DR. NELE CATTAERT: 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. NELE CATTAERT
Largest movements
- Receivables within one year +€61,583
up €61,583 (+35.7%), from €172,720 to €234,303
of which Other amounts receivable: +€61,004
- Tangible fixed assets -€35,277
down €35,277 (-2.7%), from €1.3m to €1.3m
of which Land and buildings: -€32,198
- Cash +€25,255
up €25,255 (+63.9%), from €39,547 to €64,802
mainly Net result for the year (+€135,234) and Depreciation (+€38,175)
- Reserves +€110,367
up €110,367 (+16.8%), from €657,972 to €768,339
- Debts after one year -€46,516
down €46,516 (-6.7%), from €698,648 to €652,131
- Other debts -€24,527
down €24,527 (-25.9%), from €94,877 to €70,350
- Short-term financial debts +€20,000
up €20,000 (+133%), from €15,000 to €35,000
- Gross operating margin +€27,192
up €27,192 (+12.7%), from €213,568 to €240,760
- Taxes +€10,535
up €10,535 (+22.0%), from €47,967 to €58,502
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.
Derived cash bridge
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 | €1,564,277 | €1,633,299 | +€69,022 | +4.4% |
| Fixed assets | 21/28 | €1,318,479 | €1,283,202 | -€35,277 | -2.7% |
| Tangible fixed assets | 22/27 | €1,318,479 | €1,283,202 | -€35,277 | -2.7% |
| Land and buildings | 22 | €1,294,407 | €1,262,209 | -€32,198 | -2.5% |
| Plant, machinery and equipment | 23 | €18,752 | €14,087 | -€4,666 | -24.9% |
| Furniture and vehicles | 24 | €5,320 | €6,907 | +€1,587 | +29.8% |
| Current assets | 29/58 | €245,797 | €350,096 | +€104,299 | +42.4% |
| Stocks and contracts in progress | 3 | €3,336 | €6,474 | +€3,137 | +94.0% |
| Stocks | 30/36 | €3,336 | €6,474 | +€3,137 | +94.0% |
| Amounts receivable within one year | 40/41 | €172,720 | €234,303 | +€61,583 | +35.7% |
| Trade receivables | 40 | €328 | €907 | +€579 | +176% |
| Other amounts receivable | 41 | €172,392 | €233,396 | +€61,004 | +35.4% |
| Cash at bank and in hand | 54/58 | €39,547 | €64,802 | +€25,255 | +63.9% |
| Deferred charges and accrued income | 490/1 | €30,195 | €44,518 | +€14,323 | +47.4% |
| Total equity and liabilities | 10/49 | €1,564,277 | €1,633,299 | +€69,022 | +4.4% |
| Equity | 10/15 | €676,572 | €786,939 | +€110,367 | +16.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €657,972 | €768,339 | +€110,367 | +16.8% |
| Distributable reserves | 133 | €657,972 | €768,339 | +€110,367 | +16.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €887,705 | €846,360 | -€41,345 | -4.7% |
| Amounts payable after more than one year | 17 | €698,648 | €652,131 | -€46,516 | -6.7% |
| Financial debts | 170/4 | €698,648 | €652,131 | -€46,516 | -6.7% |
| Amounts payable within one year | 42/48 | €188,446 | €186,965 | -€1,481 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €45,989 | €46,516 | +€527 | +1.1% |
| Financial debts | 43 | €15,000 | €35,000 | +€20,000 | +133% |
| Credit institutions | 430/8 | €15,000 | €35,000 | +€20,000 | +133% |
| Trade debts | 44 | €16,168 | €15,185 | -€983 | -6.1% |
| Suppliers | 440/4 | €16,168 | €15,185 | -€983 | -6.1% |
| Taxes, remuneration and social security | 45 | €16,411 | €19,913 | +€3,502 | +21.3% |
| Taxes | 450/3 | €12,967 | €16,137 | +€3,170 | +24.4% |
| Remuneration and social security | 454/9 | €3,444 | €3,776 | +€332 | +9.6% |
| Other amounts payable | 47/48 | €94,877 | €70,350 | -€24,527 | -25.9% |
| Accrued charges and deferred income | 492/3 | €611 | €7,263 | +€6,652 | +1,089% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,711 | €38,175 | -€1,536 | -3.9% |
| Other operating charges | 640/8 | €2,691 | €3,198 | +€507 | +18.8% |
| Gross operating margin | 9900 | €213,568 | €240,760 | +€27,192 | +12.7% |
| Operating profit (loss) | 9901 | €171,167 | €199,388 | +€28,221 | +16.5% |
| Financial income | 75/76B | €4,235 | €5,332 | +€1,096 | +25.9% |
| Recurring financial income | 75 | €4,235 | €5,332 | +€1,096 | +25.9% |
| Financial charges | 65/66B | €11,336 | €10,983 | -€353 | -3.1% |
| Recurring financial charges | 65 | €11,336 | €10,983 | -€353 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €164,066 | €193,736 | +€29,670 | +18.1% |
| Income taxes | 67/77 | €47,967 | €58,502 | +€10,535 | +22.0% |
| Profit (loss) for the period | 9904 | €116,099 | €135,234 | +€19,135 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €116,099 | €135,234 | +€19,135 | +16.5% |
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 30 October 2026 via checked.be.