NATHAN SYSTEMS: 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.
NATHAN SYSTEMS
Largest movements
- Cash -€8,613
down €8,613 (-70.7%), from €12,185 to €3,572
mainly Net result for the year (-€299,241) and Accrued charges and deferred income (-€38,287)
- Stocks and contracts +€6,357
up €6,357 (+11.9%), from €53,535 to €59,892
- Receivables within one year -€3,931
down €3,931 (-4.0%), from €97,941 to €94,010
- Deferred charges and accrued income -€3,732
down €3,732 (-14.5%), from €25,652 to €21,920
- Trade debts +€310,658
up €310,658 (+27.6%), from €1.1m to €1.4m
- Profit (loss) carried forward -€299,241
down €299,241 (-11.4%), from -€2.6m to -€2.9m
- Other debts +€39,000
up €39,000 (+3.9%), from €990,000 to €1.0m
- Accrued charges and deferred income -€38,287
down €38,287 (-42.1%), from €91,006 to €52,719
- Tax, wage and social debts -€21,746
down €21,746 (-18.4%), from €118,195 to €96,450
of which Remuneration and social security: -€11,279
- Staff costs -€48,551
down €48,551 (-5.1%), from €947,934 to €899,383
- Gross operating margin +€31,520
up €31,520 (+5.0%), from €625,793 to €657,312
- Write-downs -€27,046
new in 2025: -€27,046
- Other operating charges +€11,047
up €11,047 (+46.2%), from €23,921 to €34,968
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 | €207,275 | €197,659 | -€9,615 | -4.6% |
| Fixed assets | 21/28 | €17,961 | €18,265 | +€304 | +1.7% |
| Intangible fixed assets | 21 | - | €1,493 | +€1,493 | |
| Tangible fixed assets | 22/27 | €7,022 | €5,832 | -€1,190 | -16.9% |
| Plant, machinery and equipment | 23 | €483 | €888 | +€404 | +83.7% |
| Furniture and vehicles | 24 | €260 | €0 | -€260 | -100.0% |
| Other tangible fixed assets | 26 | €6,279 | €4,945 | -€1,334 | -21.3% |
| Financial fixed assets | 28 | €10,939 | €10,939 | = | 0.0% |
| Current assets | 29/58 | €189,314 | €179,395 | -€9,919 | -5.2% |
| Stocks and contracts in progress | 3 | €53,535 | €59,892 | +€6,357 | +11.9% |
| Stocks | 30/36 | €53,535 | €59,892 | +€6,357 | +11.9% |
| Amounts receivable within one year | 40/41 | €97,941 | €94,010 | -€3,931 | -4.0% |
| Trade receivables | 40 | €97,941 | €94,010 | -€3,931 | -4.0% |
| Cash at bank and in hand | 54/58 | €12,185 | €3,572 | -€8,613 | -70.7% |
| Deferred charges and accrued income | 490/1 | €25,652 | €21,920 | -€3,732 | -14.5% |
| Total equity and liabilities | 10/49 | €207,275 | €197,659 | -€9,615 | -4.6% |
| Equity | 10/15 | -€2,119,395 | -€2,418,635 | -€299,241 | -14.1% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €6,700 | €6,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,700 | €6,700 | = | 0.0% |
| Legal reserve | 130 | €6,700 | €6,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,626,095 | -€2,925,335 | -€299,241 | -11.4% |
| Amounts payable | 17/49 | €2,326,669 | €2,616,295 | +€289,625 | +12.4% |
| Amounts payable within one year | 42/48 | €2,235,663 | €2,563,576 | +€327,912 | +14.7% |
| Trade debts | 44 | €1,127,468 | €1,438,126 | +€310,658 | +27.6% |
| Suppliers | 440/4 | €1,127,468 | €1,438,126 | +€310,658 | +27.6% |
| Taxes, remuneration and social security | 45 | €118,195 | €96,450 | -€21,746 | -18.4% |
| Taxes | 450/3 | €46,903 | €36,436 | -€10,467 | -22.3% |
| Remuneration and social security | 454/9 | €71,293 | €60,013 | -€11,279 | -15.8% |
| Other amounts payable | 47/48 | €990,000 | €1,029,000 | +€39,000 | +3.9% |
| Accrued charges and deferred income | 492/3 | €91,006 | €52,719 | -€38,287 | -42.1% |
| Non-recurring operating income | 76A | €10,966 | €0 | -€10,966 | -100.0% |
| Remuneration, social security and pensions | 62 | €947,934 | €899,383 | -€48,551 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,646 | €2,894 | +€248 | +9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€27,046 | -€27,046 | |
| Other operating charges | 640/8 | €23,921 | €34,968 | +€11,047 | +46.2% |
| Non-recurring operating charges | 66A | €12,195 | €0 | -€12,195 | -100.0% |
| Gross operating margin | 9900 | €625,793 | €657,312 | +€31,520 | +5.0% |
| Operating profit (loss) | 9901 | -€360,903 | -€252,887 | +€108,016 | +29.9% |
| Financial charges | 65/66B | €38,638 | €41,055 | +€2,417 | +6.3% |
| Recurring financial charges | 65 | €38,638 | €41,055 | +€2,417 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | -€399,541 | -€293,942 | +€105,599 | +26.4% |
| Income taxes | 67/77 | €2,932 | €5,299 | +€2,367 | +80.7% |
| Profit (loss) for the period | 9904 | -€402,473 | -€299,241 | +€103,233 | +25.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€402,473 | -€299,241 | +€103,233 | +25.6% |
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 2 October 2026 via checked.be.