | €44,018 | €37,527 | -€6,490 | -14.7% |
| Operating profit (loss) | 9901 | €34,682 | €28,005 | -€6,676 | -19.3% |
| Financial income | 75/76B | €0 | €1 | +€1 | +13100.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +13100.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €229 | €179 | -€50 | -21.7% |
| Recurring financial charges | 65 | €229 | €179 | -€50 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €34,453 | €27,827 | -€6,625 | -19.2% |
| Income taxes | 67/77 | €8,004 | €9,507 | +€1,502 | +18.8% |
| Profit (loss) for the period | 9904 | €26,448 | €18,320 | -€8,128 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,448 | €18,320 | -€8,128 | -30.7% |
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 2 October 2026 via checked.be.