NATHERM: 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.
NATHERM
Largest movements
- Receivables within one year +€33,931
up €33,931 (+370.2%), from €9,166 to €43,096
of which Trade receivables: +€34,403
- Tangible fixed assets +€9,568
up €9,568 (+62.4%), from €15,339 to €24,907
of which Plant, machinery and equipment: +€5,002
- Cash -€4,810
down €4,810 (-31.2%), from €15,412 to €10,602
mainly Receivables within one year (-€33,931) and Investment in fixed assets (net) (-€18,006)
- Stocks and contracts -€3,024
down €3,024 (-66.1%), from €4,574 to €1,550
- Tax, wage and social debts +€23,362
up €23,362 (+733.9%), from €3,183 to €26,545
of which Remuneration and social security: +€21,354
- Trade debts +€13,845
up €13,845 (+40.8%), from €33,939 to €47,784
- Other debts -€3,573
down €3,573 (-80.4%), from €4,446 to €872
- Profit (loss) carried forward +€2,040
up €2,040 (+433.2%), from €471 to €2,511
- Gross operating margin +€6,507
up €6,507 (+112.8%), from €5,767 to €12,274
- Depreciation +€4,643
up €4,643 (+122.4%), from €3,795 to €8,438
- Taxes +€574
up €574 (+131.0%), from €438 to €1,012
- Other operating charges -€193
down €193 (-22.7%), from €848 to €656
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 | €45,039 | €81,176 | +€36,137 | +80.2% |
| Fixed assets | 21/28 | €15,637 | €25,205 | +€9,568 | +61.2% |
| Tangible fixed assets | 22/27 | €15,339 | €24,907 | +€9,568 | +62.4% |
| Plant, machinery and equipment | 23 | €5,208 | €10,210 | +€5,002 | +96.1% |
| Furniture and vehicles | 24 | €10,132 | €14,697 | +€4,566 | +45.1% |
| Financial fixed assets | 28 | €298 | €298 | = | 0.0% |
| Current assets | 29/58 | €29,402 | €55,971 | +€26,569 | +90.4% |
| Stocks and contracts in progress | 3 | €4,574 | €1,550 | -€3,024 | -66.1% |
| Stocks | 30/36 | €4,574 | €1,550 | -€3,024 | -66.1% |
| Amounts receivable within one year | 40/41 | €9,166 | €43,096 | +€33,931 | +370.2% |
| Trade receivables | 40 | €5,030 | €39,433 | +€34,403 | +684.0% |
| Other amounts receivable | 41 | €4,136 | €3,663 | -€473 | -11.4% |
| Current investments | 50/53 | €124 | €248 | +€124 | +100.0% |
| Cash at bank and in hand | 54/58 | €15,412 | €10,602 | -€4,810 | -31.2% |
| Deferred charges and accrued income | 490/1 | €126 | €475 | +€349 | +276.9% |
| Total equity and liabilities | 10/49 | €45,039 | €81,176 | +€36,137 | +80.2% |
| Equity | 10/15 | €3,471 | €5,511 | +€2,040 | +58.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €471 | €2,511 | +€2,040 | +433.2% |
| Amounts payable | 17/49 | €41,568 | €75,665 | +€34,097 | +82.0% |
| Amounts payable within one year | 42/48 | €41,568 | €75,201 | +€33,633 | +80.9% |
| Trade debts | 44 | €33,939 | €47,784 | +€13,845 | +40.8% |
| Suppliers | 440/4 | €33,939 | €47,784 | +€13,845 | +40.8% |
| Taxes, remuneration and social security | 45 | €3,183 | €26,545 | +€23,362 | +733.9% |
| Taxes | 450/3 | €469 | €2,477 | +€2,008 | +428.2% |
| Remuneration and social security | 454/9 | €2,715 | €24,069 | +€21,354 | +786.7% |
| Other amounts payable | 47/48 | €4,446 | €872 | -€3,573 | -80.4% |
| Accrued charges and deferred income | 492/3 | - | €464 | +€464 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,795 | €8,438 | +€4,643 | +122.4% |
| Other operating charges | 640/8 | €848 | €656 | -€193 | -22.7% |
| Gross operating margin | 9900 | €5,767 | €12,274 | +€6,507 | +112.8% |
| Operating profit (loss) | 9901 | €1,123 | €3,180 | +€2,057 | +183.1% |
| Financial income | 75/76B | €497 | €492 | -€5 | -1.0% |
| Recurring financial income | 75 | €497 | €492 | -€5 | -1.0% |
| Financial charges | 65/66B | €712 | €620 | -€91 | -12.8% |
| Recurring financial charges | 65 | €712 | €620 | -€91 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €909 | €3,052 | +€2,143 | +235.8% |
| Income taxes | 67/77 | €438 | €1,012 | +€574 | +131.0% |
| Profit (loss) for the period | 9904 | €471 | €2,040 | +€1,569 | +333.2% |
| Profit (loss) for the period to be appropriated | 9905 | €471 | €2,040 | +€1,569 | +333.2% |
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 12 October 2026 via checked.be.