DR. NATALIE HAEX: what changed
DR. NATALIE HAEX
Largest movements
- Receivables within one year +€95,634
up €95,634 (+98.3%), from €97,255 to €192,888
of which Other amounts receivable: +€95,634
- Deferred charges and accrued income +€40,849
up €40,849 (+39.6%), from €103,179 to €144,028
- Cash +€28,972
up €28,972 (+66.6%), from €43,489 to €72,461
mainly Net result for the year (+€152,111) and Depreciation (+€22,768)
- Tangible fixed assets -€20,839
down €20,839 (-21.1%), from €98,639 to €77,800
of which Furniture and vehicles: -€20,607
- Reserves +€152,111
up €152,111 (+76.9%), from €197,759 to €349,869
- Debts after one year -€21,063
down €21,063 (-27.3%), from €77,263 to €56,201
- Tax, wage and social debts +€14,481
up €14,481 (+37.8%), from €38,354 to €52,834
- Gross operating margin +€56,588
up €56,588 (+35.0%), from €161,683 to €218,271
- Taxes +€12,819
up €12,819 (+39.7%), from €32,277 to €45,095
- Depreciation +€11,048
up €11,048 (+94.3%), from €11,721 to €22,768
- Financial income +€5,549
up €5,549, from €0 to €5,549
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 | €342,562 | €487,178 | +€144,616 | +42.2% |
| Fixed assets | 21/28 | €98,639 | €77,800 | -€20,839 | -21.1% |
| Tangible fixed assets | 22/27 | €98,639 | €77,800 | -€20,839 | -21.1% |
| Plant, machinery and equipment | 23 | €1,026 | €794 | -€232 | -22.6% |
| Furniture and vehicles | 24 | €97,613 | €77,006 | -€20,607 | -21.1% |
| Current assets | 29/58 | €243,922 | €409,378 | +€165,455 | +67.8% |
| Amounts receivable within one year | 40/41 | €97,255 | €192,888 | +€95,634 | +98.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €97,255 | €192,888 | +€95,634 | +98.3% |
| Cash at bank and in hand | 54/58 | €43,489 | €72,461 | +€28,972 | +66.6% |
| Deferred charges and accrued income | 490/1 | €103,179 | €144,028 | +€40,849 | +39.6% |
| Total equity and liabilities | 10/49 | €342,562 | €487,178 | +€144,616 | +42.2% |
| Equity | 10/15 | €202,759 | €354,869 | +€152,111 | +75.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €197,759 | €349,869 | +€152,111 | +76.9% |
| Distributable reserves | 133 | €197,759 | €349,869 | +€152,111 | +76.9% |
| Amounts payable | 17/49 | €139,803 | €132,308 | -€7,495 | -5.4% |
| Amounts payable after more than one year | 17 | €77,263 | €56,201 | -€21,063 | -27.3% |
| Financial debts | 170/4 | €77,263 | €56,201 | -€21,063 | -27.3% |
| Amounts payable within one year | 42/48 | €62,539 | €76,107 | +€13,568 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €20,297 | €21,063 | +€766 | +3.8% |
| Trade debts | 44 | €3,889 | €2,210 | -€1,679 | -43.2% |
| Suppliers | 440/4 | €3,889 | €2,210 | -€1,679 | -43.2% |
| Taxes, remuneration and social security | 45 | €38,354 | €52,834 | +€14,481 | +37.8% |
| Taxes | 450/3 | €38,354 | €52,834 | +€14,481 | +37.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,721 | €22,768 | +€11,048 | +94.3% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €161,683 | €218,271 | +€56,588 | +35.0% |
| Operating profit (loss) | 9901 | €149,513 | €195,041 | +€45,528 | +30.5% |
| Financial income | 75/76B | €0 | €5,549 | +€5,549 | |
| Recurring financial income | 75 | €0 | €5,549 | +€5,549 | |
| Financial charges | 65/66B | €2,123 | €3,384 | +€1,262 | +59.4% |
| Recurring financial charges | 65 | €2,123 | €3,384 | +€1,262 | +59.4% |
| Profit (loss) for the period before taxes | 9903 | €147,390 | €197,206 | +€49,816 | +33.8% |
| Income taxes | 67/77 | €32,277 | €45,095 | +€12,819 | +39.7% |
| Profit (loss) for the period | 9904 | €115,114 | €152,111 | +€36,997 | +32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €115,114 | €152,111 | +€36,997 | +32.1% |
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 7 November 2026 via checked.be.