DR. A.M. SCHELFHOUT: 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.
DR. A.M. SCHELFHOUT
Largest movements
- Current investments -€107,887
down €107,887 (-8.7%), from €1.2m to €1.1m
- Receivables within one year +€86,366
up €86,366 (+50.5%), from €171,037 to €257,403
of which Trade receivables: +€96,806
- Tangible fixed assets -€17,749
down €17,749 (-12.2%), from €145,544 to €127,795
of which Furniture and vehicles: -€13,464
- Cash +€16,534
up €16,534 (+31.2%), from €52,948 to €69,483
mainly Net result for the year (+€281,620) and Current investments (+€107,887)
- Other debts -€113,657
down €113,657 (-37.4%), from €304,212 to €190,555
- Reserves +€91,065
up €91,065 (+7.5%), from €1.2m to €1.3m
of which Distributable reserves: +€91,065
- Accrued charges and deferred income -€20,487
down €20,487 (-100%), from €20,487 to €0
- Financial income -€43,939
down €43,939 (-85.9%), from €51,136 to €7,196
- Gross operating margin +€42,399
up €42,399 (+10.8%), from €392,663 to €435,061
- Financial charges -€17,498
down €17,498 (-88.6%), from €19,747 to €2,249
- Taxes +€6,975
up €6,975 (+5.9%), from €119,074 to €126,049
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 | €1,615,228 | €1,586,247 | -€28,981 | -1.8% |
| Fixed assets | 21/28 | €145,544 | €127,795 | -€17,749 | -12.2% |
| Tangible fixed assets | 22/27 | €145,544 | €127,795 | -€17,749 | -12.2% |
| Land and buildings | 22 | €10,717 | €16,643 | +€5,926 | +55.3% |
| Plant, machinery and equipment | 23 | €3,065 | €4,844 | +€1,779 | +58.0% |
| Furniture and vehicles | 24 | €51,324 | €37,860 | -€13,464 | -26.2% |
| Leasing and similar rights | 25 | €80,438 | €68,449 | -€11,990 | -14.9% |
| Current assets | 29/58 | €1,469,684 | €1,458,452 | -€11,232 | -0.8% |
| Amounts receivable within one year | 40/41 | €171,037 | €257,403 | +€86,366 | +50.5% |
| Trade receivables | 40 | €152,727 | €249,533 | +€96,806 | +63.4% |
| Other amounts receivable | 41 | €18,310 | €7,870 | -€10,440 | -57.0% |
| Current investments | 50/53 | €1,236,164 | €1,128,277 | -€107,887 | -8.7% |
| Cash at bank and in hand | 54/58 | €52,948 | €69,483 | +€16,534 | +31.2% |
| Deferred charges and accrued income | 490/1 | €9,534 | €3,288 | -€6,246 | -65.5% |
| Total equity and liabilities | 10/49 | €1,615,228 | €1,586,247 | -€28,981 | -1.8% |
| Equity | 10/15 | €1,231,188 | €1,322,253 | +€91,065 | +7.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,210,645 | €1,301,710 | +€91,065 | +7.5% |
| Tax-exempt reserves | 132 | €22,333 | €22,333 | = | 0.0% |
| Distributable reserves | 133 | €1,188,313 | €1,279,377 | +€91,065 | +7.7% |
| Profit (loss) carried forward | 14 | €1,942 | €1,942 | = | 0.0% |
| Amounts payable | 17/49 | €384,040 | €263,994 | -€120,046 | -31.3% |
| Amounts payable within one year | 42/48 | €363,553 | €263,994 | -€99,558 | -27.4% |
| Trade debts | 44 | €5,039 | €7,528 | +€2,489 | +49.4% |
| Suppliers | 440/4 | €5,039 | €7,528 | +€2,489 | +49.4% |
| Taxes, remuneration and social security | 45 | €54,301 | €65,911 | +€11,610 | +21.4% |
| Taxes | 450/3 | €54,301 | €65,911 | +€11,610 | +21.4% |
| Other amounts payable | 47/48 | €304,212 | €190,555 | -€113,657 | -37.4% |
| Accrued charges and deferred income | 492/3 | €20,487 | €0 | -€20,487 | -100% |
| Non-recurring operating income | 76A | €92 | €0 | -€92 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,857 | €29,497 | +€640 | +2.2% |
| Other operating charges | 640/8 | €2,760 | €2,843 | +€83 | +3.0% |
| Non-recurring operating charges | 66A | €1,013 | €0 | -€1,013 | -100% |
| Gross operating margin | 9900 | €392,663 | €435,061 | +€42,399 | +10.8% |
| Operating profit (loss) | 9901 | €360,033 | €402,721 | +€42,688 | +11.9% |
| Financial income | 75/76B | €51,136 | €7,196 | -€43,939 | -85.9% |
| Recurring financial income | 75 | €51,136 | €7,196 | -€43,939 | -85.9% |
| Financial charges | 65/66B | €19,747 | €2,249 | -€17,498 | -88.6% |
| Recurring financial charges | 65 | €19,747 | €2,249 | -€17,498 | -88.6% |
| Profit (loss) for the period before taxes | 9903 | €391,422 | €407,669 | +€16,247 | +4.2% |
| Income taxes | 67/77 | €119,074 | €126,049 | +€6,975 | +5.9% |
| Profit (loss) for the period | 9904 | €272,348 | €281,620 | +€9,272 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €272,348 | €281,620 | +€9,272 | +3.4% |
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 24 October 2026 via checked.be.