Natan: 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.
Natan
Largest movements
- Receivables within one year -€300,051
down €300,051 (-96.0%), from €312,668 to €12,616
of which Other amounts receivable: -€300,051
- Tangible fixed assets +€254,779
up €254,779 (+12.9%), from €2.0m to €2.2m
of which Land and buildings: +€284,315
- Cash +€67,016
up €67,016 (+75.8%), from €88,436 to €155,453
mainly Receivables within one year (+€300,051) and Net result for the year (+€136,540)
- Debts after one year -€139,258
down €139,258 (-18.2%), from €763,373 to €624,115
of which Financial debts: -€143,308
- Reserves +€136,540
up €136,540 (+9.9%), from €1.4m to €1.5m
of which Distributable reserves: +€136,540
- Other debts +€49,899
new in 2025: €49,899
- Gross operating margin +€40,591
up €40,591 (+11.3%), from €357,667 to €398,258
- Other operating charges +€36,386
up €36,386 (+118.6%), from €30,677 to €67,064
- Depreciation +€9,041
up €9,041 (+8.2%), from €109,779 to €118,820
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 | €2,374,368 | €2,396,112 | +€21,744 | +0.9% |
| Fixed assets | 21/28 | €1,973,264 | €2,228,043 | +€254,779 | +12.9% |
| Tangible fixed assets | 22/27 | €1,973,264 | €2,228,043 | +€254,779 | +12.9% |
| Land and buildings | 22 | €1,766,516 | €2,050,831 | +€284,315 | +16.1% |
| Other tangible fixed assets | 26 | €206,748 | €177,212 | -€29,536 | -14.3% |
| Current assets | 29/58 | €401,104 | €168,069 | -€233,035 | -58.1% |
| Amounts receivable within one year | 40/41 | €312,668 | €12,616 | -€300,051 | -96.0% |
| Trade receivables | 40 | €3,255 | €3,255 | = | 0.0% |
| Other amounts receivable | 41 | €309,413 | €9,362 | -€300,051 | -97.0% |
| Cash at bank and in hand | 54/58 | €88,436 | €155,453 | +€67,016 | +75.8% |
| Total equity and liabilities | 10/49 | €2,374,368 | €2,396,112 | +€21,744 | +0.9% |
| Equity | 10/15 | €1,439,478 | €1,576,018 | +€136,540 | +9.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,377,505 | €1,514,045 | +€136,540 | +9.9% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €1,371,307 | €1,507,847 | +€136,540 | +10.0% |
| Amounts payable | 17/49 | €934,890 | €820,094 | -€114,796 | -12.3% |
| Amounts payable after more than one year | 17 | €763,373 | €624,115 | -€139,258 | -18.2% |
| Financial debts | 170/4 | €763,373 | €620,065 | -€143,308 | -18.8% |
| Other amounts payable | 178/9 | - | €4,050 | +€4,050 | |
| Amounts payable within one year | 42/48 | €171,517 | €195,979 | +€24,463 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €153,397 | €145,218 | -€8,178 | -5.3% |
| Trade debts | 44 | €696 | €862 | +€166 | +23.8% |
| Suppliers | 440/4 | €696 | €862 | +€166 | +23.8% |
| Taxes, remuneration and social security | 45 | €17,424 | €0 | -€17,424 | -100.0% |
| Taxes | 450/3 | €17,424 | €0 | -€17,424 | -100.0% |
| Other amounts payable | 47/48 | - | €49,899 | +€49,899 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,779 | €118,820 | +€9,041 | +8.2% |
| Other operating charges | 640/8 | €30,677 | €67,064 | +€36,386 | +118.6% |
| Gross operating margin | 9900 | €357,667 | €398,258 | +€40,591 | +11.3% |
| Operating profit (loss) | 9901 | €217,211 | €212,375 | -€4,836 | -2.2% |
| Financial income | 75/76B | - | €517 | +€517 | |
| Recurring financial income | 75 | - | €517 | +€517 | |
| Financial charges | 65/66B | €29,393 | €30,714 | +€1,321 | +4.5% |
| Recurring financial charges | 65 | €29,393 | €30,714 | +€1,321 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €187,819 | €182,178 | -€5,640 | -3.0% |
| Income taxes | 67/77 | €47,424 | €45,638 | -€1,786 | -3.8% |
| Profit (loss) for the period | 9904 | €140,395 | €136,540 | -€3,855 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €140,395 | €136,540 | -€3,855 | -2.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.