DR. ANDRES BEELE: 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. ANDRES BEELE
Largest movements
- Current investments +€156,590
up €156,590 (+313%), from €50,000 to €206,590
- Cash +€48,072
up €48,072 (+19.5%), from €246,018 to €294,090
mainly Net result for the year (+€212,888) and Depreciation (+€6,922)
- Profit (loss) carried forward +€212,888
new in 2025: €212,888
- Other debts -€6,717
down €6,717 (-76.3%), from €8,802 to €2,084
- Gross operating margin +€13,059
up €13,059 (+4.8%), from €271,818 to €284,877
- Taxes +€5,229
up €5,229 (+8.5%), from €61,820 to €67,049
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 | €321,693 | €526,956 | +€205,263 | +63.8% |
| Fixed assets | 21/28 | €19,891 | €18,058 | -€1,833 | -9.2% |
| Tangible fixed assets | 22/27 | €19,891 | €17,433 | -€2,458 | -12.4% |
| Furniture and vehicles | 24 | €19,891 | €17,433 | -€2,458 | -12.4% |
| Financial fixed assets | 28 | - | €625 | +€625 | |
| Current assets | 29/58 | €301,802 | €508,897 | +€207,095 | +68.6% |
| Amounts receivable within one year | 40/41 | €3,804 | €5,002 | +€1,198 | +31.5% |
| Trade receivables | 40 | €224 | - | -€224 | |
| Other amounts receivable | 41 | €3,580 | €5,002 | +€1,422 | +39.7% |
| Current investments | 50/53 | €50,000 | €206,590 | +€156,590 | +313% |
| Cash at bank and in hand | 54/58 | €246,018 | €294,090 | +€48,072 | +19.5% |
| Deferred charges and accrued income | 490/1 | €1,979 | €3,215 | +€1,236 | +62.4% |
| Total equity and liabilities | 10/49 | €321,693 | €526,956 | +€205,263 | +63.8% |
| Equity | 10/15 | €306,365 | €519,253 | +€212,888 | +69.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €304,365 | €304,365 | = | 0.0% |
| Distributable reserves | 133 | €304,365 | €304,365 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €212,888 | +€212,888 | |
| Amounts payable | 17/49 | €15,328 | €7,702 | -€7,625 | -49.7% |
| Amounts payable within one year | 42/48 | €14,423 | €7,257 | -€7,167 | -49.7% |
| Trade debts | 44 | €1,121 | €672 | -€449 | -40.1% |
| Suppliers | 440/4 | €1,121 | €672 | -€449 | -40.1% |
| Taxes, remuneration and social security | 45 | €4,500 | €4,500 | = | 0.0% |
| Taxes | 450/3 | €4,500 | €4,500 | = | 0.0% |
| Other amounts payable | 47/48 | €8,802 | €2,084 | -€6,717 | -76.3% |
| Accrued charges and deferred income | 492/3 | €905 | €446 | -€459 | -50.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,735 | €6,922 | +€1,187 | +20.7% |
| Other operating charges | 640/8 | €813 | €686 | -€127 | -15.7% |
| Non-recurring operating charges | 66A | €7,300 | - | -€7,300 | |
| Gross operating margin | 9900 | €271,818 | €284,877 | +€13,059 | +4.8% |
| Operating profit (loss) | 9901 | €257,969 | €277,269 | +€19,300 | +7.5% |
| Financial income | 75/76B | €1,058 | €3,188 | +€2,130 | +201% |
| Recurring financial income | 75 | €1,058 | €3,188 | +€2,130 | +201% |
| Financial charges | 65/66B | €966 | €520 | -€446 | -46.2% |
| Recurring financial charges | 65 | €966 | €520 | -€446 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | €258,062 | €279,937 | +€21,875 | +8.5% |
| Income taxes | 67/77 | €61,820 | €67,049 | +€5,229 | +8.5% |
| Profit (loss) for the period | 9904 | €196,242 | €212,888 | +€16,646 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €196,242 | €212,888 | +€16,646 | +8.5% |
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 28 October 2026 via checked.be.