NATURAL FIRST: 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.
NATURAL FIRST
Largest movements
- Cash -€24,871
down €24,871 (-55.4%), from €44,924 to €20,053
mainly Deferred charges and accrued income (-€19,421) and Receivables within one year (-€12,552)
- Deferred charges and accrued income +€19,421
up €19,421 (+4,612%), from €421 to €19,842
- Receivables within one year +€12,552
up €12,552 (+66.8%), from €18,795 to €31,348
of which Trade receivables: +€18,519
- Stocks and contracts -€10,896
down €10,896 (-35.1%), from €31,030 to €20,134
- Tangible fixed assets +€1,728
up €1,728 (+66.9%), from €2,584 to €4,312
- Other debts -€9,744
down €9,744 (-79.9%), from €12,197 to €2,453
- Profit (loss) carried forward +€4,505
up €4,505 (+11.5%), from -€39,031 to -€34,526
- Trade debts +€2,275
up €2,275 (+13.6%), from €16,695 to €18,971
- Short-term financial debts -€1,715
down €1,715 (-100%), from €1,715 to €0
- Tax, wage and social debts +€1,572
up €1,572 (+18.9%), from €8,340 to €9,912
of which Taxes: +€1,332
- Gross operating margin +€27,995
up €27,995 (+166%), from €16,890 to €44,886
- Depreciation +€567
up €567 (+33.5%), from €1,691 to €2,258
- Staff costs +€483
up €483 (+1.4%), from €34,667 to €35,150
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 | €101,742 | €98,636 | -€3,106 | -3.1% |
| Fixed assets | 21/28 | €6,572 | €7,259 | +€688 | +10.5% |
| Intangible fixed assets | 21 | €3,314 | €2,274 | -€1,040 | -31.4% |
| Tangible fixed assets | 22/27 | €2,584 | €4,312 | +€1,728 | +66.9% |
| Furniture and vehicles | 24 | €2,584 | €4,312 | +€1,728 | +66.9% |
| Financial fixed assets | 28 | €674 | €674 | = | 0.0% |
| Current assets | 29/58 | €95,170 | €91,377 | -€3,794 | -4.0% |
| Stocks and contracts in progress | 3 | €31,030 | €20,134 | -€10,896 | -35.1% |
| Stocks | 30/36 | €31,030 | €20,134 | -€10,896 | -35.1% |
| Amounts receivable within one year | 40/41 | €18,795 | €31,348 | +€12,552 | +66.8% |
| Trade receivables | 40 | €7,787 | €26,307 | +€18,519 | +238% |
| Other amounts receivable | 41 | €11,008 | €5,041 | -€5,967 | -54.2% |
| Cash at bank and in hand | 54/58 | €44,924 | €20,053 | -€24,871 | -55.4% |
| Deferred charges and accrued income | 490/1 | €421 | €19,842 | +€19,421 | +4,612% |
| Total equity and liabilities | 10/49 | €101,742 | €98,636 | -€3,106 | -3.1% |
| Equity | 10/15 | €62,796 | €67,301 | +€4,505 | +7.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €83,227 | €83,227 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €81,367 | €81,367 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,031 | -€34,526 | +€4,505 | +11.5% |
| Amounts payable | 17/49 | €38,946 | €31,335 | -€7,611 | -19.5% |
| Amounts payable within one year | 42/48 | €38,946 | €31,335 | -€7,611 | -19.5% |
| Financial debts | 43 | €1,715 | €0 | -€1,715 | -100% |
| Credit institutions | 430/8 | €1,715 | €0 | -€1,715 | -100% |
| Trade debts | 44 | €16,695 | €18,971 | +€2,275 | +13.6% |
| Suppliers | 440/4 | €16,695 | €18,971 | +€2,275 | +13.6% |
| Taxes, remuneration and social security | 45 | €8,340 | €9,912 | +€1,572 | +18.9% |
| Taxes | 450/3 | €4,215 | €5,546 | +€1,332 | +31.6% |
| Remuneration and social security | 454/9 | €4,125 | €4,366 | +€240 | +5.8% |
| Other amounts payable | 47/48 | €12,197 | €2,453 | -€9,744 | -79.9% |
| Remuneration, social security and pensions | 62 | €34,667 | €35,150 | +€483 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,691 | €2,258 | +€567 | +33.5% |
| Other operating charges | 640/8 | €2,298 | €2,189 | -€109 | -4.8% |
| Gross operating margin | 9900 | €16,890 | €44,886 | +€27,995 | +166% |
| Operating profit (loss) | 9901 | -€21,766 | €5,288 | +€27,054 | |
| Financial income | 75/76B | €194 | €11 | -€182 | -94.2% |
| Recurring financial income | 75 | €194 | €11 | -€182 | -94.2% |
| Financial charges | 65/66B | €404 | €657 | +€253 | +62.8% |
| Recurring financial charges | 65 | €404 | €657 | +€253 | +62.8% |
| Profit (loss) for the period before taxes | 9903 | -€21,976 | €4,643 | +€26,619 | |
| Income taxes | 67/77 | €171 | €138 | -€33 | -19.5% |
| Profit (loss) for the period | 9904 | -€22,147 | €4,505 | +€26,652 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,147 | €4,505 | +€26,652 |
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 18 October 2026 via checked.be.