DOKTER ERWIN LEESEN: 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.
DOKTER ERWIN LEESEN
Largest movements
- Current investments +€418,378
up €418,378 (+44.4%), from €943,281 to €1.4m
- Tangible fixed assets -€300,740
no longer reported in 2025 (was €300,740)
of which Plant, machinery and equipment: -€174,928
- Cash +€177,486
up €177,486 (+38.7%), from €458,066 to €635,552
mainly Net result for the year (+€670,159) and Investment in fixed assets (net) (+€300,740)
- Receivables within one year +€52,576
up €52,576 (+159%), from €33,148 to €85,724
of which Trade receivables: +€56,139
- Reserves +€412,667
up €412,667 (+26.1%), from €1.6m to €2.0m
- Tax, wage and social debts -€41,296
down €41,296 (-98.7%), from €41,851 to €555
of which Remuneration and social security: -€30,547
- Gross operating margin +€554,606
up €554,606 (+104%), from €531,450 to €1.1m
- Taxes +€221,233
up €221,233 (+258%), from €85,684 to €306,918
- Depreciation -€91,170
no longer reported in 2025 (was €91,170)
- Staff costs -€84,132
down €84,132 (-46.2%), from €182,047 to €97,915
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 | €1,742,105 | €2,085,580 | +€343,474 | +19.7% |
| Fixed assets | 21/28 | €300,740 | - | -€300,740 | |
| Tangible fixed assets | 22/27 | €300,740 | - | -€300,740 | |
| Plant, machinery and equipment | 23 | €174,928 | - | -€174,928 | |
| Furniture and vehicles | 24 | €93,505 | - | -€93,505 | |
| Other tangible fixed assets | 26 | €32,308 | - | -€32,308 | |
| Current assets | 29/58 | €1,441,365 | €2,085,580 | +€644,215 | +44.7% |
| Amounts receivable within one year | 40/41 | €33,148 | €85,724 | +€52,576 | +159% |
| Trade receivables | 40 | €13,030 | €69,169 | +€56,139 | +431% |
| Other amounts receivable | 41 | €20,118 | €16,555 | -€3,564 | -17.7% |
| Current investments | 50/53 | €943,281 | €1,361,659 | +€418,378 | +44.4% |
| Cash at bank and in hand | 54/58 | €458,066 | €635,552 | +€177,486 | +38.7% |
| Deferred charges and accrued income | 490/1 | €6,870 | €2,645 | -€4,224 | -61.5% |
| Total equity and liabilities | 10/49 | €1,742,105 | €2,085,580 | +€343,474 | +19.7% |
| Equity | 10/15 | €1,672,224 | €2,084,891 | +€412,667 | +24.7% |
| Contributions | 10/11 | €93,000 | €93,000 | = | 0.0% |
| Reserves | 13 | €1,579,224 | €1,991,891 | +€412,667 | +26.1% |
| Distributable reserves | 133 | €1,579,224 | €1,991,891 | +€412,667 | +26.1% |
| Amounts payable | 17/49 | €69,881 | €689 | -€69,192 | -99.0% |
| Amounts payable within one year | 42/48 | €64,932 | €689 | -€64,243 | -98.9% |
| Current portion of amounts payable after more than one year | 42 | €12,681 | - | -€12,681 | |
| Financial debts | 43 | €584 | - | -€584 | |
| Credit institutions | 430/8 | €584 | - | -€584 | |
| Trade debts | 44 | €9,816 | €115 | -€9,702 | -98.8% |
| Suppliers | 440/4 | €9,816 | €115 | -€9,702 | -98.8% |
| Taxes, remuneration and social security | 45 | €41,851 | €555 | -€41,296 | -98.7% |
| Taxes | 450/3 | €10,748 | - | -€10,748 | |
| Remuneration and social security | 454/9 | €31,102 | €555 | -€30,547 | -98.2% |
| Other amounts payable | 47/48 | - | €19 | +€19 | |
| Accrued charges and deferred income | 492/3 | €4,949 | - | -€4,949 | |
| Non-recurring operating income | 76A | - | €779,745 | +€779,745 | |
| Remuneration, social security and pensions | 62 | €182,047 | €97,915 | -€84,132 | -46.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,170 | - | -€91,170 | |
| Other operating charges | 640/8 | €2,186 | €2,257 | +€71 | +3.2% |
| Non-recurring operating charges | 66A | - | €27,852 | +€27,852 | |
| Gross operating margin | 9900 | €531,450 | €1,086,056 | +€554,606 | +104% |
| Operating profit (loss) | 9901 | €256,046 | €958,031 | +€701,985 | +274% |
| Financial income | 75/76B | €26,106 | €19,297 | -€6,808 | -26.1% |
| Recurring financial income | 75 | €26,106 | €19,297 | -€6,808 | -26.1% |
| Financial charges | 65/66B | €475 | €251 | -€224 | -47.1% |
| Recurring financial charges | 65 | €475 | €251 | -€224 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | €281,677 | €977,077 | +€695,400 | +247% |
| Income taxes | 67/77 | €85,684 | €306,918 | +€221,233 | +258% |
| Profit (loss) for the period | 9904 | €195,992 | €670,159 | +€474,167 | +242% |
| Profit (loss) for the period to be appropriated | 9905 | €195,992 | €670,159 | +€474,167 | +242% |
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 26 October 2026 via checked.be.