Dr. Anne Aerts: 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. Anne Aerts
Largest movements
- Receivables within one year -€81,361
down €81,361 (-28.0%), from €290,902 to €209,541
of which Other amounts receivable: -€71,582
- Cash +€42,922
up €42,922 (+215%), from €19,956 to €62,878
mainly Other debts (+€193,074) and Net result for the year (+€132,991)
- Other debts +€193,074
up €193,074 (+189%), from €102,052 to €295,127
- Reserves -€162,136
down €162,136 (-18.9%), from €859,389 to €697,253
- Current portion of long-term debt -€23,765
down €23,765 (-88.6%), from €26,817 to €3,052
- Short-term financial debts -€14,989
down €14,989 (-66.5%), from €22,530 to €7,542
of which Other loans: -€15,000
- Tax, wage and social debts -€12,421
down €12,421 (-33.2%), from €37,356 to €24,935
of which Taxes: -€8,864
- Financial income +€30,909
up €30,909 (+244%), from €12,686 to €43,595
- Depreciation -€20,327
down €20,327 (-38.9%), from €52,252 to €31,924
- Gross operating margin +€9,808
up €9,808 (+2.6%), from €379,966 to €389,774
- Taxes +€9,138
up €9,138 (+24.2%), from €37,758 to €46,896
- Staff costs -€7,209
down €7,209 (-3.3%), from €219,385 to €212,175
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 | €1,083,049 | €1,055,041 | -€28,007 | -2.6% |
| Fixed assets | 21/28 | €65,015 | €74,859 | +€9,845 | +15.1% |
| Tangible fixed assets | 22/27 | €65,015 | €74,859 | +€9,845 | +15.1% |
| Land and buildings | 22 | €18,612 | €44,254 | +€25,642 | +138% |
| Plant, machinery and equipment | 23 | €22,960 | €13,523 | -€9,437 | -41.1% |
| Furniture and vehicles | 24 | €23,443 | €17,083 | -€6,360 | -27.1% |
| Current assets | 29/58 | €1,018,034 | €980,182 | -€37,852 | -3.7% |
| Amounts receivable after more than one year | 29 | €73,000 | €73,000 | = | 0.0% |
| Other amounts receivable | 291 | €73,000 | €73,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €290,902 | €209,541 | -€81,361 | -28.0% |
| Trade receivables | 40 | €28,890 | €19,112 | -€9,778 | -33.8% |
| Other amounts receivable | 41 | €262,011 | €190,429 | -€71,582 | -27.3% |
| Current investments | 50/53 | €599,101 | €599,101 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,956 | €62,878 | +€42,922 | +215% |
| Deferred charges and accrued income | 490/1 | €35,075 | €35,661 | +€586 | +1.7% |
| Total equity and liabilities | 10/49 | €1,083,049 | €1,055,041 | -€28,007 | -2.6% |
| Equity | 10/15 | €871,789 | €709,653 | -€162,136 | -18.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €859,389 | €697,253 | -€162,136 | -18.9% |
| Distributable reserves | 133 | €859,389 | €697,253 | -€162,136 | -18.9% |
| Amounts payable | 17/49 | €211,260 | €345,388 | +€134,128 | +63.5% |
| Amounts payable after more than one year | 17 | €3,052 | - | -€3,052 | |
| Financial debts | 170/4 | €3,052 | - | -€3,052 | |
| Amounts payable within one year | 42/48 | €208,208 | €345,388 | +€137,181 | +65.9% |
| Current portion of amounts payable after more than one year | 42 | €26,817 | €3,052 | -€23,765 | -88.6% |
| Financial debts | 43 | €22,530 | €7,542 | -€14,989 | -66.5% |
| Credit institutions | 430/8 | €7,530 | €7,542 | +€11 | +0.2% |
| Other loans | 439 | €15,000 | - | -€15,000 | |
| Trade debts | 44 | €19,452 | €14,732 | -€4,720 | -24.3% |
| Suppliers | 440/4 | €19,452 | €14,732 | -€4,720 | -24.3% |
| Taxes, remuneration and social security | 45 | €37,356 | €24,935 | -€12,421 | -33.2% |
| Taxes | 450/3 | €13,672 | €4,808 | -€8,864 | -64.8% |
| Remuneration and social security | 454/9 | €23,684 | €20,127 | -€3,557 | -15.0% |
| Other amounts payable | 47/48 | €102,052 | €295,127 | +€193,074 | +189% |
| Remuneration, social security and pensions | 62 | €219,385 | €212,175 | -€7,209 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,252 | €31,924 | -€20,327 | -38.9% |
| Other operating charges | 640/8 | €4,229 | €4,365 | +€136 | +3.2% |
| Gross operating margin | 9900 | €379,966 | €389,774 | +€9,808 | +2.6% |
| Operating profit (loss) | 9901 | €104,100 | €141,309 | +€37,209 | +35.7% |
| Financial income | 75/76B | €12,686 | €43,595 | +€30,909 | +244% |
| Recurring financial income | 75 | €12,686 | €43,595 | +€30,909 | +244% |
| Financial charges | 65/66B | €5,617 | €5,018 | -€600 | -10.7% |
| Recurring financial charges | 65 | €5,617 | €5,018 | -€600 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €111,168 | €179,887 | +€68,718 | +61.8% |
| Income taxes | 67/77 | €37,758 | €46,896 | +€9,138 | +24.2% |
| Profit (loss) for the period | 9904 | €73,411 | €132,991 | +€59,580 | +81.2% |
| Profit (loss) for the period to be appropriated | 9905 | €73,411 | €132,991 | +€59,580 | +81.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.