NATALE: 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.
NATALE
Largest movements
- Stocks and contracts +€638,447
up €638,447 (+83.1%), from €767,855 to €1.4m
- Receivables within one year +€499,189
up €499,189 (+41.6%), from €1.2m to €1.7m
of which Other amounts receivable: +€331,989
- Cash +€238,516
up €238,516 (+37.1%), from €642,898 to €881,414
mainly Contributions, distributions and other (+€741,301) and Tax, wage and social debts (+€424,458)
- Tangible fixed assets +€180,850
up €180,850 (+26.7%), from €677,204 to €858,054
of which Land and buildings: +€136,897
- Deferred charges and accrued income +€138,259
up €138,259 (+45.7%), from €302,785 to €441,045
- Reserves +€758,713
up €758,713 (+912.5%), from €83,151 to €841,865
of which Distributable reserves: +€758,713
- Tax, wage and social debts +€424,458
up €424,458 (+128.1%), from €331,363 to €755,821
of which Taxes: +€236,600
- Profit (loss) carried forward +€263,244
up €263,244 (+9.5%), from €2.8m to €3.0m
- Trade debts +€239,331
up €239,331 (+72.6%), from €329,844 to €569,176
- Debts after one year -€96,228
down €96,228 (-15.5%), from €619,866 to €523,638
- Gross operating margin +€1.1m
up €1.1m (+69.7%), from €1.5m to €2.6m
- Staff costs +€697,338
up €697,338 (+62.6%), from €1.1m to €1.8m
- Taxes +€123,214
up €123,214 (+253.2%), from €48,656 to €171,870
- Financial charges -€44,299
down €44,299 (-40.0%), from €110,844 to €66,545
of which Financial charges: -€44,784
- Depreciation +€37,369
up €37,369 (+19.3%), from €193,976 to €231,346
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 | €4,255,853 | €5,863,027 | +€1.6m | +37.8% |
| Fixed assets | 21/28 | €1,041,715 | €1,134,477 | +€92,762 | +8.9% |
| Intangible fixed assets | 21 | €342,474 | €252,736 | -€89,738 | -26.2% |
| Tangible fixed assets | 22/27 | €677,204 | €858,054 | +€180,850 | +26.7% |
| Land and buildings | 22 | €532,624 | €669,520 | +€136,897 | +25.7% |
| Plant, machinery and equipment | 23 | €112,820 | €119,345 | +€6,525 | +5.8% |
| Furniture and vehicles | 24 | €31,760 | €69,189 | +€37,429 | +117.8% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €22,037 | €23,687 | +€1,650 | +7.5% |
| Current assets | 29/58 | €3,214,138 | €4,728,550 | +€1.5m | +47.1% |
| Stocks and contracts in progress | 3 | €767,855 | €1,406,302 | +€638,447 | +83.1% |
| Stocks | 30/36 | €767,855 | €1,406,302 | +€638,447 | +83.1% |
| Amounts receivable within one year | 40/41 | €1,200,600 | €1,699,789 | +€499,189 | +41.6% |
| Trade receivables | 40 | €585,794 | €752,994 | +€167,200 | +28.5% |
| Other amounts receivable | 41 | €614,806 | €946,795 | +€331,989 | +54.0% |
| Current investments | 50/53 | €300,000 | €300,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €642,898 | €881,414 | +€238,516 | +37.1% |
| Deferred charges and accrued income | 490/1 | €302,785 | €441,045 | +€138,259 | +45.7% |
| Total equity and liabilities | 10/49 | €4,255,853 | €5,863,027 | +€1.6m | +37.8% |
| Equity | 10/15 | €2,862,950 | €3,891,107 | +€1.0m | +35.9% |
| Contributions | 10/11 | €18,600 | €24,800 | +€6,200 | +33.3% |
| Reserves | 13 | €83,151 | €841,865 | +€758,713 | +912.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €64,401 | €823,115 | +€758,713 | +1178.1% |
| Profit (loss) carried forward | 14 | €2,761,199 | €3,024,443 | +€263,244 | +9.5% |
| Amounts payable | 17/49 | €1,392,903 | €1,971,919 | +€579,017 | +41.6% |
| Amounts payable after more than one year | 17 | €619,866 | €523,638 | -€96,228 | -15.5% |
| Financial debts | 170/4 | €619,866 | €523,638 | -€96,228 | -15.5% |
| Amounts payable within one year | 42/48 | €773,036 | €1,439,781 | +€666,745 | +86.3% |
| Current portion of amounts payable after more than one year | 42 | €111,829 | €114,784 | +€2,955 | +2.6% |
| Trade debts | 44 | €329,844 | €569,176 | +€239,331 | +72.6% |
| Suppliers | 440/4 | €329,844 | €569,176 | +€239,331 | +72.6% |
| Taxes, remuneration and social security | 45 | €331,363 | €755,821 | +€424,458 | +128.1% |
| Taxes | 450/3 | €166,426 | €403,026 | +€236,600 | +142.2% |
| Remuneration and social security | 454/9 | €164,937 | €352,795 | +€187,858 | +113.9% |
| Accrued charges and deferred income | 492/3 | €0 | €8,500 | +€8,500 | |
| Remuneration, social security and pensions | 62 | €1,114,267 | €1,811,605 | +€697,338 | +62.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,976 | €231,346 | +€37,369 | +19.3% |
| Other operating charges | 640/8 | €14,450 | €23,555 | +€9,105 | +63.0% |
| Gross operating margin | 9900 | €1,518,250 | €2,577,170 | +€1.1m | +69.7% |
| Operating profit (loss) | 9901 | €195,558 | €510,665 | +€315,108 | +161.1% |
| Financial income | 75/76B | €5,579 | €14,605 | +€9,026 | +161.8% |
| Recurring financial income | 75 | €5,579 | €14,605 | +€9,026 | +161.8% |
| Financial charges | 65/66B | €110,844 | €66,545 | -€44,299 | -40.0% |
| Recurring financial charges | 65 | €110,844 | €66,060 | -€44,784 | -40.4% |
| Non-recurring financial charges | 66B | - | €485 | +€485 | |
| Profit (loss) for the period before taxes | 9903 | €90,293 | €458,725 | +€368,433 | +408.0% |
| Income taxes | 67/77 | €48,656 | €171,870 | +€123,214 | +253.2% |
| Profit (loss) for the period | 9904 | €41,637 | €286,856 | +€245,218 | +588.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,637 | €286,856 | +€245,218 | +588.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.