NATINI: 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.
NATINI
Largest movements
- Receivables within one year +€17,586
up €17,586 (+24.1%), from €72,968 to €90,554
of which Trade receivables: +€17,292
- Stocks and contracts -€13,000
down €13,000 (-5.5%), from €238,000 to €225,000
- Tangible fixed assets -€10,366
down €10,366 (-45.0%), from €23,038 to €12,673
of which Furniture and vehicles: -€11,077
- Profit (loss) carried forward +€20,846
up €20,846 (+33.0%), from -€63,128 to -€42,282
- Other debts -€14,691
down €14,691 (-28.7%), from €51,165 to €36,474
- Tax, wage and social debts -€9,527
down €9,527 (-21.0%), from €45,345 to €35,818
of which Remuneration and social security: -€7,507
- Current portion of long-term debt -€5,558
down €5,558 (-3.0%), from €186,523 to €180,966
- Gross operating margin +€88,558
up €88,558 (+118.5%), from €74,761 to €163,319
- Other operating charges -€10,661
down €10,661 (-33.7%), from €31,618 to €20,957
- Financial charges -€4,723
down €4,723 (-21.0%), from €22,444 to €17,722
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 | €367,745 | €358,075 | -€9,670 | -2.6% |
| Fixed assets | 21/28 | €27,821 | €14,445 | -€13,376 | -48.1% |
| Intangible fixed assets | 21 | €4,782 | €1,772 | -€3,010 | -62.9% |
| Tangible fixed assets | 22/27 | €23,038 | €12,673 | -€10,366 | -45.0% |
| Plant, machinery and equipment | 23 | €2,751 | €3,462 | +€711 | +25.9% |
| Furniture and vehicles | 24 | €20,287 | €9,210 | -€11,077 | -54.6% |
| Current assets | 29/58 | €339,924 | €343,630 | +€3,706 | +1.1% |
| Stocks and contracts in progress | 3 | €238,000 | €225,000 | -€13,000 | -5.5% |
| Stocks | 30/36 | €238,000 | €225,000 | -€13,000 | -5.5% |
| Amounts receivable within one year | 40/41 | €72,968 | €90,554 | +€17,586 | +24.1% |
| Trade receivables | 40 | €72,616 | €89,908 | +€17,292 | +23.8% |
| Other amounts receivable | 41 | €353 | €646 | +€294 | +83.2% |
| Cash at bank and in hand | 54/58 | €27,128 | €26,191 | -€937 | -3.5% |
| Deferred charges and accrued income | 490/1 | €1,828 | €1,885 | +€57 | +3.1% |
| Total equity and liabilities | 10/49 | €367,745 | €358,075 | -€9,670 | -2.6% |
| Equity | 10/15 | -€28,128 | -€7,282 | +€20,846 | +74.1% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€63,128 | -€42,282 | +€20,846 | +33.0% |
| Amounts payable | 17/49 | €395,873 | €365,357 | -€30,516 | -7.7% |
| Amounts payable after more than one year | 17 | €75,966 | €75,000 | -€966 | -1.3% |
| Financial debts | 170/4 | €75,966 | €75,000 | -€966 | -1.3% |
| Amounts payable within one year | 42/48 | €319,907 | €290,357 | -€29,550 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €186,523 | €180,966 | -€5,558 | -3.0% |
| Trade debts | 44 | €36,874 | €37,099 | +€225 | +0.6% |
| Suppliers | 440/4 | €36,874 | €37,099 | +€225 | +0.6% |
| Taxes, remuneration and social security | 45 | €45,345 | €35,818 | -€9,527 | -21.0% |
| Taxes | 450/3 | €28,280 | €26,260 | -€2,020 | -7.1% |
| Remuneration and social security | 454/9 | €17,066 | €9,559 | -€7,507 | -44.0% |
| Other amounts payable | 47/48 | €51,165 | €36,474 | -€14,691 | -28.7% |
| Remuneration, social security and pensions | 62 | €89,901 | €88,409 | -€1,493 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,202 | €15,508 | -€694 | -4.3% |
| Other operating charges | 640/8 | €31,618 | €20,957 | -€10,661 | -33.7% |
| Non-recurring operating charges | 66A | €5,422 | - | -€5,422 | |
| Gross operating margin | 9900 | €74,761 | €163,319 | +€88,558 | +118.5% |
| Operating profit (loss) | 9901 | -€68,384 | €38,445 | +€106,829 | |
| Financial income | 75/76B | €1,397 | €263 | -€1,134 | -81.1% |
| Recurring financial income | 75 | €1,397 | €263 | -€1,134 | -81.1% |
| Financial charges | 65/66B | €22,444 | €17,722 | -€4,723 | -21.0% |
| Recurring financial charges | 65 | €22,444 | €17,722 | -€4,723 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | -€89,431 | €20,987 | +€110,418 | |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€89,570 | €20,846 | +€110,416 | |
| Profit (loss) for the period to be appropriated | 9905 | -€89,570 | €20,846 | +€110,416 |
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 7 October 2026 via checked.be.