Dr. Van Hoeck Nathan: 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. Van Hoeck Nathan
Largest movements
- Cash +€90,365
up €90,365 (+83.2%), from €108,659 to €199,023
mainly Net result for the year (+€146,237) and Tax, wage and social debts (+€2,959)
- Receivables within one year +€40,321
up €40,321 (+589%), from €6,841 to €47,163
of which Other amounts receivable: +€38,473
- Current investments +€14,000
new in 2025: €14,000
- Reserves +€146,237
up €146,237 (+131%), from €111,812 to €258,049
- Trade debts -€5,072
down €5,072 (-74.0%), from €6,855 to €1,783
- Tax, wage and social debts +€2,959
new in 2025: €2,959
- Gross operating margin +€75,707
up €75,707 (+65.5%), from €115,651 to €191,358
- Taxes +€19,529
up €19,529 (+83.3%), from €23,430 to €42,959
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 | €122,422 | €264,291 | +€141,869 | +116% |
| Fixed assets | 21/28 | €6,176 | €3,763 | -€2,413 | -39.1% |
| Tangible fixed assets | 22/27 | €6,176 | €3,763 | -€2,413 | -39.1% |
| Furniture and vehicles | 24 | €6,176 | €3,763 | -€2,413 | -39.1% |
| Current assets | 29/58 | €116,246 | €260,528 | +€144,282 | +124% |
| Amounts receivable within one year | 40/41 | €6,841 | €47,163 | +€40,321 | +589% |
| Trade receivables | 40 | €272 | €2,119 | +€1,848 | +680% |
| Other amounts receivable | 41 | €6,570 | €45,043 | +€38,473 | +586% |
| Current investments | 50/53 | - | €14,000 | +€14,000 | |
| Cash at bank and in hand | 54/58 | €108,659 | €199,023 | +€90,365 | +83.2% |
| Deferred charges and accrued income | 490/1 | €746 | €342 | -€404 | -54.1% |
| Total equity and liabilities | 10/49 | €122,422 | €264,291 | +€141,869 | +116% |
| Equity | 10/15 | €113,312 | €259,549 | +€146,237 | +129% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €111,812 | €258,049 | +€146,237 | +131% |
| Distributable reserves | 133 | €111,812 | €258,049 | +€146,237 | +131% |
| Amounts payable | 17/49 | €9,110 | €4,742 | -€4,368 | -47.9% |
| Amounts payable within one year | 42/48 | €9,110 | €4,742 | -€4,368 | -47.9% |
| Trade debts | 44 | €6,855 | €1,783 | -€5,072 | -74.0% |
| Suppliers | 440/4 | €6,855 | €1,783 | -€5,072 | -74.0% |
| Taxes, remuneration and social security | 45 | - | €2,959 | +€2,959 | |
| Taxes | 450/3 | - | €2,959 | +€2,959 | |
| Other amounts payable | 47/48 | €2,255 | - | -€2,255 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,907 | €2,413 | -€1,494 | -38.2% |
| Other operating charges | 640/8 | €118 | €368 | +€250 | +211% |
| Gross operating margin | 9900 | €115,651 | €191,358 | +€75,707 | +65.5% |
| Operating profit (loss) | 9901 | €111,626 | €188,578 | +€76,952 | +68.9% |
| Financial income | 75/76B | - | €663 | +€663 | |
| Recurring financial income | 75 | - | €663 | +€663 | |
| Financial charges | 65/66B | €30 | €45 | +€15 | +50.0% |
| Recurring financial charges | 65 | €30 | €45 | +€15 | +50.0% |
| Profit (loss) for the period before taxes | 9903 | €111,596 | €189,196 | +€77,600 | +69.5% |
| Income taxes | 67/77 | €23,430 | €42,959 | +€19,529 | +83.3% |
| Profit (loss) for the period | 9904 | €88,166 | €146,237 | +€58,071 | +65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €88,166 | €146,237 | +€58,071 | +65.9% |
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 25 October 2026 via checked.be.