NAGELS: 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.
What changed
NAGELS
NACE 47.730, Retail sale of pharmaceutical products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€245,492
2024 · €157,074+€88,418
Equity
€919,232
2024 · €919,232
Cash
€258,548
2024 · €80,942+€177,606
Balance sheet total
€2.2m
2024 · €2.0m+€242,620
Largest movements
Assets
- Cash +€177,606
up €177,606 (+219%), from €80,942 to €258,548
mainly Net result for the year (+€245,492) and Other debts (+€243,250)
- Stocks and contracts +€49,752
up €49,752 (+14.5%), from €342,491 to €392,243
Equity and liabilities
- Other debts +€243,250
up €243,250 (+39.7%), from €612,230 to €855,480
- Debts after one year -€30,000
down €30,000 (-16.7%), from €180,000 to €150,000
- Accrued charges and deferred income +€25,333
up €25,333 (+938%), from €2,702 to €28,035
Income statement
- Gross operating margin +€68,463
up €68,463 (+12.6%), from €544,474 to €612,937
- Depreciation -€56,228
down €56,228 (-58.8%), from €95,560 to €39,332
- Taxes +€29,193
up €29,193 (+53.7%), from €54,325 to €83,518
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.
Result 2024
€157,074
Gross operating margin
+€68,463
Staff costs
-€2,789
Depreciation
+€56,228
Other operating charges
-€108
Financial income
+€41
Financial charges
-€4,224
Taxes
-€29,193
Result 2025
€245,492
raises the resultlowers the result
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.
From operations
+€503,607
Investment
-€53,010
Financing
-€272,992
Cash 2024
€80,942
From operations (derived)
+€503,607
Net result for the year
+€245,492
Depreciation
+€39,332
Stocks and contracts
-€49,752
Receivables within one year
-€19,775
Deferred charges and accrued income
+€18,191
Trade debts
-€318
Tax, wage and social debts
+€1,855
Other debts
+€243,250
Accrued charges and deferred income
+€25,333
Investment (derived)
-€53,010
Investment in fixed assets (net)
-€47,528
Current investments
-€5,482
Financing
-€272,992
Debts after one year
-€30,000
Current portion of long-term debt
+€2,500
Contributions, distributions and other
-€245,492
Cash 2025
€258,548
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,976,365 | €2,218,984 | +€242,620 | +12.3% |
| Fixed assets | 21/28 | €387,705 | €395,901 | +€8,196 | +2.1% |
| Tangible fixed assets | 22/27 | €382,705 | €389,169 | +€6,464 | +1.7% |
| Land and buildings | 22 | €330,917 | €334,315 | +€3,398 | +1.0% |
| Plant, machinery and equipment | 23 | €25,501 | €34,339 | +€8,838 | +34.7% |
| Furniture and vehicles | 24 | €26,287 | €20,515 | -€5,772 | -22.0% |
| Financial fixed assets | 28 | €5,000 | €6,731 | +€1,731 | +34.6% |
| Current assets | 29/58 | €1,588,660 | €1,823,084 | +€234,424 | +14.8% |
| Stocks and contracts in progress | 3 | €342,491 | €392,243 | +€49,752 | +14.5% |
| Stocks | 30/36 | €342,491 | €392,243 | +€49,752 | +14.5% |
| Amounts receivable within one year | 40/41 | €197,916 | €217,690 | +€19,775 | +10.0% |
| Trade receivables | 40 | €175,689 | €195,539 | +€19,850 | +11.3% |
| Other amounts receivable | 41 | €22,227 | €22,152 | -€75 | -0.3% |
| Current investments | 50/53 | €941,155 | €946,637 | +€5,482 | +0.6% |
| Cash at bank and in hand | 54/58 | €80,942 | €258,548 | +€177,606 | +219% |
| Deferred charges and accrued income | 490/1 | €26,156 | €7,965 | -€18,191 | -69.5% |
| Total equity and liabilities | 10/49 | €1,976,365 | €2,218,984 | +€242,620 | +12.3% |
| Equity | 10/15 | €919,232 | €919,232 | = | 0.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €857,732 | €857,732 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €851,582 | €851,582 | = | 0.0% |
| Amounts payable | 17/49 | €1,057,133 | €1,299,752 | +€242,620 | +23.0% |
| Amounts payable after more than one year | 17 | €180,000 | €150,000 | -€30,000 | -16.7% |
| Financial debts | 170/4 | €180,000 | €150,000 | -€30,000 | -16.7% |
| Amounts payable within one year | 42/48 | €874,431 | €1,121,717 | +€247,287 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €32,500 | +€2,500 | +8.3% |
| Trade debts | 44 | €208,472 | €208,154 | -€318 | -0.2% |
| Suppliers | 440/4 | €208,472 | €208,154 | -€318 | -0.2% |
| Taxes, remuneration and social security | 45 | €23,728 | €25,583 | +€1,855 | +7.8% |
| Taxes | 450/3 | - | €253 | +€253 | |
| Remuneration and social security | 454/9 | €23,728 | €25,330 | +€1,602 | +6.8% |
| Other amounts payable | 47/48 | €612,230 | €855,480 | +€243,250 | +39.7% |
| Accrued charges and deferred income | 492/3 | €2,702 | €28,035 | +€25,333 | +938% |
| Non-recurring operating income | 76A | - | €154 | +€154 | |
| Remuneration, social security and pensions | 62 | €204,361 | €207,150 | +€2,789 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,560 | €39,332 | -€56,228 | -58.8% |
| Other operating charges | 640/8 | €3,037 | €3,145 | +€108 | +3.6% |
| Gross operating margin | 9900 | €544,474 | €612,937 | +€68,463 | +12.6% |
| Operating profit (loss) | 9901 | €241,516 | €363,310 | +€121,794 | +50.4% |
| Financial income | 75/76B | €8,558 | €8,599 | +€41 | +0.5% |
| Recurring financial income | 75 | €8,558 | €8,599 | +€41 | +0.5% |
| Financial charges | 65/66B | €38,676 | €42,900 | +€4,224 | +10.9% |
| Recurring financial charges | 65 | €38,676 | €42,900 | +€4,224 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €211,399 | €329,010 | +€117,611 | +55.6% |
| Income taxes | 67/77 | €54,325 | €83,518 | +€29,193 | +53.7% |
| Profit (loss) for the period | 9904 | €157,074 | €245,492 | +€88,418 | +56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €157,074 | €245,492 | +€88,418 | +56.3% |
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 18 October 2026 via checked.be.