NATAXEM: 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.
NATAXEM
Largest movements
- Cash -€38,695
down €38,695 (-76.6%), from €50,498 to €11,803
mainly Net result for the year (-€47,558) and Investment in fixed assets (net) (-€6,291)
- Receivables within one year -€16,520
down €16,520 (-44.9%), from €36,793 to €20,272
of which Trade receivables: -€14,226
- Tangible fixed assets +€4,368
up €4,368 (+165%), from €2,643 to €7,011
of which Furniture and vehicles: +€3,429
- Profit (loss) carried forward -€47,558
down €47,558, from €7,306 to -€40,252
- Tax, wage and social debts -€3,769
down €3,769 (-94.2%), from €4,003 to €234
- Gross operating margin -€6,180
down €6,180 (-16.2%), from -€38,140 to -€44,320
- Depreciation +€506
up €506 (+35.7%), from €1,417 to €1,923
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 | €91,911 | €40,466 | -€51,445 | -56.0% |
| Fixed assets | 21/28 | €3,024 | €7,393 | +€4,368 | +144% |
| Tangible fixed assets | 22/27 | €2,643 | €7,011 | +€4,368 | +165% |
| Plant, machinery and equipment | 23 | - | €939 | +€939 | |
| Furniture and vehicles | 24 | €2,643 | €6,072 | +€3,429 | +130% |
| Financial fixed assets | 28 | €381 | €381 | = | 0.0% |
| Current assets | 29/58 | €88,886 | €33,073 | -€55,813 | -62.8% |
| Amounts receivable within one year | 40/41 | €36,793 | €20,272 | -€16,520 | -44.9% |
| Trade receivables | 40 | €31,301 | €17,075 | -€14,226 | -45.4% |
| Other amounts receivable | 41 | €5,492 | €3,197 | -€2,295 | -41.8% |
| Cash at bank and in hand | 54/58 | €50,498 | €11,803 | -€38,695 | -76.6% |
| Deferred charges and accrued income | 490/1 | €1,596 | €998 | -€598 | -37.5% |
| Total equity and liabilities | 10/49 | €91,911 | €40,466 | -€51,445 | -56.0% |
| Equity | 10/15 | €82,466 | €34,908 | -€47,558 | -57.7% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €68,860 | €68,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €67,000 | €67,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,306 | -€40,252 | -€47,558 | |
| Amounts payable | 17/49 | €9,444 | €5,557 | -€3,887 | -41.2% |
| Amounts payable within one year | 42/48 | €9,444 | €5,557 | -€3,887 | -41.2% |
| Trade debts | 44 | €5,441 | €5,323 | -€118 | -2.2% |
| Suppliers | 440/4 | €5,441 | €5,323 | -€118 | -2.2% |
| Taxes, remuneration and social security | 45 | €4,003 | €234 | -€3,769 | -94.2% |
| Taxes | 450/3 | €4,003 | €234 | -€3,769 | -94.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,417 | €1,923 | +€506 | +35.7% |
| Other operating charges | 640/8 | €664 | €684 | +€20 | +3.0% |
| Gross operating margin | 9900 | -€38,140 | -€44,320 | -€6,180 | -16.2% |
| Operating profit (loss) | 9901 | -€40,220 | -€46,927 | -€6,707 | -16.7% |
| Financial income | 75/76B | - | €23 | +€23 | |
| Recurring financial income | 75 | - | €23 | +€23 | |
| Financial charges | 65/66B | €480 | €499 | +€19 | +3.9% |
| Recurring financial charges | 65 | €480 | €499 | +€19 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | -€40,701 | -€47,402 | -€6,702 | -16.5% |
| Income taxes | 67/77 | €146 | €156 | +€10 | +6.7% |
| Profit (loss) for the period | 9904 | -€40,847 | -€47,558 | -€6,712 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,847 | -€47,558 | -€6,712 | -16.4% |
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 19 October 2026 via checked.be.