NATALE: 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.
NATALE
Largest movements
- Tangible fixed assets -€34,853
down €34,853 (-5.9%), from €590,315 to €555,462
of which Land and buildings: -€25,397
- Cash -€22,804
down €22,804 (-43.3%), from €52,642 to €29,838
mainly Debts after one year (-€69,871) and Contributions, distributions and other (-€20,000)
- Current investments +€10,000
up €10,000 (+16.7%), from €60,000 to €70,000
- Debts after one year -€69,871
down €69,871 (-49.8%), from €140,287 to €70,415
of which Financial debts: -€43,871
- Reserves +€13,246
up €13,246 (+5.7%), from €232,943 to €246,189
of which Distributable reserves: +€16,356
- Other debts +€10,792
up €10,792 (+10.4%), from €103,732 to €114,525
- Financial charges -€4,446
down €4,446 (-32.3%), from €13,763 to €9,316
- Gross operating margin +€3,282
up €3,282 (+3.1%), from €106,833 to €110,115
- Other operating charges -€1,734
down €1,734 (-10.2%), from €16,972 to €15,238
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 | €705,640 | €662,024 | -€43,616 | -6.2% |
| Fixed assets | 21/28 | €590,315 | €555,462 | -€34,853 | -5.9% |
| Tangible fixed assets | 22/27 | €590,315 | €555,462 | -€34,853 | -5.9% |
| Land and buildings | 22 | €559,820 | €534,424 | -€25,397 | -4.5% |
| Furniture and vehicles | 24 | €30,494 | €21,038 | -€9,457 | -31.0% |
| Current assets | 29/58 | €115,325 | €106,562 | -€8,763 | -7.6% |
| Amounts receivable within one year | 40/41 | €269 | €4,209 | +€3,940 | +1465.7% |
| Other amounts receivable | 41 | €269 | €4,209 | +€3,940 | +1465.7% |
| Current investments | 50/53 | €60,000 | €70,000 | +€10,000 | +16.7% |
| Cash at bank and in hand | 54/58 | €52,642 | €29,838 | -€22,804 | -43.3% |
| Deferred charges and accrued income | 490/1 | €2,414 | €2,515 | +€101 | +4.2% |
| Total equity and liabilities | 10/49 | €705,640 | €662,024 | -€43,616 | -6.2% |
| Equity | 10/15 | €406,468 | €419,714 | +€13,246 | +3.3% |
| Contributions | 10/11 | €173,525 | €173,525 | = | 0.0% |
| Capital | 10 | €173,525 | €173,525 | = | 0.0% |
| Issued capital | 100 | €173,525 | €173,525 | = | 0.0% |
| Reserves | 13 | €232,943 | €246,189 | +€13,246 | +5.7% |
| Non-distributable reserves | 130/1 | €17,353 | €17,353 | = | 0.0% |
| Legal reserve | 130 | €17,353 | €17,353 | = | 0.0% |
| Tax-exempt reserves | 132 | €79,186 | €76,076 | -€3,110 | -3.9% |
| Distributable reserves | 133 | €136,404 | €152,760 | +€16,356 | +12.0% |
| Provisions and deferred taxes | 16 | €15,409 | €14,372 | -€1,037 | -6.7% |
| Deferred taxes | 168 | €15,409 | €14,372 | -€1,037 | -6.7% |
| Amounts payable | 17/49 | €283,763 | €227,937 | -€55,826 | -19.7% |
| Amounts payable after more than one year | 17 | €140,287 | €70,415 | -€69,871 | -49.8% |
| Financial debts | 170/4 | €80,287 | €36,415 | -€43,871 | -54.6% |
| Other amounts payable | 178/9 | €60,000 | €34,000 | -€26,000 | -43.3% |
| Amounts payable within one year | 42/48 | €143,476 | €157,521 | +€14,046 | +9.8% |
| Current portion of amounts payable after more than one year | 42 | €37,468 | €41,336 | +€3,868 | +10.3% |
| Trade debts | 44 | €832 | €663 | -€169 | -20.4% |
| Suppliers | 440/4 | €832 | €663 | -€169 | -20.4% |
| Taxes, remuneration and social security | 45 | €1,444 | €998 | -€445 | -30.8% |
| Taxes | 450/3 | €1,444 | €998 | -€445 | -30.8% |
| Other amounts payable | 47/48 | €103,732 | €114,525 | +€10,792 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,475 | €47,559 | +€84 | +0.2% |
| Other operating charges | 640/8 | €16,972 | €15,238 | -€1,734 | -10.2% |
| Gross operating margin | 9900 | €106,833 | €110,115 | +€3,282 | +3.1% |
| Operating profit (loss) | 9901 | €42,386 | €47,317 | +€4,932 | +11.6% |
| Financial charges | 65/66B | €13,763 | €9,316 | -€4,446 | -32.3% |
| Recurring financial charges | 65 | €13,763 | €9,316 | -€4,446 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €28,623 | €38,001 | +€9,378 | +32.8% |
| Transfer from deferred taxes | 780 | €1,037 | €1,037 | = | 0.0% |
| Income taxes | 67/77 | €4,731 | €5,791 | +€1,060 | +22.4% |
| Profit (loss) for the period | 9904 | €24,928 | €33,246 | +€8,318 | +33.4% |
| Transfer from tax-exempt reserves | 789 | €3,110 | €3,110 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,038 | €36,356 | +€8,318 | +29.7% |
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 10 October 2026 via checked.be.