Dr. Alexander Ryckaert: 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 Ryckaert
Largest movements
- Deferred charges and accrued income +€50,867
up €50,867 (+249%), from €20,419 to €71,285
- Current investments +€43,235
up €43,235 (+28.6%), from €151,053 to €194,288
- Cash +€31,670
up €31,670 (+134%), from €23,624 to €55,295
mainly Net result for the year (+€352,560) and Depreciation (+€35,110)
- Reserves +€352,560
up €352,560 (+24.5%), from €1.4m to €1.8m
of which Distributable reserves: +€352,560
- Other debts -€222,767
down €222,767 (-99.3%), from €224,419 to €1,652
- Debts after one year -€47,314
down €47,314 (-11.9%), from €397,476 to €350,161
- Gross operating margin +€39,070
up €39,070 (+8.4%), from €464,932 to €504,002
- Taxes +€19,561
up €19,561 (+13.6%), from €143,808 to €163,369
- Financial income +€7,826
up €7,826 (+15.9%), from €49,351 to €57,178
- Financial charges -€5,547
down €5,547 (-48.6%), from €11,423 to €5,876
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 | €2,181,266 | €2,298,471 | +€117,206 | +5.4% |
| Fixed assets | 21/28 | €909,845 | €895,144 | -€14,701 | -1.6% |
| Tangible fixed assets | 22/27 | €298,525 | €278,554 | -€19,971 | -6.7% |
| Land and buildings | 22 | €283,884 | €255,141 | -€28,743 | -10.1% |
| Plant, machinery and equipment | 23 | €5,647 | €16,604 | +€10,957 | +194% |
| Furniture and vehicles | 24 | €4,072 | €1,887 | -€2,185 | -53.7% |
| Other tangible fixed assets | 26 | €4,922 | €4,922 | = | 0.0% |
| Financial fixed assets | 28 | €611,320 | €616,590 | +€5,270 | +0.9% |
| Current assets | 29/58 | €1,271,421 | €1,403,328 | +€131,907 | +10.4% |
| Amounts receivable after more than one year | 29 | €716,720 | €737,800 | +€21,080 | +2.9% |
| Other amounts receivable | 291 | €716,720 | €737,800 | +€21,080 | +2.9% |
| Amounts receivable within one year | 40/41 | €359,605 | €344,660 | -€14,946 | -4.2% |
| Trade receivables | 40 | €1,080 | €14,653 | +€13,573 | +1,257% |
| Other amounts receivable | 41 | €358,525 | €330,007 | -€28,519 | -8.0% |
| Current investments | 50/53 | €151,053 | €194,288 | +€43,235 | +28.6% |
| Cash at bank and in hand | 54/58 | €23,624 | €55,295 | +€31,670 | +134% |
| Deferred charges and accrued income | 490/1 | €20,419 | €71,285 | +€50,867 | +249% |
| Total equity and liabilities | 10/49 | €2,181,266 | €2,298,471 | +€117,206 | +5.4% |
| Equity | 10/15 | €1,451,165 | €1,803,725 | +€352,560 | +24.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,438,765 | €1,791,325 | +€352,560 | +24.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,436,905 | €1,789,465 | +€352,560 | +24.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €730,101 | €494,746 | -€235,355 | -32.2% |
| Amounts payable after more than one year | 17 | €397,476 | €350,161 | -€47,314 | -11.9% |
| Financial debts | 170/4 | €397,476 | €350,161 | -€47,314 | -11.9% |
| Amounts payable within one year | 42/48 | €328,473 | €144,576 | -€183,897 | -56.0% |
| Current portion of amounts payable after more than one year | 42 | €60,355 | €69,961 | +€9,606 | +15.9% |
| Trade debts | 44 | €4,278 | €21,877 | +€17,598 | +411% |
| Suppliers | 440/4 | €4,278 | €21,877 | +€17,598 | +411% |
| Taxes, remuneration and social security | 45 | €39,422 | €51,087 | +€11,665 | +29.6% |
| Taxes | 450/3 | €35,922 | €47,587 | +€11,665 | +32.5% |
| Remuneration and social security | 454/9 | €3,500 | €3,500 | = | 0.0% |
| Other amounts payable | 47/48 | €224,419 | €1,652 | -€222,767 | -99.3% |
| Accrued charges and deferred income | 492/3 | €4,152 | €9 | -€4,143 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,503 | €35,110 | +€1,607 | +4.8% |
| Other operating charges | 640/8 | €4,548 | €4,264 | -€283 | -6.2% |
| Gross operating margin | 9900 | €464,932 | €504,002 | +€39,070 | +8.4% |
| Operating profit (loss) | 9901 | €426,882 | €464,628 | +€37,747 | +8.8% |
| Financial income | 75/76B | €49,351 | €57,178 | +€7,826 | +15.9% |
| Recurring financial income | 75 | €49,351 | €57,178 | +€7,826 | +15.9% |
| Financial charges | 65/66B | €11,423 | €5,876 | -€5,547 | -48.6% |
| Recurring financial charges | 65 | €11,423 | €5,876 | -€5,547 | -48.6% |
| Profit (loss) for the period before taxes | 9903 | €464,810 | €515,930 | +€51,120 | +11.0% |
| Income taxes | 67/77 | €143,808 | €163,369 | +€19,561 | +13.6% |
| Profit (loss) for the period | 9904 | €321,002 | €352,560 | +€31,558 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €321,002 | €352,560 | +€31,558 | +9.8% |
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 31 October 2026 via checked.be.