Dr. C. Naeyaert: 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.
Dr. C. Naeyaert
Largest movements
- Current investments +€100,000
new in 2024: €100,000
- Tangible fixed assets -€83,034
down €83,034 (-8.5%), from €972,999 to €889,966
of which Plant, machinery and equipment: -€44,677
- Cash -€76,371
down €76,371 (-33.9%), from €225,500 to €149,129
mainly Debts after one year (-€205,061) and Current investments (-€100,000)
- Deferred charges and accrued income -€50,475
down €50,475 (-92.8%), from €54,376 to €3,901
- Debts after one year -€205,061
down €205,061 (-24.0%), from €854,593 to €649,532
- Profit (loss) carried forward +€92,666
up €92,666 (+34.6%), from €268,191 to €360,857
- Gross operating margin +€13,523
up €13,523 (+5.6%), from €240,748 to €254,271
- Taxes +€7,662
up €7,662 (+31.2%), from €24,593 to €32,255
- Staff costs +€2,800
no longer reported in 2024 (was -€2,800)
- Financial charges +€2,543
up €2,543 (+8.4%), from €30,187 to €32,730
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,261,810 | €1,152,668 | -€109,142 | -8.6% |
| Fixed assets | 21/28 | €972,999 | €889,966 | -€83,034 | -8.5% |
| Tangible fixed assets | 22/27 | €972,999 | €889,966 | -€83,034 | -8.5% |
| Land and buildings | 22 | €547,151 | €517,151 | -€30,000 | -5.5% |
| Plant, machinery and equipment | 23 | €386,687 | €342,011 | -€44,677 | -11.6% |
| Furniture and vehicles | 24 | €39,161 | €30,804 | -€8,357 | -21.3% |
| Current assets | 29/58 | €288,810 | €262,702 | -€26,108 | -9.0% |
| Amounts receivable within one year | 40/41 | €8,934 | €9,673 | +€738 | +8.3% |
| Trade receivables | 40 | - | €738 | +€738 | |
| Other amounts receivable | 41 | €8,934 | €8,934 | = | 0.0% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €225,500 | €149,129 | -€76,371 | -33.9% |
| Deferred charges and accrued income | 490/1 | €54,376 | €3,901 | -€50,475 | -92.8% |
| Total equity and liabilities | 10/49 | €1,261,810 | €1,152,668 | -€109,142 | -8.6% |
| Equity | 10/15 | €300,039 | €392,705 | +€92,666 | +30.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €26,848 | €26,848 | = | 0.0% |
| Distributable reserves | 133 | €26,848 | €26,848 | = | 0.0% |
| Profit (loss) carried forward | 14 | €268,191 | €360,857 | +€92,666 | +34.6% |
| Amounts payable | 17/49 | €961,771 | €759,963 | -€201,808 | -21.0% |
| Amounts payable after more than one year | 17 | €854,593 | €649,532 | -€205,061 | -24.0% |
| Financial debts | 170/4 | €854,593 | €649,532 | -€205,061 | -24.0% |
| Amounts payable within one year | 42/48 | €107,027 | €110,275 | +€3,248 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €40,000 | €40,000 | = | 0.0% |
| Trade debts | 44 | €45,205 | €42,413 | -€2,792 | -6.2% |
| Suppliers | 440/4 | €45,205 | €42,413 | -€2,792 | -6.2% |
| Taxes, remuneration and social security | 45 | €6,547 | €9,735 | +€3,188 | +48.7% |
| Taxes | 450/3 | €6,547 | €9,735 | +€3,188 | +48.7% |
| Other amounts payable | 47/48 | €15,276 | €18,126 | +€2,851 | +18.7% |
| Accrued charges and deferred income | 492/3 | €151 | €157 | +€5 | +3.5% |
| Remuneration, social security and pensions | 62 | -€2,800 | - | +€2,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,168 | €91,298 | +€130 | +0.1% |
| Other operating charges | 640/8 | €4,598 | €5,321 | +€724 | +15.7% |
| Gross operating margin | 9900 | €240,748 | €254,271 | +€13,523 | +5.6% |
| Operating profit (loss) | 9901 | €147,783 | €157,652 | +€9,869 | +6.7% |
| Financial charges | 65/66B | €30,187 | €32,730 | +€2,543 | +8.4% |
| Recurring financial charges | 65 | €30,187 | €32,730 | +€2,543 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €117,596 | €124,922 | +€7,326 | +6.2% |
| Income taxes | 67/77 | €24,593 | €32,255 | +€7,662 | +31.2% |
| Profit (loss) for the period | 9904 | €93,003 | €92,666 | -€336 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €93,003 | €92,666 | -€336 | -0.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.