NATO: 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.
NATO
Largest movements
- Tangible fixed assets +€392,227
up €392,227 (+2600.4%), from €15,084 to €407,311
of which Land and buildings: +€361,005
- Receivables within one year +€28,807
up €28,807 (+54.6%), from €52,731 to €81,538
of which Other amounts receivable: +€21,152
- Cash -€27,218
down €27,218 (-39.2%), from €69,381 to €42,163
mainly Investment in fixed assets (net) (-€420,089) and Receivables within one year (-€28,807)
- Intangible fixed assets -€12,500
down €12,500 (-26.0%), from €48,048 to €35,548
- Debts after one year +€349,607
up €349,607 (+299.5%), from €116,748 to €466,354
- Current portion of long-term debt +€27,575
up €27,575 (+143.5%), from €19,222 to €46,796
- Profit (loss) carried forward +€22,694
up €22,694 (+35.4%), from €64,025 to €86,719
- Tax, wage and social debts -€18,971
down €18,971 (-64.8%), from €29,271 to €10,299
of which Taxes: -€17,856
- Other operating charges +€31,849
up €31,849 (+2626.0%), from €1,213 to €33,062
- Gross operating margin +€27,772
up €27,772 (+29.3%), from €94,798 to €122,570
- Depreciation +€22,109
up €22,109 (+121.1%), from €18,254 to €40,362
- Taxes -€8,070
down €8,070 (-41.5%), from €19,462 to €11,392
- Financial charges +€7,922
up €7,922 (+82.8%), from €9,565 to €17,487
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 | €293,606 | €678,565 | +€384,958 | +131.1% |
| Fixed assets | 21/28 | €63,132 | €442,859 | +€379,727 | +601.5% |
| Intangible fixed assets | 21 | €48,048 | €35,548 | -€12,500 | -26.0% |
| Tangible fixed assets | 22/27 | €15,084 | €407,311 | +€392,227 | +2600.4% |
| Land and buildings | 22 | - | €361,005 | +€361,005 | |
| Plant, machinery and equipment | 23 | €11,168 | €13,844 | +€2,676 | +24.0% |
| Furniture and vehicles | 24 | €3,916 | €32,462 | +€28,546 | +729.1% |
| Current assets | 29/58 | €230,475 | €235,706 | +€5,231 | +2.3% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €56,420 | €61,775 | +€5,354 | +9.5% |
| Stocks | 30/36 | €56,420 | €61,775 | +€5,354 | +9.5% |
| Amounts receivable within one year | 40/41 | €52,731 | €81,538 | +€28,807 | +54.6% |
| Trade receivables | 40 | €2,623 | €10,279 | +€7,655 | +291.8% |
| Other amounts receivable | 41 | €50,108 | €71,260 | +€21,152 | +42.2% |
| Cash at bank and in hand | 54/58 | €69,381 | €42,163 | -€27,218 | -39.2% |
| Deferred charges and accrued income | 490/1 | €1,942 | €230 | -€1,712 | -88.1% |
| Total equity and liabilities | 10/49 | €293,606 | €678,565 | +€384,958 | +131.1% |
| Equity | 10/15 | €96,475 | €119,169 | +€22,694 | +23.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €12,450 | €12,450 | = | 0.0% |
| Distributable reserves | 133 | €12,450 | €12,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,025 | €86,719 | +€22,694 | +35.4% |
| Amounts payable | 17/49 | €197,131 | €559,396 | +€362,264 | +183.8% |
| Amounts payable after more than one year | 17 | €116,748 | €466,354 | +€349,607 | +299.5% |
| Financial debts | 170/4 | €116,748 | €466,354 | +€349,607 | +299.5% |
| Amounts payable within one year | 42/48 | €79,607 | €89,358 | +€9,751 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €19,222 | €46,796 | +€27,575 | +143.5% |
| Trade debts | 44 | €31,115 | €32,262 | +€1,148 | +3.7% |
| Suppliers | 440/4 | €31,115 | €32,262 | +€1,148 | +3.7% |
| Taxes, remuneration and social security | 45 | €29,271 | €10,299 | -€18,971 | -64.8% |
| Taxes | 450/3 | €28,155 | €10,299 | -€17,856 | -63.4% |
| Remuneration and social security | 454/9 | €1,115 | - | -€1,115 | |
| Accrued charges and deferred income | 492/3 | €776 | €3,683 | +€2,907 | +374.4% |
| Remuneration, social security and pensions | 62 | €5,169 | €1,889 | -€3,280 | -63.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,254 | €40,362 | +€22,109 | +121.1% |
| Other operating charges | 640/8 | €1,213 | €33,062 | +€31,849 | +2626.0% |
| Gross operating margin | 9900 | €94,798 | €122,570 | +€27,772 | +29.3% |
| Operating profit (loss) | 9901 | €70,162 | €47,257 | -€22,905 | -32.6% |
| Financial income | 75/76B | €4,451 | €4,316 | -€135 | -3.0% |
| Recurring financial income | 75 | €4,451 | €4,316 | -€135 | -3.0% |
| Financial charges | 65/66B | €9,565 | €17,487 | +€7,922 | +82.8% |
| Recurring financial charges | 65 | €9,565 | €17,487 | +€7,922 | +82.8% |
| Profit (loss) for the period before taxes | 9903 | €65,048 | €34,086 | -€30,962 | -47.6% |
| Income taxes | 67/77 | €19,462 | €11,392 | -€8,070 | -41.5% |
| Profit (loss) for the period | 9904 | €45,586 | €22,694 | -€22,892 | -50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €45,586 | €22,694 | -€22,892 | -50.2% |
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 4 October 2026 via checked.be.