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
- Deferred charges and accrued income +€25,415
up €25,415 (+636.5%), from €3,993 to €29,407
- Cash -€21,622
down €21,622 (-57.8%), from €37,388 to €15,766
mainly Deferred charges and accrued income (-€25,415) and Debts after one year (-€13,951)
- Receivables within one year -€8,670
down €8,670 (-68.9%), from €12,583 to €3,913
of which Trade receivables: -€8,272
- Tangible fixed assets -€5,100
down €5,100 (-3.2%), from €158,273 to €153,173
of which Land and buildings: -€6,462
- Debts after one year -€13,951
down €13,951 (-13.7%), from €101,463 to €87,512
- Tax, wage and social debts +€8,414
up €8,414 (+41.9%), from €20,070 to €28,484
of which Taxes: +€11,045
- Accrued charges and deferred income -€5,807
no longer reported in 2025 (was €5,807)
- Advances received +€4,527
new in 2025: €4,527
- Other debts -€2,753
down €2,753 (-11.0%), from €25,000 to €22,247
- Staff costs +€50,115
up €50,115 (+69.1%), from €72,545 to €122,660
- Gross operating margin +€21,248
up €21,248 (+17.6%), from €120,530 to €141,778
- Depreciation -€5,709
down €5,709 (-42.8%), from €13,343 to €7,634
- Taxes -€5,315
down €5,315, from €4,456 to -€859
- Financial charges +€2,799
up €2,799 (+41.3%), from €6,769 to €9,568
of which Financial charges: +€2,922
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 | €220,934 | €211,764 | -€9,170 | -4.2% |
| Fixed assets | 21/28 | €158,273 | €153,173 | -€5,100 | -3.2% |
| Tangible fixed assets | 22/27 | €158,273 | €153,173 | -€5,100 | -3.2% |
| Land and buildings | 22 | €154,961 | €148,499 | -€6,462 | -4.2% |
| Plant, machinery and equipment | 23 | €1,221 | €4,674 | +€3,453 | +282.9% |
| Furniture and vehicles | 24 | €2,091 | - | -€2,091 | |
| Current assets | 29/58 | €62,662 | €58,592 | -€4,070 | -6.5% |
| Stocks and contracts in progress | 3 | €8,698 | €9,505 | +€808 | +9.3% |
| Stocks | 30/36 | €8,698 | €9,505 | +€808 | +9.3% |
| Amounts receivable within one year | 40/41 | €12,583 | €3,913 | -€8,670 | -68.9% |
| Trade receivables | 40 | €8,272 | - | -€8,272 | |
| Other amounts receivable | 41 | €4,311 | €3,913 | -€398 | -9.2% |
| Cash at bank and in hand | 54/58 | €37,388 | €15,766 | -€21,622 | -57.8% |
| Deferred charges and accrued income | 490/1 | €3,993 | €29,407 | +€25,415 | +636.5% |
| Total equity and liabilities | 10/49 | €220,934 | €211,764 | -€9,170 | -4.2% |
| Equity | 10/15 | €32,745 | €33,461 | +€716 | +2.2% |
| Contributions | 10/11 | €46,200 | €46,200 | = | 0.0% |
| Reserves | 13 | €150 | €150 | = | 0.0% |
| Distributable reserves | 133 | €150 | €150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,605 | -€12,889 | +€716 | +5.3% |
| Amounts payable | 17/49 | €188,189 | €178,304 | -€9,886 | -5.3% |
| Amounts payable after more than one year | 17 | €101,463 | €87,512 | -€13,951 | -13.7% |
| Financial debts | 170/4 | €101,463 | €87,512 | -€13,951 | -13.7% |
| Amounts payable within one year | 42/48 | €80,919 | €90,791 | +€9,872 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €13,337 | €13,951 | +€614 | +4.6% |
| Trade debts | 44 | €22,512 | €21,582 | -€930 | -4.1% |
| Suppliers | 440/4 | €22,512 | €21,582 | -€930 | -4.1% |
| Advances received on contracts in progress | 46 | - | €4,527 | +€4,527 | |
| Taxes, remuneration and social security | 45 | €20,070 | €28,484 | +€8,414 | +41.9% |
| Taxes | 450/3 | €4,117 | €15,162 | +€11,045 | +268.3% |
| Remuneration and social security | 454/9 | €15,953 | €13,322 | -€2,631 | -16.5% |
| Other amounts payable | 47/48 | €25,000 | €22,247 | -€2,753 | -11.0% |
| Accrued charges and deferred income | 492/3 | €5,807 | - | -€5,807 | |
| Non-recurring operating income | 76A | - | €26,194 | +€26,194 | |
| Remuneration, social security and pensions | 62 | €72,545 | €122,660 | +€50,115 | +69.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,343 | €7,634 | -€5,709 | -42.8% |
| Other operating charges | 640/8 | €3,881 | €2,152 | -€1,729 | -44.6% |
| Gross operating margin | 9900 | €120,530 | €141,778 | +€21,248 | +17.6% |
| Operating profit (loss) | 9901 | €30,761 | €9,333 | -€21,428 | -69.7% |
| Financial income | 75/76B | €146 | €92 | -€55 | -37.3% |
| Recurring financial income | 75 | €146 | €92 | -€55 | -37.3% |
| Financial charges | 65/66B | €6,769 | €9,568 | +€2,799 | +41.3% |
| Recurring financial charges | 65 | €6,646 | €9,568 | +€2,922 | +44.0% |
| Non-recurring financial charges | 66B | €123 | - | -€123 | |
| Profit (loss) for the period before taxes | 9903 | €24,138 | -€143 | -€24,281 | |
| Income taxes | 67/77 | €4,456 | -€859 | -€5,315 | |
| Profit (loss) for the period | 9904 | €19,682 | €716 | -€18,966 | -96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,682 | €716 | -€18,966 | -96.4% |
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.