Dr. Natalie Loomans: what changed
Dr. Natalie Loomans
Largest movements
- Receivables within one year -€417,733
down €417,733 (-17.8%), from €2.3m to €1.9m
of which Other amounts receivable: -€338,780
- Tangible fixed assets +€229,961
up €229,961 (+195%), from €117,897 to €347,859
of which Plant, machinery and equipment: +€235,195
- Cash -€160,491
down €160,491 (-30.4%), from €528,458 to €367,967
mainly Contributions, distributions and other (-€661,270) and Investment in fixed assets (net) (-€261,298)
- Current investments +€100,163
up €100,163 (+45.3%), from €220,906 to €321,069
- Deferred charges and accrued income +€35,288
up €35,288 (+24.7%), from €142,864 to €178,153
- Reserves -€201,254
down €201,254 (-6.5%), from €3.1m to €2.9m
of which Distributable reserves: -€201,254
- Debts after one year +€97,497
new in 2025: €97,497
- Trade debts -€64,971
down €64,971 (-41.4%), from €157,010 to €92,039
- Tax, wage and social debts -€61,751
down €61,751 (-70.7%), from €87,375 to €25,624
of which Taxes: -€56,007
- Gross operating margin -€250,440
down €250,440 (-26.8%), from €932,844 to €682,404
- Staff costs -€89,904
down €89,904 (-84.0%), from €107,030 to €17,126
- Taxes -€63,895
down €63,895 (-23.6%), from €270,831 to €206,935
- Depreciation +€16,370
up €16,370 (+109%), from €14,967 to €31,337
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 | €3,415,049 | €3,207,748 | -€207,301 | -6.1% |
| Fixed assets | 21/28 | €117,987 | €347,949 | +€229,961 | +195% |
| Tangible fixed assets | 22/27 | €117,897 | €347,859 | +€229,961 | +195% |
| Plant, machinery and equipment | 23 | €55,561 | €290,756 | +€235,195 | +423% |
| Furniture and vehicles | 24 | €62,336 | €57,103 | -€5,233 | -8.4% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €3,297,062 | €2,859,799 | -€437,262 | -13.3% |
| Stocks and contracts in progress | 3 | €64,458 | €69,967 | +€5,509 | +8.5% |
| Stocks | 30/36 | €64,458 | €69,967 | +€5,509 | +8.5% |
| Amounts receivable within one year | 40/41 | €2,340,376 | €1,922,643 | -€417,733 | -17.8% |
| Trade receivables | 40 | €123,585 | €44,632 | -€78,953 | -63.9% |
| Other amounts receivable | 41 | €2,216,791 | €1,878,011 | -€338,780 | -15.3% |
| Current investments | 50/53 | €220,906 | €321,069 | +€100,163 | +45.3% |
| Cash at bank and in hand | 54/58 | €528,458 | €367,967 | -€160,491 | -30.4% |
| Deferred charges and accrued income | 490/1 | €142,864 | €178,153 | +€35,288 | +24.7% |
| Total equity and liabilities | 10/49 | €3,415,049 | €3,207,748 | -€207,301 | -6.1% |
| Equity | 10/15 | €3,123,760 | €2,922,506 | -€201,254 | -6.4% |
| Contributions | 10/11 | €14,612 | €14,612 | = | 0.0% |
| Reserves | 13 | €3,109,149 | €2,907,894 | -€201,254 | -6.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €3,109,149 | €2,907,894 | -€201,254 | -6.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €291,289 | €285,242 | -€6,047 | -2.1% |
| Amounts payable after more than one year | 17 | - | €97,497 | +€97,497 | |
| Financial debts | 170/4 | - | €97,497 | +€97,497 | |
| Amounts payable within one year | 42/48 | €285,002 | €181,746 | -€103,256 | -36.2% |
| Current portion of amounts payable after more than one year | 42 | - | €23,633 | +€23,633 | |
| Financial debts | 43 | €40,617 | €40,449 | -€168 | -0.4% |
| Credit institutions | 430/8 | €40,617 | €40,449 | -€168 | -0.4% |
| Trade debts | 44 | €157,010 | €92,039 | -€64,971 | -41.4% |
| Suppliers | 440/4 | €157,010 | €92,039 | -€64,971 | -41.4% |
| Taxes, remuneration and social security | 45 | €87,375 | €25,624 | -€61,751 | -70.7% |
| Taxes | 450/3 | €80,476 | €24,468 | -€56,007 | -69.6% |
| Remuneration and social security | 454/9 | €6,899 | €1,156 | -€5,743 | -83.2% |
| Accrued charges and deferred income | 492/3 | €6,287 | €6,000 | -€287 | -4.6% |
| Remuneration, social security and pensions | 62 | €107,030 | €17,126 | -€89,904 | -84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,967 | €31,337 | +€16,370 | +109% |
| Other operating charges | 640/8 | €2,807 | €3,481 | +€674 | +24.0% |
| Gross operating margin | 9900 | €932,844 | €682,404 | -€250,440 | -26.8% |
| Operating profit (loss) | 9901 | €808,040 | €630,460 | -€177,580 | -22.0% |
| Financial income | 75/76B | €49,533 | €40,350 | -€9,183 | -18.5% |
| Recurring financial income | 75 | €49,533 | €40,350 | -€9,183 | -18.5% |
| Financial charges | 65/66B | €11,906 | €3,859 | -€8,047 | -67.6% |
| Recurring financial charges | 65 | €11,906 | €3,859 | -€8,047 | -67.6% |
| Profit (loss) for the period before taxes | 9903 | €845,666 | €666,951 | -€178,716 | -21.1% |
| Income taxes | 67/77 | €270,831 | €206,935 | -€63,895 | -23.6% |
| Profit (loss) for the period | 9904 | €574,836 | €460,016 | -€114,820 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €574,836 | €460,016 | -€114,820 | -20.0% |
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 8 November 2026 via checked.be.