Dr. Axel Bulckaert: 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. Axel Bulckaert
Largest movements
- Cash +€123,055
up €123,055 (+589%), from €20,885 to €143,940
mainly Net result for the year (+€115,378) and Tax, wage and social debts (+€30,909)
- Deferred charges and accrued income +€1,825
up €1,825 (+8.1%), from €22,419 to €24,244
- Reserves +€115,378
up €115,378 (+676%), from €17,060 to €132,439
- Tax, wage and social debts +€30,909
up €30,909 (+679%), from €4,550 to €35,459
- Trade debts -€19,373
down €19,373 (-91.4%), from €21,195 to €1,822
- Gross operating margin +€129,744
up €129,744 (+600%), from €21,610 to €151,354
- Taxes +€30,909
up €30,909 (+679%), from €4,550 to €35,459
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 | €43,304 | €169,819 | +€126,515 | +292% |
| Current assets | 29/58 | €43,304 | €169,819 | +€126,515 | +292% |
| Amounts receivable within one year | 40/41 | - | €636 | +€636 | |
| Other amounts receivable | 41 | - | €636 | +€636 | |
| Current investments | 50/53 | - | €1,000 | +€1,000 | |
| Cash at bank and in hand | 54/58 | €20,885 | €143,940 | +€123,055 | +589% |
| Deferred charges and accrued income | 490/1 | €22,419 | €24,244 | +€1,825 | +8.1% |
| Total equity and liabilities | 10/49 | €43,304 | €169,819 | +€126,515 | +292% |
| Equity | 10/15 | €17,160 | €132,539 | +€115,378 | +672% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €17,060 | €132,439 | +€115,378 | +676% |
| Distributable reserves | 133 | €17,060 | €132,439 | +€115,378 | +676% |
| Amounts payable | 17/49 | €26,144 | €37,281 | +€11,137 | +42.6% |
| Amounts payable within one year | 42/48 | €26,144 | €37,281 | +€11,137 | +42.6% |
| Trade debts | 44 | €21,195 | €1,822 | -€19,373 | -91.4% |
| Suppliers | 440/4 | €21,195 | €1,822 | -€19,373 | -91.4% |
| Taxes, remuneration and social security | 45 | €4,550 | €35,459 | +€30,909 | +679% |
| Taxes | 450/3 | €4,550 | €35,459 | +€30,909 | +679% |
| Other amounts payable | 47/48 | €399 | - | -€399 | |
| Other operating charges | 640/8 | - | €453 | +€453 | |
| Gross operating margin | 9900 | €21,610 | €151,354 | +€129,744 | +600% |
| Operating profit (loss) | 9901 | €21,610 | €150,901 | +€129,291 | +598% |
| Financial charges | 65/66B | - | €63 | +€63 | |
| Recurring financial charges | 65 | - | €63 | +€63 | |
| Profit (loss) for the period before taxes | 9903 | €21,610 | €150,838 | +€129,227 | +598% |
| Income taxes | 67/77 | €4,550 | €35,459 | +€30,909 | +679% |
| Profit (loss) for the period | 9904 | €17,060 | €115,378 | +€98,318 | +576% |
| Profit (loss) for the period to be appropriated | 9905 | €17,060 | €115,378 | +€98,318 | +576% |
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 27 October 2026 via checked.be.