Dr. Huygen: 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. Huygen
Largest movements
- Current investments +€252,690
new in 2025: €252,690
- Cash -€128,221
down €128,221 (-38.0%), from €337,453 to €209,232
mainly Current investments (-€252,690) and Debts after one year (-€20,615)
- Tangible fixed assets -€40,708
down €40,708 (-31.6%), from €128,754 to €88,046
of which Furniture and vehicles: -€35,338
- Receivables within one year +€9,895
up €9,895 (+8.4%), from €118,022 to €127,917
of which Other amounts receivable: +€10,204
- Receivables after one year -€7,368
down €7,368 (-30.9%), from €23,867 to €16,499
- Reserves +€91,325
up €91,325 (+17.6%), from €520,149 to €611,474
of which Non-distributable reserves: +€91,325
- Debts after one year -€20,615
down €20,615 (-79.9%), from €25,806 to €5,191
- Tax, wage and social debts +€7,611
up €7,611 (+27.6%), from €27,613 to €35,224
- Trade debts +€7,012
up €7,012 (+198%), from €3,547 to €10,558
- Gross operating margin +€19,699
up €19,699 (+10.6%), from €185,480 to €205,179
- Taxes +€14,163
up €14,163 (+32.0%), from €44,252 to €58,415
- Financial income +€3,610
up €3,610 (+57.6%), from €6,265 to €9,874
- Other operating charges +€3,047
up €3,047 (+382%), from €798 to €3,844
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 | €609,890 | €695,463 | +€85,573 | +14.0% |
| Fixed assets | 21/28 | €129,036 | €88,046 | -€40,990 | -31.8% |
| Intangible fixed assets | 21 | €282 | - | -€282 | |
| Tangible fixed assets | 22/27 | €128,754 | €88,046 | -€40,708 | -31.6% |
| Plant, machinery and equipment | 23 | €2,467 | €1,519 | -€947 | -38.4% |
| Furniture and vehicles | 24 | €91,819 | €56,481 | -€35,338 | -38.5% |
| Other tangible fixed assets | 26 | €34,469 | €30,046 | -€4,422 | -12.8% |
| Current assets | 29/58 | €480,854 | €607,416 | +€126,562 | +26.3% |
| Amounts receivable after more than one year | 29 | €23,867 | €16,499 | -€7,368 | -30.9% |
| Other amounts receivable | 291 | €23,867 | €16,499 | -€7,368 | -30.9% |
| Amounts receivable within one year | 40/41 | €118,022 | €127,917 | +€9,895 | +8.4% |
| Trade receivables | 40 | €547 | €237 | -€309 | -56.6% |
| Other amounts receivable | 41 | €117,476 | €127,680 | +€10,204 | +8.7% |
| Current investments | 50/53 | - | €252,690 | +€252,690 | |
| Cash at bank and in hand | 54/58 | €337,453 | €209,232 | -€128,221 | -38.0% |
| Deferred charges and accrued income | 490/1 | €1,512 | €1,078 | -€434 | -28.7% |
| Total equity and liabilities | 10/49 | €609,890 | €695,463 | +€85,573 | +14.0% |
| Equity | 10/15 | €532,549 | €623,874 | +€91,325 | +17.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €520,149 | €611,474 | +€91,325 | +17.6% |
| Non-distributable reserves | 130/1 | €391,428 | €482,753 | +€91,325 | +23.3% |
| Reserves not available under the articles | 1311 | €391,428 | €482,753 | +€91,325 | +23.3% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €109,972 | €109,972 | = | 0.0% |
| Amounts payable | 17/49 | €77,341 | €71,588 | -€5,753 | -7.4% |
| Amounts payable after more than one year | 17 | €25,806 | €5,191 | -€20,615 | -79.9% |
| Financial debts | 170/4 | €25,806 | €5,191 | -€20,615 | -79.9% |
| Amounts payable within one year | 42/48 | €51,535 | €66,397 | +€14,862 | +28.8% |
| Current portion of amounts payable after more than one year | 42 | €20,376 | €20,615 | +€239 | +1.2% |
| Trade debts | 44 | €3,547 | €10,558 | +€7,012 | +198% |
| Suppliers | 440/4 | €3,547 | €10,558 | +€7,012 | +198% |
| Taxes, remuneration and social security | 45 | €27,613 | €35,224 | +€7,611 | +27.6% |
| Taxes | 450/3 | €27,613 | €35,224 | +€7,611 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,998 | €42,222 | -€1,776 | -4.0% |
| Other operating charges | 640/8 | €798 | €3,844 | +€3,047 | +382% |
| Gross operating margin | 9900 | €185,480 | €205,179 | +€19,699 | +10.6% |
| Operating profit (loss) | 9901 | €140,684 | €159,113 | +€18,428 | +13.1% |
| Financial income | 75/76B | €6,265 | €9,874 | +€3,610 | +57.6% |
| Recurring financial income | 75 | €6,265 | €9,874 | +€3,610 | +57.6% |
| Financial charges | 65/66B | €1,272 | €850 | -€421 | -33.1% |
| Recurring financial charges | 65 | €1,272 | €850 | -€421 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | €145,678 | €168,137 | +€22,459 | +15.4% |
| Income taxes | 67/77 | €44,252 | €58,415 | +€14,163 | +32.0% |
| Profit (loss) for the period | 9904 | €101,426 | €109,722 | +€8,296 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €101,426 | €109,722 | +€8,296 | +8.2% |
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.