Dr H. NAIK: 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 H. NAIK
Largest movements
- Current investments -€87,000
no longer reported in 2025 (was €87,000)
- Cash +€81,640
up €81,640 (+46.4%), from €175,760 to €257,400
mainly Net result for the year (+€186,543) and Current investments (+€87,000)
- Tangible fixed assets -€7,914
down €7,914 (-7.4%), from €106,726 to €98,812
of which Land and buildings: -€24,444
- Other debts -€72,987
down €72,987 (-22.6%), from €322,515 to €249,527
- Profit (loss) carried forward +€46,543
up €46,543 (+5,617%), from €829 to €47,371
- Current portion of long-term debt -€40,571
down €40,571 (-89.9%), from €45,137 to €4,565
- Debts after one year +€36,058
up €36,058 (+546%), from €6,598 to €42,656
- Accrued charges and deferred income +€9,898
new in 2025: €9,898
- Gross operating margin +€47,440
up €47,440 (+22.3%), from €212,458 to €259,898
- Taxes +€23,050
up €23,050 (+53.0%), from €43,485 to €66,534
- Financial income -€7,980
down €7,980 (-75.1%), from €10,625 to €2,645
- Depreciation -€5,651
down €5,651 (-41.7%), from €13,564 to €7,914
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €383,131 | €374,710 | -€8,421 | -2.2% |
| Fixed assets | 21/28 | €106,726 | €98,812 | -€7,914 | -7.4% |
| Tangible fixed assets | 22/27 | €106,726 | €98,812 | -€7,914 | -7.4% |
| Land and buildings | 22 | €80,795 | €56,351 | -€24,444 | -30.3% |
| Plant, machinery and equipment | 23 | €1,187 | €853 | -€334 | -28.1% |
| Furniture and vehicles | 24 | €23,897 | €20,311 | -€3,586 | -15.0% |
| Other tangible fixed assets | 26 | €848 | €21,298 | +€20,450 | +2,412% |
| Current assets | 29/58 | €276,405 | €275,898 | -€508 | -0.2% |
| Amounts receivable within one year | 40/41 | €2,630 | €6,021 | +€3,391 | +129% |
| Other amounts receivable | 41 | €2,630 | €6,021 | +€3,391 | +129% |
| Current investments | 50/53 | €87,000 | - | -€87,000 | |
| Cash at bank and in hand | 54/58 | €175,760 | €257,400 | +€81,640 | +46.4% |
| Deferred charges and accrued income | 490/1 | €11,015 | €12,476 | +€1,461 | +13.3% |
| Total equity and liabilities | 10/49 | €383,131 | €374,710 | -€8,421 | -2.2% |
| Equity | 10/15 | €3,829 | €50,371 | +€46,543 | +1,216% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €829 | €47,371 | +€46,543 | +5,617% |
| Amounts payable | 17/49 | €379,303 | €324,339 | -€54,964 | -14.5% |
| Amounts payable after more than one year | 17 | €6,598 | €42,656 | +€36,058 | +546% |
| Financial debts | 170/4 | €6,598 | €42,656 | +€36,058 | +546% |
| Amounts payable within one year | 42/48 | €372,704 | €271,785 | -€100,919 | -27.1% |
| Current portion of amounts payable after more than one year | 42 | €45,137 | €4,565 | -€40,571 | -89.9% |
| Trade debts | 44 | €434 | €4,111 | +€3,677 | +847% |
| Suppliers | 440/4 | €434 | €4,111 | +€3,677 | +847% |
| Taxes, remuneration and social security | 45 | €4,619 | €13,582 | +€8,963 | +194% |
| Taxes | 450/3 | €4,619 | €13,582 | +€8,963 | +194% |
| Other amounts payable | 47/48 | €322,515 | €249,527 | -€72,987 | -22.6% |
| Accrued charges and deferred income | 492/3 | - | €9,898 | +€9,898 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,564 | €7,914 | -€5,651 | -41.7% |
| Other operating charges | 640/8 | €649 | €826 | +€178 | +27.4% |
| Gross operating margin | 9900 | €212,458 | €259,898 | +€47,440 | +22.3% |
| Operating profit (loss) | 9901 | €198,245 | €251,157 | +€52,913 | +26.7% |
| Financial income | 75/76B | €10,625 | €2,645 | -€7,980 | -75.1% |
| Recurring financial income | 75 | €10,625 | €2,645 | -€7,980 | -75.1% |
| Financial charges | 65/66B | €880 | €726 | -€154 | -17.6% |
| Recurring financial charges | 65 | €880 | €726 | -€154 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €207,990 | €253,077 | +€45,087 | +21.7% |
| Income taxes | 67/77 | €43,485 | €66,534 | +€23,050 | +53.0% |
| Profit (loss) for the period | 9904 | €164,505 | €186,543 | +€22,038 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €164,505 | €186,543 | +€22,038 | +13.4% |
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 29 October 2026 via checked.be.