DOKTER MICHEL BOLLEN: 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 MICHEL BOLLEN
Largest movements
- Current investments +€90,000
up €90,000 (+112%), from €80,270 to €170,270
- Tangible fixed assets -€35,817
down €35,817 (-28.0%), from €127,898 to €92,081
of which Land and buildings: -€20,425
- Receivables within one year -€12,414
down €12,414 (-48.6%), from €25,565 to €13,151
of which Other amounts receivable: -€12,525
- Cash -€4,989
down €4,989 (-9.4%), from €52,920 to €47,931
mainly Current investments (-€90,000) and Current portion of long-term debt (-€24,590)
- Deferred charges and accrued income +€3,995
up €3,995 (+68.9%), from €5,796 to €9,790
- Reserves +€84,743
up €84,743 (+45.5%), from €186,200 to €270,944
- Current portion of long-term debt -€24,590
down €24,590 (-73.7%), from €33,343 to €8,753
- Other debts -€19,980
down €19,980 (-49.2%), from €40,613 to €20,633
- Tax, wage and social debts +€12,271
up €12,271 (+200%), from €6,125 to €18,396
- Debts after one year -€7,006
no longer reported in 2025 (was €7,006)
- Gross operating margin +€55,298
up €55,298 (+49.8%), from €111,111 to €166,409
- Taxes +€17,610
up €17,610 (+69.5%), from €25,321 to €42,932
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 | €292,449 | €333,223 | +€40,774 | +13.9% |
| Fixed assets | 21/28 | €127,898 | €92,081 | -€35,817 | -28.0% |
| Tangible fixed assets | 22/27 | €127,898 | €92,081 | -€35,817 | -28.0% |
| Land and buildings | 22 | €97,993 | €77,568 | -€20,425 | -20.8% |
| Plant, machinery and equipment | 23 | €1,242 | €969 | -€273 | -22.0% |
| Furniture and vehicles | 24 | €28,663 | €13,544 | -€15,120 | -52.7% |
| Current assets | 29/58 | €164,551 | €241,142 | +€76,591 | +46.5% |
| Amounts receivable within one year | 40/41 | €25,565 | €13,151 | -€12,414 | -48.6% |
| Trade receivables | 40 | €170 | €280 | +€110 | +65.1% |
| Other amounts receivable | 41 | €25,395 | €12,871 | -€12,525 | -49.3% |
| Current investments | 50/53 | €80,270 | €170,270 | +€90,000 | +112% |
| Cash at bank and in hand | 54/58 | €52,920 | €47,931 | -€4,989 | -9.4% |
| Deferred charges and accrued income | 490/1 | €5,796 | €9,790 | +€3,995 | +68.9% |
| Total equity and liabilities | 10/49 | €292,449 | €333,223 | +€40,774 | +13.9% |
| Equity | 10/15 | €199,306 | €284,049 | +€84,743 | +42.5% |
| Contributions | 10/11 | €13,105 | €13,105 | = | 0.0% |
| Reserves | 13 | €186,200 | €270,944 | +€84,743 | +45.5% |
| Distributable reserves | 133 | €186,200 | €270,944 | +€84,743 | +45.5% |
| Amounts payable | 17/49 | €93,143 | €49,174 | -€43,969 | -47.2% |
| Amounts payable after more than one year | 17 | €7,006 | - | -€7,006 | |
| Financial debts | 170/4 | €7,006 | - | -€7,006 | |
| Amounts payable within one year | 42/48 | €81,835 | €49,165 | -€32,670 | -39.9% |
| Current portion of amounts payable after more than one year | 42 | €33,343 | €8,753 | -€24,590 | -73.7% |
| Trade debts | 44 | €1,754 | €1,382 | -€372 | -21.2% |
| Suppliers | 440/4 | €1,754 | €1,382 | -€372 | -21.2% |
| Taxes, remuneration and social security | 45 | €6,125 | €18,396 | +€12,271 | +200% |
| Taxes | 450/3 | €6,125 | €18,396 | +€12,271 | +200% |
| Other amounts payable | 47/48 | €40,613 | €20,633 | -€19,980 | -49.2% |
| Accrued charges and deferred income | 492/3 | €4,302 | €9 | -€4,293 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,372 | €37,595 | +€1,223 | +3.4% |
| Other operating charges | 640/8 | €2,926 | €3,031 | +€105 | +3.6% |
| Gross operating margin | 9900 | €111,111 | €166,409 | +€55,298 | +49.8% |
| Operating profit (loss) | 9901 | €71,813 | €125,782 | +€53,970 | +75.2% |
| Financial income | 75/76B | €2,677 | €2,495 | -€182 | -6.8% |
| Recurring financial income | 75 | €2,677 | €2,495 | -€182 | -6.8% |
| Financial charges | 65/66B | €940 | €602 | -€338 | -35.9% |
| Recurring financial charges | 65 | €940 | €602 | -€338 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €73,550 | €127,675 | +€54,125 | +73.6% |
| Income taxes | 67/77 | €25,321 | €42,932 | +€17,610 | +69.5% |
| Profit (loss) for the period | 9904 | €48,228 | €84,743 | +€36,515 | +75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €48,228 | €84,743 | +€36,515 | +75.7% |
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 25 October 2026 via checked.be.