NATAO: 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.
NATAO
Largest movements
- Tangible fixed assets +€25,754
up €25,754 (+30.3%), from €85,033 to €110,787
of which Leasing and similar rights: +€26,055
- Receivables within one year +€18,109
up €18,109 (+159.4%), from €11,361 to €29,470
of which Trade receivables: +€18,112
- Cash -€10,711
down €10,711 (-23.5%), from €45,511 to €34,800
mainly Contributions, distributions and other (-€120,000) and Investment in fixed assets (net) (-€33,605)
- Profit (loss) carried forward -€86,351
down €86,351 (-82.3%), from €104,975 to €18,623
- Other debts +€86,022
up €86,022 (+395.7%), from €21,740 to €107,762
- Debts after one year +€14,425
new in 2025: €14,425
- Current portion of long-term debt +€9,816
new in 2025: €9,816
- Tax, wage and social debts +€6,422
up €6,422 (+67.5%), from €9,521 to €15,943
- Gross operating margin +€28,323
up €28,323 (+82.7%), from €34,241 to €62,564
- Financial charges +€10,361
up €10,361 (+5600.0%), from €185 to €10,546
of which Non-recurring financial charges: +€8,000
- Depreciation +€4,218
up €4,218 (+116.1%), from €3,633 to €7,852
- Taxes +€2,305
up €2,305 (+31.4%), from €7,348 to €9,652
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 | €142,002 | €175,465 | +€33,463 | +23.6% |
| Fixed assets | 21/28 | €85,033 | €110,787 | +€25,754 | +30.3% |
| Tangible fixed assets | 22/27 | €85,033 | €110,787 | +€25,754 | +30.3% |
| Land and buildings | 22 | €81,801 | €79,270 | -€2,531 | -3.1% |
| Plant, machinery and equipment | 23 | - | €1,682 | +€1,682 | |
| Furniture and vehicles | 24 | €3,233 | €3,780 | +€547 | +16.9% |
| Leasing and similar rights | 25 | - | €26,055 | +€26,055 | |
| Current assets | 29/58 | €56,969 | €64,678 | +€7,710 | +13.5% |
| Amounts receivable within one year | 40/41 | €11,361 | €29,470 | +€18,109 | +159.4% |
| Trade receivables | 40 | €11,197 | €29,309 | +€18,112 | +161.8% |
| Other amounts receivable | 41 | €164 | €161 | -€3 | -1.8% |
| Cash at bank and in hand | 54/58 | €45,511 | €34,800 | -€10,711 | -23.5% |
| Deferred charges and accrued income | 490/1 | €97 | €409 | +€311 | +319.4% |
| Total equity and liabilities | 10/49 | €142,002 | €175,465 | +€33,463 | +23.6% |
| Equity | 10/15 | €107,975 | €21,623 | -€86,351 | -80.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,975 | €18,623 | -€86,351 | -82.3% |
| Amounts payable | 17/49 | €34,027 | €153,842 | +€119,815 | +352.1% |
| Amounts payable after more than one year | 17 | - | €14,425 | +€14,425 | |
| Financial debts | 170/4 | - | €14,425 | +€14,425 | |
| Amounts payable within one year | 42/48 | €34,027 | €137,647 | +€103,620 | +304.5% |
| Current portion of amounts payable after more than one year | 42 | - | €9,816 | +€9,816 | |
| Trade debts | 44 | €2,767 | €4,126 | +€1,360 | +49.1% |
| Suppliers | 440/4 | €2,767 | €4,126 | +€1,360 | +49.1% |
| Taxes, remuneration and social security | 45 | €9,521 | €15,943 | +€6,422 | +67.5% |
| Taxes | 450/3 | €9,521 | €15,943 | +€6,422 | +67.5% |
| Other amounts payable | 47/48 | €21,740 | €107,762 | +€86,022 | +395.7% |
| Accrued charges and deferred income | 492/3 | - | €1,769 | +€1,769 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,633 | €7,852 | +€4,218 | +116.1% |
| Other operating charges | 640/8 | €654 | €865 | +€211 | +32.2% |
| Gross operating margin | 9900 | €34,241 | €62,564 | +€28,323 | +82.7% |
| Operating profit (loss) | 9901 | €29,953 | €53,847 | +€23,894 | +79.8% |
| Financial income | 75/76B | €18 | €0 | -€18 | -99.9% |
| Recurring financial income | 75 | €18 | €0 | -€18 | -99.9% |
| Financial charges | 65/66B | €185 | €10,546 | +€10,361 | +5600.0% |
| Recurring financial charges | 65 | €185 | €2,546 | +€2,361 | +1276.2% |
| Non-recurring financial charges | 66B | - | €8,000 | +€8,000 | |
| Profit (loss) for the period before taxes | 9903 | €29,786 | €43,301 | +€13,515 | +45.4% |
| Income taxes | 67/77 | €7,348 | €9,652 | +€2,305 | +31.4% |
| Profit (loss) for the period | 9904 | €22,439 | €33,649 | +€11,210 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,439 | €33,649 | +€11,210 | +50.0% |
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 5 October 2026 via checked.be.