DR. ANN MANDERVELT: 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. ANN MANDERVELT
Largest movements
- Current investments +€198,648
up €198,648 (+43.8%), from €453,741 to €652,389
- Cash -€91,342
down €91,342 (-32.3%), from €282,614 to €191,272
mainly Current investments (-€198,648) and Contributions, distributions and other (-€100,951)
- Deferred charges and accrued income +€42,883
up €42,883 (+69.3%), from €61,885 to €104,768
- Reserves +€83,215
up €83,215 (+12.3%), from €679,168 to €762,382
- Other debts +€39,261
up €39,261 (+48.5%), from €80,888 to €120,149
- Short-term financial debts +€20,191
new in 2025: €20,191
- Debts after one year -€10,764
down €10,764 (-85.7%), from €12,567 to €1,803
- Financial income +€8,438
up €8,438 (+59.0%), from €14,309 to €22,746
- Gross operating margin +€3,036
up €3,036 (+1.2%), from €246,935 to €249,971
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 | €826,167 | €965,142 | +€138,975 | +16.8% |
| Fixed assets | 21/28 | €23,203 | €15,298 | -€7,904 | -34.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €23,203 | €15,298 | -€7,904 | -34.1% |
| Plant, machinery and equipment | 23 | €661 | €3,420 | +€2,760 | +418% |
| Furniture and vehicles | 24 | €22,542 | €11,878 | -€10,664 | -47.3% |
| Current assets | 29/58 | €802,964 | €949,844 | +€146,880 | +18.3% |
| Amounts receivable within one year | 40/41 | €4,725 | €1,416 | -€3,309 | -70.0% |
| Trade receivables | 40 | €4,725 | €1,416 | -€3,309 | -70.0% |
| Current investments | 50/53 | €453,741 | €652,389 | +€198,648 | +43.8% |
| Cash at bank and in hand | 54/58 | €282,614 | €191,272 | -€91,342 | -32.3% |
| Deferred charges and accrued income | 490/1 | €61,885 | €104,768 | +€42,883 | +69.3% |
| Total equity and liabilities | 10/49 | €826,167 | €965,142 | +€138,975 | +16.8% |
| Equity | 10/15 | €697,718 | €780,932 | +€83,215 | +11.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €679,168 | €762,382 | +€83,215 | +12.3% |
| Distributable reserves | 133 | €679,168 | €762,382 | +€83,215 | +12.3% |
| Amounts payable | 17/49 | €128,449 | €184,210 | +€55,761 | +43.4% |
| Amounts payable after more than one year | 17 | €12,567 | €1,803 | -€10,764 | -85.7% |
| Financial debts | 170/4 | €12,567 | €1,803 | -€10,764 | -85.7% |
| Amounts payable within one year | 42/48 | €115,882 | €182,407 | +€66,525 | +57.4% |
| Current portion of amounts payable after more than one year | 42 | €10,674 | €10,764 | +€90 | +0.8% |
| Financial debts | 43 | - | €20,191 | +€20,191 | |
| Credit institutions | 430/8 | - | €20,191 | +€20,191 | |
| Trade debts | 44 | €2,415 | €2,820 | +€405 | +16.8% |
| Suppliers | 440/4 | €2,415 | €2,820 | +€405 | +16.8% |
| Taxes, remuneration and social security | 45 | €21,906 | €28,483 | +€6,578 | +30.0% |
| Taxes | 450/3 | €21,906 | €28,483 | +€6,578 | +30.0% |
| Other amounts payable | 47/48 | €80,888 | €120,149 | +€39,261 | +48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,415 | €11,718 | +€302 | +2.6% |
| Other operating charges | 640/8 | €685 | €537 | -€148 | -21.6% |
| Gross operating margin | 9900 | €246,935 | €249,971 | +€3,036 | +1.2% |
| Operating profit (loss) | 9901 | €234,835 | €237,717 | +€2,882 | +1.2% |
| Financial income | 75/76B | €14,309 | €22,746 | +€8,438 | +59.0% |
| Recurring financial income | 75 | €14,309 | €22,746 | +€8,438 | +59.0% |
| Financial charges | 65/66B | €1,380 | €1,905 | +€526 | +38.1% |
| Recurring financial charges | 65 | €1,380 | €1,905 | +€526 | +38.1% |
| Profit (loss) for the period before taxes | 9903 | €247,764 | €258,558 | +€10,794 | +4.4% |
| Income taxes | 67/77 | €73,890 | €74,393 | +€503 | +0.7% |
| Profit (loss) for the period | 9904 | €173,874 | €184,165 | +€10,291 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €173,874 | €184,165 | +€10,291 | +5.9% |
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 19 October 2026 via checked.be.