DR. ANN VANTRAPPEN: 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 VANTRAPPEN
Largest movements
- Cash +€216,233
up €216,233 (+122%), from €176,572 to €392,806
mainly Net result for the year (+€123,803) and Current investments (+€103,032)
- Current investments -€103,032
down €103,032 (-41.2%), from €250,000 to €146,968
- Receivables within one year +€32,781
up €32,781 (+31.5%), from €104,003 to €136,784
of which Trade receivables: +€25,350
- Tangible fixed assets -€26,792
down €26,792 (-17.0%), from €157,916 to €131,124
of which Land and buildings: -€25,753
- Reserves +€123,803
up €123,803 (+23.2%), from €533,880 to €657,683
- Gross operating margin +€15,024
up €15,024 (+7.8%), from €191,418 to €206,441
- Financial income +€6,083
up €6,083 (+573%), from €1,061 to €7,145
- Taxes +€5,744
up €5,744 (+11.9%), from €48,317 to €54,061
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 | €697,388 | €814,938 | +€117,550 | +16.9% |
| Fixed assets | 21/28 | €157,916 | €131,124 | -€26,792 | -17.0% |
| Tangible fixed assets | 22/27 | €157,916 | €131,124 | -€26,792 | -17.0% |
| Land and buildings | 22 | €141,227 | €115,475 | -€25,753 | -18.2% |
| Plant, machinery and equipment | 23 | €1,425 | €1,139 | -€286 | -20.1% |
| Furniture and vehicles | 24 | €10,263 | €9,510 | -€753 | -7.3% |
| Other tangible fixed assets | 26 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €539,472 | €683,814 | +€144,343 | +26.8% |
| Amounts receivable within one year | 40/41 | €104,003 | €136,784 | +€32,781 | +31.5% |
| Trade receivables | 40 | €104,003 | €129,353 | +€25,350 | +24.4% |
| Other amounts receivable | 41 | - | €7,432 | +€7,432 | |
| Current investments | 50/53 | €250,000 | €146,968 | -€103,032 | -41.2% |
| Cash at bank and in hand | 54/58 | €176,572 | €392,806 | +€216,233 | +122% |
| Deferred charges and accrued income | 490/1 | €8,897 | €7,256 | -€1,640 | -18.4% |
| Total equity and liabilities | 10/49 | €697,388 | €814,938 | +€117,550 | +16.9% |
| Equity | 10/15 | €546,280 | €670,083 | +€123,803 | +22.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €533,880 | €657,683 | +€123,803 | +23.2% |
| Distributable reserves | 133 | €533,880 | €657,683 | +€123,803 | +23.2% |
| Amounts payable | 17/49 | €151,107 | €144,855 | -€6,253 | -4.1% |
| Amounts payable after more than one year | 17 | €20,000 | €20,000 | = | 0.0% |
| Financial debts | 170/4 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €131,107 | €124,855 | -€6,253 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €8,313 | €9,998 | +€1,684 | +20.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,482 | €1,305 | -€177 | -12.0% |
| Suppliers | 440/4 | €1,482 | €1,305 | -€177 | -12.0% |
| Taxes, remuneration and social security | 45 | €40,196 | €33,251 | -€6,945 | -17.3% |
| Taxes | 450/3 | €37,777 | €30,832 | -€6,945 | -18.4% |
| Remuneration and social security | 454/9 | €2,419 | €2,419 | = | 0.0% |
| Other amounts payable | 47/48 | €81,116 | €80,302 | -€814 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,323 | €28,550 | +€227 | +0.8% |
| Other operating charges | 640/8 | €3,976 | €3,556 | -€420 | -10.6% |
| Gross operating margin | 9900 | €191,418 | €206,441 | +€15,024 | +7.8% |
| Operating profit (loss) | 9901 | €159,118 | €174,335 | +€15,217 | +9.6% |
| Financial income | 75/76B | €1,061 | €7,145 | +€6,083 | +573% |
| Recurring financial income | 75 | €1,061 | €7,145 | +€6,083 | +573% |
| Financial charges | 65/66B | €1,920 | €3,615 | +€1,696 | +88.3% |
| Recurring financial charges | 65 | €1,920 | €3,615 | +€1,696 | +88.3% |
| Profit (loss) for the period before taxes | 9903 | €158,260 | €177,864 | +€19,604 | +12.4% |
| Income taxes | 67/77 | €48,317 | €54,061 | +€5,744 | +11.9% |
| Profit (loss) for the period | 9904 | €109,943 | €123,803 | +€13,860 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €109,943 | €123,803 | +€13,860 | +12.6% |
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 25 October 2026 via checked.be.