NATHO: 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.
NATHO
Largest movements
- Current investments +€120,000
new in 2025: €120,000
- Cash -€55,575
down €55,575 (-77.6%), from €71,578 to €16,003
mainly Current investments (-€120,000) and Tax, wage and social debts (-€17,887)
- Stocks and contracts -€39,250
no longer reported in 2025 (was €39,250)
- Tangible fixed assets -€22,416
down €22,416 (-96.1%), from €23,314 to €898
of which Furniture and vehicles: -€14,418
- Reserves +€56,500
up €56,500 (+3,038%), from €1,860 to €58,360
of which Distributable reserves: +€56,500
- Tax, wage and social debts -€17,887
down €17,887 (-68.8%), from €25,985 to €8,098
of which Remuneration and social security: -€9,479
- Debts after one year -€15,365
no longer reported in 2025 (was €15,365)
- Other debts -€9,855
down €9,855 (-16.6%), from €59,524 to €49,669
- Profit (loss) carried forward -€4,893
down €4,893 (-51.9%), from €9,436 to €4,543
- Gross operating margin +€52,353
up €52,353 (+84.1%), from €62,236 to €114,589
- Taxes +€23,970
up €23,970 (+576%), from €4,158 to €28,128
- Staff costs -€14,601
down €14,601 (-33.8%), from €43,203 to €28,602
- Depreciation -€6,767
down €6,767 (-92.2%), from €7,342 to €575
- Financial income -€2,519
down €2,519 (-52.1%), from €4,839 to €2,320
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 | €139,568 | €141,137 | +€1,569 | +1.1% |
| Fixed assets | 21/28 | €23,444 | €1,028 | -€22,416 | -95.6% |
| Tangible fixed assets | 22/27 | €23,314 | €898 | -€22,416 | -96.1% |
| Furniture and vehicles | 24 | €15,316 | €898 | -€14,418 | -94.1% |
| Other tangible fixed assets | 26 | €7,998 | - | -€7,998 | |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €116,124 | €140,109 | +€23,985 | +20.7% |
| Stocks and contracts in progress | 3 | €39,250 | - | -€39,250 | |
| Stocks | 30/36 | €39,250 | - | -€39,250 | |
| Amounts receivable within one year | 40/41 | €4,280 | €3,979 | -€301 | -7.0% |
| Trade receivables | 40 | €129 | - | -€129 | |
| Other amounts receivable | 41 | €4,151 | €3,979 | -€172 | -4.1% |
| Current investments | 50/53 | - | €120,000 | +€120,000 | |
| Cash at bank and in hand | 54/58 | €71,578 | €16,003 | -€55,575 | -77.6% |
| Deferred charges and accrued income | 490/1 | €1,016 | €127 | -€889 | -87.5% |
| Total equity and liabilities | 10/49 | €139,568 | €141,137 | +€1,569 | +1.1% |
| Equity | 10/15 | €29,896 | €81,503 | +€51,607 | +173% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €58,360 | +€56,500 | +3,038% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €56,500 | +€56,500 | |
| Profit (loss) carried forward | 14 | €9,436 | €4,543 | -€4,893 | -51.9% |
| Amounts payable | 17/49 | €109,672 | €59,634 | -€50,038 | -45.6% |
| Amounts payable after more than one year | 17 | €15,365 | - | -€15,365 | |
| Financial debts | 170/4 | €15,365 | - | -€15,365 | |
| Amounts payable within one year | 42/48 | €94,025 | €59,034 | -€34,991 | -37.2% |
| Current portion of amounts payable after more than one year | 42 | €3,726 | - | -€3,726 | |
| Trade debts | 44 | €4,790 | €1,267 | -€3,523 | -73.5% |
| Suppliers | 440/4 | €4,790 | €1,267 | -€3,523 | -73.5% |
| Taxes, remuneration and social security | 45 | €25,985 | €8,098 | -€17,887 | -68.8% |
| Taxes | 450/3 | €16,506 | €8,098 | -€8,408 | -50.9% |
| Remuneration and social security | 454/9 | €9,479 | - | -€9,479 | |
| Other amounts payable | 47/48 | €59,524 | €49,669 | -€9,855 | -16.6% |
| Accrued charges and deferred income | 492/3 | €282 | €600 | +€318 | +113% |
| Remuneration, social security and pensions | 62 | €43,203 | €28,602 | -€14,601 | -33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,342 | €575 | -€6,767 | -92.2% |
| Other operating charges | 640/8 | €1,354 | €1,202 | -€152 | -11.2% |
| Gross operating margin | 9900 | €62,236 | €114,589 | +€52,353 | +84.1% |
| Operating profit (loss) | 9901 | €10,337 | €84,210 | +€73,873 | +715% |
| Financial income | 75/76B | €4,839 | €2,320 | -€2,519 | -52.1% |
| Recurring financial income | 75 | €4,839 | €2,320 | -€2,519 | -52.1% |
| Financial charges | 65/66B | €1,989 | €1,796 | -€193 | -9.7% |
| Recurring financial charges | 65 | €1,989 | €1,796 | -€193 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €13,187 | €84,734 | +€71,547 | +543% |
| Income taxes | 67/77 | €4,158 | €28,128 | +€23,970 | +576% |
| Profit (loss) for the period | 9904 | €9,029 | €56,606 | +€47,577 | +527% |
| Profit (loss) for the period to be appropriated | 9905 | €9,029 | €56,606 | +€47,577 | +527% |
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 23 October 2026 via checked.be.