NATCO: 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.
NATCO
Largest movements
- Cash +€42,356
up €42,356 (+213%), from €19,903 to €62,259
mainly Net result for the year (+€107,615) and Depreciation (+€35,181)
- Tangible fixed assets +€14,844
up €14,844 (+11.7%), from €126,936 to €141,780
of which Furniture and vehicles: +€39,888
- Deferred charges and accrued income +€12,002
up €12,002 (+354%), from €3,386 to €15,388
- Receivables within one year +€8,446
up €8,446 (+344%), from €2,458 to €10,904
of which Trade receivables: +€8,226
- Profit (loss) carried forward +€107,615
up €107,615 (+28.7%), from -€375,441 to -€267,826
- Debts after one year -€67,535
down €67,535 (-17.5%), from €386,292 to €318,757
of which Other amounts payable: -€86,375
- Tax, wage and social debts +€27,061
up €27,061 (+108%), from €25,116 to €52,176
of which Remuneration and social security: +€15,193
- Current portion of long-term debt +€9,546
up €9,546 (+74.9%), from €12,741 to €22,287
- Trade debts +€3,895
up €3,895 (+14.4%), from €27,098 to €30,992
- Gross operating margin +€100,703
up €100,703 (+33.2%), from €303,319 to €404,022
- Staff costs +€41,005
up €41,005 (+18.7%), from €219,488 to €260,493
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 | €163,817 | €242,353 | +€78,537 | +47.9% |
| Fixed assets | 21/28 | €127,781 | €142,975 | +€15,194 | +11.9% |
| Tangible fixed assets | 22/27 | €126,936 | €141,780 | +€14,844 | +11.7% |
| Plant, machinery and equipment | 23 | €25,661 | €18,132 | -€7,529 | -29.3% |
| Furniture and vehicles | 24 | €5,970 | €45,858 | +€39,888 | +668% |
| Other tangible fixed assets | 26 | €95,306 | €77,791 | -€17,515 | -18.4% |
| Financial fixed assets | 28 | €845 | €1,195 | +€350 | +41.4% |
| Current assets | 29/58 | €36,036 | €99,378 | +€63,343 | +176% |
| Stocks and contracts in progress | 3 | €10,289 | €10,828 | +€539 | +5.2% |
| Stocks | 30/36 | €10,289 | €10,828 | +€539 | +5.2% |
| Amounts receivable within one year | 40/41 | €2,458 | €10,904 | +€8,446 | +344% |
| Trade receivables | 40 | €2,458 | €10,684 | +€8,226 | +335% |
| Other amounts receivable | 41 | - | €220 | +€220 | |
| Cash at bank and in hand | 54/58 | €19,903 | €62,259 | +€42,356 | +213% |
| Deferred charges and accrued income | 490/1 | €3,386 | €15,388 | +€12,002 | +354% |
| Total equity and liabilities | 10/49 | €163,817 | €242,353 | +€78,537 | +47.9% |
| Equity | 10/15 | -€287,429 | -€182,205 | +€105,224 | +36.6% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€375,441 | -€267,826 | +€107,615 | +28.7% |
| Investment grants | 15 | €13,644 | €11,252 | -€2,391 | -17.5% |
| Amounts payable | 17/49 | €451,246 | €424,559 | -€26,687 | -5.9% |
| Amounts payable after more than one year | 17 | €386,292 | €318,757 | -€67,535 | -17.5% |
| Financial debts | 170/4 | €72,929 | €91,768 | +€18,839 | +25.8% |
| Other amounts payable | 178/9 | €313,363 | €226,989 | -€86,375 | -27.6% |
| Amounts payable within one year | 42/48 | €64,954 | €105,802 | +€40,849 | +62.9% |
| Current portion of amounts payable after more than one year | 42 | €12,741 | €22,287 | +€9,546 | +74.9% |
| Financial debts | 43 | - | €347 | +€347 | |
| Credit institutions | 430/8 | - | €347 | +€347 | |
| Trade debts | 44 | €27,098 | €30,992 | +€3,895 | +14.4% |
| Suppliers | 440/4 | €27,098 | €30,992 | +€3,895 | +14.4% |
| Taxes, remuneration and social security | 45 | €25,116 | €52,176 | +€27,061 | +108% |
| Taxes | 450/3 | €4,577 | €16,445 | +€11,867 | +259% |
| Remuneration and social security | 454/9 | €20,538 | €35,732 | +€15,193 | +74.0% |
| Non-recurring operating income | 76A | - | €1,370 | +€1,370 | |
| Remuneration, social security and pensions | 62 | €219,488 | €260,493 | +€41,005 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,652 | €35,181 | +€1,529 | +4.5% |
| Other operating charges | 640/8 | €1,616 | €1,699 | +€83 | +5.1% |
| Gross operating margin | 9900 | €303,319 | €404,022 | +€100,703 | +33.2% |
| Operating profit (loss) | 9901 | €48,563 | €106,649 | +€58,086 | +120% |
| Financial income | 75/76B | €10,112 | €7,058 | -€3,054 | -30.2% |
| Recurring financial income | 75 | €2,811 | €2,394 | -€416 | -14.8% |
| Non-recurring financial income | 76B | €7,301 | €4,664 | -€2,637 | -36.1% |
| Financial charges | 65/66B | €6,767 | €5,508 | -€1,259 | -18.6% |
| Recurring financial charges | 65 | €6,756 | €5,508 | -€1,248 | -18.5% |
| Non-recurring financial charges | 66B | €11 | - | -€11 | |
| Profit (loss) for the period before taxes | 9903 | €51,908 | €108,199 | +€56,291 | +108% |
| Income taxes | 67/77 | €595 | €584 | -€10 | -1.8% |
| Profit (loss) for the period | 9904 | €51,313 | €107,615 | +€56,302 | +110% |
| Profit (loss) for the period to be appropriated | 9905 | €51,313 | €107,615 | +€56,302 | +110% |
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 23 October 2026 via checked.be.