DR. A.M. STANDAERT: 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. STANDAERT
Largest movements
- Cash +€177,444
up €177,444 (+442%), from €40,115 to €217,559
mainly Current investments (+€149,138) and Net result for the year (+€148,013)
- Current investments -€149,138
down €149,138 (-17.7%), from €842,618 to €693,480
- Receivables within one year -€11,215
down €11,215 (-100%), from €11,215 to €0
- Reserves +€141,736
up €141,736 (+19.0%), from €745,139 to €886,875
of which Distributable reserves: +€141,736
- Other debts -€112,564
down €112,564 (-49.0%), from €229,869 to €117,305
- Tax, wage and social debts -€13,952
down €13,952 (-95.2%), from €14,651 to €698
of which Taxes: -€13,952
- Gross operating margin -€24,735
down €24,735 (-10.2%), from €242,213 to €217,478
- Taxes -€5,119
down €5,119 (-6.8%), from €74,962 to €69,843
- Financial income -€4,855
down €4,855 (-18.4%), from €26,376 to €21,521
- Financial charges +€3,061
up €3,061 (+107%), from €2,870 to €5,931
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 | €1,009,152 | €1,029,831 | +€20,679 | +2.0% |
| Fixed assets | 21/28 | €21,774 | €16,246 | -€5,528 | -25.4% |
| Tangible fixed assets | 22/27 | €21,774 | €16,246 | -€5,528 | -25.4% |
| Plant, machinery and equipment | 23 | €3,473 | €5,814 | +€2,341 | +67.4% |
| Furniture and vehicles | 24 | €18,301 | €10,432 | -€7,869 | -43.0% |
| Current assets | 29/58 | €987,378 | €1,013,585 | +€26,207 | +2.7% |
| Amounts receivable within one year | 40/41 | €11,215 | €0 | -€11,215 | -100% |
| Other amounts receivable | 41 | €11,215 | €0 | -€11,215 | -100% |
| Current investments | 50/53 | €842,618 | €693,480 | -€149,138 | -17.7% |
| Cash at bank and in hand | 54/58 | €40,115 | €217,559 | +€177,444 | +442% |
| Deferred charges and accrued income | 490/1 | €93,431 | €102,546 | +€9,115 | +9.8% |
| Total equity and liabilities | 10/49 | €1,009,152 | €1,029,831 | +€20,679 | +2.0% |
| Equity | 10/15 | €763,689 | €911,702 | +€148,013 | +19.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €745,139 | €886,875 | +€141,736 | +19.0% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €703,039 | €844,775 | +€141,736 | +20.2% |
| Profit (loss) carried forward | 14 | €0 | €6,277 | +€6,277 | |
| Amounts payable | 17/49 | €245,463 | €118,129 | -€127,334 | -51.9% |
| Amounts payable within one year | 42/48 | €245,463 | €118,129 | -€127,334 | -51.9% |
| Trade debts | 44 | €943 | €126 | -€817 | -86.7% |
| Suppliers | 440/4 | €943 | €126 | -€817 | -86.7% |
| Taxes, remuneration and social security | 45 | €14,651 | €698 | -€13,952 | -95.2% |
| Taxes | 450/3 | €14,651 | €698 | -€13,952 | -95.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €229,869 | €117,305 | -€112,564 | -49.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,011 | €14,414 | +€403 | +2.9% |
| Other operating charges | 640/8 | €873 | €797 | -€76 | -8.7% |
| Non-recurring operating charges | 66A | €3,000 | €0 | -€3,000 | -100% |
| Gross operating margin | 9900 | €242,213 | €217,478 | -€24,735 | -10.2% |
| Operating profit (loss) | 9901 | €224,328 | €202,266 | -€22,062 | -9.8% |
| Financial income | 75/76B | €26,376 | €21,521 | -€4,855 | -18.4% |
| Recurring financial income | 75 | €26,376 | €21,521 | -€4,855 | -18.4% |
| Financial charges | 65/66B | €2,870 | €5,931 | +€3,061 | +107% |
| Recurring financial charges | 65 | €2,870 | €5,931 | +€3,061 | +107% |
| Profit (loss) for the period before taxes | 9903 | €247,834 | €217,856 | -€29,978 | -12.1% |
| Income taxes | 67/77 | €74,962 | €69,843 | -€5,119 | -6.8% |
| Profit (loss) for the period | 9904 | €172,872 | €148,013 | -€24,859 | -14.4% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €42,100 | €0 | -€42,100 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €130,772 | €148,013 | +€17,241 | +13.2% |
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 23 October 2026 via checked.be.