NATHEMA: 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.
NATHEMA
Largest movements
- Tangible fixed assets -€197,488
down €197,488 (-67.5%), from €292,371 to €94,883
of which Land and buildings: -€188,589
- Cash +€167,413
up €167,413 (+1200.6%), from €13,944 to €181,357
mainly Investment in fixed assets (net) (+€182,125) and Other debts (+€53,705)
- Debts after one year -€81,942
down €81,942 (-58.6%), from €139,807 to €57,865
of which Other amounts payable: -€60,000
- Other debts +€53,705
up €53,705 (+572.5%), from €9,380 to €63,085
- Reserves +€15,900
up €15,900 (+111.4%), from €14,276 to €30,176
- Tax, wage and social debts -€14,171
down €14,171 (-68.5%), from €20,702 to €6,531
of which Taxes: -€11,671
- Current portion of long-term debt -€4,065
down €4,065 (-15.6%), from €26,007 to €21,942
- Gross operating margin -€24,269
down €24,269 (-33.1%), from €73,387 to €49,118
- Depreciation -€13,086
down €13,086 (-46.0%), from €28,449 to €15,363
- Taxes -€2,340
down €2,340 (-27.5%), from €8,517 to €6,177
- Financial charges +€975
up €975 (+15.4%), from €6,330 to €7,305
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 | €311,820 | €284,445 | -€27,375 | -8.8% |
| Fixed assets | 21/28 | €292,371 | €94,883 | -€197,488 | -67.5% |
| Tangible fixed assets | 22/27 | €292,371 | €94,883 | -€197,488 | -67.5% |
| Land and buildings | 22 | €272,687 | €84,098 | -€188,589 | -69.2% |
| Plant, machinery and equipment | 23 | €548 | €733 | +€185 | +33.8% |
| Furniture and vehicles | 24 | €19,136 | €10,052 | -€9,084 | -47.5% |
| Current assets | 29/58 | €19,449 | €189,562 | +€170,113 | +874.7% |
| Amounts receivable within one year | 40/41 | €5,116 | €7,603 | +€2,487 | +48.6% |
| Trade receivables | 40 | €5,116 | €5,383 | +€267 | +5.2% |
| Other amounts receivable | 41 | - | €2,220 | +€2,220 | |
| Cash at bank and in hand | 54/58 | €13,944 | €181,357 | +€167,413 | +1200.6% |
| Deferred charges and accrued income | 490/1 | €389 | €602 | +€213 | +54.8% |
| Total equity and liabilities | 10/49 | €311,820 | €284,445 | -€27,375 | -8.8% |
| Equity | 10/15 | €114,276 | €130,176 | +€15,900 | +13.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €14,276 | €30,176 | +€15,900 | +111.4% |
| Distributable reserves | 133 | €14,276 | €30,176 | +€15,900 | +111.4% |
| Amounts payable | 17/49 | €197,544 | €154,269 | -€43,275 | -21.9% |
| Amounts payable after more than one year | 17 | €139,807 | €57,865 | -€81,942 | -58.6% |
| Financial debts | 170/4 | €79,807 | €57,865 | -€21,942 | -27.5% |
| Other amounts payable | 178/9 | €60,000 | - | -€60,000 | |
| Amounts payable within one year | 42/48 | €57,685 | €96,358 | +€38,673 | +67.0% |
| Current portion of amounts payable after more than one year | 42 | €26,007 | €21,942 | -€4,065 | -15.6% |
| Trade debts | 44 | €1,596 | €4,800 | +€3,204 | +200.8% |
| Suppliers | 440/4 | €1,596 | €4,800 | +€3,204 | +200.8% |
| Taxes, remuneration and social security | 45 | €20,702 | €6,531 | -€14,171 | -68.5% |
| Taxes | 450/3 | €15,702 | €4,031 | -€11,671 | -74.3% |
| Remuneration and social security | 454/9 | €5,000 | €2,500 | -€2,500 | -50.0% |
| Other amounts payable | 47/48 | €9,380 | €63,085 | +€53,705 | +572.5% |
| Accrued charges and deferred income | 492/3 | €52 | €46 | -€6 | -11.5% |
| Non-recurring operating income | 76A | €5,784 | - | -€5,784 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,449 | €15,363 | -€13,086 | -46.0% |
| Other operating charges | 640/8 | €4,294 | €4,283 | -€11 | -0.3% |
| Non-recurring operating charges | 66A | €234 | €90 | -€144 | -61.5% |
| Gross operating margin | 9900 | €73,387 | €49,118 | -€24,269 | -33.1% |
| Operating profit (loss) | 9901 | €40,410 | €29,382 | -€11,028 | -27.3% |
| Financial income | 75/76B | €83 | - | -€83 | |
| Recurring financial income | 75 | €83 | - | -€83 | |
| Financial charges | 65/66B | €6,330 | €7,305 | +€975 | +15.4% |
| Recurring financial charges | 65 | €6,330 | €7,305 | +€975 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €34,163 | €22,077 | -€12,086 | -35.4% |
| Income taxes | 67/77 | €8,517 | €6,177 | -€2,340 | -27.5% |
| Profit (loss) for the period | 9904 | €25,646 | €15,900 | -€9,746 | -38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,646 | €15,900 | -€9,746 | -38.0% |
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 30 September 2026 via checked.be.