DR. NOUGON: 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. NOUGON
Largest movements
- Cash -€46,383
down €46,383 (-47.0%), from €98,679 to €52,296
mainly Current investments (-€35,208) and Receivables after one year (-€34,000)
- Current investments +€35,208
up €35,208 (+71.3%), from €49,351 to €84,559
- Receivables after one year +€34,000
new in 2025: €34,000
- Receivables within one year +€27,635
up €27,635 (+6.7%), from €412,736 to €440,371
of which Other amounts receivable: +€27,635
- Tangible fixed assets -€18,597
down €18,597 (-5.7%), from €328,571 to €309,975
of which Land and buildings: -€13,192
- Reserves +€63,866
up €63,866 (+8.5%), from €753,253 to €817,119
of which Distributable reserves: +€63,866
- Tax, wage and social debts -€12,037
down €12,037 (-75.1%), from €16,023 to €3,986
of which Taxes: -€11,542
- Debts after one year -€10,230
down €10,230 (-10.0%), from €102,355 to €92,124
- Gross operating margin -€43,385
down €43,385 (-30.4%), from €142,630 to €99,245
- Taxes -€16,539
down €16,539 (-39.7%), from €41,698 to €25,159
- Financial income +€1,520
up €1,520 (+6.5%), from €23,499 to €25,018
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 | €896,517 | €926,955 | +€30,438 | +3.4% |
| Fixed assets | 21/28 | €330,521 | €311,925 | -€18,597 | -5.6% |
| Tangible fixed assets | 22/27 | €328,571 | €309,975 | -€18,597 | -5.7% |
| Land and buildings | 22 | €306,288 | €293,096 | -€13,192 | -4.3% |
| Plant, machinery and equipment | 23 | €9,250 | €6,822 | -€2,428 | -26.2% |
| Furniture and vehicles | 24 | €13,034 | €10,056 | -€2,977 | -22.8% |
| Financial fixed assets | 28 | €1,950 | €1,950 | = | 0.0% |
| Current assets | 29/58 | €565,996 | €615,030 | +€49,035 | +8.7% |
| Amounts receivable after more than one year | 29 | - | €34,000 | +€34,000 | |
| Other amounts receivable | 291 | - | €34,000 | +€34,000 | |
| Amounts receivable within one year | 40/41 | €412,736 | €440,371 | +€27,635 | +6.7% |
| Trade receivables | 40 | €3,571 | €3,571 | = | 0.0% |
| Other amounts receivable | 41 | €409,165 | €436,800 | +€27,635 | +6.8% |
| Current investments | 50/53 | €49,351 | €84,559 | +€35,208 | +71.3% |
| Cash at bank and in hand | 54/58 | €98,679 | €52,296 | -€46,383 | -47.0% |
| Deferred charges and accrued income | 490/1 | €5,230 | €3,804 | -€1,425 | -27.3% |
| Total equity and liabilities | 10/49 | €896,517 | €926,955 | +€30,438 | +3.4% |
| Equity | 10/15 | €755,253 | €819,119 | +€63,866 | +8.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €753,253 | €817,119 | +€63,866 | +8.5% |
| Non-distributable reserves | 130/1 | €18,550 | €18,550 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,550 | €18,550 | = | 0.0% |
| Distributable reserves | 133 | €734,703 | €798,569 | +€63,866 | +8.7% |
| Amounts payable | 17/49 | €141,264 | €107,836 | -€33,428 | -23.7% |
| Amounts payable after more than one year | 17 | €102,355 | €92,124 | -€10,230 | -10.0% |
| Financial debts | 170/4 | €102,355 | €92,124 | -€10,230 | -10.0% |
| Amounts payable within one year | 42/48 | €38,910 | €15,712 | -€23,198 | -59.6% |
| Current portion of amounts payable after more than one year | 42 | €13,506 | €10,230 | -€3,276 | -24.3% |
| Financial debts | 43 | €8,365 | - | -€8,365 | |
| Credit institutions | 430/8 | €8,365 | - | -€8,365 | |
| Trade debts | 44 | €1,016 | €1,496 | +€480 | +47.2% |
| Suppliers | 440/4 | €1,016 | €1,496 | +€480 | +47.2% |
| Taxes, remuneration and social security | 45 | €16,023 | €3,986 | -€12,037 | -75.1% |
| Taxes | 450/3 | €11,542 | - | -€11,542 | |
| Remuneration and social security | 454/9 | €4,481 | €3,986 | -€496 | -11.1% |
| Non-recurring operating income | 76A | €23,430 | - | -€23,430 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,524 | €18,597 | +€72 | +0.4% |
| Other operating charges | 640/8 | €2,797 | €3,871 | +€1,074 | +38.4% |
| Non-recurring operating charges | 66A | - | €10,139 | +€10,139 | |
| Gross operating margin | 9900 | €142,630 | €99,245 | -€43,385 | -30.4% |
| Operating profit (loss) | 9901 | €121,309 | €66,638 | -€54,671 | -45.1% |
| Financial income | 75/76B | €23,499 | €25,018 | +€1,520 | +6.5% |
| Recurring financial income | 75 | €23,499 | €25,018 | +€1,520 | +6.5% |
| Financial charges | 65/66B | €2,471 | €2,632 | +€161 | +6.5% |
| Recurring financial charges | 65 | €2,471 | €2,632 | +€161 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €142,337 | €89,025 | -€53,312 | -37.5% |
| Income taxes | 67/77 | €41,698 | €25,159 | -€16,539 | -39.7% |
| Profit (loss) for the period | 9904 | €100,639 | €63,866 | -€36,773 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €100,639 | €63,866 | -€36,773 | -36.5% |
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 19 October 2026 via checked.be.