NATUBEL: 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.
NATUBEL
Largest movements
- Tangible fixed assets -€42,197
down €42,197 (-4.6%), from €911,659 to €869,462
- Receivables within one year -€17,302
down €17,302 (-61.2%), from €28,272 to €10,970
of which Other amounts receivable: -€17,302
- Debts after one year -€44,963
down €44,963 (-13.4%), from €334,303 to €289,340
- Reserves -€24,749
down €24,749 (-10.6%), from €232,543 to €207,794
of which Distributable reserves: -€24,749
- Other debts +€11,216
up €11,216 (+15.2%), from €73,968 to €85,185
- Gross operating margin -€3,589
down €3,589 (-6.7%), from €53,689 to €50,100
- Financial charges -€974
down €974 (-9.5%), from €10,277 to €9,303
- Other operating charges +€736
up €736 (+3.2%), from €22,835 to €23,571
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 | €948,697 | €888,338 | -€60,358 | -6.4% |
| Fixed assets | 21/28 | €911,660 | €869,463 | -€42,197 | -4.6% |
| Tangible fixed assets | 22/27 | €911,659 | €869,462 | -€42,197 | -4.6% |
| Land and buildings | 22 | €911,659 | €869,462 | -€42,197 | -4.6% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €37,037 | €18,876 | -€18,161 | -49.0% |
| Amounts receivable within one year | 40/41 | €28,272 | €10,970 | -€17,302 | -61.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €28,272 | €10,970 | -€17,302 | -61.2% |
| Cash at bank and in hand | 54/58 | €2,388 | €1,226 | -€1,162 | -48.7% |
| Deferred charges and accrued income | 490/1 | €6,377 | €6,680 | +€303 | +4.7% |
| Total equity and liabilities | 10/49 | €948,697 | €888,338 | -€60,358 | -6.4% |
| Equity | 10/15 | €418,463 | €393,714 | -€24,749 | -5.9% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Capital | 10 | €185,920 | €185,920 | = | 0.0% |
| Issued capital | 100 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €232,543 | €207,794 | -€24,749 | -10.6% |
| Non-distributable reserves | 130/1 | €18,592 | €18,592 | = | 0.0% |
| Legal reserve | 130 | €18,592 | €18,592 | = | 0.0% |
| Distributable reserves | 133 | €213,951 | €189,202 | -€24,749 | -11.6% |
| Amounts payable | 17/49 | €530,234 | €494,624 | -€35,610 | -6.7% |
| Amounts payable after more than one year | 17 | €334,303 | €289,340 | -€44,963 | -13.4% |
| Financial debts | 170/4 | €334,303 | €289,340 | -€44,963 | -13.4% |
| Amounts payable within one year | 42/48 | €188,741 | €198,086 | +€9,345 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €44,040 | €44,963 | +€923 | +2.1% |
| Trade debts | 44 | €70,733 | €67,938 | -€2,795 | -4.0% |
| Suppliers | 440/4 | €70,733 | €67,938 | -€2,795 | -4.0% |
| Other amounts payable | 47/48 | €73,968 | €85,185 | +€11,216 | +15.2% |
| Accrued charges and deferred income | 492/3 | €7,189 | €7,198 | +€9 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,197 | €42,197 | = | 0.0% |
| Other operating charges | 640/8 | €22,835 | €23,571 | +€736 | +3.2% |
| Gross operating margin | 9900 | €53,689 | €50,100 | -€3,589 | -6.7% |
| Operating profit (loss) | 9901 | -€11,343 | -€15,668 | -€4,325 | -38.1% |
| Financial income | 75/76B | €211 | €222 | +€12 | +5.5% |
| Recurring financial income | 75 | €211 | €222 | +€12 | +5.5% |
| Financial charges | 65/66B | €10,277 | €9,303 | -€974 | -9.5% |
| Recurring financial charges | 65 | €10,277 | €9,303 | -€974 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | -€21,409 | -€24,749 | -€3,339 | -15.6% |
| Profit (loss) for the period | 9904 | -€21,409 | -€24,749 | -€3,339 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,409 | -€24,749 | -€3,339 | -15.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.