Dr. An Vanacker: what changed
Two fiscal 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 Vanacker
Largest movements
- Cash +€403,305
up €403,305 (+520.3%), from €77,511 to €480,816
mainly Net result for the year (+€415,673) and Other debts (+€377,670)
- Deferred charges and accrued income -€16,511
down €16,511 (-98.3%), from €16,803 to €292
- Receivables within one year -€13,056
down €13,056 (-6.7%), from €194,604 to €181,548
- Other debts +€377,670
up €377,670 (+258.6%), from €146,066 to €523,736
- Trade debts +€68,287
up €68,287 (+2421.5%), from €2,820 to €71,107
- Reserves -€40,000
down €40,000 (-40.0%), from €100,000 to €60,000
- Tax, wage and social debts -€27,850
down €27,850 (-88.7%), from €31,400 to €3,550
- Gross operating margin +€147,954
up €147,954 (+36.0%), from €410,980 to €558,934
- Taxes +€41,764
up €41,764 (+41.9%), from €99,638 to €141,403
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 | €289,376 | €663,156 | +€373,780 | +129.2% |
| Fixed assets | 21/28 | €458 | €500 | +€42 | +9.2% |
| Tangible fixed assets | 22/27 | €458 | - | -€458 | |
| Plant, machinery and equipment | 23 | €458 | - | -€458 | |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €288,918 | €662,656 | +€373,738 | +129.4% |
| Amounts receivable within one year | 40/41 | €194,604 | €181,548 | -€13,056 | -6.7% |
| Other amounts receivable | 41 | €194,604 | €181,548 | -€13,056 | -6.7% |
| Cash at bank and in hand | 54/58 | €77,511 | €480,816 | +€403,305 | +520.3% |
| Deferred charges and accrued income | 490/1 | €16,803 | €292 | -€16,511 | -98.3% |
| Total equity and liabilities | 10/49 | €289,376 | €663,156 | +€373,780 | +129.2% |
| Equity | 10/15 | €109,090 | €64,763 | -€44,327 | -40.6% |
| Contributions | 10/11 | €60 | €60 | = | 0.0% |
| Reserves | 13 | €100,000 | €60,000 | -€40,000 | -40.0% |
| Distributable reserves | 133 | €100,000 | €60,000 | -€40,000 | -40.0% |
| Profit (loss) carried forward | 14 | €9,030 | €4,703 | -€4,327 | -47.9% |
| Amounts payable | 17/49 | €180,286 | €598,393 | +€418,107 | +231.9% |
| Amounts payable within one year | 42/48 | €180,286 | €598,393 | +€418,107 | +231.9% |
| Trade debts | 44 | €2,820 | €71,107 | +€68,287 | +2421.5% |
| Suppliers | 440/4 | €2,820 | €71,107 | +€68,287 | +2421.5% |
| Taxes, remuneration and social security | 45 | €31,400 | €3,550 | -€27,850 | -88.7% |
| Taxes | 450/3 | €31,400 | €3,550 | -€27,850 | -88.7% |
| Other amounts payable | 47/48 | €146,066 | €523,736 | +€377,670 | +258.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €568 | €458 | -€111 | -19.5% |
| Other operating charges | 640/8 | €2,884 | €2,078 | -€806 | -28.0% |
| Gross operating margin | 9900 | €410,980 | €558,934 | +€147,954 | +36.0% |
| Operating profit (loss) | 9901 | €407,527 | €556,398 | +€148,871 | +36.5% |
| Financial income | 75/76B | €836 | €762 | -€74 | -8.8% |
| Recurring financial income | 75 | €836 | €762 | -€74 | -8.8% |
| Financial charges | 65/66B | €74 | €85 | +€11 | +15.1% |
| Recurring financial charges | 65 | €74 | €85 | +€11 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €408,290 | €557,076 | +€148,786 | +36.4% |
| Income taxes | 67/77 | €99,638 | €141,403 | +€41,764 | +41.9% |
| Profit (loss) for the period | 9904 | €308,652 | €415,673 | +€107,021 | +34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €308,652 | €415,673 | +€107,021 | +34.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.