NATHOLA: 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.
NATHOLA
Largest movements
- Cash +€26,309
up €26,309 (+25.6%), from €102,836 to €129,144
mainly Debts after one year (+€92,651) and Tax, wage and social debts (+€21,065)
- Receivables within one year +€18,930
up €18,930 (+205%), from €9,223 to €28,153
of which Trade receivables: +€18,173
- Tangible fixed assets +€18,061
up €18,061 (+58.9%), from €30,650 to €48,711
of which Assets under construction and advance payments: +€18,446
- Deferred charges and accrued income +€4,916
up €4,916 (+3,440%), from €143 to €5,059
- Stocks and contracts -€4,104
down €4,104 (-60.0%), from €6,839 to €2,735
- Debts after one year +€92,651
up €92,651 (+92.7%), from €100,000 to €192,651
of which Financial debts: +€92,651
- Profit (loss) carried forward -€41,814
new in 2025: -€41,814
- Tax, wage and social debts +€21,065
up €21,065 (+1,329%), from €1,585 to €22,650
of which Remuneration and social security: +€22,280
- Other debts -€11,583
down €11,583 (-83.2%), from €13,922 to €2,340
- Current portion of long-term debt +€7,349
new in 2025: €7,349
- Staff costs +€44,221
new in 2025: €44,221
- Financial charges +€5,422
up €5,422 (+5,667%), from €96 to €5,518
- Depreciation +€3,503
up €3,503 (+338%), from €1,036 to €4,539
- Taxes -€1,320
no longer reported in 2025 (was €1,320)
- Gross operating margin +€406
up €406 (+3.3%), from €12,457 to €12,863
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 | €168,379 | €228,792 | +€60,412 | +35.9% |
| Fixed assets | 21/28 | €49,339 | €63,700 | +€14,361 | +29.1% |
| Intangible fixed assets | 21 | €18,439 | €14,739 | -€3,700 | -20.1% |
| Tangible fixed assets | 22/27 | €30,650 | €48,711 | +€18,061 | +58.9% |
| Furniture and vehicles | 24 | €1,387 | €1,002 | -€385 | -27.8% |
| Assets under construction and advance payments | 27 | €29,263 | €47,709 | +€18,446 | +63.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €119,040 | €165,092 | +€46,051 | +38.7% |
| Stocks and contracts in progress | 3 | €6,839 | €2,735 | -€4,104 | -60.0% |
| Stocks | 30/36 | €6,839 | €2,735 | -€4,104 | -60.0% |
| Amounts receivable within one year | 40/41 | €9,223 | €28,153 | +€18,930 | +205% |
| Trade receivables | 40 | €9,223 | €27,396 | +€18,173 | +197% |
| Other amounts receivable | 41 | - | €757 | +€757 | |
| Cash at bank and in hand | 54/58 | €102,836 | €129,144 | +€26,309 | +25.6% |
| Deferred charges and accrued income | 490/1 | €143 | €5,059 | +€4,916 | +3,440% |
| Total equity and liabilities | 10/49 | €168,379 | €228,792 | +€60,412 | +35.9% |
| Equity | 10/15 | €18,439 | -€23,375 | -€41,814 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €8,439 | €8,439 | = | 0.0% |
| Distributable reserves | 133 | €8,439 | €8,439 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€41,814 | -€41,814 | |
| Amounts payable | 17/49 | €149,941 | €252,167 | +€102,227 | +68.2% |
| Amounts payable after more than one year | 17 | €100,000 | €192,651 | +€92,651 | +92.7% |
| Financial debts | 170/4 | - | €92,651 | +€92,651 | |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €49,941 | €59,463 | +€9,522 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | - | €7,349 | +€7,349 | |
| Trade debts | 44 | €18,693 | €11,383 | -€7,310 | -39.1% |
| Suppliers | 440/4 | €18,693 | €11,383 | -€7,310 | -39.1% |
| Advances received on contracts in progress | 46 | €15,740 | €15,740 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,585 | €22,650 | +€21,065 | +1,329% |
| Taxes | 450/3 | €1,585 | €370 | -€1,215 | -76.7% |
| Remuneration and social security | 454/9 | - | €22,280 | +€22,280 | |
| Other amounts payable | 47/48 | €13,922 | €2,340 | -€11,583 | -83.2% |
| Accrued charges and deferred income | 492/3 | - | €54 | +€54 | |
| Non-recurring operating income | 76A | €1,304 | - | -€1,304 | |
| Remuneration, social security and pensions | 62 | - | €44,221 | +€44,221 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,036 | €4,539 | +€3,503 | +338% |
| Other operating charges | 640/8 | €504 | €400 | -€104 | -20.6% |
| Non-recurring operating charges | 66A | €6,522 | - | -€6,522 | |
| Gross operating margin | 9900 | €12,457 | €12,863 | +€406 | +3.3% |
| Operating profit (loss) | 9901 | €4,395 | -€36,296 | -€40,691 | |
| Financial income | 75/76B | €15 | €0 | -€15 | -99.9% |
| Recurring financial income | 75 | €15 | €0 | -€15 | -99.9% |
| Financial charges | 65/66B | €96 | €5,518 | +€5,422 | +5,667% |
| Recurring financial charges | 65 | €96 | €5,518 | +€5,422 | +5,667% |
| Profit (loss) for the period before taxes | 9903 | €4,314 | -€41,814 | -€46,129 | |
| Income taxes | 67/77 | €1,320 | - | -€1,320 | |
| Profit (loss) for the period | 9904 | €2,995 | -€41,814 | -€44,809 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,995 | -€41,814 | -€44,809 |
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.