Dr. Nickmans - Dr. Morren: 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. Nickmans - Dr. Morren
Largest movements
- Current investments +€150,655
up €150,655 (+18.2%), from €825,520 to €976,175
- Receivables within one year +€36,372
up €36,372 (+653%), from €5,572 to €41,944
of which Other amounts receivable: +€38,326
- Tangible fixed assets -€26,127
down €26,127 (-3.3%), from €788,845 to €762,718
of which Land and buildings: -€24,982
- Reserves +€271,823
up €271,823 (+17.3%), from €1.6m to €1.8m
- Other debts -€100,116
down €100,116 (-53.3%), from €187,814 to €87,698
- Financial income -€38,897
down €38,897 (-56.1%), from €69,343 to €30,446
- Taxes -€17,293
down €17,293 (-12.2%), from €141,403 to €124,110
- Gross operating margin -€7,807
down €7,807 (-1.8%), from €432,323 to €424,516
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 | €1,799,869 | €1,957,567 | +€157,698 | +8.8% |
| Fixed assets | 21/28 | €789,849 | €763,722 | -€26,127 | -3.3% |
| Tangible fixed assets | 22/27 | €788,845 | €762,718 | -€26,127 | -3.3% |
| Land and buildings | 22 | €705,906 | €680,923 | -€24,982 | -3.5% |
| Plant, machinery and equipment | 23 | €19,446 | €34,826 | +€15,379 | +79.1% |
| Furniture and vehicles | 24 | €50,177 | €40,162 | -€10,015 | -20.0% |
| Other tangible fixed assets | 26 | €13,316 | €6,807 | -€6,509 | -48.9% |
| Financial fixed assets | 28 | €1,004 | €1,004 | = | 0.0% |
| Current assets | 29/58 | €1,010,019 | €1,193,845 | +€183,825 | +18.2% |
| Amounts receivable within one year | 40/41 | €5,572 | €41,944 | +€36,372 | +653% |
| Trade receivables | 40 | €5,572 | €3,618 | -€1,954 | -35.1% |
| Other amounts receivable | 41 | - | €38,326 | +€38,326 | |
| Current investments | 50/53 | €825,520 | €976,175 | +€150,655 | +18.2% |
| Cash at bank and in hand | 54/58 | €159,532 | €162,621 | +€3,090 | +1.9% |
| Deferred charges and accrued income | 490/1 | €19,396 | €13,104 | -€6,292 | -32.4% |
| Total equity and liabilities | 10/49 | €1,799,869 | €1,957,567 | +€157,698 | +8.8% |
| Equity | 10/15 | €1,591,667 | €1,863,490 | +€271,823 | +17.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,573,067 | €1,844,890 | +€271,823 | +17.3% |
| Distributable reserves | 133 | €1,573,067 | €1,844,890 | +€271,823 | +17.3% |
| Amounts payable | 17/49 | €208,201 | €94,076 | -€114,125 | -54.8% |
| Amounts payable within one year | 42/48 | €208,201 | €94,076 | -€114,125 | -54.8% |
| Trade debts | 44 | €9,765 | €6,378 | -€3,386 | -34.7% |
| Suppliers | 440/4 | €9,765 | €6,378 | -€3,386 | -34.7% |
| Taxes, remuneration and social security | 45 | €10,622 | - | -€10,622 | |
| Taxes | 450/3 | €10,622 | - | -€10,622 | |
| Other amounts payable | 47/48 | €187,814 | €87,698 | -€100,116 | -53.3% |
| Non-recurring operating income | 76A | €14,134 | - | -€14,134 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,253 | €50,403 | -€1,850 | -3.5% |
| Other operating charges | 640/8 | €2,432 | €2,498 | +€66 | +2.7% |
| Gross operating margin | 9900 | €432,323 | €424,516 | -€7,807 | -1.8% |
| Operating profit (loss) | 9901 | €377,639 | €371,615 | -€6,023 | -1.6% |
| Financial income | 75/76B | €69,343 | €30,446 | -€38,897 | -56.1% |
| Recurring financial income | 75 | €69,343 | €30,446 | -€38,897 | -56.1% |
| Financial charges | 65/66B | €7,321 | €6,129 | -€1,193 | -16.3% |
| Recurring financial charges | 65 | €7,321 | €6,129 | -€1,193 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €439,660 | €395,933 | -€43,728 | -9.9% |
| Income taxes | 67/77 | €141,403 | €124,110 | -€17,293 | -12.2% |
| Profit (loss) for the period | 9904 | €298,257 | €271,823 | -€26,434 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €298,257 | €271,823 | -€26,434 | -8.9% |
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 18 October 2026 via checked.be.