DR. NANCY DE VADDER: 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. NANCY DE VADDER
Largest movements
- Cash +€165,222
up €165,222 (+69.1%), from €239,252 to €404,474
mainly Net result for the year (+€200,145) and Depreciation (+€63,152)
- Tangible fixed assets +€36,365
up €36,365 (+11.4%), from €317,821 to €354,187
of which Land and buildings: +€37,891
- Reserves +€200,145
up €200,145 (+49.2%), from €406,528 to €606,673
of which Distributable reserves: +€200,145
- Tax, wage and social debts +€22,426
up €22,426 (+133.2%), from €16,840 to €39,266
- Debts after one year -€16,962
down €16,962 (-22.1%), from €76,714 to €59,751
- Short-term financial debts +€7,924
up €7,924 (+79.7%), from €9,943 to €17,867
- Gross operating margin +€89,582
up €89,582 (+34.3%), from €261,015 to €350,597
- Taxes +€44,689
up €44,689 (+107.1%), from €41,727 to €86,416
- Depreciation -€18,023
down €18,023 (-22.2%), from €81,175 to €63,152
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 | €557,073 | €764,304 | +€207,231 | +37.2% |
| Fixed assets | 21/28 | €317,821 | €354,187 | +€36,365 | +11.4% |
| Tangible fixed assets | 22/27 | €317,821 | €354,187 | +€36,365 | +11.4% |
| Land and buildings | 22 | €294,706 | €332,597 | +€37,891 | +12.9% |
| Plant, machinery and equipment | 23 | €3,333 | €4,365 | +€1,032 | +31.0% |
| Furniture and vehicles | 24 | €19,783 | €17,225 | -€2,558 | -12.9% |
| Current assets | 29/58 | €239,252 | €410,117 | +€170,865 | +71.4% |
| Cash at bank and in hand | 54/58 | €239,252 | €404,474 | +€165,222 | +69.1% |
| Deferred charges and accrued income | 490/1 | - | €5,643 | +€5,643 | |
| Total equity and liabilities | 10/49 | €557,073 | €764,304 | +€207,231 | +37.2% |
| Equity | 10/15 | €425,128 | €625,273 | +€200,145 | +47.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €406,528 | €606,673 | +€200,145 | +49.2% |
| Tax-exempt reserves | 132 | €23,672 | €23,672 | = | 0.0% |
| Distributable reserves | 133 | €382,855 | €583,001 | +€200,145 | +52.3% |
| Amounts payable | 17/49 | €131,945 | €139,031 | +€7,085 | +5.4% |
| Amounts payable after more than one year | 17 | €76,714 | €59,751 | -€16,962 | -22.1% |
| Financial debts | 170/4 | €76,714 | €59,751 | -€16,962 | -22.1% |
| Amounts payable within one year | 42/48 | €55,231 | €79,279 | +€24,048 | +43.5% |
| Current portion of amounts payable after more than one year | 42 | €23,751 | €21,870 | -€1,880 | -7.9% |
| Financial debts | 43 | €9,943 | €17,867 | +€7,924 | +79.7% |
| Credit institutions | 430/8 | €9,943 | €17,867 | +€7,924 | +79.7% |
| Trade debts | 44 | €320 | €275 | -€45 | -13.9% |
| Suppliers | 440/4 | €320 | €275 | -€45 | -13.9% |
| Taxes, remuneration and social security | 45 | €16,840 | €39,266 | +€22,426 | +133.2% |
| Taxes | 450/3 | €16,840 | €39,266 | +€22,426 | +133.2% |
| Other amounts payable | 47/48 | €4,378 | - | -€4,378 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,175 | €63,152 | -€18,023 | -22.2% |
| Gross operating margin | 9900 | €261,015 | €350,597 | +€89,582 | +34.3% |
| Operating profit (loss) | 9901 | €179,840 | €287,445 | +€107,605 | +59.8% |
| Financial income | 75/76B | €1,081 | €2,158 | +€1,078 | +99.7% |
| Recurring financial income | 75 | €1,081 | €2,158 | +€1,078 | +99.7% |
| Financial charges | 65/66B | €4,613 | €3,042 | -€1,571 | -34.1% |
| Recurring financial charges | 65 | €4,613 | €3,042 | -€1,571 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | €176,308 | €286,562 | +€110,254 | +62.5% |
| Income taxes | 67/77 | €41,727 | €86,416 | +€44,689 | +107.1% |
| Profit (loss) for the period | 9904 | €134,580 | €200,145 | +€65,565 | +48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €134,580 | €200,145 | +€65,565 | +48.7% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.