Dr. A. Van Leemput: 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. Van Leemput
Largest movements
- Cash +€170,472
up €170,472 (+20.9%), from €815,438 to €985,911
mainly Net result for the year (+€185,978) and Depreciation (+€5,003)
- Reserves +€185,978
up €185,978 (+24.1%), from €771,627 to €957,605
- Gross operating margin +€31,924
up €31,924 (+14.0%), from €227,961 to €259,885
- Taxes +€7,741
up €7,741 (+15.7%), from €49,406 to €57,147
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 | €1,004,769 | €1,179,553 | +€174,784 | +17.4% |
| Fixed assets | 21/28 | €148,577 | €143,574 | -€5,003 | -3.4% |
| Tangible fixed assets | 22/27 | €148,487 | €143,484 | -€5,003 | -3.4% |
| Land and buildings | 22 | €147,526 | €143,243 | -€4,283 | -2.9% |
| Furniture and vehicles | 24 | €961 | €242 | -€719 | -74.8% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €856,192 | €1,035,979 | +€179,786 | +21.0% |
| Amounts receivable within one year | 40/41 | €40,028 | €49,416 | +€9,388 | +23.5% |
| Trade receivables | 40 | €29,434 | €35,969 | +€6,535 | +22.2% |
| Other amounts receivable | 41 | €10,594 | €13,447 | +€2,853 | +26.9% |
| Cash at bank and in hand | 54/58 | €815,438 | €985,911 | +€170,472 | +20.9% |
| Deferred charges and accrued income | 490/1 | €726 | €652 | -€74 | -10.1% |
| Total equity and liabilities | 10/49 | €1,004,769 | €1,179,553 | +€174,784 | +17.4% |
| Equity | 10/15 | €790,177 | €976,155 | +€185,978 | +23.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €771,627 | €957,605 | +€185,978 | +24.1% |
| Distributable reserves | 133 | €771,627 | €957,605 | +€185,978 | +24.1% |
| Amounts payable | 17/49 | €214,592 | €203,398 | -€11,194 | -5.2% |
| Amounts payable within one year | 42/48 | €214,356 | €203,398 | -€10,958 | -5.1% |
| Trade debts | 44 | €3,888 | €493 | -€3,395 | -87.3% |
| Suppliers | 440/4 | €3,888 | €493 | -€3,395 | -87.3% |
| Taxes, remuneration and social security | 45 | €4,901 | €2,327 | -€2,574 | -52.5% |
| Taxes | 450/3 | €4,901 | - | -€4,901 | |
| Remuneration and social security | 454/9 | - | €2,327 | +€2,327 | |
| Other amounts payable | 47/48 | €205,567 | €200,578 | -€4,989 | -2.4% |
| Accrued charges and deferred income | 492/3 | €236 | - | -€236 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,003 | €5,003 | -€1 | 0.0% |
| Other operating charges | 640/8 | €664 | €844 | +€180 | +27.0% |
| Gross operating margin | 9900 | €227,961 | €259,885 | +€31,924 | +14.0% |
| Operating profit (loss) | 9901 | €222,293 | €254,038 | +€31,745 | +14.3% |
| Financial charges | 65/66B | €9,862 | €10,913 | +€1,052 | +10.7% |
| Recurring financial charges | 65 | €9,862 | €10,913 | +€1,052 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €212,431 | €243,125 | +€30,694 | +14.4% |
| Income taxes | 67/77 | €49,406 | €57,147 | +€7,741 | +15.7% |
| Profit (loss) for the period | 9904 | €163,025 | €185,978 | +€22,953 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €163,025 | €185,978 | +€22,953 | +14.1% |
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 13 October 2026 via checked.be.