Dries Naert: 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.
Dries Naert
Largest movements
- Intangible fixed assets +€633,382
up €633,382 (+363%), from €174,600 to €807,982
- Cash +€126,999
up €126,999 (+91.3%), from €139,122 to €266,121
mainly Net result for the year (+€336,387) and Debts after one year (+€256,795)
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
- Deferred charges and accrued income +€29,428
up €29,428 (+93.8%), from €31,364 to €60,792
- Reserves +€335,000
up €335,000 (+316%), from €106,000 to €441,000
- Debts after one year +€256,795
up €256,795 (+76.8%), from €334,407 to €591,202
- Short-term financial debts +€100,000
new in 2025: €100,000
- Current portion of long-term debt +€28,485
up €28,485 (+44.0%), from €64,730 to €93,215
- Trade debts +€16,410
up €16,410 (+85.1%), from €19,274 to €35,684
- Gross operating margin +€305,361
up €305,361 (+90.0%), from €339,252 to €644,614
- Depreciation -€94,083
down €94,083 (-90.1%), from €104,374 to €10,291
- Taxes +€89,745
up €89,745 (+467%), from €19,218 to €108,963
- Staff costs +€37,196
up €37,196 (+28.6%), from €129,967 to €167,163
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 | €566,332 | €1,302,984 | +€736,652 | +130% |
| Fixed assets | 21/28 | €345,846 | €969,460 | +€623,614 | +180% |
| Intangible fixed assets | 21 | €174,600 | €807,982 | +€633,382 | +363% |
| Tangible fixed assets | 22/27 | €171,246 | €161,478 | -€9,768 | -5.7% |
| Land and buildings | 22 | €79,165 | €92,116 | +€12,951 | +16.4% |
| Plant, machinery and equipment | 23 | €7,429 | €11,272 | +€3,843 | +51.7% |
| Furniture and vehicles | 24 | €84,652 | €58,090 | -€26,562 | -31.4% |
| Current assets | 29/58 | €220,486 | €333,523 | +€113,037 | +51.3% |
| Amounts receivable within one year | 40/41 | - | €6,611 | +€6,611 | |
| Trade receivables | 40 | - | €152 | +€152 | |
| Other amounts receivable | 41 | - | €6,458 | +€6,458 | |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €139,122 | €266,121 | +€126,999 | +91.3% |
| Deferred charges and accrued income | 490/1 | €31,364 | €60,792 | +€29,428 | +93.8% |
| Total equity and liabilities | 10/49 | €566,332 | €1,302,984 | +€736,652 | +130% |
| Equity | 10/15 | €114,344 | €449,065 | +€334,721 | +293% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €106,000 | €441,000 | +€335,000 | +316% |
| Distributable reserves | 133 | €106,000 | €441,000 | +€335,000 | +316% |
| Profit (loss) carried forward | 14 | €844 | €565 | -€279 | -33.1% |
| Amounts payable | 17/49 | €451,988 | €853,919 | +€401,931 | +88.9% |
| Amounts payable after more than one year | 17 | €334,407 | €591,202 | +€256,795 | +76.8% |
| Financial debts | 170/4 | €334,407 | €591,202 | +€256,795 | +76.8% |
| Amounts payable within one year | 42/48 | €115,164 | €257,951 | +€142,787 | +124% |
| Current portion of amounts payable after more than one year | 42 | €64,730 | €93,215 | +€28,485 | +44.0% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €19,274 | €35,684 | +€16,410 | +85.1% |
| Suppliers | 440/4 | €19,274 | €35,684 | +€16,410 | +85.1% |
| Taxes, remuneration and social security | 45 | €30,444 | €27,386 | -€3,058 | -10.0% |
| Taxes | 450/3 | €19,218 | €9,044 | -€10,174 | -52.9% |
| Remuneration and social security | 454/9 | €11,226 | €18,342 | +€7,116 | +63.4% |
| Other amounts payable | 47/48 | €717 | €1,666 | +€949 | +133% |
| Accrued charges and deferred income | 492/3 | €2,416 | €4,765 | +€2,349 | +97.2% |
| Remuneration, social security and pensions | 62 | €129,967 | €167,163 | +€37,196 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,374 | €10,291 | -€94,083 | -90.1% |
| Other operating charges | 640/8 | €3,590 | €7,909 | +€4,319 | +120% |
| Gross operating margin | 9900 | €339,252 | €644,614 | +€305,361 | +90.0% |
| Operating profit (loss) | 9901 | €101,321 | €459,250 | +€357,929 | +353% |
| Financial income | 75/76B | €1,419 | €1,544 | +€125 | +8.8% |
| Recurring financial income | 75 | €1,419 | €1,544 | +€125 | +8.8% |
| Financial charges | 65/66B | €13,891 | €15,444 | +€1,553 | +11.2% |
| Recurring financial charges | 65 | €13,891 | €15,444 | +€1,553 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €88,849 | €445,350 | +€356,501 | +401% |
| Income taxes | 67/77 | €19,218 | €108,963 | +€89,745 | +467% |
| Profit (loss) for the period | 9904 | €69,631 | €336,387 | +€266,756 | +383% |
| Profit (loss) for the period to be appropriated | 9905 | €69,631 | €336,387 | +€266,756 | +383% |
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 27 October 2026 via checked.be.