NATEL: 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.
NATEL
Largest movements
- Cash +€86,535
up €86,535 (+52.7%), from €164,074 to €250,609
mainly Depreciation (+€62,652) and Net result for the year (+€45,153)
- Tangible fixed assets -€53,023
down €53,023 (-53.9%), from €98,308 to €45,285
of which Furniture and vehicles: -€46,911
- Intangible fixed assets -€45,950
down €45,950 (-21.2%), from €216,602 to €170,652
- Receivables within one year -€44,193
down €44,193 (-100%), from €44,193 to €0
- Other debts -€50,648
down €50,648 (-100%), from €50,648 to €0
- Reserves +€45,153
up €45,153 (+16.6%), from €272,735 to €317,888
- Debts after one year -€40,124
down €40,124 (-53.8%), from €74,532 to €34,407
- Tax, wage and social debts -€30,251
down €30,251 (-32.2%), from €93,820 to €63,569
of which Taxes: -€27,077
- Trade debts +€25,227
up €25,227 (+255%), from €9,894 to €35,120
- Gross operating margin -€59,934
down €59,934 (-22.3%), from €268,357 to €208,422
- Staff costs +€18,161
up €18,161 (+43.0%), from €42,244 to €60,404
- Taxes -€17,203
down €17,203 (-47.2%), from €36,459 to €19,255
- Depreciation -€12,698
down €12,698 (-16.9%), from €75,350 to €62,652
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.
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 | €625,804 | €566,144 | -€59,660 | -9.5% |
| Fixed assets | 21/28 | €319,979 | €221,006 | -€98,973 | -30.9% |
| Intangible fixed assets | 21 | €216,602 | €170,652 | -€45,950 | -21.2% |
| Tangible fixed assets | 22/27 | €98,308 | €45,285 | -€53,023 | -53.9% |
| Land and buildings | 22 | €91 | €0 | -€91 | -100% |
| Plant, machinery and equipment | 23 | €40,149 | €34,127 | -€6,022 | -15.0% |
| Furniture and vehicles | 24 | €58,069 | €11,158 | -€46,911 | -80.8% |
| Financial fixed assets | 28 | €5,069 | €5,069 | = | 0.0% |
| Current assets | 29/58 | €305,825 | €345,139 | +€39,314 | +12.9% |
| Amounts receivable within one year | 40/41 | €44,193 | €0 | -€44,193 | -100% |
| Other amounts receivable | 41 | €44,193 | €0 | -€44,193 | -100% |
| Current investments | 50/53 | €50,489 | €50,489 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €164,074 | €250,609 | +€86,535 | +52.7% |
| Deferred charges and accrued income | 490/1 | €47,069 | €44,041 | -€3,028 | -6.4% |
| Total equity and liabilities | 10/49 | €625,804 | €566,144 | -€59,660 | -9.5% |
| Equity | 10/15 | €354,735 | €399,888 | +€45,153 | +12.7% |
| Contributions | 10/11 | €82,000 | €82,000 | = | 0.0% |
| Reserves | 13 | €272,735 | €317,888 | +€45,153 | +16.6% |
| Distributable reserves | 133 | €272,735 | €317,888 | +€45,153 | +16.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €271,069 | €166,256 | -€104,813 | -38.7% |
| Amounts payable after more than one year | 17 | €74,532 | €34,407 | -€40,124 | -53.8% |
| Financial debts | 170/4 | €74,532 | €34,407 | -€40,124 | -53.8% |
| Amounts payable within one year | 42/48 | €196,537 | €131,849 | -€64,689 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €42,175 | €33,159 | -€9,016 | -21.4% |
| Trade debts | 44 | €9,894 | €35,120 | +€25,227 | +255% |
| Suppliers | 440/4 | €9,894 | €35,120 | +€25,227 | +255% |
| Taxes, remuneration and social security | 45 | €93,820 | €63,569 | -€30,251 | -32.2% |
| Taxes | 450/3 | €82,791 | €55,714 | -€27,077 | -32.7% |
| Remuneration and social security | 454/9 | €11,029 | €7,855 | -€3,174 | -28.8% |
| Other amounts payable | 47/48 | €50,648 | €0 | -€50,648 | -100% |
| Remuneration, social security and pensions | 62 | €42,244 | €60,404 | +€18,161 | +43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,350 | €62,652 | -€12,698 | -16.9% |
| Other operating charges | 640/8 | €2,338 | €4,956 | +€2,618 | +112% |
| Non-recurring operating charges | 66A | - | €11,190 | +€11,190 | |
| Gross operating margin | 9900 | €268,357 | €208,422 | -€59,934 | -22.3% |
| Operating profit (loss) | 9901 | €148,425 | €69,221 | -€79,204 | -53.4% |
| Financial income | 75/76B | €21 | €46 | +€24 | +113% |
| Recurring financial income | 75 | €21 | €46 | +€24 | +113% |
| Financial charges | 65/66B | €6,015 | €4,858 | -€1,157 | -19.2% |
| Recurring financial charges | 65 | €6,015 | €4,858 | -€1,157 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €142,432 | €64,408 | -€78,023 | -54.8% |
| Income taxes | 67/77 | €36,459 | €19,255 | -€17,203 | -47.2% |
| Profit (loss) for the period | 9904 | €105,973 | €45,153 | -€60,820 | -57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €105,973 | €45,153 | -€60,820 | -57.4% |
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 24 October 2026 via checked.be.