DR. NICOLE THYS: 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. NICOLE THYS
Largest movements
- Current investments -€80,507
down €80,507 (-31.6%), from €255,044 to €174,537
- Cash +€14,864
up €14,864 (+17.7%), from €83,925 to €98,790
mainly Net result for the year (+€236,415) and Current investments (+€80,507)
- Receivables within one year +€13,883
up €13,883 (+7.4%), from €186,785 to €200,668
of which Other amounts receivable: +€14,897
- Deferred charges and accrued income +€13,767
up €13,767 (+9.6%), from €143,532 to €157,299
- Debts after one year -€100,000
no longer reported in 2025 (was €100,000)
- Reserves +€62,000
up €62,000 (+13.4%), from €464,360 to €526,360
of which Distributable reserves: +€62,000
- Tax, wage and social debts -€13,150
down €13,150 (-44.1%), from €29,850 to €16,700
- Trade debts +€10,689
up €10,689 (+37.7%), from €28,359 to €39,048
- Gross operating margin +€18,880
up €18,880 (+6.6%), from €284,712 to €303,591
- Financial income +€13,722
up €13,722 (+56.7%), from €24,182 to €37,904
of which Financial income: +€16,560
- Taxes +€10,613
up €10,613 (+16.3%), from €65,083 to €75,696
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 | €1,053,227 | €1,014,498 | -€38,729 | -3.7% |
| Fixed assets | 21/28 | €183,941 | €183,204 | -€736 | -0.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €183,941 | €183,204 | -€736 | -0.4% |
| Land and buildings | 22 | €149,064 | €154,614 | +€5,550 | +3.7% |
| Plant, machinery and equipment | 23 | €4,240 | €7,702 | +€3,462 | +81.7% |
| Furniture and vehicles | 24 | €30,637 | €7,889 | -€22,748 | -74.3% |
| Other tangible fixed assets | 26 | - | €13,000 | +€13,000 | |
| Current assets | 29/58 | €869,287 | €831,294 | -€37,993 | -4.4% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €186,785 | €200,668 | +€13,883 | +7.4% |
| Trade receivables | 40 | €31,206 | €30,191 | -€1,014 | -3.3% |
| Other amounts receivable | 41 | €155,580 | €170,477 | +€14,897 | +9.6% |
| Current investments | 50/53 | €255,044 | €174,537 | -€80,507 | -31.6% |
| Cash at bank and in hand | 54/58 | €83,925 | €98,790 | +€14,864 | +17.7% |
| Deferred charges and accrued income | 490/1 | €143,532 | €157,299 | +€13,767 | +9.6% |
| Total equity and liabilities | 10/49 | €1,053,227 | €1,014,498 | -€38,729 | -3.7% |
| Equity | 10/15 | €719,891 | €782,306 | +€62,415 | +8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €464,360 | €526,360 | +€62,000 | +13.4% |
| Tax-exempt reserves | 132 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €456,860 | €518,860 | +€62,000 | +13.6% |
| Profit (loss) carried forward | 14 | €236,931 | €237,346 | +€415 | +0.2% |
| Amounts payable | 17/49 | €333,337 | €232,193 | -€101,144 | -30.3% |
| Amounts payable after more than one year | 17 | €100,000 | - | -€100,000 | |
| Financial debts | 170/4 | €100,000 | - | -€100,000 | |
| Amounts payable within one year | 42/48 | €233,337 | €232,193 | -€1,144 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €9,617 | €1,684 | -€7,933 | -82.5% |
| Trade debts | 44 | €28,359 | €39,048 | +€10,689 | +37.7% |
| Suppliers | 440/4 | €28,359 | €39,048 | +€10,689 | +37.7% |
| Taxes, remuneration and social security | 45 | €29,850 | €16,700 | -€13,150 | -44.1% |
| Taxes | 450/3 | €29,850 | €16,700 | -€13,150 | -44.1% |
| Other amounts payable | 47/48 | €165,510 | €174,760 | +€9,250 | +5.6% |
| Non-recurring operating income | 76A | - | €8,000 | +€8,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,608 | €24,880 | -€728 | -2.8% |
| Other operating charges | 640/8 | €2,516 | €3,063 | +€546 | +21.7% |
| Gross operating margin | 9900 | €284,712 | €303,591 | +€18,880 | +6.6% |
| Operating profit (loss) | 9901 | €256,587 | €275,648 | +€19,061 | +7.4% |
| Financial income | 75/76B | €24,182 | €37,904 | +€13,722 | +56.7% |
| Recurring financial income | 75 | €21,344 | €37,904 | +€16,560 | +77.6% |
| Non-recurring financial income | 76B | €2,838 | - | -€2,838 | |
| Financial charges | 65/66B | €3,573 | €1,442 | -€2,131 | -59.7% |
| Recurring financial charges | 65 | €3,352 | €1,442 | -€1,910 | -57.0% |
| Non-recurring financial charges | 66B | €221 | - | -€221 | |
| Profit (loss) for the period before taxes | 9903 | €277,196 | €312,110 | +€34,914 | +12.6% |
| Income taxes | 67/77 | €65,083 | €75,696 | +€10,613 | +16.3% |
| Profit (loss) for the period | 9904 | €212,113 | €236,415 | +€24,302 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €212,113 | €236,415 | +€24,302 | +11.5% |
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 31 October 2026 via checked.be.