NATH: 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.
NATH
Largest movements
- Cash -€25,929
down €25,929 (-24.0%), from €107,959 to €82,029
mainly Receivables within one year (-€23,250) and Investment in fixed assets (net) (-€13,527)
- Receivables within one year +€23,250
up €23,250 (+39.7%), from €58,590 to €81,841
of which Trade receivables: +€47,704
- Tangible fixed assets +€8,649
up €8,649 (+42.9%), from €20,156 to €28,805
of which Land and buildings: +€5,325
- Profit (loss) carried forward +€5,015
up €5,015 (+13.5%), from -€37,228 to -€32,213
- Trade debts -€2,369
down €2,369 (-70.0%), from €3,386 to €1,017
- Tax, wage and social debts +€2,085
up €2,085 (+15.6%), from €13,344 to €15,430
- Gross operating margin -€7,900
down €7,900 (-39.5%), from €19,992 to €12,092
- Depreciation +€1,035
up €1,035 (+26.9%), from €3,842 to €4,878
- Other operating charges -€502
down €502 (-27.5%), from €1,824 to €1,322
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 | €190,217 | €195,622 | +€5,405 | +2.8% |
| Fixed assets | 21/28 | €20,156 | €28,805 | +€8,649 | +42.9% |
| Tangible fixed assets | 22/27 | €20,156 | €28,805 | +€8,649 | +42.9% |
| Land and buildings | 22 | €2,228 | €7,553 | +€5,325 | +239.1% |
| Plant, machinery and equipment | 23 | €2,865 | €3,435 | +€570 | +19.9% |
| Furniture and vehicles | 24 | €2,240 | €4,335 | +€2,095 | +93.5% |
| Other tangible fixed assets | 26 | €12,823 | €13,482 | +€659 | +5.1% |
| Current assets | 29/58 | €170,061 | €166,817 | -€3,244 | -1.9% |
| Amounts receivable within one year | 40/41 | €58,590 | €81,841 | +€23,250 | +39.7% |
| Trade receivables | 40 | €29,521 | €77,226 | +€47,704 | +161.6% |
| Other amounts receivable | 41 | €29,069 | €4,615 | -€24,454 | -84.1% |
| Cash at bank and in hand | 54/58 | €107,959 | €82,029 | -€25,929 | -24.0% |
| Deferred charges and accrued income | 490/1 | €3,512 | €2,947 | -€565 | -16.1% |
| Total equity and liabilities | 10/49 | €190,217 | €195,622 | +€5,405 | +2.8% |
| Equity | 10/15 | €159,234 | €164,248 | +€5,015 | +3.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €184,061 | €184,061 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €182,061 | €182,061 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,228 | -€32,213 | +€5,015 | +13.5% |
| Amounts payable | 17/49 | €30,983 | €31,374 | +€391 | +1.3% |
| Amounts payable within one year | 42/48 | €30,953 | €31,374 | +€421 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,386 | €1,017 | -€2,369 | -70.0% |
| Suppliers | 440/4 | €3,386 | €1,017 | -€2,369 | -70.0% |
| Taxes, remuneration and social security | 45 | €13,344 | €15,430 | +€2,085 | +15.6% |
| Taxes | 450/3 | €13,344 | €15,430 | +€2,085 | +15.6% |
| Other amounts payable | 47/48 | €14,222 | €14,927 | +€705 | +5.0% |
| Accrued charges and deferred income | 492/3 | €30 | €0 | -€30 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,842 | €4,878 | +€1,035 | +26.9% |
| Other operating charges | 640/8 | €1,824 | €1,322 | -€502 | -27.5% |
| Gross operating margin | 9900 | €19,992 | €12,092 | -€7,900 | -39.5% |
| Operating profit (loss) | 9901 | €14,325 | €5,892 | -€8,433 | -58.9% |
| Financial income | 75/76B | €1 | €30 | +€30 | +4194.4% |
| Recurring financial income | 75 | €1 | €30 | +€30 | +4194.4% |
| Financial charges | 65/66B | €401 | €433 | +€33 | +8.1% |
| Recurring financial charges | 65 | €401 | €433 | +€33 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €13,925 | €5,490 | -€8,436 | -60.6% |
| Income taxes | 67/77 | €452 | €475 | +€23 | +5.0% |
| Profit (loss) for the period | 9904 | €13,473 | €5,015 | -€8,458 | -62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,473 | €5,015 | -€8,458 | -62.8% |
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 4 October 2026 via checked.be.