DR. NAERT LIEN: 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. NAERT LIEN
Largest movements
- Receivables after one year +€366,522
up €366,522 (+227.7%), from €161,000 to €527,522
- Current investments -€129,311
down €129,311 (-93.0%), from €138,978 to €9,667
- Cash -€52,766
down €52,766 (-47.7%), from €110,565 to €57,800
mainly Receivables after one year (-€366,522) and Contributions, distributions and other (-€196,315)
- Other debts +€166,262
up €166,262 (+2181.2%), from €7,622 to €173,884
- Reserves -€85,264
down €85,264 (-34.6%), from €246,315 to €161,052
of which Distributable reserves: -€85,264
- Debts after one year +€75,000
up €75,000 (+42.9%), from €175,000 to €250,000
- Accrued charges and deferred income +€32,052
up €32,052 (+1083.7%), from €2,958 to €35,009
- Current portion of long-term debt -€8,451
no longer reported in 2025 (was €8,451)
- Gross operating margin -€39,725
down €39,725 (-20.7%), from €191,598 to €151,874
- Taxes -€10,935
down €10,935 (-25.2%), from €43,310 to €32,375
- Financial charges +€10,927
up €10,927 (+332.9%), from €3,282 to €14,209
- Financial income +€7,939
up €7,939 (+229.6%), from €3,458 to €11,397
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 | €479,188 | €661,961 | +€182,772 | +38.1% |
| Fixed assets | 21/28 | €4,726 | €4 | -€4,722 | -99.9% |
| Tangible fixed assets | 22/27 | €4,726 | €4 | -€4,722 | -99.9% |
| Furniture and vehicles | 24 | €4,726 | €4 | -€4,722 | -99.9% |
| Current assets | 29/58 | €474,463 | €661,957 | +€187,494 | +39.5% |
| Amounts receivable after more than one year | 29 | €161,000 | €527,522 | +€366,522 | +227.7% |
| Other amounts receivable | 291 | €161,000 | €527,522 | +€366,522 | +227.7% |
| Amounts receivable within one year | 40/41 | €61,225 | €62,005 | +€780 | +1.3% |
| Trade receivables | 40 | €60,991 | €47,005 | -€13,985 | -22.9% |
| Other amounts receivable | 41 | €235 | €15,000 | +€14,765 | +6289.0% |
| Current investments | 50/53 | €138,978 | €9,667 | -€129,311 | -93.0% |
| Cash at bank and in hand | 54/58 | €110,565 | €57,800 | -€52,766 | -47.7% |
| Deferred charges and accrued income | 490/1 | €2,694 | €4,963 | +€2,269 | +84.2% |
| Total equity and liabilities | 10/49 | €479,188 | €661,961 | +€182,772 | +38.1% |
| Equity | 10/15 | €264,915 | €179,652 | -€85,264 | -32.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €246,315 | €161,052 | -€85,264 | -34.6% |
| Tax-exempt reserves | 132 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €196,315 | €111,052 | -€85,264 | -43.4% |
| Amounts payable | 17/49 | €214,273 | €482,309 | +€268,036 | +125.1% |
| Amounts payable after more than one year | 17 | €175,000 | €250,000 | +€75,000 | +42.9% |
| Financial debts | 170/4 | €175,000 | €250,000 | +€75,000 | +42.9% |
| Amounts payable within one year | 42/48 | €36,316 | €197,300 | +€160,984 | +443.3% |
| Current portion of amounts payable after more than one year | 42 | €8,451 | - | -€8,451 | |
| Financial debts | 43 | €5 | - | -€5 | |
| Credit institutions | 430/8 | €5 | - | -€5 | |
| Trade debts | 44 | €1,218 | €3,545 | +€2,327 | +191.1% |
| Suppliers | 440/4 | €1,218 | €3,545 | +€2,327 | +191.1% |
| Taxes, remuneration and social security | 45 | €19,019 | €19,872 | +€852 | +4.5% |
| Taxes | 450/3 | €19,019 | €19,872 | +€852 | +4.5% |
| Other amounts payable | 47/48 | €7,622 | €173,884 | +€166,262 | +2181.2% |
| Accrued charges and deferred income | 492/3 | €2,958 | €35,009 | +€32,052 | +1083.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,686 | €4,722 | -€964 | -17.0% |
| Other operating charges | 640/8 | €843 | €913 | +€70 | +8.3% |
| Gross operating margin | 9900 | €191,598 | €151,874 | -€39,725 | -20.7% |
| Operating profit (loss) | 9901 | €185,070 | €146,239 | -€38,831 | -21.0% |
| Financial income | 75/76B | €3,458 | €11,397 | +€7,939 | +229.6% |
| Recurring financial income | 75 | €3,458 | €11,397 | +€7,939 | +229.6% |
| Financial charges | 65/66B | €3,282 | €14,209 | +€10,927 | +332.9% |
| Recurring financial charges | 65 | €3,282 | €14,209 | +€10,927 | +332.9% |
| Profit (loss) for the period before taxes | 9903 | €185,246 | €143,427 | -€41,819 | -22.6% |
| Income taxes | 67/77 | €43,310 | €32,375 | -€10,935 | -25.2% |
| Profit (loss) for the period | 9904 | €141,936 | €111,052 | -€30,884 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €141,936 | €111,052 | -€30,884 | -21.8% |
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 9 October 2026 via checked.be.