NATWAT: 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.
NATWAT
Largest movements
- Receivables within one year +€26,891
up €26,891 (+275.9%), from €9,747 to €36,638
of which Trade receivables: +€27,679
- Cash +€25,676
up €25,676 (+16.1%), from €159,715 to €185,391
mainly Tax, wage and social debts (+€27,997) and Net result for the year (+€21,718)
- Tangible fixed assets +€15,447
up €15,447 (+28.1%), from €55,033 to €70,480
- Tax, wage and social debts +€27,997
up €27,997 (+83.6%), from €33,484 to €61,481
of which Taxes: +€28,341
- Current portion of long-term debt +€15,885
up €15,885 (+85.8%), from €18,523 to €34,408
- Other debts +€13,633
up €13,633 (+1230.4%), from €1,108 to €14,741
- Reserves +€11,000
up €11,000 (+21.2%), from €51,859 to €62,859
of which Distributable reserves: +€12,859
- Trade debts -€10,710
down €10,710 (-94.8%), from €11,297 to €587
- Gross operating margin +€14,905
up €14,905 (+10.4%), from €142,991 to €157,896
- Staff costs +€7,938
up €7,938 (+10.3%), from €76,759 to €84,697
- Other operating charges +€7,413
up €7,413 (+85.9%), from €8,627 to €16,040
- Depreciation -€7,003
down €7,003 (-43.8%), from €15,978 to €8,975
- Taxes +€6,857
up €6,857 (+42.2%), from €16,235 to €23,092
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 | €225,834 | €292,933 | +€67,099 | +29.7% |
| Fixed assets | 21/28 | €55,033 | €70,480 | +€15,447 | +28.1% |
| Tangible fixed assets | 22/27 | €55,033 | €70,480 | +€15,447 | +28.1% |
| Furniture and vehicles | 24 | €55,033 | €70,480 | +€15,447 | +28.1% |
| Current assets | 29/58 | €170,801 | €222,453 | +€51,652 | +30.2% |
| Amounts receivable within one year | 40/41 | €9,747 | €36,638 | +€26,891 | +275.9% |
| Trade receivables | 40 | €8,959 | €36,638 | +€27,679 | +309.0% |
| Other amounts receivable | 41 | €788 | - | -€788 | |
| Cash at bank and in hand | 54/58 | €159,715 | €185,391 | +€25,676 | +16.1% |
| Deferred charges and accrued income | 490/1 | €1,339 | €424 | -€915 | -68.3% |
| Total equity and liabilities | 10/49 | €225,834 | €292,933 | +€67,099 | +29.7% |
| Equity | 10/15 | €132,340 | €144,058 | +€11,718 | +8.9% |
| Contributions | 10/11 | €18,592 | €18,592 | +€0 | 0.0% |
| Reserves | 13 | €51,859 | €62,859 | +€11,000 | +21.2% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | €50,000 | €62,859 | +€12,859 | +25.7% |
| Profit (loss) carried forward | 14 | €61,889 | €62,607 | +€718 | +1.2% |
| Amounts payable | 17/49 | €93,494 | €148,874 | +€55,380 | +59.2% |
| Amounts payable after more than one year | 17 | €21,585 | €29,981 | +€8,396 | +38.9% |
| Financial debts | 170/4 | €21,585 | €29,981 | +€8,396 | +38.9% |
| Amounts payable within one year | 42/48 | €71,909 | €118,893 | +€46,984 | +65.3% |
| Current portion of amounts payable after more than one year | 42 | €18,523 | €34,408 | +€15,885 | +85.8% |
| Financial debts | 43 | €7,497 | €7,676 | +€179 | +2.4% |
| Credit institutions | 430/8 | €7,497 | €7,676 | +€179 | +2.4% |
| Trade debts | 44 | €11,297 | €587 | -€10,710 | -94.8% |
| Suppliers | 440/4 | €11,297 | €587 | -€10,710 | -94.8% |
| Taxes, remuneration and social security | 45 | €33,484 | €61,481 | +€27,997 | +83.6% |
| Taxes | 450/3 | €15,066 | €43,407 | +€28,341 | +188.1% |
| Remuneration and social security | 454/9 | €18,418 | €18,073 | -€345 | -1.9% |
| Other amounts payable | 47/48 | €1,108 | €14,741 | +€13,633 | +1230.4% |
| Remuneration, social security and pensions | 62 | €76,759 | €84,697 | +€7,938 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,978 | €8,975 | -€7,003 | -43.8% |
| Other operating charges | 640/8 | €8,627 | €16,040 | +€7,413 | +85.9% |
| Gross operating margin | 9900 | €142,991 | €157,896 | +€14,905 | +10.4% |
| Operating profit (loss) | 9901 | €41,627 | €48,184 | +€6,557 | +15.8% |
| Financial income | 75/76B | €485 | - | -€485 | |
| Recurring financial income | 75 | €485 | - | -€485 | |
| Financial charges | 65/66B | €2,838 | €3,374 | +€536 | +18.9% |
| Recurring financial charges | 65 | €2,838 | €3,374 | +€536 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €39,274 | €44,810 | +€5,536 | +14.1% |
| Income taxes | 67/77 | €16,235 | €23,092 | +€6,857 | +42.2% |
| Profit (loss) for the period | 9904 | €23,039 | €21,718 | -€1,321 | -5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,039 | €21,718 | -€1,321 | -5.7% |
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 6 October 2026 via checked.be.