DR. ALIDA VAES: 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. ALIDA VAES
Largest movements
- Current investments +€50,264
up €50,264 (+25.2%), from €199,700 to €249,964
- Cash -€39,666
down €39,666 (-7.8%), from €510,849 to €471,183
mainly Contributions, distributions and other (-€91,518) and Current investments (-€50,264)
- Tangible fixed assets -€21,614
down €21,614 (-31.2%), from €69,245 to €47,631
of which Furniture and vehicles: -€21,105
- Deferred charges and accrued income +€10,381
up €10,381 (+11.4%), from €90,837 to €101,217
- Reserves +€63,238
up €63,238 (+10.0%), from €629,744 to €692,982
of which Distributable reserves: +€63,238
- Other debts -€31,529
down €31,529 (-25.6%), from €123,284 to €91,756
- Tax, wage and social debts -€20,398
down €20,398 (-42.1%), from €48,445 to €28,048
- Debts after one year -€13,156
down €13,156 (-29.5%), from €44,575 to €31,419
- Gross operating margin +€14,751
up €14,751 (+6.4%), from €230,587 to €245,338
- Taxes +€4,225
up €4,225 (+6.6%), from €63,905 to €68,129
- Financial income -€3,209
down €3,209 (-32.4%), from €9,910 to €6,701
- Depreciation +€3,030
up €3,030 (+16.3%), from €18,585 to €21,614
- Other operating charges -€2,772
down €2,772 (-81.0%), from €3,423 to €650
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 | €871,726 | €871,315 | -€411 | 0.0% |
| Fixed assets | 21/28 | €69,445 | €47,831 | -€21,614 | -31.1% |
| Tangible fixed assets | 22/27 | €69,245 | €47,631 | -€21,614 | -31.2% |
| Plant, machinery and equipment | 23 | €2,331 | €1,822 | -€509 | -21.8% |
| Furniture and vehicles | 24 | €66,914 | €45,809 | -€21,105 | -31.5% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €802,280 | €823,484 | +€21,204 | +2.6% |
| Amounts receivable within one year | 40/41 | €895 | €1,119 | +€225 | +25.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €895 | €1,119 | +€225 | +25.1% |
| Current investments | 50/53 | €199,700 | €249,964 | +€50,264 | +25.2% |
| Cash at bank and in hand | 54/58 | €510,849 | €471,183 | -€39,666 | -7.8% |
| Deferred charges and accrued income | 490/1 | €90,837 | €101,217 | +€10,381 | +11.4% |
| Total equity and liabilities | 10/49 | €871,726 | €871,315 | -€411 | 0.0% |
| Equity | 10/15 | €642,144 | €705,382 | +€63,238 | +9.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €629,744 | €692,982 | +€63,238 | +10.0% |
| 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 | €627,884 | €691,122 | +€63,238 | +10.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €229,582 | €165,933 | -€63,648 | -27.7% |
| Amounts payable after more than one year | 17 | €44,575 | €31,419 | -€13,156 | -29.5% |
| Financial debts | 170/4 | €44,575 | €31,419 | -€13,156 | -29.5% |
| Amounts payable within one year | 42/48 | €185,007 | €134,514 | -€50,492 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €12,684 | €13,156 | +€472 | +3.7% |
| Trade debts | 44 | €593 | €1,555 | +€962 | +162% |
| Suppliers | 440/4 | €593 | €1,555 | +€962 | +162% |
| Taxes, remuneration and social security | 45 | €48,445 | €28,048 | -€20,398 | -42.1% |
| Taxes | 450/3 | €48,445 | €28,048 | -€20,398 | -42.1% |
| Other amounts payable | 47/48 | €123,284 | €91,756 | -€31,529 | -25.6% |
| Remuneration, social security and pensions | 62 | €4,487 | €4,674 | +€188 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,585 | €21,614 | +€3,030 | +16.3% |
| Other operating charges | 640/8 | €3,423 | €650 | -€2,772 | -81.0% |
| Gross operating margin | 9900 | €230,587 | €245,338 | +€14,751 | +6.4% |
| Operating profit (loss) | 9901 | €204,093 | €218,398 | +€14,306 | +7.0% |
| Financial income | 75/76B | €9,910 | €6,701 | -€3,209 | -32.4% |
| Recurring financial income | 75 | €9,910 | €6,701 | -€3,209 | -32.4% |
| Financial charges | 65/66B | €2,313 | €2,215 | -€99 | -4.3% |
| Recurring financial charges | 65 | €2,313 | €2,215 | -€99 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €211,690 | €222,885 | +€11,195 | +5.3% |
| Income taxes | 67/77 | €63,905 | €68,129 | +€4,225 | +6.6% |
| Profit (loss) for the period | 9904 | €147,785 | €154,756 | +€6,971 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €147,785 | €154,756 | +€6,971 | +4.7% |
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 26 October 2026 via checked.be.