NATAM: 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.
NATAM
Largest movements
- Receivables within one year +€87,154
up €87,154 (+67,207%), from €130 to €87,284
of which Trade receivables: +€79,411
- Formation expenses -€16,461
down €16,461 (-29.1%), from €56,552 to €40,091
- Tangible fixed assets -€14,312
down €14,312 (-11.4%), from €125,254 to €110,942
of which Other tangible fixed assets: -€15,096
- Cash -€11,432
down €11,432 (-22.3%), from €51,263 to €39,831
mainly Debts after one year (-€143,929) and Receivables within one year (-€87,154)
- Debts after one year -€143,929
down €143,929 (-40.2%), from €357,758 to €213,829
of which Other amounts payable: -€130,000
- Trade debts +€109,821
up €109,821 (+606%), from €18,118 to €127,938
- Advances received +€47,887
up €47,887 (+28.8%), from €166,188 to €214,075
- Profit (loss) carried forward +€46,857
up €46,857 (+14.2%), from -€330,534 to -€283,677
- Tax, wage and social debts -€22,191
down €22,191 (-22.7%), from €97,959 to €75,769
of which Remuneration and social security: -€27,909
- Gross operating margin -€236,148
down €236,148 (-64.6%), from €365,736 to €129,589
- Staff costs -€70,392
down €70,392 (-31.0%), from €226,768 to €156,376
- Financial income -€20,469
down €20,469 (-88.7%), from €23,069 to €2,600
- Write-downs -€6,061
no longer reported in 2026 (was €6,061)
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €812,461 | €859,546 | +€47,084 | +5.8% |
| Formation expenses | 20 | €56,552 | €40,091 | -€16,461 | -29.1% |
| Fixed assets | 21/28 | €256,484 | €242,172 | -€14,312 | -5.6% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €125,254 | €110,942 | -€14,312 | -11.4% |
| Plant, machinery and equipment | 23 | €915 | €1,699 | +€784 | +85.7% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Other tangible fixed assets | 26 | €124,339 | €109,243 | -€15,096 | -12.1% |
| Financial fixed assets | 28 | €131,230 | €131,230 | = | 0.0% |
| Current assets | 29/58 | €499,425 | €577,282 | +€77,857 | +15.6% |
| Stocks and contracts in progress | 3 | €426,977 | €423,365 | -€3,612 | -0.8% |
| Stocks | 30/36 | €426,977 | €423,365 | -€3,612 | -0.8% |
| Amounts receivable within one year | 40/41 | €130 | €87,284 | +€87,154 | +67,207% |
| Trade receivables | 40 | - | €79,411 | +€79,411 | |
| Other amounts receivable | 41 | €130 | €7,873 | +€7,744 | +5,971% |
| Cash at bank and in hand | 54/58 | €51,263 | €39,831 | -€11,432 | -22.3% |
| Deferred charges and accrued income | 490/1 | €21,056 | €26,803 | +€5,747 | +27.3% |
| Total equity and liabilities | 10/49 | €812,461 | €859,546 | +€47,084 | +5.8% |
| Equity | 10/15 | -€108,737 | -€61,880 | +€46,857 | +43.1% |
| Contributions | 10/11 | €218,595 | €218,595 | = | 0.0% |
| Reserves | 13 | €3,202 | €3,202 | = | 0.0% |
| Distributable reserves | 133 | €3,202 | €3,202 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€330,534 | -€283,677 | +€46,857 | +14.2% |
| Amounts payable | 17/49 | €921,198 | €921,426 | +€228 | 0.0% |
| Amounts payable after more than one year | 17 | €357,758 | €213,829 | -€143,929 | -40.2% |
| Financial debts | 170/4 | €36,609 | €22,680 | -€13,929 | -38.0% |
| Other amounts payable | 178/9 | €321,149 | €191,149 | -€130,000 | -40.5% |
| Amounts payable within one year | 42/48 | €563,441 | €707,597 | +€144,157 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €21,176 | €14,815 | -€6,360 | -30.0% |
| Financial debts | 43 | €260,000 | €275,000 | +€15,000 | +5.8% |
| Credit institutions | 430/8 | €260,000 | €275,000 | +€15,000 | +5.8% |
| Trade debts | 44 | €18,118 | €127,938 | +€109,821 | +606% |
| Suppliers | 440/4 | €18,118 | €127,938 | +€109,821 | +606% |
| Advances received on contracts in progress | 46 | €166,188 | €214,075 | +€47,887 | +28.8% |
| Taxes, remuneration and social security | 45 | €97,959 | €75,769 | -€22,191 | -22.7% |
| Taxes | 450/3 | €35,078 | €40,796 | +€5,718 | +16.3% |
| Remuneration and social security | 454/9 | €62,881 | €34,973 | -€27,909 | -44.4% |
| Remuneration, social security and pensions | 62 | €226,768 | €156,376 | -€70,392 | -31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,406 | €31,929 | -€3,477 | -9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,061 | - | -€6,061 | |
| Other operating charges | 640/8 | €3,987 | €1,373 | -€2,614 | -65.6% |
| Non-recurring operating charges | 66A | €400 | - | -€400 | |
| Gross operating margin | 9900 | €365,736 | €129,589 | -€236,148 | -64.6% |
| Operating profit (loss) | 9901 | €93,115 | -€60,090 | -€153,205 | |
| Financial income | 75/76B | €23,069 | €2,600 | -€20,469 | -88.7% |
| Recurring financial income | 75 | €23,069 | €2,600 | -€20,469 | -88.7% |
| Financial charges | 65/66B | €23,439 | €23,278 | -€161 | -0.7% |
| Recurring financial charges | 65 | €24,137 | €23,278 | -€859 | -3.6% |
| Non-recurring financial charges | 66B | -€698 | - | +€698 | |
| Profit (loss) for the period before taxes | 9903 | €92,746 | -€80,768 | -€173,513 | |
| Income taxes | 67/77 | €141 | €2,376 | +€2,235 | +1,589% |
| Profit (loss) for the period | 9904 | €92,605 | -€83,143 | -€175,748 | |
| Profit (loss) for the period to be appropriated | 9905 | €92,605 | -€83,143 | -€175,748 |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.