Dr. An Vanderborght: 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 Vanderborght
Largest movements
- Tangible fixed assets -€43,308
down €43,308 (-5.9%), from €740,006 to €696,698
of which Land and buildings: -€38,347
- Cash +€17,179
up €17,179 (+88.0%), from €19,525 to €36,703
mainly Net result for the year (+€61,521) and Depreciation (+€52,077)
- Deferred charges and accrued income +€15,785
up €15,785 (+33.0%), from €47,822 to €63,607
- Reserves +€61,521
up €61,521 (+30.6%), from €200,895 to €262,415
- Debts after one year -€53,964
down €53,964 (-18.3%), from €295,405 to €241,441
- Other debts -€33,036
down €33,036 (-75.1%), from €44,003 to €10,967
- Gross operating margin +€39,292
up €39,292 (+34.4%), from €114,098 to €153,390
- Depreciation +€19,548
up €19,548 (+60.1%), from €32,529 to €52,077
- Taxes +€7,510
up €7,510 (+34.3%), from €21,905 to €29,415
- Other operating charges +€1,778
up €1,778 (+75.5%), from €2,353 to €4,130
- Financial income +€1,732
up €1,732 (+70.8%), from €2,447 to €4,179
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 | €814,515 | €799,058 | -€15,457 | -1.9% |
| Fixed assets | 21/28 | €741,006 | €697,948 | -€43,058 | -5.8% |
| Tangible fixed assets | 22/27 | €740,006 | €696,698 | -€43,308 | -5.9% |
| Land and buildings | 22 | €635,875 | €597,529 | -€38,347 | -6.0% |
| Plant, machinery and equipment | 23 | €7,667 | €13,556 | +€5,889 | +76.8% |
| Furniture and vehicles | 24 | €96,463 | €85,614 | -€10,850 | -11.2% |
| Financial fixed assets | 28 | €1,000 | €1,250 | +€250 | +25.0% |
| Current assets | 29/58 | €73,509 | €101,109 | +€27,601 | +37.5% |
| Amounts receivable within one year | 40/41 | €6,162 | €799 | -€5,363 | -87.0% |
| Trade receivables | 40 | - | €639 | +€639 | |
| Other amounts receivable | 41 | €6,162 | €160 | -€6,002 | -97.4% |
| Cash at bank and in hand | 54/58 | €19,525 | €36,703 | +€17,179 | +88.0% |
| Deferred charges and accrued income | 490/1 | €47,822 | €63,607 | +€15,785 | +33.0% |
| Total equity and liabilities | 10/49 | €814,515 | €799,058 | -€15,457 | -1.9% |
| Equity | 10/15 | €399,395 | €460,915 | +€61,521 | +15.4% |
| Contributions | 10/11 | €198,500 | €198,500 | = | 0.0% |
| Reserves | 13 | €200,895 | €262,415 | +€61,521 | +30.6% |
| Distributable reserves | 133 | €200,895 | €262,415 | +€61,521 | +30.6% |
| Amounts payable | 17/49 | €415,120 | €338,142 | -€76,978 | -18.5% |
| Amounts payable after more than one year | 17 | €295,405 | €241,441 | -€53,964 | -18.3% |
| Financial debts | 170/4 | €295,405 | €241,441 | -€53,964 | -18.3% |
| Amounts payable within one year | 42/48 | €115,086 | €93,124 | -€21,961 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €52,700 | €53,964 | +€1,264 | +2.4% |
| Financial debts | 43 | €6,791 | €6,743 | -€47 | -0.7% |
| Credit institutions | 430/8 | €6,791 | €6,743 | -€47 | -0.7% |
| Trade debts | 44 | €5,233 | €8,372 | +€3,140 | +60.0% |
| Suppliers | 440/4 | €5,233 | €8,372 | +€3,140 | +60.0% |
| Taxes, remuneration and social security | 45 | €6,359 | €13,077 | +€6,718 | +106% |
| Taxes | 450/3 | €5,551 | €12,401 | +€6,850 | +123% |
| Remuneration and social security | 454/9 | €808 | €676 | -€132 | -16.3% |
| Other amounts payable | 47/48 | €44,003 | €10,967 | -€33,036 | -75.1% |
| Accrued charges and deferred income | 492/3 | €4,629 | €3,577 | -€1,052 | -22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,529 | €52,077 | +€19,548 | +60.1% |
| Other operating charges | 640/8 | €2,353 | €4,130 | +€1,778 | +75.5% |
| Gross operating margin | 9900 | €114,098 | €153,390 | +€39,292 | +34.4% |
| Operating profit (loss) | 9901 | €79,216 | €97,183 | +€17,967 | +22.7% |
| Financial income | 75/76B | €2,447 | €4,179 | +€1,732 | +70.8% |
| Recurring financial income | 75 | €2,447 | €4,179 | +€1,732 | +70.8% |
| Financial charges | 65/66B | €9,471 | €10,426 | +€955 | +10.1% |
| Recurring financial charges | 65 | €9,471 | €10,426 | +€955 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €72,192 | €90,935 | +€18,743 | +26.0% |
| Income taxes | 67/77 | €21,905 | €29,415 | +€7,510 | +34.3% |
| Profit (loss) for the period | 9904 | €50,287 | €61,521 | +€11,233 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,287 | €61,521 | +€11,233 | +22.3% |
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 30 October 2026 via checked.be.