DR. NAERT: what changed
Two fiscal 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. NAERT
Largest movements
- Cash +€105,148
up €105,148 (+32.3%), from €325,862 to €431,011
mainly Net result for the year (+€182,756) and Deferred charges and accrued income (+€3,946)
- Current investments +€25,151
up €25,151 (+2.8%), from €904,569 to €929,720
- Receivables within one year +€21,627
up €21,627, from €0 to €21,627
- Reserves +€182,750
up €182,750 (+17.3%), from €1.1m to €1.2m
- Tax, wage and social debts -€23,564
down €23,564 (-40.8%), from €57,820 to €34,256
- Gross operating margin -€41,311
down €41,311 (-14.2%), from €290,639 to €249,328
- Financial income -€34,964
down €34,964 (-56.5%), from €61,900 to €26,936
of which Non-recurring financial income: -€45,312
- Taxes -€25,447
down €25,447 (-23.2%), from €109,765 to €84,318
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.
Cash bridge derived
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 | €1,237,772 | €1,385,741 | +€147,969 | +12.0% |
| Fixed assets | 21/28 | €11 | €0 | -€11 | -100.0% |
| Tangible fixed assets | 22/27 | €11 | €0 | -€11 | -100.0% |
| Plant, machinery and equipment | 23 | €11 | €0 | -€11 | -100.0% |
| Current assets | 29/58 | €1,237,760 | €1,385,741 | +€147,981 | +12.0% |
| Amounts receivable within one year | 40/41 | €0 | €21,627 | +€21,627 | |
| Other amounts receivable | 41 | €0 | €21,627 | +€21,627 | |
| Current investments | 50/53 | €904,569 | €929,720 | +€25,151 | +2.8% |
| Cash at bank and in hand | 54/58 | €325,862 | €431,011 | +€105,148 | +32.3% |
| Deferred charges and accrued income | 490/1 | €7,329 | €3,383 | -€3,946 | -53.8% |
| Total equity and liabilities | 10/49 | €1,237,772 | €1,385,741 | +€147,969 | +12.0% |
| Equity | 10/15 | €1,082,846 | €1,265,602 | +€182,756 | +16.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,059,360 | €1,242,110 | +€182,750 | +17.3% |
| Distributable reserves | 133 | €1,059,360 | €1,242,110 | +€182,750 | +17.3% |
| Profit (loss) carried forward | 14 | €4,886 | €4,892 | +€6 | +0.1% |
| Amounts payable | 17/49 | €154,926 | €120,139 | -€34,787 | -22.5% |
| Amounts payable within one year | 42/48 | €146,973 | €113,435 | -€33,539 | -22.8% |
| Trade debts | 44 | €1,825 | €1,404 | -€422 | -23.1% |
| Suppliers | 440/4 | €1,825 | €1,404 | -€422 | -23.1% |
| Taxes, remuneration and social security | 45 | €57,820 | €34,256 | -€23,564 | -40.8% |
| Taxes | 450/3 | €57,820 | €34,256 | -€23,564 | -40.8% |
| Other amounts payable | 47/48 | €87,329 | €77,775 | -€9,554 | -10.9% |
| Accrued charges and deferred income | 492/3 | €7,952 | €6,705 | -€1,248 | -15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233 | €11 | -€222 | -95.1% |
| Other operating charges | 640/8 | €1,988 | €2,047 | +€59 | +3.0% |
| Gross operating margin | 9900 | €290,639 | €249,328 | -€41,311 | -14.2% |
| Operating profit (loss) | 9901 | €288,418 | €247,270 | -€41,148 | -14.3% |
| Financial income | 75/76B | €61,900 | €26,936 | -€34,964 | -56.5% |
| Recurring financial income | 75 | €16,589 | €26,936 | +€10,347 | +62.4% |
| Non-recurring financial income | 76B | €45,312 | €0 | -€45,312 | -100.0% |
| Financial charges | 65/66B | €6,712 | €7,132 | +€421 | +6.3% |
| Recurring financial charges | 65 | €6,712 | €7,132 | +€421 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €343,607 | €267,074 | -€76,533 | -22.3% |
| Income taxes | 67/77 | €109,765 | €84,318 | -€25,447 | -23.2% |
| Profit (loss) for the period | 9904 | €233,842 | €182,756 | -€51,086 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €233,842 | €182,756 | -€51,086 | -21.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.