NATOREA: 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.
NATOREA
Largest movements
- Tangible fixed assets -€11,877
down €11,877 (-5.4%), from €220,053 to €208,177
of which Land and buildings: -€6,437
- Stocks and contracts -€3,934
down €3,934 (-11.8%), from €33,208 to €29,275
- Debts after one year -€17,382
down €17,382 (-11.7%), from €148,164 to €130,781
- Reserves +€14,977
up €14,977 (+59.9%), from €25,000 to €39,977
- Other debts -€10,512
down €10,512 (-32.6%), from €32,234 to €21,722
- Tax, wage and social debts -€4,153
down €4,153 (-43.1%), from €9,633 to €5,479
of which Taxes: -€3,710
- Current portion of long-term debt -€3,550
down €3,550 (-13.7%), from €25,933 to €22,382
- Gross operating margin -€3,695
down €3,695 (-8.3%), from €44,542 to €40,847
- Taxes +€1,521
up €1,521 (+35.5%), from €4,281 to €5,802
- Depreciation -€1,194
down €1,194 (-9.1%), from €13,070 to €11,877
- Financial income +€733
up €733 (+130,895%), from €1 to €734
- Financial charges -€717
down €717 (-13.4%), from €5,333 to €4,616
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 | €327,806 | €309,389 | -€18,417 | -5.6% |
| Fixed assets | 21/28 | €220,053 | €208,177 | -€11,877 | -5.4% |
| Tangible fixed assets | 22/27 | €220,053 | €208,177 | -€11,877 | -5.4% |
| Land and buildings | 22 | €185,306 | €178,869 | -€6,437 | -3.5% |
| Plant, machinery and equipment | 23 | €29,014 | €24,591 | -€4,423 | -15.2% |
| Furniture and vehicles | 24 | €5,733 | €4,717 | -€1,016 | -17.7% |
| Current assets | 29/58 | €107,753 | €101,212 | -€6,540 | -6.1% |
| Stocks and contracts in progress | 3 | €33,208 | €29,275 | -€3,934 | -11.8% |
| Stocks | 30/36 | €33,208 | €29,275 | -€3,934 | -11.8% |
| Amounts receivable within one year | 40/41 | €5,576 | €5,248 | -€328 | -5.9% |
| Trade receivables | 40 | €1,857 | €1,529 | -€328 | -17.7% |
| Other amounts receivable | 41 | €3,719 | €3,719 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €64,507 | €61,377 | -€3,131 | -4.9% |
| Deferred charges and accrued income | 490/1 | €4,461 | €5,313 | +€852 | +19.1% |
| Total equity and liabilities | 10/49 | €327,806 | €309,389 | -€18,417 | -5.6% |
| Equity | 10/15 | €103,024 | €118,001 | +€14,977 | +14.5% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €39,977 | +€14,977 | +59.9% |
| Distributable reserves | 133 | €25,000 | €39,977 | +€14,977 | +59.9% |
| Profit (loss) carried forward | 14 | €38,024 | €38,024 | = | 0.0% |
| Amounts payable | 17/49 | €224,782 | €191,388 | -€33,394 | -14.9% |
| Amounts payable after more than one year | 17 | €148,164 | €130,781 | -€17,382 | -11.7% |
| Financial debts | 170/4 | €148,164 | €130,781 | -€17,382 | -11.7% |
| Amounts payable within one year | 42/48 | €73,029 | €56,299 | -€16,731 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €25,933 | €22,382 | -€3,550 | -13.7% |
| Trade debts | 44 | €5,230 | €6,715 | +€1,485 | +28.4% |
| Suppliers | 440/4 | €447 | €606 | +€159 | +35.7% |
| Bills of exchange payable | 441 | €4,783 | €6,109 | +€1,326 | +27.7% |
| Taxes, remuneration and social security | 45 | €9,633 | €5,479 | -€4,153 | -43.1% |
| Taxes | 450/3 | €9,020 | €5,310 | -€3,710 | -41.1% |
| Remuneration and social security | 454/9 | €613 | €170 | -€443 | -72.3% |
| Other amounts payable | 47/48 | €32,234 | €21,722 | -€10,512 | -32.6% |
| Accrued charges and deferred income | 492/3 | €3,589 | €4,308 | +€719 | +20.0% |
| Non-recurring operating income | 76A | €2,857 | - | -€2,857 | |
| Remuneration, social security and pensions | 62 | €1,834 | €1,431 | -€404 | -22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,070 | €11,877 | -€1,194 | -9.1% |
| Other operating charges | 640/8 | €2,367 | €2,878 | +€511 | +21.6% |
| Gross operating margin | 9900 | €44,542 | €40,847 | -€3,695 | -8.3% |
| Operating profit (loss) | 9901 | €27,270 | €24,662 | -€2,609 | -9.6% |
| Financial income | 75/76B | €1 | €734 | +€733 | +130,895% |
| Recurring financial income | 75 | €1 | €734 | +€733 | +130,895% |
| Financial charges | 65/66B | €5,333 | €4,616 | -€717 | -13.4% |
| Recurring financial charges | 65 | €5,333 | €4,616 | -€717 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €21,938 | €20,780 | -€1,158 | -5.3% |
| Income taxes | 67/77 | €4,281 | €5,802 | +€1,521 | +35.5% |
| Profit (loss) for the period | 9904 | €17,657 | €14,977 | -€2,680 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,657 | €14,977 | -€2,680 | -15.2% |
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 25 October 2026 via checked.be.