NATURAL GENERATION: 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 GENERATION
Largest movements
- Cash +€10,334
up €10,334 (+452%), from €2,287 to €12,621
mainly Net result for the year (+€47,253) and Short-term financial debts (+€5,000)
- Tangible fixed assets +€4,050
up €4,050 (+10.2%), from €39,783 to €43,833
of which Plant, machinery and equipment: +€2,908
- Reserves +€56,674
up €56,674 (+45.0%), from €125,945 to €182,619
- Trade debts -€13,384
down €13,384 (-72.2%), from €18,540 to €5,156
- Other debts -€11,893
down €11,893 (-67.3%), from €17,683 to €5,790
- Tax, wage and social debts -€10,837
down €10,837 (-46.3%), from €23,420 to €12,584
- Profit (loss) carried forward -€9,421
no longer reported in 2025 (was €9,421)
- Gross operating margin +€10,473
up €10,473 (+16.9%), from €62,083 to €72,556
- Taxes +€2,272
up €2,272 (+13.8%), from €16,450 to €18,722
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.
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 | €215,434 | €231,674 | +€16,240 | +7.5% |
| Fixed assets | 21/28 | €39,783 | €43,833 | +€4,050 | +10.2% |
| Tangible fixed assets | 22/27 | €39,783 | €43,833 | +€4,050 | +10.2% |
| Plant, machinery and equipment | 23 | €5,462 | €8,370 | +€2,908 | +53.2% |
| Furniture and vehicles | 24 | €28,111 | €29,465 | +€1,354 | +4.8% |
| Other tangible fixed assets | 26 | €6,209 | €5,997 | -€212 | -3.4% |
| Current assets | 29/58 | €175,651 | €187,842 | +€12,190 | +6.9% |
| Amounts receivable within one year | 40/41 | €172,432 | €174,387 | +€1,955 | +1.1% |
| Trade receivables | 40 | €37,027 | €21,627 | -€15,400 | -41.6% |
| Other amounts receivable | 41 | €135,405 | €152,760 | +€17,355 | +12.8% |
| Cash at bank and in hand | 54/58 | €2,287 | €12,621 | +€10,334 | +452% |
| Deferred charges and accrued income | 490/1 | €932 | €833 | -€99 | -10.6% |
| Total equity and liabilities | 10/49 | €215,434 | €231,674 | +€16,240 | +7.5% |
| Equity | 10/15 | €153,916 | €201,169 | +€47,253 | +30.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €125,945 | €182,619 | +€56,674 | +45.0% |
| Distributable reserves | 133 | €125,945 | €182,619 | +€56,674 | +45.0% |
| Profit (loss) carried forward | 14 | €9,421 | - | -€9,421 | |
| Amounts payable | 17/49 | €61,518 | €30,505 | -€31,013 | -50.4% |
| Amounts payable within one year | 42/48 | €59,643 | €28,530 | -€31,113 | -52.2% |
| Financial debts | 43 | - | €5,000 | +€5,000 | |
| Credit institutions | 430/8 | - | €5,000 | +€5,000 | |
| Trade debts | 44 | €18,540 | €5,156 | -€13,384 | -72.2% |
| Suppliers | 440/4 | €18,540 | €5,156 | -€13,384 | -72.2% |
| Taxes, remuneration and social security | 45 | €23,420 | €12,584 | -€10,837 | -46.3% |
| Taxes | 450/3 | €23,420 | €12,584 | -€10,837 | -46.3% |
| Other amounts payable | 47/48 | €17,683 | €5,790 | -€11,893 | -67.3% |
| Accrued charges and deferred income | 492/3 | €1,875 | €1,975 | +€100 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,284 | €3,365 | +€81 | +2.5% |
| Other operating charges | 640/8 | €1,280 | €1,361 | +€81 | +6.3% |
| Non-recurring operating charges | 66A | €896 | - | -€896 | |
| Gross operating margin | 9900 | €62,083 | €72,556 | +€10,473 | +16.9% |
| Operating profit (loss) | 9901 | €56,623 | €67,830 | +€11,207 | +19.8% |
| Financial income | 75/76B | €8 | €8 | -€0 | -1.7% |
| Recurring financial income | 75 | €8 | €8 | -€0 | -1.7% |
| Financial charges | 65/66B | €1,193 | €1,863 | +€670 | +56.2% |
| Recurring financial charges | 65 | €1,193 | €1,863 | +€670 | +56.2% |
| Profit (loss) for the period before taxes | 9903 | €55,438 | €65,975 | +€10,537 | +19.0% |
| Income taxes | 67/77 | €16,450 | €18,722 | +€2,272 | +13.8% |
| Profit (loss) for the period | 9904 | €38,988 | €47,253 | +€8,265 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,988 | €47,253 | +€8,265 | +21.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.