NATAGORA: what changed
Two financial 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.
What changed
NATAGORA
NACE 72.109, Other research and development on natural sciences
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€399,016
2024 · €215,390-€614,406
Equity
€44.4m
2024 · €40.9m+€3.5m
Cash
€4.6m
2024 · €7.5m-€2.9m
Balance sheet total
€76.2m
2024 · €81.4m-€5.2m
Largest movements
Assets
- Receivables within one year -€6.3m
down €6.3m (-17.5%), from €36.2m to €29.8m
of which Trade receivables: -€6.3m
- Tangible fixed assets +€3.5m
up €3.5m (+10.1%), from €34.4m to €37.9m
of which Land and buildings: +€3.3m
- Cash -€2.9m
down €2.9m (-38.9%), from €7.5m to €4.6m
mainly Accrued charges and deferred income (-€4.9m) and Investment in fixed assets (net) (-€3.9m)
Equity and liabilities
- Accrued charges and deferred income -€4.9m
down €4.9m (-21.0%), from €23.2m to €18.3m
- Investment grants +€4.5m
up €4.5m (+16.0%), from €28.4m to €33.0m
- Debts within one year -€3.7m
down €3.7m (-22.5%), from €16.3m to €12.7m
Income statement
- Services and other goods +€1.7m
up €1.7m (+39.9%), from €4.4m to €6.1m
- Staff costs +€1.2m
up €1.2m (+12.4%), from €9.6m to €10.8m
- Depreciation +€208,940
up €208,940 (+86.7%), from €240,982 to €449,922
- Turnover +€163,107
up €163,107 (+7.9%), from €2.1m to €2.2m
- Other operating income +€84,142
up €84,142 (+9.0%), from €930,417 to €1.0m
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.
Result 2024
€215,390
Turnover
+€163,107
Other operating income
+€84,142
Goods and materials
-€5,145
Services and other goods
-€1.7m
Staff costs
-€1.2m
Depreciation
-€208,940
Write-downs
-€4,430
Other operating charges
-€32,336
Other operating items
+€2.3m
Financial income
+€14,080
Financial charges
-€30,364
Taxes
+€4,536
Result 2025
-€399,016
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.
From operations
-€2.3m
Investment
-€4.4m
Financing
+€3.8m
Cash 2024
€7.5m
From operations (derived)
-€2.3m
Net result for the year
-€399,016
Depreciation
+€449,922
Receivables within one year
+€6.3m
Deferred charges and accrued income
-€150,364
Debts within one year
-€3.7m
Accrued charges and deferred income
-€4.9m
Investment (derived)
-€4.4m
Investment in fixed assets (net)
-€3.9m
Current investments
-€455,107
Financing
+€3.8m
Debts after one year
-€94,963
Contributions, distributions and other
+€3.9m
Cash 2025
€4.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €81,418,863 | €76,246,019 | -€5.2m | -6.4% |
| Fixed assets | 21/28 | €35,145,472 | €38,625,158 | +€3.5m | +9.9% |
| Intangible fixed assets | 21 | €544,999 | €551,442 | +€6,443 | +1.2% |
| Tangible fixed assets | 22/27 | €34,397,287 | €37,859,931 | +€3.5m | +10.1% |
| Land and buildings | 22 | €33,933,420 | €37,223,184 | +€3.3m | +9.7% |
| Plant, machinery and equipment | 23 | €3,926 | €3,448 | -€478 | -12.2% |
| Furniture and vehicles | 24 | €78,750 | €51,316 | -€27,434 | -34.8% |
| Other tangible fixed assets | 26 | €120,698 | €42,105 | -€78,592 | -65.1% |
| Assets under construction and advance payments | 27 | €260,493 | €539,877 | +€279,384 | +107.3% |
| Financial fixed assets | 28 | €203,185 | €213,785 | +€10,600 | +5.2% |
| Affiliated companies | 280/1 | €101,000 | €101,000 | = | 0.0% |
| Participating interests | 280 | €101,000 | €101,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €102,185 | €112,785 | +€10,600 | +10.4% |
| Shares | 284 | €60,831 | €76,831 | +€16,000 | +26.3% |
| Amounts receivable and cash guarantees | 285/8 | €41,354 | €35,954 | -€5,400 | -13.1% |
| Current assets | 29/58 | €46,273,391 | €37,620,860 | -€8.7m | -18.7% |
| Amounts receivable within one year | 40/41 | €36,160,687 | €29,833,307 | -€6.3m | -17.5% |
| Trade receivables | 40 | €35,824,153 | €29,504,174 | -€6.3m | -17.6% |
| Other amounts receivable | 41 | €336,534 | €329,134 | -€7,400 | -2.2% |
| Current investments | 50/53 | €2,440,209 | €2,895,316 | +€455,107 | +18.7% |
| Cash at bank and in hand | 54/58 | €7,540,320 | €4,609,699 | -€2.9m | -38.9% |
| Deferred charges and accrued income | 490/1 | €132,175 | €282,539 | +€150,364 | +113.8% |
| Total equity and liabilities | 10/49 | €81,418,863 | €76,246,019 | -€5.2m | -6.4% |
| Equity | 10/15 | €40,946,959 | €44,410,006 | +€3.5m | +8.5% |
| Contributions | 10/11 | €162,962 | €162,962 | = | 0.0% |
| Capital | 10 | €162,962 | €162,962 | = | 0.0% |
| Reserves | 13 | €11,468,855 | €10,782,721 | -€686,134 | -6.0% |
| Profit (loss) carried forward | 14 | €880,088 | €481,072 | -€399,016 | -45.3% |
| Investment grants | 15 | €28,435,054 | €32,983,251 | +€4.5m | +16.0% |
| Amounts payable | 17/49 | €40,471,904 | €31,836,013 | -€8.6m | -21.3% |
| Amounts payable after more than one year | 17 | €931,572 | €836,609 | -€94,963 | -10.2% |
| Financial debts | 170/4 | €931,572 | €836,609 | -€94,963 | -10.2% |
| Credit institutions | 173 | €931,572 | €836,609 | -€94,963 | -10.2% |
| Amounts payable within one year | 42/48 | €16,349,436 | €12,676,792 | -€3.7m | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €94,120 | €82,063 | -€12,057 | -12.8% |
| Financial debts | 43 | €2,376 | - | -€2,376 | |
| Credit institutions | 430/8 | €2,376 | - | -€2,376 | |
| Trade debts | 44 | €585,434 | €1,915,782 | +€1.3m | +227.2% |
| Suppliers | 440/4 | €585,434 | €1,915,782 | +€1.3m | +227.2% |
| Advances received on contracts in progress | 46 | €6,400 | €264,763 | +€258,363 | +4036.9% |
| Taxes, remuneration and social security | 45 | €1,523,118 | €1,740,984 | +€217,866 | +14.3% |
| Taxes | 450/3 | €340,171 | €414,914 | +€74,742 | +22.0% |
| Remuneration and social security | 454/9 | €1,182,946 | €1,326,070 | +€143,123 | +12.1% |
| Accrued charges and deferred income | 492/3 | €23,190,896 | €18,322,612 | -€4.9m | -21.0% |
| Operating income | 70/76A | €14,537,431 | €17,442,863 | +€2.9m | +20.0% |
| Turnover | 70 | €2,063,258 | €2,226,366 | +€163,107 | +7.9% |
| Own construction capitalised | 72 | €19,769 | €299,738 | +€279,969 | +1416.2% |
| Membership fees, donations, legacies and grants | 73 | €11,491,582 | €13,886,478 | +€2.4m | +20.8% |
| Other operating income | 74 | €930,417 | €1,014,560 | +€84,142 | +9.0% |
| Non-recurring operating income | 76A | €32,405 | €15,722 | -€16,683 | -51.5% |
| Operating charges | 60/66A | €14,321,942 | €17,830,032 | +€3.5m | +24.5% |
| Goods for resale, raw materials and consumables | 60 | €11,739 | €16,884 | +€5,145 | +43.8% |
| Purchases | 600/8 | €11,739 | €16,884 | +€5,145 | +43.8% |
| Services and other goods | 61 | €4,363,986 | €6,106,628 | +€1.7m | +39.9% |
| Remuneration, social security and pensions | 62 | €9,638,354 | €10,837,663 | +€1.2m | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €240,982 | €449,922 | +€208,940 | +86.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,430 | +€4,430 | |
| Other operating charges | 640/8 | €68,837 | €101,173 | +€32,336 | +47.0% |
| Non-recurring operating charges | 66A | €21,544 | €313,332 | +€291,788 | +1354.4% |
| Operating profit (loss) | 9901 | €215,489 | -€387,169 | -€602,658 | |
| Financial income | 75/76B | €38,973 | €53,053 | +€14,080 | +36.1% |
| Recurring financial income | 75 | €38,973 | €53,053 | +€14,080 | +36.1% |
| Income from financial fixed assets | 750 | €6,466 | €2,243 | -€4,223 | -65.3% |
| Income from current assets | 751 | €19,542 | €36,269 | +€16,727 | +85.6% |
| Other financial income | 752/9 | €12,965 | €14,542 | +€1,577 | +12.2% |
| Financial charges | 65/66B | €32,901 | €63,265 | +€30,364 | +92.3% |
| Recurring financial charges | 65 | €32,901 | €63,265 | +€30,364 | +92.3% |
| Debt charges | 650 | €28,351 | €27,727 | -€624 | -2.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€8,032 | -€2,209 | +€5,823 | +72.5% |
| Other financial charges | 652/9 | €12,582 | €37,747 | +€25,165 | +200.0% |
| Profit (loss) for the period before taxes | 9903 | €221,561 | -€397,381 | -€618,942 | |
| Income taxes | 67/77 | €6,171 | €1,635 | -€4,536 | -73.5% |
| Taxes | 670/3 | €6,171 | €8,632 | +€2,461 | +39.9% |
| Tax adjustments and reversals of tax provisions | 77 | - | €6,997 | +€6,997 | |
| Profit (loss) for the period | 9904 | €215,390 | -€399,016 | -€614,406 | |
| Profit (loss) for the period to be appropriated | 9905 | €215,390 | -€399,016 | -€614,406 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.