Dr. Alexander - Dr. Bedert: 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. Alexander - Dr. Bedert
Largest movements
- Current investments +€366,088
up €366,088 (+17.5%), from €2.1m to €2.5m
- Cash +€118,843
up €118,843 (+71.1%), from €167,265 to €286,108
mainly Net result for the year (+€694,469) and Tax, wage and social debts (+€98,576)
- Receivables within one year +€39,088
up €39,088 (+362%), from €10,794 to €49,882
of which Other amounts receivable: +€38,833
- Reserves +€426,086
up €426,086 (+19.2%), from €2.2m to €2.6m
of which Distributable reserves: +€426,086
- Tax, wage and social debts +€98,576
up €98,576 (+564%), from €17,478 to €116,054
- Gross operating margin +€298,259
up €298,259 (+43.3%), from €688,953 to €987,212
- Taxes +€99,752
up €99,752 (+43.3%), from €230,415 to €330,167
- Financial income +€12,209
up €12,209 (+20.4%), from €59,790 to €71,999
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 | €2,335,125 | €2,837,911 | +€502,786 | +21.5% |
| Fixed assets | 21/28 | €47,085 | €34,205 | -€12,880 | -27.4% |
| Tangible fixed assets | 22/27 | €47,085 | €34,205 | -€12,880 | -27.4% |
| Plant, machinery and equipment | 23 | €188 | - | -€188 | |
| Furniture and vehicles | 24 | €46,897 | €34,205 | -€12,692 | -27.1% |
| Current assets | 29/58 | €2,288,040 | €2,803,706 | +€515,666 | +22.5% |
| Amounts receivable within one year | 40/41 | €10,794 | €49,882 | +€39,088 | +362% |
| Trade receivables | 40 | €14 | €270 | +€255 | +1,766% |
| Other amounts receivable | 41 | €10,780 | €49,613 | +€38,833 | +360% |
| Current investments | 50/53 | €2,097,851 | €2,463,939 | +€366,088 | +17.5% |
| Cash at bank and in hand | 54/58 | €167,265 | €286,108 | +€118,843 | +71.1% |
| Deferred charges and accrued income | 490/1 | €12,130 | €3,778 | -€8,352 | -68.9% |
| Total equity and liabilities | 10/49 | €2,335,125 | €2,837,911 | +€502,786 | +21.5% |
| Equity | 10/15 | €2,232,806 | €2,658,892 | +€426,086 | +19.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,220,406 | €2,646,492 | +€426,086 | +19.2% |
| Non-distributable reserves | 130/1 | €15,647 | €15,647 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,647 | €15,647 | = | 0.0% |
| Distributable reserves | 133 | €2,204,759 | €2,630,845 | +€426,086 | +19.3% |
| Amounts payable | 17/49 | €102,319 | €179,020 | +€76,701 | +75.0% |
| Amounts payable within one year | 42/48 | €94,451 | €171,298 | +€76,847 | +81.4% |
| Trade debts | 44 | €4,933 | €2,742 | -€2,191 | -44.4% |
| Suppliers | 440/4 | €4,933 | €2,742 | -€2,191 | -44.4% |
| Taxes, remuneration and social security | 45 | €17,478 | €116,054 | +€98,576 | +564% |
| Taxes | 450/3 | €17,478 | €116,054 | +€98,576 | +564% |
| Other amounts payable | 47/48 | €72,041 | €52,502 | -€19,538 | -27.1% |
| Accrued charges and deferred income | 492/3 | €7,868 | €7,721 | -€146 | -1.9% |
| Non-recurring operating income | 76A | €250 | - | -€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,259 | €12,880 | -€1,379 | -9.7% |
| Other operating charges | 640/8 | €4,828 | €6,496 | +€1,669 | +34.6% |
| Gross operating margin | 9900 | €688,953 | €987,212 | +€298,259 | +43.3% |
| Operating profit (loss) | 9901 | €669,866 | €967,836 | +€297,970 | +44.5% |
| Financial income | 75/76B | €59,790 | €71,999 | +€12,209 | +20.4% |
| Recurring financial income | 75 | €59,790 | €71,999 | +€12,209 | +20.4% |
| Financial charges | 65/66B | €9,828 | €15,199 | +€5,371 | +54.6% |
| Recurring financial charges | 65 | €9,828 | €15,199 | +€5,371 | +54.6% |
| Profit (loss) for the period before taxes | 9903 | €719,828 | €1,024,636 | +€304,808 | +42.3% |
| Income taxes | 67/77 | €230,415 | €330,167 | +€99,752 | +43.3% |
| Profit (loss) for the period | 9904 | €489,414 | €694,469 | +€205,055 | +41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €489,414 | €694,469 | +€205,055 | +41.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.