DR ALAIN POTAZNIK: 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 ALAIN POTAZNIK
Largest movements
- Current investments +€150,000
up €150,000 (+55.6%), from €270,000 to €420,000
- Cash -€33,998
down €33,998 (-30.5%), from €111,475 to €77,477
mainly Current investments (-€150,000) and Deferred charges and accrued income (-€6,126)
- Deferred charges and accrued income +€6,126
up €6,126 (+25.7%), from €23,818 to €29,944
- Reserves +€117,849
up €117,849 (+35.1%), from €336,041 to €453,890
of which Non-distributable reserves: +€121,900
- Gross operating margin +€53,627
up €53,627 (+31.1%), from €172,689 to €226,315
- Taxes +€14,657
up €14,657 (+41.4%), from €35,397 to €50,054
- Financial income -€6,114
no longer reported in 2025 (was €6,114)
- Staff costs +€4,093
up €4,093 (+7.9%), from €52,126 to €56,219
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 | €409,818 | €532,397 | +€122,579 | +29.9% |
| Fixed assets | 21/28 | €2,923 | €1,555 | -€1,367 | -46.8% |
| Tangible fixed assets | 22/27 | €1,878 | €510 | -€1,367 | -72.8% |
| Plant, machinery and equipment | 23 | €1,818 | €510 | -€1,307 | -71.9% |
| Other tangible fixed assets | 26 | €60 | - | -€60 | |
| Financial fixed assets | 28 | €1,045 | €1,045 | = | 0.0% |
| Current assets | 29/58 | €406,896 | €530,842 | +€123,946 | +30.5% |
| Amounts receivable within one year | 40/41 | €1,603 | €3,421 | +€1,818 | +113% |
| Trade receivables | 40 | - | €3,421 | +€3,421 | |
| Other amounts receivable | 41 | €1,603 | - | -€1,603 | |
| Current investments | 50/53 | €270,000 | €420,000 | +€150,000 | +55.6% |
| Cash at bank and in hand | 54/58 | €111,475 | €77,477 | -€33,998 | -30.5% |
| Deferred charges and accrued income | 490/1 | €23,818 | €29,944 | +€6,126 | +25.7% |
| Total equity and liabilities | 10/49 | €409,818 | €532,397 | +€122,579 | +29.9% |
| Equity | 10/15 | €375,188 | €493,082 | +€117,894 | +31.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €336,041 | €453,890 | +€117,849 | +35.1% |
| Non-distributable reserves | 130/1 | €331,990 | €453,890 | +€121,900 | +36.7% |
| Reserves not available under the articles | 1311 | €331,990 | €453,890 | +€121,900 | +36.7% |
| Tax-exempt reserves | 132 | €4,051 | - | -€4,051 | |
| Profit (loss) carried forward | 14 | €26,746 | €26,792 | +€45 | +0.2% |
| Amounts payable | 17/49 | €34,631 | €39,315 | +€4,685 | +13.5% |
| Amounts payable within one year | 42/48 | €34,631 | €39,315 | +€4,685 | +13.5% |
| Trade debts | 44 | €10,444 | €9,647 | -€797 | -7.6% |
| Suppliers | 440/4 | €10,444 | €9,647 | -€797 | -7.6% |
| Taxes, remuneration and social security | 45 | €14,018 | €16,056 | +€2,038 | +14.5% |
| Taxes | 450/3 | - | €9,067 | +€9,067 | |
| Remuneration and social security | 454/9 | €14,018 | €6,989 | -€7,030 | -50.1% |
| Other amounts payable | 47/48 | €10,168 | €13,612 | +€3,444 | +33.9% |
| Remuneration, social security and pensions | 62 | €52,126 | €56,219 | +€4,093 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,627 | €1,367 | -€1,260 | -48.0% |
| Other operating charges | 640/8 | €450 | €400 | -€50 | -11.1% |
| Gross operating margin | 9900 | €172,689 | €226,315 | +€53,627 | +31.1% |
| Operating profit (loss) | 9901 | €117,485 | €168,329 | +€50,844 | +43.3% |
| Financial income | 75/76B | €6,114 | - | -€6,114 | |
| Recurring financial income | 75 | €6,114 | - | -€6,114 | |
| Financial charges | 65/66B | €311 | €381 | +€70 | +22.5% |
| Recurring financial charges | 65 | €311 | €381 | +€70 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €123,288 | €167,948 | +€44,660 | +36.2% |
| Income taxes | 67/77 | €35,397 | €50,054 | +€14,657 | +41.4% |
| Profit (loss) for the period | 9904 | €87,891 | €117,894 | +€30,003 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €87,891 | €117,894 | +€30,003 | +34.1% |
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 21 October 2026 via checked.be.