NATCO: 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.
NATCO
Largest movements
- Tangible fixed assets +€127,460
up €127,460 (+6.9%), from €1.8m to €2.0m
of which Land and buildings: +€130,749
- Cash -€86,857
down €86,857 (-88.0%), from €98,720 to €11,864
mainly Investment in fixed assets (net) (-€198,657) and Debts after one year (-€169,925)
- Receivables within one year +€28,929
up €28,929 (+26.7%), from €108,318 to €137,247
of which Trade receivables: +€40,306
- Debts after one year -€169,925
down €169,925 (-15.7%), from €1.1m to €910,978
of which Financial debts: -€169,925
- Current portion of long-term debt +€111,034
up €111,034 (+189%), from €58,891 to €169,925
- Reserves +€74,746
up €74,746 (+8.5%), from €879,517 to €954,263
- Trade debts +€28,804
up €28,804 (+115%), from €25,013 to €53,817
- Gross operating margin +€82,643
up €82,643 (+60.5%), from €136,581 to €219,223
- Taxes +€20,676
up €20,676 (+2,306%), from €896 to €21,572
- Depreciation -€11,568
down €11,568 (-14.0%), from €82,765 to €71,197
- Financial charges -€4,355
down €4,355 (-9.7%), from €44,907 to €40,552
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 | €2,097,844 | €2,170,977 | +€73,133 | +3.5% |
| Fixed assets | 21/28 | €1,842,115 | €1,969,576 | +€127,460 | +6.9% |
| Tangible fixed assets | 22/27 | €1,841,803 | €1,969,264 | +€127,460 | +6.9% |
| Land and buildings | 22 | €1,826,666 | €1,957,415 | +€130,749 | +7.2% |
| Plant, machinery and equipment | 23 | €5,651 | €3,106 | -€2,546 | -45.0% |
| Furniture and vehicles | 24 | €743 | €0 | -€743 | -100% |
| Other tangible fixed assets | 26 | €8,742 | €8,742 | = | 0.0% |
| Financial fixed assets | 28 | €312 | €312 | = | 0.0% |
| Current assets | 29/58 | €255,728 | €201,401 | -€54,327 | -21.2% |
| Amounts receivable within one year | 40/41 | €108,318 | €137,247 | +€28,929 | +26.7% |
| Trade receivables | 40 | €86,558 | €126,863 | +€40,306 | +46.6% |
| Other amounts receivable | 41 | €21,760 | €10,384 | -€11,376 | -52.3% |
| Current investments | 50/53 | €41,250 | €41,250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €98,720 | €11,864 | -€86,857 | -88.0% |
| Deferred charges and accrued income | 490/1 | €7,440 | €11,040 | +€3,600 | +48.4% |
| Total equity and liabilities | 10/49 | €2,097,844 | €2,170,977 | +€73,133 | +3.5% |
| Equity | 10/15 | €891,917 | €966,663 | +€74,746 | +8.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €879,517 | €954,263 | +€74,746 | +8.5% |
| Distributable reserves | 133 | €879,517 | €954,263 | +€74,746 | +8.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,205,926 | €1,204,313 | -€1,613 | -0.1% |
| Amounts payable after more than one year | 17 | €1,080,902 | €910,978 | -€169,925 | -15.7% |
| Financial debts | 170/4 | €680,902 | €510,978 | -€169,925 | -25.0% |
| Other amounts payable | 178/9 | €400,000 | €400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €124,944 | €293,219 | +€168,274 | +135% |
| Current portion of amounts payable after more than one year | 42 | €58,891 | €169,925 | +€111,034 | +189% |
| Trade debts | 44 | €25,013 | €53,817 | +€28,804 | +115% |
| Suppliers | 440/4 | €25,013 | €53,817 | +€28,804 | +115% |
| Taxes, remuneration and social security | 45 | €2,264 | €13,501 | +€11,237 | +496% |
| Taxes | 450/3 | €2,264 | €13,501 | +€11,237 | +496% |
| Other amounts payable | 47/48 | €38,776 | €55,976 | +€17,199 | +44.4% |
| Accrued charges and deferred income | 492/3 | €80 | €117 | +€37 | +46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,765 | €71,197 | -€11,568 | -14.0% |
| Other operating charges | 640/8 | €11,723 | €11,751 | +€28 | +0.2% |
| Gross operating margin | 9900 | €136,581 | €219,223 | +€82,643 | +60.5% |
| Operating profit (loss) | 9901 | €42,092 | €136,276 | +€94,183 | +224% |
| Financial income | 75/76B | €0 | €595 | +€595 | |
| Recurring financial income | 75 | €0 | €595 | +€595 | |
| Financial charges | 65/66B | €44,907 | €40,552 | -€4,355 | -9.7% |
| Recurring financial charges | 65 | €44,907 | €40,552 | -€4,355 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,815 | €96,318 | +€99,133 | |
| Income taxes | 67/77 | €896 | €21,572 | +€20,676 | +2,306% |
| Profit (loss) for the period | 9904 | -€3,711 | €74,746 | +€78,458 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,711 | €74,746 | +€78,458 |
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 15 October 2026 via checked.be.