NAT IMMO: 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 IMMO
Largest movements
- Tangible fixed assets -€62,920
down €62,920 (-15.5%), from €406,296 to €343,376
of which Furniture and vehicles: -€47,552
- Receivables within one year -€20,938
down €20,938 (-23.2%), from €90,232 to €69,295
of which Trade receivables: -€22,354
- Cash -€10,650
down €10,650 (-34.9%), from €30,546 to €19,896
mainly Debts after one year (-€43,474) and Other debts (-€36,100)
- Debts after one year -€43,474
down €43,474 (-29.1%), from €149,279 to €105,805
- Other debts -€36,100
no longer reported in 2025 (was €36,100)
- Reserves +€17,120
up €17,120 (+4.7%), from €362,866 to €379,986
of which Distributable reserves: +€19,500
- Current portion of long-term debt -€13,265
down €13,265 (-22.4%), from €59,235 to €45,970
- Trade debts -€9,574
down €9,574 (-8.8%), from €108,245 to €98,671
- Staff costs -€19,572
down €19,572 (-7.5%), from €261,612 to €242,040
- Gross operating margin -€17,629
down €17,629 (-4.8%), from €370,430 to €352,801
- Write-downs -€9,026
down €9,026 (-69.7%), from €12,947 to €3,921
- Financial income -€6,940
down €6,940 (-95.9%), from €7,234 to €294
- Depreciation -€6,347
down €6,347 (-10.2%), from €62,282 to €55,936
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 | €844,181 | €755,801 | -€88,380 | -10.5% |
| Fixed assets | 21/28 | €407,046 | €344,126 | -€62,920 | -15.5% |
| Tangible fixed assets | 22/27 | €406,296 | €343,376 | -€62,920 | -15.5% |
| Land and buildings | 22 | €297,659 | €283,589 | -€14,070 | -4.7% |
| Plant, machinery and equipment | 23 | €3,819 | €2,521 | -€1,298 | -34.0% |
| Furniture and vehicles | 24 | €104,818 | €57,266 | -€47,552 | -45.4% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €437,135 | €411,675 | -€25,460 | -5.8% |
| Stocks and contracts in progress | 3 | €313,794 | €320,891 | +€7,097 | +2.3% |
| Stocks | 30/36 | €313,794 | €320,891 | +€7,097 | +2.3% |
| Amounts receivable within one year | 40/41 | €90,232 | €69,295 | -€20,938 | -23.2% |
| Trade receivables | 40 | €86,746 | €64,392 | -€22,354 | -25.8% |
| Other amounts receivable | 41 | €3,486 | €4,902 | +€1,416 | +40.6% |
| Cash at bank and in hand | 54/58 | €30,546 | €19,896 | -€10,650 | -34.9% |
| Deferred charges and accrued income | 490/1 | €2,563 | €1,593 | -€969 | -37.8% |
| Total equity and liabilities | 10/49 | €844,181 | €755,801 | -€88,380 | -10.5% |
| Equity | 10/15 | €435,408 | €452,680 | +€17,273 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €362,866 | €379,986 | +€17,120 | +4.7% |
| Tax-exempt reserves | 132 | €11,006 | €8,626 | -€2,380 | -21.6% |
| Distributable reserves | 133 | €351,860 | €371,360 | +€19,500 | +5.5% |
| Profit (loss) carried forward | 14 | €53,942 | €54,094 | +€153 | +0.3% |
| Provisions and deferred taxes | 16 | €1,201 | €606 | -€595 | -49.5% |
| Deferred taxes | 168 | €1,201 | €606 | -€595 | -49.5% |
| Amounts payable | 17/49 | €407,572 | €302,514 | -€105,057 | -25.8% |
| Amounts payable after more than one year | 17 | €149,279 | €105,805 | -€43,474 | -29.1% |
| Financial debts | 170/4 | €149,279 | €105,805 | -€43,474 | -29.1% |
| Amounts payable within one year | 42/48 | €257,729 | €196,223 | -€61,507 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €59,235 | €45,970 | -€13,265 | -22.4% |
| Financial debts | 43 | €4,075 | €7,040 | +€2,965 | +72.8% |
| Credit institutions | 430/8 | €4,075 | €7,040 | +€2,965 | +72.8% |
| Trade debts | 44 | €108,245 | €98,671 | -€9,574 | -8.8% |
| Suppliers | 440/4 | €108,245 | €98,671 | -€9,574 | -8.8% |
| Taxes, remuneration and social security | 45 | €50,075 | €44,542 | -€5,532 | -11.0% |
| Taxes | 450/3 | €19,296 | €17,854 | -€1,442 | -7.5% |
| Remuneration and social security | 454/9 | €30,779 | €26,689 | -€4,091 | -13.3% |
| Other amounts payable | 47/48 | €36,100 | - | -€36,100 | |
| Accrued charges and deferred income | 492/3 | €563 | €487 | -€76 | -13.5% |
| Remuneration, social security and pensions | 62 | €261,612 | €242,040 | -€19,572 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,282 | €55,936 | -€6,347 | -10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,947 | €3,921 | -€9,026 | -69.7% |
| Other operating charges | 640/8 | €9,548 | €9,953 | +€406 | +4.3% |
| Gross operating margin | 9900 | €370,430 | €352,801 | -€17,629 | -4.8% |
| Operating profit (loss) | 9901 | €24,041 | €40,951 | +€16,910 | +70.3% |
| Financial income | 75/76B | €7,234 | €294 | -€6,940 | -95.9% |
| Recurring financial income | 75 | €7,234 | €294 | -€6,940 | -95.9% |
| Financial charges | 65/66B | €12,400 | €11,512 | -€888 | -7.2% |
| Recurring financial charges | 65 | €12,400 | €11,512 | -€888 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €18,876 | €29,733 | +€10,858 | +57.5% |
| Transfer from deferred taxes | 780 | €744 | €595 | -€149 | -20.0% |
| Income taxes | 67/77 | €9,729 | €13,056 | +€3,326 | +34.2% |
| Profit (loss) for the period | 9904 | €9,890 | €17,273 | +€7,382 | +74.6% |
| Transfer from tax-exempt reserves | 789 | €2,231 | €2,380 | +€149 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,122 | €19,653 | +€7,531 | +62.1% |
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 3 October 2026 via checked.be.