Docteur Guy Nicolas: 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.
Docteur Guy Nicolas
Largest movements
- Cash +€34,099
up €34,099 (+858%), from €3,975 to €38,074
mainly Net result for the year (+€35,682) and Investment in fixed assets (net) (+€21,779)
- Tangible fixed assets -€22,656
down €22,656 (-94.4%), from €23,995 to €1,338
of which Furniture and vehicles: -€19,842
- Receivables within one year +€19,608
up €19,608 (+14.0%), from €139,956 to €159,564
of which Other amounts receivable: +€21,398
- Stocks and contracts -€5,521
down €5,521 (-69.4%), from €7,952 to €2,431
- Reserves +€33,822
up €33,822 (+23.1%), from €146,283 to €180,106
of which Distributable reserves: +€35,682
- Trade debts -€12,578
down €12,578 (-72.5%), from €17,340 to €4,762
- Tax, wage and social debts +€2,861
up €2,861 (+363%), from €787 to €3,649
- Gross operating margin +€14,410
up €14,410 (+29.0%), from €49,777 to €64,187
- Depreciation -€7,489
down €7,489 (-89.5%), from €8,366 to €877
- Financial income +€5,410
up €5,410 (+474,524%), from €1 to €5,411
- Taxes +€4,580
up €4,580 (+34.9%), from €13,106 to €17,685
- Other operating charges +€921
up €921 (+118%), from €777 to €1,698
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 | €176,911 | €202,891 | +€25,980 | +14.7% |
| Fixed assets | 21/28 | €23,995 | €1,338 | -€22,656 | -94.4% |
| Tangible fixed assets | 22/27 | €23,995 | €1,338 | -€22,656 | -94.4% |
| Plant, machinery and equipment | 23 | €2,814 | - | -€2,814 | |
| Furniture and vehicles | 24 | €21,180 | €1,338 | -€19,842 | -93.7% |
| Current assets | 29/58 | €152,916 | €201,553 | +€48,637 | +31.8% |
| Stocks and contracts in progress | 3 | €7,952 | €2,431 | -€5,521 | -69.4% |
| Stocks | 30/36 | €7,952 | €2,431 | -€5,521 | -69.4% |
| Amounts receivable within one year | 40/41 | €139,956 | €159,564 | +€19,608 | +14.0% |
| Trade receivables | 40 | €55,095 | €53,305 | -€1,790 | -3.2% |
| Other amounts receivable | 41 | €84,861 | €106,259 | +€21,398 | +25.2% |
| Cash at bank and in hand | 54/58 | €3,975 | €38,074 | +€34,099 | +858% |
| Deferred charges and accrued income | 490/1 | €1,033 | €1,484 | +€451 | +43.6% |
| Total equity and liabilities | 10/49 | €176,911 | €202,891 | +€25,980 | +14.7% |
| Equity | 10/15 | €158,783 | €194,466 | +€35,682 | +22.5% |
| Contributions | 10/11 | €12,500 | €14,360 | +€1,860 | +14.9% |
| Capital | 10 | €12,500 | - | -€12,500 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €6,100 | - | -€6,100 | |
| Reserves | 13 | €146,283 | €180,106 | +€33,822 | +23.1% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €144,423 | €180,106 | +€35,682 | +24.7% |
| Amounts payable | 17/49 | €18,128 | €8,426 | -€9,702 | -53.5% |
| Amounts payable within one year | 42/48 | €18,128 | €8,411 | -€9,717 | -53.6% |
| Trade debts | 44 | €17,340 | €4,762 | -€12,578 | -72.5% |
| Suppliers | 440/4 | €17,340 | €4,762 | -€12,578 | -72.5% |
| Taxes, remuneration and social security | 45 | €787 | €3,649 | +€2,861 | +363% |
| Taxes | 450/3 | €787 | €3,649 | +€2,861 | +363% |
| Accrued charges and deferred income | 492/3 | - | €15 | +€15 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,366 | €877 | -€7,489 | -89.5% |
| Other operating charges | 640/8 | €777 | €1,698 | +€921 | +118% |
| Non-recurring operating charges | 66A | - | €13,515 | +€13,515 | |
| Gross operating margin | 9900 | €49,777 | €64,187 | +€14,410 | +29.0% |
| Operating profit (loss) | 9901 | €40,633 | €48,097 | +€7,464 | +18.4% |
| Financial income | 75/76B | €1 | €5,411 | +€5,410 | +474,524% |
| Recurring financial income | 75 | €1 | €5,411 | +€5,410 | +474,524% |
| Financial charges | 65/66B | €190 | €140 | -€50 | -26.1% |
| Recurring financial charges | 65 | €190 | €140 | -€50 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €40,444 | €53,367 | +€12,923 | +32.0% |
| Income taxes | 67/77 | €13,106 | €17,685 | +€4,580 | +34.9% |
| Profit (loss) for the period | 9904 | €27,339 | €35,682 | +€8,343 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,339 | €35,682 | +€8,343 | +30.5% |
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 1 November 2026 via checked.be.