DR. AN LANCKMAN: 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. AN LANCKMAN
Largest movements
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Tangible fixed assets -€26,853
down €26,853 (-14.1%), from €190,049 to €163,197
of which Furniture and vehicles: -€18,160
- Receivables within one year -€10,452
down €10,452 (-24.1%), from €43,371 to €32,920
of which Trade receivables: -€9,658
- Cash -€6,951
down €6,951 (-35.6%), from €19,504 to €12,553
mainly Other debts (-€310,739) and Debts after one year (-€18,349)
- Other debts -€310,739
down €310,739 (-99.9%), from €310,930 to €191
- Reserves +€80,725
up €80,725 (+362.4%), from €22,275 to €103,000
of which Distributable reserves: +€80,725
- Debts after one year -€18,349
down €18,349 (-79.6%), from €23,049 to €4,699
- Trade debts +€7,226
up €7,226 (+107.3%), from €6,737 to €13,964
- Gross operating margin -€35,413
down €35,413 (-19.5%), from €181,838 to €146,426
- Other operating charges -€7,003
down €7,003 (-70.9%), from €9,879 to €2,876
- Taxes -€5,933
down €5,933 (-20.3%), from €29,224 to €23,291
- Staff costs +€2,946
up €2,946 (+67.4%), from €4,372 to €7,318
- Depreciation -€2,596
down €2,596 (-7.1%), from €36,810 to €34,214
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.
Cash bridge derived
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 | €457,183 | €215,263 | -€241,920 | -52.9% |
| Fixed assets | 21/28 | €190,049 | €163,197 | -€26,853 | -14.1% |
| Tangible fixed assets | 22/27 | €190,049 | €163,197 | -€26,853 | -14.1% |
| Land and buildings | 22 | €119,712 | €112,033 | -€7,679 | -6.4% |
| Plant, machinery and equipment | 23 | €4,212 | €3,198 | -€1,014 | -24.1% |
| Furniture and vehicles | 24 | €61,648 | €43,488 | -€18,160 | -29.5% |
| Other tangible fixed assets | 26 | €4,477 | €4,477 | = | 0.0% |
| Current assets | 29/58 | €267,134 | €52,067 | -€215,067 | -80.5% |
| Amounts receivable within one year | 40/41 | €43,371 | €32,920 | -€10,452 | -24.1% |
| Trade receivables | 40 | €23,692 | €14,034 | -€9,658 | -40.8% |
| Other amounts receivable | 41 | €19,680 | €18,886 | -€794 | -4.0% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €19,504 | €12,553 | -€6,951 | -35.6% |
| Deferred charges and accrued income | 490/1 | €4,259 | €6,594 | +€2,335 | +54.8% |
| Total equity and liabilities | 10/49 | €457,183 | €215,263 | -€241,920 | -52.9% |
| Equity | 10/15 | €84,760 | €165,663 | +€80,904 | +95.5% |
| Contributions | 10/11 | €62,485 | €62,485 | = | 0.0% |
| Reserves | 13 | €22,275 | €103,000 | +€80,725 | +362.4% |
| Tax-exempt reserves | 132 | €22,153 | €22,153 | = | 0.0% |
| Distributable reserves | 133 | €121 | €80,847 | +€80,725 | +66495.3% |
| Profit (loss) carried forward | 14 | - | €178 | +€178 | |
| Amounts payable | 17/49 | €372,424 | €49,600 | -€322,824 | -86.7% |
| Amounts payable after more than one year | 17 | €23,049 | €4,699 | -€18,349 | -79.6% |
| Financial debts | 170/4 | €23,049 | €4,699 | -€18,349 | -79.6% |
| Amounts payable within one year | 42/48 | €347,930 | €44,169 | -€303,760 | -87.3% |
| Current portion of amounts payable after more than one year | 42 | €17,654 | €18,349 | +€696 | +3.9% |
| Financial debts | 43 | €8,334 | €6,667 | -€1,667 | -20.0% |
| Credit institutions | 430/8 | €8,334 | €6,667 | -€1,667 | -20.0% |
| Trade debts | 44 | €6,737 | €13,964 | +€7,226 | +107.3% |
| Suppliers | 440/4 | €6,737 | €13,964 | +€7,226 | +107.3% |
| Taxes, remuneration and social security | 45 | €4,275 | €4,999 | +€724 | +16.9% |
| Taxes | 450/3 | €3,037 | €1,565 | -€1,472 | -48.5% |
| Remuneration and social security | 454/9 | €1,237 | €3,434 | +€2,196 | +177.5% |
| Other amounts payable | 47/48 | €310,930 | €191 | -€310,739 | -99.9% |
| Accrued charges and deferred income | 492/3 | €1,445 | €731 | -€714 | -49.4% |
| Non-recurring operating income | 76A | €8,793 | - | -€8,793 | |
| Remuneration, social security and pensions | 62 | €4,372 | €7,318 | +€2,946 | +67.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,810 | €34,214 | -€2,596 | -7.1% |
| Other operating charges | 640/8 | €9,879 | €2,876 | -€7,003 | -70.9% |
| Non-recurring operating charges | 66A | €1,030 | - | -€1,030 | |
| Gross operating margin | 9900 | €181,838 | €146,426 | -€35,413 | -19.5% |
| Operating profit (loss) | 9901 | €129,748 | €102,018 | -€27,730 | -21.4% |
| Financial income | 75/76B | €3,984 | €4,688 | +€704 | +17.7% |
| Recurring financial income | 75 | €3,984 | €4,688 | +€704 | +17.7% |
| Financial charges | 65/66B | €3,916 | €2,511 | -€1,405 | -35.9% |
| Recurring financial charges | 65 | €3,916 | €2,511 | -€1,405 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €129,816 | €104,195 | -€25,621 | -19.7% |
| Income taxes | 67/77 | €29,224 | €23,291 | -€5,933 | -20.3% |
| Profit (loss) for the period | 9904 | €100,592 | €80,904 | -€19,688 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €100,592 | €80,904 | -€19,688 | -19.6% |
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 11 October 2026 via checked.be.