Nathan: 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.
Nathan
Largest movements
- Tangible fixed assets -€62,234
down €62,234 (-96.4%), from €64,535 to €2,301
of which Other tangible fixed assets: -€32,222
- Cash -€27,796
down €27,796 (-46.8%), from €59,378 to €31,582
mainly Trade debts (-€152,002) and Tax, wage and social debts (-€12,158)
- Stocks and contracts -€20,840
no longer reported in 2025 (was €20,840)
- Receivables within one year -€6,586
no longer reported in 2025 (was €6,586)
of which Other amounts receivable: -€5,378
- Deferred charges and accrued income +€1,817
up €1,817 (+54.3%), from €3,345 to €5,162
- Trade debts -€152,002
down €152,002 (-98.8%), from €153,779 to €1,777
- Profit (loss) carried forward +€49,090
up €49,090 (+71.4%), from -€68,731 to -€19,641
- Tax, wage and social debts -€12,158
no longer reported in 2025 (was €12,158)
- Other debts +€4,319
up €4,319 (+66.7%), from €6,471 to €10,790
- Current portion of long-term debt -€4,000
no longer reported in 2025 (was €4,000)
- Staff costs -€47,749
down €47,749, from €47,720 to -€29
- Depreciation -€16,877
down €16,877 (-95.7%), from €17,640 to €763
- Gross operating margin +€14,888
up €14,888 (+42.6%), from €34,930 to €49,818
- Financial charges -€7,781
down €7,781 (-97.4%), from €7,990 to €209
- Other operating charges -€2,839
no longer reported in 2025 (was €2,839)
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 | €154,902 | €39,263 | -€115,639 | -74.7% |
| Fixed assets | 21/28 | €64,753 | €2,519 | -€62,234 | -96.1% |
| Tangible fixed assets | 22/27 | €64,535 | €2,301 | -€62,234 | -96.4% |
| Plant, machinery and equipment | 23 | €32,054 | €2,185 | -€29,869 | -93.2% |
| Furniture and vehicles | 24 | €259 | €116 | -€143 | -55.1% |
| Other tangible fixed assets | 26 | €32,222 | - | -€32,222 | |
| Financial fixed assets | 28 | €218 | €218 | -€0 | -0.1% |
| Current assets | 29/58 | €90,149 | €36,744 | -€53,405 | -59.2% |
| Stocks and contracts in progress | 3 | €20,840 | - | -€20,840 | |
| Stocks | 30/36 | €20,840 | - | -€20,840 | |
| Amounts receivable within one year | 40/41 | €6,586 | - | -€6,586 | |
| Trade receivables | 40 | €1,208 | - | -€1,208 | |
| Other amounts receivable | 41 | €5,378 | - | -€5,378 | |
| Cash at bank and in hand | 54/58 | €59,378 | €31,582 | -€27,796 | -46.8% |
| Deferred charges and accrued income | 490/1 | €3,345 | €5,162 | +€1,817 | +54.3% |
| Total equity and liabilities | 10/49 | €154,902 | €39,263 | -€115,639 | -74.7% |
| Equity | 10/15 | -€22,395 | €26,696 | +€49,091 | |
| Contributions | 10/11 | €38,800 | €38,800 | = | 0.0% |
| Reserves | 13 | €7,537 | €7,537 | +€1 | 0.0% |
| Non-distributable reserves | 130/1 | €37 | €37 | +€1 | +1.4% |
| Reserves not available under the articles | 1311 | €37 | €37 | +€1 | +1.4% |
| Tax-exempt reserves | 132 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,731 | -€19,641 | +€49,090 | +71.4% |
| Amounts payable | 17/49 | €177,297 | €12,567 | -€164,730 | -92.9% |
| Amounts payable within one year | 42/48 | €176,408 | €12,567 | -€163,841 | -92.9% |
| Current portion of amounts payable after more than one year | 42 | €4,000 | - | -€4,000 | |
| Trade debts | 44 | €153,779 | €1,777 | -€152,002 | -98.8% |
| Suppliers | 440/4 | €153,779 | €1,777 | -€152,002 | -98.8% |
| Taxes, remuneration and social security | 45 | €12,158 | - | -€12,158 | |
| Remuneration and social security | 454/9 | €12,158 | - | -€12,158 | |
| Other amounts payable | 47/48 | €6,471 | €10,790 | +€4,319 | +66.7% |
| Accrued charges and deferred income | 492/3 | €889 | - | -€889 | |
| Non-recurring operating income | 76A | €18,604 | - | -€18,604 | |
| Remuneration, social security and pensions | 62 | €47,720 | -€29 | -€47,749 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,640 | €763 | -€16,877 | -95.7% |
| Other operating charges | 640/8 | €2,839 | - | -€2,839 | |
| Gross operating margin | 9900 | €34,930 | €49,818 | +€14,888 | +42.6% |
| Operating profit (loss) | 9901 | -€33,269 | €49,084 | +€82,353 | |
| Financial income | 75/76B | €72 | €216 | +€144 | +201% |
| Recurring financial income | 75 | €72 | €216 | +€144 | +201% |
| Financial charges | 65/66B | €7,990 | €209 | -€7,781 | -97.4% |
| Recurring financial charges | 65 | €7,990 | €209 | -€7,781 | -97.4% |
| Profit (loss) for the period before taxes | 9903 | -€41,188 | €49,091 | +€90,279 | |
| Profit (loss) for the period | 9904 | -€41,188 | €49,091 | +€90,279 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,188 | €49,091 | +€90,279 |
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 14 October 2026 via checked.be.