DR.ANDRE VAN TICHELEN: 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.ANDRE VAN TICHELEN
Largest movements
- Current investments +€19,512
up €19,512 (+40.0%), from €48,780 to €68,292
- Receivables within one year +€14,054
up €14,054 (+114%), from €12,349 to €26,403
- Tangible fixed assets -€8,719
down €8,719 (-19.2%), from €45,350 to €36,631
of which Furniture and vehicles: -€9,279
- Receivables after one year -€5,394
down €5,394 (-13.2%), from €40,718 to €35,324
- Deferred charges and accrued income -€4,646
down €4,646 (-17.4%), from €26,640 to €21,994
- Reserves +€106,634
up €106,634 (+84.1%), from €126,860 to €233,494
of which Distributable reserves: +€106,634
- Profit (loss) carried forward -€72,733
no longer reported in 2025 (was €72,733)
- Debts after one year -€8,618
down €8,618 (-27.1%), from €31,760 to €23,143
- Other debts -€6,045
no longer reported in 2025 (was €6,045)
- Gross operating margin +€23,897
up €23,897 (+81.0%), from €29,516 to €53,413
- Taxes +€6,737
up €6,737 (+133%), from €5,065 to €11,802
- Financial income +€5,357
up €5,357 (+378%), from €1,416 to €6,773
- Depreciation +€4,463
up €4,463 (+61.1%), from €7,305 to €11,768
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 | €267,030 | €284,513 | +€17,484 | +6.5% |
| Fixed assets | 21/28 | €45,350 | €36,631 | -€8,719 | -19.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €45,350 | €36,631 | -€8,719 | -19.2% |
| Plant, machinery and equipment | 23 | €5,410 | €5,970 | +€560 | +10.4% |
| Furniture and vehicles | 24 | €39,940 | €30,661 | -€9,279 | -23.2% |
| Current assets | 29/58 | €221,679 | €247,882 | +€26,203 | +11.8% |
| Amounts receivable after more than one year | 29 | €40,718 | €35,324 | -€5,394 | -13.2% |
| Other amounts receivable | 291 | €40,718 | €35,324 | -€5,394 | -13.2% |
| Amounts receivable within one year | 40/41 | €12,349 | €26,403 | +€14,054 | +114% |
| Other amounts receivable | 41 | €12,349 | €26,403 | +€14,054 | +114% |
| Current investments | 50/53 | €48,780 | €68,292 | +€19,512 | +40.0% |
| Cash at bank and in hand | 54/58 | €93,192 | €95,870 | +€2,678 | +2.9% |
| Deferred charges and accrued income | 490/1 | €26,640 | €21,994 | -€4,646 | -17.4% |
| Total equity and liabilities | 10/49 | €267,030 | €284,513 | +€17,484 | +6.5% |
| Equity | 10/15 | €211,993 | €245,894 | +€33,901 | +16.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €126,860 | €233,494 | +€106,634 | +84.1% |
| 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 | €125,000 | €231,634 | +€106,634 | +85.3% |
| Profit (loss) carried forward | 14 | €72,733 | - | -€72,733 | |
| Amounts payable | 17/49 | €55,036 | €38,619 | -€16,417 | -29.8% |
| Amounts payable after more than one year | 17 | €31,760 | €23,143 | -€8,618 | -27.1% |
| Financial debts | 170/4 | €31,760 | €23,143 | -€8,618 | -27.1% |
| Amounts payable within one year | 42/48 | €23,104 | €15,476 | -€7,627 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €8,274 | €8,618 | +€344 | +4.2% |
| Trade debts | 44 | €2,272 | €1,237 | -€1,035 | -45.6% |
| Suppliers | 440/4 | €2,272 | €1,237 | -€1,035 | -45.6% |
| Taxes, remuneration and social security | 45 | €6,512 | €5,622 | -€891 | -13.7% |
| Taxes | 450/3 | €5,622 | €5,622 | -€0 | 0.0% |
| Remuneration and social security | 454/9 | €890 | - | -€890 | |
| Other amounts payable | 47/48 | €6,045 | - | -€6,045 | |
| Accrued charges and deferred income | 492/3 | €172 | - | -€172 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,305 | €11,768 | +€4,463 | +61.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €2,526 | - | -€2,526 | |
| Gross operating margin | 9900 | €29,516 | €53,413 | +€23,897 | +81.0% |
| Operating profit (loss) | 9901 | €19,298 | €41,245 | +€21,947 | +114% |
| Financial income | 75/76B | €1,416 | €6,773 | +€5,357 | +378% |
| Recurring financial income | 75 | €1,416 | €6,773 | +€5,357 | +378% |
| Financial charges | 65/66B | €2,572 | €2,315 | -€257 | -10.0% |
| Recurring financial charges | 65 | €2,572 | €2,315 | -€257 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €18,142 | €45,703 | +€27,560 | +152% |
| Income taxes | 67/77 | €5,065 | €11,802 | +€6,737 | +133% |
| Profit (loss) for the period | 9904 | €13,078 | €33,901 | +€20,823 | +159% |
| Profit (loss) for the period to be appropriated | 9905 | €13,078 | €33,901 | +€20,823 | +159% |
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 14 October 2026 via checked.be.