DR. NACHTERGAELE M.: what changed
DR. NACHTERGAELE M.
Largest movements
- Current investments +€148,000
up €148,000 (+231%), from €64,000 to €212,000
- Receivables within one year -€76,169
down €76,169 (-92.0%), from €82,783 to €6,614
of which Trade receivables: -€52,000
- Cash +€62,151
up €62,151 (+747%), from €8,318 to €70,469
mainly Net result for the year (+€122,436) and Receivables within one year (+€76,169)
- Tangible fixed assets +€34,720
up €34,720 (+64.8%), from €53,612 to €88,332
of which Furniture and vehicles: +€55,022
- Deferred charges and accrued income -€5,688
down €5,688 (-4.1%), from €138,396 to €132,708
- Tax, wage and social debts +€58,238
up €58,238 (+23,305%), from €250 to €58,488
- Reserves +€54,970
up €54,970 (+16.4%), from €334,206 to €389,176
- Other debts +€41,778
up €41,778 (+7,165%), from €583 to €42,361
- Trade debts +€8,029
up €8,029 (+1,917%), from €419 to €8,448
- Gross operating margin +€40,931
up €40,931 (+24.1%), from €169,800 to €210,731
- Taxes +€20,652
up €20,652 (+54.2%), from €38,110 to €58,761
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €347,858 | €510,873 | +€163,014 | +46.9% |
| Fixed assets | 21/28 | €54,362 | €89,082 | +€34,720 | +63.9% |
| Tangible fixed assets | 22/27 | €53,612 | €88,332 | +€34,720 | +64.8% |
| Land and buildings | 22 | €14,636 | €2,927 | -€11,709 | -80.0% |
| Furniture and vehicles | 24 | €12,863 | €67,885 | +€55,022 | +428% |
| Other tangible fixed assets | 26 | €26,113 | €17,520 | -€8,593 | -32.9% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €293,496 | €421,791 | +€128,294 | +43.7% |
| Amounts receivable within one year | 40/41 | €82,783 | €6,614 | -€76,169 | -92.0% |
| Trade receivables | 40 | €52,000 | €0 | -€52,000 | -100% |
| Other amounts receivable | 41 | €30,783 | €6,614 | -€24,169 | -78.5% |
| Current investments | 50/53 | €64,000 | €212,000 | +€148,000 | +231% |
| Cash at bank and in hand | 54/58 | €8,318 | €70,469 | +€62,151 | +747% |
| Deferred charges and accrued income | 490/1 | €138,396 | €132,708 | -€5,688 | -4.1% |
| Total equity and liabilities | 10/49 | €347,858 | €510,873 | +€163,014 | +46.9% |
| Equity | 10/15 | €346,606 | €401,576 | +€54,970 | +15.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €334,206 | €389,176 | +€54,970 | +16.4% |
| Distributable reserves | 133 | €334,206 | €389,176 | +€54,970 | +16.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,252 | €109,297 | +€108,045 | +8,631% |
| Amounts payable within one year | 42/48 | €1,252 | €109,297 | +€108,045 | +8,631% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €419 | €8,448 | +€8,029 | +1,917% |
| Suppliers | 440/4 | €419 | €8,448 | +€8,029 | +1,917% |
| Taxes, remuneration and social security | 45 | €250 | €58,488 | +€58,238 | +23,305% |
| Taxes | 450/3 | €250 | €58,488 | +€58,238 | +23,305% |
| Other amounts payable | 47/48 | €583 | €42,361 | +€41,778 | +7,165% |
| Non-recurring operating income | 76A | €9,114 | €126 | -€8,988 | -98.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,220 | €24,376 | -€1,844 | -7.0% |
| Other operating charges | 640/8 | €2,826 | €2,503 | -€323 | -11.4% |
| Non-recurring operating charges | 66A | €15,576 | €0 | -€15,576 | -100% |
| Gross operating margin | 9900 | €169,800 | €210,731 | +€40,931 | +24.1% |
| Operating profit (loss) | 9901 | €125,177 | €183,851 | +€58,674 | +46.9% |
| Financial income | 75/76B | €1,348 | €1,245 | -€103 | -7.6% |
| Recurring financial income | 75 | €1,348 | €1,245 | -€103 | -7.6% |
| Financial charges | 65/66B | €2,679 | €3,899 | +€1,220 | +45.5% |
| Recurring financial charges | 65 | €2,679 | €3,899 | +€1,220 | +45.5% |
| Profit (loss) for the period before taxes | 9903 | €123,846 | €181,197 | +€57,351 | +46.3% |
| Income taxes | 67/77 | €38,110 | €58,761 | +€20,652 | +54.2% |
| Profit (loss) for the period | 9904 | €85,736 | €122,436 | +€36,699 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €85,736 | €122,436 | +€36,699 | +42.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.