NATASCHA GERLACH: 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.
NATASCHA GERLACH
Largest movements
- Current investments +€450,000
up €450,000, from €0 to €450,000
- Cash -€163,704
down €163,704 (-18.3%), from €894,844 to €731,140
mainly Contributions, distributions and other (-€600,000) and Current investments (-€450,000)
- Receivables within one year -€144,357
down €144,357 (-99.3%), from €145,344 to €987
of which Other amounts receivable: -€145,344
- Other debts +€599,828
up €599,828, from €0 to €599,828
- Reserves -€475,205
down €475,205 (-47.7%), from €996,739 to €521,534
- Gross operating margin +€30,150
up €30,150 (+20.3%), from €148,697 to €178,847
- Taxes +€16,488
up €16,488 (+45.7%), from €36,044 to €52,532
- Financial income -€12,589
down €12,589 (-86.5%), from €14,555 to €1,967
- Financial charges +€2,397
up €2,397 (+328%), from €730 to €3,127
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 | €1,049,984 | €1,182,376 | +€132,391 | +12.6% |
| Fixed assets | 21/28 | €608 | €248 | -€360 | -59.2% |
| Tangible fixed assets | 22/27 | €608 | €248 | -€360 | -59.2% |
| Furniture and vehicles | 24 | €608 | €248 | -€360 | -59.2% |
| Current assets | 29/58 | €1,049,376 | €1,182,127 | +€132,751 | +12.7% |
| Amounts receivable within one year | 40/41 | €145,344 | €987 | -€144,357 | -99.3% |
| Trade receivables | 40 | - | €987 | +€987 | |
| Other amounts receivable | 41 | €145,344 | €0 | -€145,344 | -100% |
| Current investments | 50/53 | €0 | €450,000 | +€450,000 | |
| Cash at bank and in hand | 54/58 | €894,844 | €731,140 | -€163,704 | -18.3% |
| Deferred charges and accrued income | 490/1 | €9,188 | €0 | -€9,188 | -100% |
| Total equity and liabilities | 10/49 | €1,049,984 | €1,182,376 | +€132,391 | +12.6% |
| Equity | 10/15 | €1,015,339 | €540,134 | -€475,205 | -46.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €996,739 | €521,534 | -€475,205 | -47.7% |
| Distributable reserves | 133 | €996,739 | €521,534 | -€475,205 | -47.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €34,646 | €642,242 | +€607,596 | +1,754% |
| Amounts payable within one year | 42/48 | €34,646 | €640,319 | +€605,673 | +1,748% |
| Financial debts | 43 | €5,849 | €5,149 | -€700 | -12.0% |
| Credit institutions | 430/8 | €5,849 | €5,149 | -€700 | -12.0% |
| Trade debts | 44 | €2,567 | €198 | -€2,368 | -92.3% |
| Suppliers | 440/4 | €2,567 | €198 | -€2,368 | -92.3% |
| Taxes, remuneration and social security | 45 | €26,230 | €35,144 | +€8,914 | +34.0% |
| Taxes | 450/3 | €26,230 | €35,144 | +€8,914 | +34.0% |
| Other amounts payable | 47/48 | €0 | €599,828 | +€599,828 | |
| Accrued charges and deferred income | 492/3 | €0 | €1,923 | +€1,923 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €797 | €360 | -€437 | -54.9% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | €148,697 | €178,847 | +€30,150 | +20.3% |
| Operating profit (loss) | 9901 | €147,900 | €178,488 | +€30,587 | +20.7% |
| Financial income | 75/76B | €14,555 | €1,967 | -€12,589 | -86.5% |
| Recurring financial income | 75 | €14,555 | €1,967 | -€12,589 | -86.5% |
| Financial charges | 65/66B | €730 | €3,127 | +€2,397 | +328% |
| Recurring financial charges | 65 | €730 | €3,127 | +€2,397 | +328% |
| Profit (loss) for the period before taxes | 9903 | €161,726 | €177,328 | +€15,602 | +9.6% |
| Income taxes | 67/77 | €36,044 | €52,532 | +€16,488 | +45.7% |
| Profit (loss) for the period | 9904 | €125,682 | €124,795 | -€886 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €125,682 | €124,795 | -€886 | -0.7% |
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 26 October 2026 via checked.be.