DR. GINO NAESSENS: what changed
DR. GINO NAESSENS
Largest movements
- Cash +€151,271
up €151,271 (+62.3%), from €242,688 to €393,959
mainly Current investments (+€125,000) and Net result for the year (+€80,133)
- Current investments -€125,000
no longer reported in 2025 (was €125,000)
- Tangible fixed assets -€21,147
down €21,147 (-20.3%), from €104,222 to €83,075
of which Furniture and vehicles: -€15,184
- Receivables within one year -€12,594
down €12,594 (-13.6%), from €92,296 to €79,702
of which Trade receivables: -€22,925
- Reserves +€52,884
up €52,884 (+15.2%), from €348,046 to €400,930
- Advances received -€33,456
down €33,456 (-82.3%), from €40,675 to €7,219
- Other debts -€21,063
down €21,063 (-16.8%), from €125,440 to €104,377
- Tax, wage and social debts -€9,646
down €9,646 (-58.3%), from €16,546 to €6,900
- Gross operating margin -€22,123
down €22,123 (-14.0%), from €157,914 to €135,791
- Depreciation +€8,876
up €8,876 (+72.3%), from €12,271 to €21,147
- Taxes -€7,094
down €7,094 (-17.0%), from €41,821 to €34,727
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €566,221 | €557,555 | -€8,666 | -1.5% |
| Fixed assets | 21/28 | €104,222 | €83,075 | -€21,147 | -20.3% |
| Tangible fixed assets | 22/27 | €104,222 | €83,075 | -€21,147 | -20.3% |
| Plant, machinery and equipment | 23 | €1,084 | €395 | -€690 | -63.6% |
| Furniture and vehicles | 24 | €68,319 | €53,135 | -€15,184 | -22.2% |
| Other tangible fixed assets | 26 | €34,819 | €29,545 | -€5,273 | -15.1% |
| Current assets | 29/58 | €462,000 | €474,480 | +€12,480 | +2.7% |
| Amounts receivable within one year | 40/41 | €92,296 | €79,702 | -€12,594 | -13.6% |
| Trade receivables | 40 | €92,296 | €69,371 | -€22,925 | -24.8% |
| Other amounts receivable | 41 | - | €10,331 | +€10,331 | |
| Current investments | 50/53 | €125,000 | - | -€125,000 | |
| Cash at bank and in hand | 54/58 | €242,688 | €393,959 | +€151,271 | +62.3% |
| Deferred charges and accrued income | 490/1 | €2,016 | €819 | -€1,197 | -59.4% |
| Total equity and liabilities | 10/49 | €566,221 | €557,555 | -€8,666 | -1.5% |
| Equity | 10/15 | €378,046 | €430,930 | +€52,884 | +14.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €348,046 | €400,930 | +€52,884 | +15.2% |
| Distributable reserves | 133 | €348,046 | €400,930 | +€52,884 | +15.2% |
| Amounts payable | 17/49 | €188,175 | €126,625 | -€61,550 | -32.7% |
| Amounts payable within one year | 42/48 | €184,123 | €123,345 | -€60,778 | -33.0% |
| Trade debts | 44 | €1,462 | €4,848 | +€3,386 | +232% |
| Suppliers | 440/4 | €1,462 | €4,848 | +€3,386 | +232% |
| Advances received on contracts in progress | 46 | €40,675 | €7,219 | -€33,456 | -82.3% |
| Taxes, remuneration and social security | 45 | €16,546 | €6,900 | -€9,646 | -58.3% |
| Taxes | 450/3 | €16,546 | €6,900 | -€9,646 | -58.3% |
| Other amounts payable | 47/48 | €125,440 | €104,377 | -€21,063 | -16.8% |
| Accrued charges and deferred income | 492/3 | €4,052 | €3,280 | -€772 | -19.1% |
| Non-recurring operating income | 76A | €35,000 | - | -€35,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,271 | €21,147 | +€8,876 | +72.3% |
| Other operating charges | 640/8 | €623 | €640 | +€16 | +2.6% |
| Gross operating margin | 9900 | €157,914 | €135,791 | -€22,123 | -14.0% |
| Operating profit (loss) | 9901 | €145,020 | €114,005 | -€31,015 | -21.4% |
| Financial income | 75/76B | €3,453 | €4,202 | +€749 | +21.7% |
| Recurring financial income | 75 | €3,453 | €4,202 | +€749 | +21.7% |
| Financial charges | 65/66B | €4,118 | €3,347 | -€771 | -18.7% |
| Recurring financial charges | 65 | €4,118 | €3,347 | -€771 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €144,355 | €114,860 | -€29,495 | -20.4% |
| Income taxes | 67/77 | €41,821 | €34,727 | -€7,094 | -17.0% |
| Profit (loss) for the period | 9904 | €102,534 | €80,133 | -€22,401 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €102,534 | €80,133 | -€22,401 | -21.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.