Natan Group: 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.
Natan Group
Largest movements
- Receivables within one year +€36,740
up €36,740 (+140%), from €26,286 to €63,025
of which Trade receivables: +€36,740
- Tangible fixed assets -€34,614
down €34,614 (-4.9%), from €701,157 to €666,543
of which Land and buildings: -€29,396
- Cash +€26,959
up €26,959 (+22.4%), from €120,300 to €147,259
mainly Other debts (+€160,885) and Net result for the year (+€51,946)
- Profit (loss) carried forward -€191,270
down €191,270 (-100%), from €191,270 to €0
- Other debts +€160,885
up €160,885 (+606%), from €26,535 to €187,420
- Reserves +€51,946
up €51,946 (+18.1%), from €287,562 to €339,508
- Debts after one year -€39,866
down €39,866 (-16.4%), from €243,488 to €203,622
- Tax, wage and social debts +€30,538
up €30,538 (+87.3%), from €34,991 to €65,529
of which Taxes: +€28,356
- Gross operating margin +€32,058
up €32,058 (+26.0%), from €123,306 to €155,364
- Staff costs +€24,891
up €24,891 (+289%), from €8,604 to €33,495
- Financial income -€5,792
down €5,792 (-97.3%), from €5,956 to €163
- Taxes -€5,293
down €5,293 (-20.0%), from €26,493 to €21,200
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.
Derived cash bridge
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 | €850,607 | €878,559 | +€27,952 | +3.3% |
| Fixed assets | 21/28 | €701,157 | €666,543 | -€34,614 | -4.9% |
| Tangible fixed assets | 22/27 | €701,157 | €666,543 | -€34,614 | -4.9% |
| Land and buildings | 22 | €682,610 | €653,214 | -€29,396 | -4.3% |
| Plant, machinery and equipment | 23 | €5,733 | €4,828 | -€905 | -15.8% |
| Furniture and vehicles | 24 | €12,815 | €8,501 | -€4,314 | -33.7% |
| Current assets | 29/58 | €149,449 | €212,016 | +€62,566 | +41.9% |
| Amounts receivable within one year | 40/41 | €26,286 | €63,025 | +€36,740 | +140% |
| Trade receivables | 40 | €26,285 | €63,025 | +€36,740 | +140% |
| Other amounts receivable | 41 | €0 | €0 | -€0 | -100% |
| Cash at bank and in hand | 54/58 | €120,300 | €147,259 | +€26,959 | +22.4% |
| Deferred charges and accrued income | 490/1 | €2,864 | €1,731 | -€1,132 | -39.5% |
| Total equity and liabilities | 10/49 | €850,607 | €878,559 | +€27,952 | +3.3% |
| Equity | 10/15 | €497,432 | €358,108 | -€139,324 | -28.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €287,562 | €339,508 | +€51,946 | +18.1% |
| Distributable reserves | 133 | €287,562 | €339,508 | +€51,946 | +18.1% |
| Profit (loss) carried forward | 14 | €191,270 | €0 | -€191,270 | -100% |
| Amounts payable | 17/49 | €353,175 | €520,451 | +€167,276 | +47.4% |
| Amounts payable after more than one year | 17 | €243,488 | €203,622 | -€39,866 | -16.4% |
| Financial debts | 170/4 | €243,488 | €203,622 | -€39,866 | -16.4% |
| Amounts payable within one year | 42/48 | €108,304 | €316,604 | +€208,300 | +192% |
| Current portion of amounts payable after more than one year | 42 | €38,743 | €41,012 | +€2,268 | +5.9% |
| Trade debts | 44 | €8,035 | €22,643 | +€14,609 | +182% |
| Suppliers | 440/4 | €8,035 | €22,643 | +€14,609 | +182% |
| Taxes, remuneration and social security | 45 | €34,991 | €65,529 | +€30,538 | +87.3% |
| Taxes | 450/3 | €24,504 | €52,860 | +€28,356 | +116% |
| Remuneration and social security | 454/9 | €10,487 | €12,669 | +€2,182 | +20.8% |
| Other amounts payable | 47/48 | €26,535 | €187,420 | +€160,885 | +606% |
| Accrued charges and deferred income | 492/3 | €1,383 | €225 | -€1,159 | -83.8% |
| Remuneration, social security and pensions | 62 | €8,604 | €33,495 | +€24,891 | +289% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,225 | €34,614 | -€611 | -1.7% |
| Other operating charges | 640/8 | €6,259 | €6,904 | +€645 | +10.3% |
| Gross operating margin | 9900 | €123,306 | €155,364 | +€32,058 | +26.0% |
| Operating profit (loss) | 9901 | €73,218 | €80,351 | +€7,133 | +9.7% |
| Financial income | 75/76B | €5,956 | €163 | -€5,792 | -97.3% |
| Recurring financial income | 75 | €5,956 | €163 | -€5,792 | -97.3% |
| Financial charges | 65/66B | €8,474 | €7,368 | -€1,106 | -13.0% |
| Recurring financial charges | 65 | €8,474 | €7,368 | -€1,106 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €70,699 | €73,146 | +€2,447 | +3.5% |
| Income taxes | 67/77 | €26,493 | €21,200 | -€5,293 | -20.0% |
| Profit (loss) for the period | 9904 | €44,206 | €51,946 | +€7,740 | +17.5% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €0 | -€63,150 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €107,356 | €51,946 | -€55,410 | -51.6% |
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 20 October 2026 via checked.be.