Dr. Van Nuffel Jan: 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 Nuffel Jan
Largest movements
- Tangible fixed assets +€210,388
up €210,388 (+89.3%), from €235,483 to €445,871
of which Assets under construction and advance payments: +€215,823
- Cash -€174,393
down €174,393 (-28.9%), from €603,348 to €428,955
mainly Investment in fixed assets (net) (-€215,823) and Other debts (-€58,924)
- Deferred charges and accrued income +€22,014
up €22,014 (+15.7%), from €140,097 to €162,110
- Receivables within one year +€19,069
up €19,069 (+17.0%), from €112,067 to €131,136
- Reserves +€160,152
up €160,152 (+27.0%), from €593,449 to €753,601
- Other debts -€58,924
down €58,924 (-100%), from €58,924 to €0
- Debts after one year -€37,338
down €37,338 (-10.4%), from €357,379 to €320,041
- Gross operating margin +€26,212
up €26,212 (+11.9%), from €219,836 to €246,048
- Taxes +€11,598
up €11,598 (+19.1%), from €60,634 to €72,233
- Depreciation -€6,651
down €6,651 (-37.8%), from €17,585 to €10,934
- Financial income +€4,208
up €4,208 (+70.5%), from €5,969 to €10,178
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 | €1,097,735 | €1,169,312 | +€71,577 | +6.5% |
| Fixed assets | 21/28 | €242,223 | €447,111 | +€204,888 | +84.6% |
| Intangible fixed assets | 21 | €5,500 | €0 | -€5,500 | -100% |
| Tangible fixed assets | 22/27 | €235,483 | €445,871 | +€210,388 | +89.3% |
| Land and buildings | 22 | €123,685 | €123,685 | = | 0.0% |
| Plant, machinery and equipment | 23 | €11,905 | €10,010 | -€1,895 | -15.9% |
| Furniture and vehicles | 24 | €32,000 | €30,924 | -€1,076 | -3.4% |
| Other tangible fixed assets | 26 | €7,941 | €5,477 | -€2,463 | -31.0% |
| Assets under construction and advance payments | 27 | €59,953 | €275,775 | +€215,823 | +360% |
| Financial fixed assets | 28 | €1,240 | €1,240 | = | 0.0% |
| Current assets | 29/58 | €855,512 | €722,201 | -€133,311 | -15.6% |
| Amounts receivable within one year | 40/41 | €112,067 | €131,136 | +€19,069 | +17.0% |
| Other amounts receivable | 41 | €112,067 | €131,136 | +€19,069 | +17.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €603,348 | €428,955 | -€174,393 | -28.9% |
| Deferred charges and accrued income | 490/1 | €140,097 | €162,110 | +€22,014 | +15.7% |
| Total equity and liabilities | 10/49 | €1,097,735 | €1,169,312 | +€71,577 | +6.5% |
| Equity | 10/15 | €612,049 | €772,201 | +€160,152 | +26.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €593,449 | €753,601 | +€160,152 | +27.0% |
| Distributable reserves | 133 | €593,449 | €753,601 | +€160,152 | +27.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €485,686 | €397,111 | -€88,574 | -18.2% |
| Amounts payable after more than one year | 17 | €357,379 | €320,041 | -€37,338 | -10.4% |
| Financial debts | 170/4 | €357,379 | €320,041 | -€37,338 | -10.4% |
| Amounts payable within one year | 42/48 | €128,307 | €77,025 | -€51,282 | -40.0% |
| Current portion of amounts payable after more than one year | 42 | €36,593 | €37,338 | +€745 | +2.0% |
| Trade debts | 44 | €7,196 | €5,958 | -€1,238 | -17.2% |
| Suppliers | 440/4 | €7,196 | €5,958 | -€1,238 | -17.2% |
| Taxes, remuneration and social security | 45 | €25,594 | €33,729 | +€8,135 | +31.8% |
| Taxes | 450/3 | €25,594 | €33,729 | +€8,135 | +31.8% |
| Other amounts payable | 47/48 | €58,924 | €0 | -€58,924 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | €46 | +€46 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,585 | €10,934 | -€6,651 | -37.8% |
| Other operating charges | 640/8 | €1,285 | €1,842 | +€557 | +43.4% |
| Non-recurring operating charges | 66A | - | €3,100 | +€3,100 | |
| Gross operating margin | 9900 | €219,836 | €246,048 | +€26,212 | +11.9% |
| Operating profit (loss) | 9901 | €200,966 | €230,171 | +€29,205 | +14.5% |
| Financial income | 75/76B | €5,969 | €10,178 | +€4,208 | +70.5% |
| Recurring financial income | 75 | €5,969 | €10,178 | +€4,208 | +70.5% |
| Financial charges | 65/66B | €8,091 | €7,964 | -€127 | -1.6% |
| Recurring financial charges | 65 | €8,091 | €7,964 | -€127 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €198,844 | €232,384 | +€33,540 | +16.9% |
| Income taxes | 67/77 | €60,634 | €72,233 | +€11,598 | +19.1% |
| Profit (loss) for the period | 9904 | €138,209 | €160,152 | +€21,942 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €138,209 | €160,152 | +€21,942 | +15.9% |
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 31 October 2026 via checked.be.