DOKTER N. NADJMI: 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.
DOKTER N. NADJMI
Largest movements
- Tangible fixed assets +€2.1m
up €2.1m (+158%), from €1.4m to €3.5m
of which Land and buildings: +€2.1m
- Receivables within one year -€387,055
down €387,055 (-75.6%), from €511,974 to €124,919
of which Trade receivables: -€367,202
- Current investments +€87,000
up €87,000 (+10.5%), from €831,575 to €918,575
- Receivables after one year +€85,000
up €85,000 (+42.5%), from €200,000 to €285,000
of which Trade receivables: +€110,000
- Revaluation surpluses +€1.8m
new in 2025: €1.8m
- Reserves +€279,000
up €279,000 (+19.2%), from €1.5m to €1.7m
of which Distributable reserves: +€160,550
- Debts after one year -€69,361
down €69,361 (-11.8%), from €586,356 to €516,994
- Current portion of long-term debt -€54,187
down €54,187 (-36.8%), from €147,120 to €92,933
- Gross operating margin +€107,954
up €107,954 (+21.6%), from €500,753 to €608,707
- Taxes +€22,877
up €22,877 (+17.5%), from €130,783 to €153,659
- Depreciation +€14,007
up €14,007 (+20.3%), from €68,836 to €82,843
- Financial income +€11,864
up €11,864 (+88.3%), from €13,434 to €25,298
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 | €2,990,550 | €4,953,548 | +€2.0m | +65.6% |
| Fixed assets | 21/28 | €1,361,254 | €3,498,131 | +€2.1m | +157% |
| Tangible fixed assets | 22/27 | €1,352,754 | €3,489,631 | +€2.1m | +158% |
| Land and buildings | 22 | €1,286,364 | €3,434,559 | +€2.1m | +167% |
| Plant, machinery and equipment | 23 | €7,501 | €4,476 | -€3,026 | -40.3% |
| Furniture and vehicles | 24 | €58,888 | €50,596 | -€8,293 | -14.1% |
| Financial fixed assets | 28 | €8,500 | €8,500 | = | 0.0% |
| Current assets | 29/58 | €1,629,297 | €1,455,417 | -€173,880 | -10.7% |
| Amounts receivable after more than one year | 29 | €200,000 | €285,000 | +€85,000 | +42.5% |
| Trade receivables | 290 | - | €110,000 | +€110,000 | |
| Other amounts receivable | 291 | €200,000 | €175,000 | -€25,000 | -12.5% |
| Amounts receivable within one year | 40/41 | €511,974 | €124,919 | -€387,055 | -75.6% |
| Trade receivables | 40 | €460,631 | €93,429 | -€367,202 | -79.7% |
| Other amounts receivable | 41 | €51,343 | €31,489 | -€19,853 | -38.7% |
| Current investments | 50/53 | €831,575 | €918,575 | +€87,000 | +10.5% |
| Cash at bank and in hand | 54/58 | €81,506 | €103,283 | +€21,777 | +26.7% |
| Deferred charges and accrued income | 490/1 | €4,242 | €23,640 | +€19,398 | +457% |
| Total equity and liabilities | 10/49 | €2,990,550 | €4,953,548 | +€2.0m | +65.6% |
| Equity | 10/15 | €2,229,651 | €4,326,695 | +€2.1m | +94.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Contributions outside capital | 11 | €18,550 | - | -€18,550 | |
| Other | 1109/19 | €18,550 | - | -€18,550 | |
| Revaluation surpluses | 12 | - | €1,818,000 | +€1.8m | |
| Reserves | 13 | €1,456,305 | €1,735,305 | +€279,000 | +19.2% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,050 | €139,500 | +€118,450 | +563% |
| Distributable reserves | 133 | €1,433,400 | €1,593,950 | +€160,550 | +11.2% |
| Profit (loss) carried forward | 14 | €754,796 | €754,840 | +€44 | 0.0% |
| Amounts payable | 17/49 | €760,899 | €626,852 | -€134,047 | -17.6% |
| Amounts payable after more than one year | 17 | €586,356 | €516,994 | -€69,361 | -11.8% |
| Financial debts | 170/4 | €586,356 | €516,994 | -€69,361 | -11.8% |
| Amounts payable within one year | 42/48 | €174,543 | €109,858 | -€64,685 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | €147,120 | €92,933 | -€54,187 | -36.8% |
| Trade debts | 44 | €83 | - | -€83 | |
| Suppliers | 440/4 | €83 | - | -€83 | |
| Taxes, remuneration and social security | 45 | €25,171 | €16,677 | -€8,493 | -33.7% |
| Taxes | 450/3 | €17,366 | €16,677 | -€689 | -4.0% |
| Remuneration and social security | 454/9 | €7,805 | - | -€7,805 | |
| Other amounts payable | 47/48 | €2,169 | €247 | -€1,922 | -88.6% |
| Non-recurring operating income | 76A | €5,273 | €2,741 | -€2,532 | -48.0% |
| Remuneration, social security and pensions | 62 | €15,512 | €11,938 | -€3,574 | -23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,836 | €82,843 | +€14,007 | +20.3% |
| Other operating charges | 640/8 | €12,742 | €12,241 | -€501 | -3.9% |
| Non-recurring operating charges | 66A | - | €406 | +€406 | |
| Gross operating margin | 9900 | €500,753 | €608,707 | +€107,954 | +21.6% |
| Operating profit (loss) | 9901 | €403,664 | €501,279 | +€97,615 | +24.2% |
| Financial income | 75/76B | €13,434 | €25,298 | +€11,864 | +88.3% |
| Recurring financial income | 75 | €13,434 | €25,298 | +€11,864 | +88.3% |
| Financial charges | 65/66B | €18,163 | €18,873 | +€710 | +3.9% |
| Recurring financial charges | 65 | €18,219 | €18,873 | +€654 | +3.6% |
| Non-recurring financial charges | 66B | -€56 | - | +€56 | |
| Profit (loss) for the period before taxes | 9903 | €398,934 | €507,703 | +€108,769 | +27.3% |
| Income taxes | 67/77 | €130,783 | €153,659 | +€22,877 | +17.5% |
| Profit (loss) for the period | 9904 | €268,151 | €354,044 | +€85,892 | +32.0% |
| Transfer from tax-exempt reserves | 789 | €56,650 | €21,050 | -€35,600 | -62.8% |
| Transfer to tax-exempt reserves | 689 | - | €139,500 | +€139,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €324,801 | €235,594 | -€89,208 | -27.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.