ANNICK VANBYLEN: what changed
Two fiscal 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.
ANNICK VANBYLEN
Largest movements
- Cash -€128,061
down €128,061 (-41.3%), from €310,439 to €182,378
mainly Current investments (-€116,252) and Contributions, distributions and other (-€100,047)
- Current investments +€116,252
up €116,252 (+92.1%), from €126,196 to €242,448
- Reserves -€18,786
down €18,786 (-4.1%), from €452,732 to €433,946
of which Distributable reserves: -€18,786
- Gross operating margin +€20,333
up €20,333 (+19.8%), from €102,875 to €123,208
- Taxes +€5,914
up €5,914 (+23.0%), from €25,665 to €31,579
- Financial income -€1,684
down €1,684 (-28.3%), from €5,956 to €4,272
of which Non-recurring financial income: -€5,353
- Financial charges +€1,235
up €1,235 (+17.8%), from €6,955 to €8,190
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.
Cash bridge derived
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 | €562,038 | €546,358 | -€15,680 | -2.8% |
| Fixed assets | 21/28 | €122,230 | €116,907 | -€5,323 | -4.4% |
| Tangible fixed assets | 22/27 | €122,230 | €116,867 | -€5,363 | -4.4% |
| Land and buildings | 22 | €114,998 | €110,702 | -€4,296 | -3.7% |
| Plant, machinery and equipment | 23 | €7,231 | €6,165 | -€1,067 | -14.8% |
| Financial fixed assets | 28 | - | €40 | +€40 | |
| Current assets | 29/58 | €439,808 | €429,451 | -€10,357 | -2.4% |
| Amounts receivable within one year | 40/41 | €3,000 | €2,500 | -€500 | -16.7% |
| Other amounts receivable | 41 | €3,000 | €2,500 | -€500 | -16.7% |
| Current investments | 50/53 | €126,196 | €242,448 | +€116,252 | +92.1% |
| Cash at bank and in hand | 54/58 | €310,439 | €182,378 | -€128,061 | -41.3% |
| Deferred charges and accrued income | 490/1 | €173 | €2,125 | +€1,952 | +1131.0% |
| Total equity and liabilities | 10/49 | €562,038 | €546,358 | -€15,680 | -2.8% |
| Equity | 10/15 | €467,536 | €448,750 | -€18,786 | -4.0% |
| Contributions | 10/11 | €14,804 | €14,804 | = | 0.0% |
| Reserves | 13 | €452,732 | €433,946 | -€18,786 | -4.1% |
| Non-distributable reserves | 130/1 | €11,912 | €11,912 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,912 | €11,912 | = | 0.0% |
| Distributable reserves | 133 | €440,820 | €422,034 | -€18,786 | -4.3% |
| Amounts payable | 17/49 | €94,502 | €97,608 | +€3,106 | +3.3% |
| Amounts payable within one year | 42/48 | €93,858 | €96,949 | +€3,091 | +3.3% |
| Trade debts | 44 | €3,086 | €2,637 | -€449 | -14.6% |
| Suppliers | 440/4 | €3,086 | €2,637 | -€449 | -14.6% |
| Taxes, remuneration and social security | 45 | €14,745 | €16,529 | +€1,783 | +12.1% |
| Taxes | 450/3 | €14,745 | €16,529 | +€1,783 | +12.1% |
| Other amounts payable | 47/48 | €76,026 | €77,783 | +€1,757 | +2.3% |
| Accrued charges and deferred income | 492/3 | €645 | €659 | +€14 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,609 | €5,363 | +€754 | +16.4% |
| Other operating charges | 640/8 | €1,319 | €1,088 | -€232 | -17.6% |
| Gross operating margin | 9900 | €102,875 | €123,208 | +€20,333 | +19.8% |
| Operating profit (loss) | 9901 | €96,947 | €116,758 | +€19,811 | +20.4% |
| Financial income | 75/76B | €5,956 | €4,272 | -€1,684 | -28.3% |
| Recurring financial income | 75 | €604 | €4,272 | +€3,668 | +607.8% |
| Non-recurring financial income | 76B | €5,353 | - | -€5,353 | |
| Financial charges | 65/66B | €6,955 | €8,190 | +€1,235 | +17.8% |
| Recurring financial charges | 65 | €6,955 | €8,190 | +€1,235 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €95,949 | €112,840 | +€16,891 | +17.6% |
| Income taxes | 67/77 | €25,665 | €31,579 | +€5,914 | +23.0% |
| Profit (loss) for the period | 9904 | €70,283 | €81,261 | +€10,978 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,283 | €81,261 | +€10,978 | +15.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.