Dr. Marc Naulaerts: what changed
Dr. Marc Naulaerts
Largest movements
- Intangible fixed assets -€101,096
down €101,096 (-100%), from €101,096 to €0
- Current investments +€99,693
up €99,693 (+30.1%), from €331,717 to €431,410
- Receivables within one year -€46,012
down €46,012 (-47.2%), from €97,383 to €51,371
of which Trade receivables: -€71,182
- Cash +€28,473
up €28,473 (+103%), from €27,569 to €56,042
mainly Investment in fixed assets (net) (+€112,096) and Net result for the year (+€67,354)
- Tangible fixed assets -€11,000
down €11,000 (-100%), from €11,000 to €0
- Reserves +€67,354
up €67,354 (+15.3%), from €438,965 to €506,319
- Tax, wage and social debts -€43,079
down €43,079 (-68.4%), from €62,985 to €19,905
- Advances received -€35,708
down €35,708 (-100%), from €35,708 to €0
- Other debts -€26,443
down €26,443 (-100%), from €26,443 to €0
- Trade debts +€7,433
up €7,433 (+343%), from €2,164 to €9,598
- Other operating charges +€119,973
up €119,973 (+10,262%), from €1,169 to €121,142
- Gross operating margin -€95,421
down €95,421 (-30.6%), from €311,337 to €215,916
- Taxes -€56,468
down €56,468 (-64.0%), from €88,238 to €31,770
- Depreciation -€45,000
down €45,000 (-100%), from €45,000 to €0
- Financial income -€10,157
down €10,157 (-69.7%), from €14,567 to €4,409
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 | €569,265 | €538,823 | -€30,442 | -5.3% |
| Fixed assets | 21/28 | €112,096 | €0 | -€112,096 | -100% |
| Intangible fixed assets | 21 | €101,096 | €0 | -€101,096 | -100% |
| Tangible fixed assets | 22/27 | €11,000 | €0 | -€11,000 | -100% |
| Other tangible fixed assets | 26 | €11,000 | €0 | -€11,000 | -100% |
| Current assets | 29/58 | €457,169 | €538,823 | +€81,654 | +17.9% |
| Amounts receivable within one year | 40/41 | €97,383 | €51,371 | -€46,012 | -47.2% |
| Trade receivables | 40 | €97,383 | €26,200 | -€71,182 | -73.1% |
| Other amounts receivable | 41 | - | €25,170 | +€25,170 | |
| Current investments | 50/53 | €331,717 | €431,410 | +€99,693 | +30.1% |
| Cash at bank and in hand | 54/58 | €27,569 | €56,042 | +€28,473 | +103% |
| Deferred charges and accrued income | 490/1 | €500 | €0 | -€500 | -100% |
| Total equity and liabilities | 10/49 | €569,265 | €538,823 | -€30,442 | -5.3% |
| Equity | 10/15 | €441,965 | €509,319 | +€67,354 | +15.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €438,965 | €506,319 | +€67,354 | +15.3% |
| Distributable reserves | 133 | €438,965 | €506,319 | +€67,354 | +15.3% |
| Amounts payable | 17/49 | €127,300 | €29,503 | -€97,797 | -76.8% |
| Amounts payable within one year | 42/48 | €127,300 | €29,503 | -€97,797 | -76.8% |
| Trade debts | 44 | €2,164 | €9,598 | +€7,433 | +343% |
| Suppliers | 440/4 | €2,164 | €9,598 | +€7,433 | +343% |
| Advances received on contracts in progress | 46 | €35,708 | €0 | -€35,708 | -100% |
| Taxes, remuneration and social security | 45 | €62,985 | €19,905 | -€43,079 | -68.4% |
| Taxes | 450/3 | €62,985 | €19,905 | -€43,079 | -68.4% |
| Other amounts payable | 47/48 | €26,443 | €0 | -€26,443 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,000 | €0 | -€45,000 | -100% |
| Other operating charges | 640/8 | €1,169 | €121,142 | +€119,973 | +10,262% |
| Gross operating margin | 9900 | €311,337 | €215,916 | -€95,421 | -30.6% |
| Operating profit (loss) | 9901 | €265,168 | €94,774 | -€170,394 | -64.3% |
| Financial income | 75/76B | €14,567 | €4,409 | -€10,157 | -69.7% |
| Recurring financial income | 75 | €14,567 | €4,409 | -€10,157 | -69.7% |
| Financial charges | 65/66B | €9,131 | €58 | -€9,072 | -99.4% |
| Recurring financial charges | 65 | €9,131 | €58 | -€9,072 | -99.4% |
| Profit (loss) for the period before taxes | 9903 | €270,604 | €99,124 | -€171,479 | -63.4% |
| Income taxes | 67/77 | €88,238 | €31,770 | -€56,468 | -64.0% |
| Profit (loss) for the period | 9904 | €182,366 | €67,354 | -€115,012 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €182,366 | €67,354 | -€115,012 | -63.1% |
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.