Dr. Eric Nulens: 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. Eric Nulens
Largest movements
- Current investments +€63,788
up €63,788 (+7.3%), from €875,594 to €939,382
- Tangible fixed assets -€37,333
down €37,333 (-10.6%), from €350,993 to €313,660
of which Land and buildings: -€23,323
- Receivables within one year -€29,899
down €29,899 (-34.6%), from €86,476 to €56,576
of which Trade receivables: -€48,208
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€43,238
down €43,238 (-47.7%), from €90,631 to €47,393
- Gross operating margin +€26,202
up €26,202 (+83.8%), from -€31,270 to -€5,068
- Financial charges +€11,244
up €11,244 (+13,131%), from €86 to €11,330
- Taxes -€2,614
down €2,614, from €2,211 to -€403
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 | €1,343,194 | €1,332,251 | -€10,943 | -0.8% |
| Fixed assets | 21/28 | €350,993 | €313,660 | -€37,333 | -10.6% |
| Tangible fixed assets | 22/27 | €350,993 | €313,660 | -€37,333 | -10.6% |
| Land and buildings | 22 | €310,125 | €286,802 | -€23,323 | -7.5% |
| Plant, machinery and equipment | 23 | €3,888 | €2,039 | -€1,849 | -47.6% |
| Furniture and vehicles | 24 | €36,980 | €24,819 | -€12,161 | -32.9% |
| Current assets | 29/58 | €992,201 | €1,018,591 | +€26,390 | +2.7% |
| Amounts receivable within one year | 40/41 | €86,476 | €56,576 | -€29,899 | -34.6% |
| Trade receivables | 40 | €48,331 | €124 | -€48,208 | -99.7% |
| Other amounts receivable | 41 | €38,144 | €56,453 | +€18,308 | +48.0% |
| Current investments | 50/53 | €875,594 | €939,382 | +€63,788 | +7.3% |
| Cash at bank and in hand | 54/58 | €29,495 | €22,385 | -€7,110 | -24.1% |
| Deferred charges and accrued income | 490/1 | €637 | €248 | -€389 | -61.1% |
| Total equity and liabilities | 10/49 | €1,343,194 | €1,332,251 | -€10,943 | -0.8% |
| Equity | 10/15 | €1,341,559 | €1,332,251 | -€9,308 | -0.7% |
| Contributions | 10/11 | €14,500 | €14,500 | = | 0.0% |
| Reserves | 13 | €1,325,350 | €1,325,350 | = | 0.0% |
| Distributable reserves | 133 | €1,325,350 | €1,325,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,709 | -€7,599 | -€9,308 | |
| Amounts payable | 17/49 | €1,635 | €0 | -€1,635 | -100% |
| Amounts payable within one year | 42/48 | €1,635 | €0 | -€1,635 | -100% |
| Trade debts | 44 | - | €0 | = | |
| Suppliers | 440/4 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €1,635 | - | -€1,635 | |
| Taxes | 450/3 | €1,635 | - | -€1,635 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,515 | €37,333 | -€182 | -0.5% |
| Other operating charges | 640/8 | €3,187 | €3,374 | +€186 | +5.8% |
| Gross operating margin | 9900 | -€31,270 | -€5,068 | +€26,202 | +83.8% |
| Operating profit (loss) | 9901 | -€71,973 | -€45,775 | +€26,198 | +36.4% |
| Financial income | 75/76B | €90,631 | €47,393 | -€43,238 | -47.7% |
| Recurring financial income | 75 | €90,631 | €47,393 | -€43,238 | -47.7% |
| Financial charges | 65/66B | €86 | €11,330 | +€11,244 | +13,131% |
| Recurring financial charges | 65 | €86 | €11,330 | +€11,244 | +13,131% |
| Profit (loss) for the period before taxes | 9903 | €18,573 | -€9,711 | -€28,284 | |
| Income taxes | 67/77 | €2,211 | -€403 | -€2,614 | |
| Profit (loss) for the period | 9904 | €16,362 | -€9,308 | -€25,670 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,362 | -€9,308 | -€25,670 |
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 24 October 2026 via checked.be.