Dr. An Nijs: 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 Nijs
Largest movements
- Receivables within one year +€629,965
up €629,965 (+212%), from €297,040 to €927,005
of which Trade receivables: +€633,248
- Current investments -€418,000
down €418,000 (-30.6%), from €1.4m to €945,999
- Cash +€270,114
up €270,114 (+104%), from €260,146 to €530,260
mainly Net result for the year (+€586,322) and Current investments (+€418,000)
- Reserves +€364,072
up €364,072 (+12.7%), from €2.9m to €3.2m
of which Distributable reserves: +€553,522
- Other debts +€107,903
new in 2025: €107,903
- Debts after one year -€46,823
down €46,823 (-66.5%), from €70,434 to €23,612
- Gross operating margin +€161,331
up €161,331 (+22.2%), from €726,639 to €887,970
- Taxes +€66,763
up €66,763 (+30.3%), from €220,684 to €287,447
- Financial income +€11,180
up €11,180 (+35.8%), from €31,230 to €42,410
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 | €3,128,768 | €3,572,153 | +€443,385 | +14.2% |
| Fixed assets | 21/28 | €1,191,145 | €1,155,552 | -€35,593 | -3.0% |
| Tangible fixed assets | 22/27 | €1,191,145 | €1,155,552 | -€35,593 | -3.0% |
| Land and buildings | 22 | €1,170,921 | €1,137,539 | -€33,382 | -2.9% |
| Plant, machinery and equipment | 23 | €3,016 | €2,505 | -€511 | -16.9% |
| Furniture and vehicles | 24 | €646 | €209 | -€437 | -67.6% |
| Other tangible fixed assets | 26 | €16,561 | €15,298 | -€1,263 | -7.6% |
| Current assets | 29/58 | €1,937,623 | €2,416,601 | +€478,978 | +24.7% |
| Amounts receivable within one year | 40/41 | €297,040 | €927,005 | +€629,965 | +212% |
| Trade receivables | 40 | €293,757 | €927,005 | +€633,248 | +216% |
| Other amounts receivable | 41 | €3,283 | - | -€3,283 | |
| Current investments | 50/53 | €1,363,999 | €945,999 | -€418,000 | -30.6% |
| Cash at bank and in hand | 54/58 | €260,146 | €530,260 | +€270,114 | +104% |
| Deferred charges and accrued income | 490/1 | €16,439 | €13,337 | -€3,101 | -18.9% |
| Total equity and liabilities | 10/49 | €3,128,768 | €3,572,153 | +€443,385 | +14.2% |
| Equity | 10/15 | €2,885,064 | €3,249,137 | +€364,072 | +12.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,872,664 | €3,236,737 | +€364,072 | +12.7% |
| Tax-exempt reserves | 132 | €484,150 | €294,700 | -€189,450 | -39.1% |
| Distributable reserves | 133 | €2,388,514 | €2,942,037 | +€553,522 | +23.2% |
| Amounts payable | 17/49 | €243,704 | €323,016 | +€79,313 | +32.5% |
| Amounts payable after more than one year | 17 | €70,434 | €23,612 | -€46,823 | -66.5% |
| Financial debts | 170/4 | €70,434 | €23,612 | -€46,823 | -66.5% |
| Amounts payable within one year | 42/48 | €172,981 | €295,227 | +€122,245 | +70.7% |
| Current portion of amounts payable after more than one year | 42 | €54,753 | €46,823 | -€7,931 | -14.5% |
| Trade debts | 44 | €2,792 | €2,630 | -€162 | -5.8% |
| Suppliers | 440/4 | €2,792 | €2,630 | -€162 | -5.8% |
| Taxes, remuneration and social security | 45 | €115,436 | €137,872 | +€22,435 | +19.4% |
| Taxes | 450/3 | €115,436 | €134,759 | +€19,322 | +16.7% |
| Remuneration and social security | 454/9 | - | €3,113 | +€3,113 | |
| Other amounts payable | 47/48 | - | €107,903 | +€107,903 | |
| Accrued charges and deferred income | 492/3 | €288 | €4,178 | +€3,890 | +1,351% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,804 | €48,501 | +€697 | +1.5% |
| Other operating charges | 640/8 | €2,157 | €1,900 | -€257 | -11.9% |
| Non-recurring operating charges | 66A | €1,388 | €363 | -€1,025 | -73.8% |
| Gross operating margin | 9900 | €726,639 | €887,970 | +€161,331 | +22.2% |
| Operating profit (loss) | 9901 | €675,290 | €837,206 | +€161,917 | +24.0% |
| Financial income | 75/76B | €31,230 | €42,410 | +€11,180 | +35.8% |
| Recurring financial income | 75 | €31,230 | €42,410 | +€11,180 | +35.8% |
| Financial charges | 65/66B | €9,675 | €5,847 | -€3,828 | -39.6% |
| Recurring financial charges | 65 | €9,675 | €5,847 | -€3,828 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €696,844 | €873,769 | +€176,925 | +25.4% |
| Income taxes | 67/77 | €220,684 | €287,447 | +€66,763 | +30.3% |
| Profit (loss) for the period | 9904 | €476,160 | €586,322 | +€110,162 | +23.1% |
| Transfer from tax-exempt reserves | 789 | €147,350 | €294,700 | +€147,350 | +100% |
| Transfer to tax-exempt reserves | 689 | €105,250 | €105,250 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €518,260 | €775,772 | +€257,512 | +49.7% |
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 31 October 2026 via checked.be.