Dr. B. Van Boven: 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. B. Van Boven
Largest movements
- Current investments +€114,324
up €114,324 (+10.3%), from €1.1m to €1.2m
- Tangible fixed assets +€52,423
up €52,423 (+8.5%), from €617,346 to €669,769
of which Other tangible fixed assets: +€36,780
- Receivables within one year +€40,536
up €40,536 (+32.3%), from €125,483 to €166,019
of which Other amounts receivable: +€37,202
- Reserves +€206,391
up €206,391 (+15.8%), from €1.3m to €1.5m
of which Distributable reserves: +€242,552
- Gross operating margin -€34,360
down €34,360 (-8.2%), from €418,031 to €383,671
- Financial charges +€26,926
up €26,926 (+118%), from €22,883 to €49,809
- Taxes -€18,425
down €18,425 (-16.5%), from €111,471 to €93,046
- Financial income +€17,766
up €17,766 (+80.9%), from €21,968 to €39,735
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 | €2,109,898 | €2,319,099 | +€209,201 | +9.9% |
| Fixed assets | 21/28 | €618,913 | €671,336 | +€52,423 | +8.5% |
| Tangible fixed assets | 22/27 | €617,346 | €669,769 | +€52,423 | +8.5% |
| Land and buildings | 22 | €44,952 | €45,352 | +€400 | +0.9% |
| Plant, machinery and equipment | 23 | €9,663 | €5,068 | -€4,594 | -47.5% |
| Furniture and vehicles | 24 | €105,813 | €125,650 | +€19,837 | +18.7% |
| Other tangible fixed assets | 26 | €456,918 | €493,698 | +€36,780 | +8.0% |
| Financial fixed assets | 28 | €1,568 | €1,568 | = | 0.0% |
| Current assets | 29/58 | €1,490,984 | €1,647,763 | +€156,778 | +10.5% |
| Amounts receivable within one year | 40/41 | €125,483 | €166,019 | +€40,536 | +32.3% |
| Trade receivables | 40 | €125,483 | €128,817 | +€3,334 | +2.7% |
| Other amounts receivable | 41 | - | €37,202 | +€37,202 | |
| Current investments | 50/53 | €1,107,902 | €1,222,227 | +€114,324 | +10.3% |
| Cash at bank and in hand | 54/58 | €250,996 | €252,046 | +€1,050 | +0.4% |
| Deferred charges and accrued income | 490/1 | €6,603 | €7,470 | +€867 | +13.1% |
| Total equity and liabilities | 10/49 | €2,109,898 | €2,319,099 | +€209,201 | +9.9% |
| Equity | 10/15 | €1,337,140 | €1,543,531 | +€206,391 | +15.4% |
| Contributions | 10/11 | €27,120 | €27,120 | = | 0.0% |
| Reserves | 13 | €1,310,020 | €1,516,411 | +€206,391 | +15.8% |
| Tax-exempt reserves | 132 | €252,600 | €216,439 | -€36,161 | -14.3% |
| Distributable reserves | 133 | €1,057,420 | €1,299,972 | +€242,552 | +22.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €772,757 | €775,568 | +€2,810 | +0.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €745,731 | €726,432 | -€19,299 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €6,764 | €0 | -€6,764 | -100% |
| Trade debts | 44 | €7,724 | €14,998 | +€7,274 | +94.2% |
| Suppliers | 440/4 | €7,724 | €14,998 | +€7,274 | +94.2% |
| Taxes, remuneration and social security | 45 | €31,366 | €29,390 | -€1,976 | -6.3% |
| Taxes | 450/3 | €28,207 | €26,231 | -€1,976 | -7.0% |
| Remuneration and social security | 454/9 | €3,159 | €3,159 | = | 0.0% |
| Other amounts payable | 47/48 | €699,876 | €682,043 | -€17,833 | -2.5% |
| Accrued charges and deferred income | 492/3 | €27,026 | €49,136 | +€22,110 | +81.8% |
| Non-recurring operating income | 76A | €1,386 | €2,445 | +€1,059 | +76.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,383 | €66,799 | +€2,416 | +3.8% |
| Other operating charges | 640/8 | €6,558 | €7,361 | +€803 | +12.2% |
| Gross operating margin | 9900 | €418,031 | €383,671 | -€34,360 | -8.2% |
| Operating profit (loss) | 9901 | €347,090 | €309,511 | -€37,579 | -10.8% |
| Financial income | 75/76B | €21,968 | €39,735 | +€17,766 | +80.9% |
| Recurring financial income | 75 | €21,968 | €39,735 | +€17,766 | +80.9% |
| Financial charges | 65/66B | €22,883 | €49,809 | +€26,926 | +118% |
| Recurring financial charges | 65 | €22,883 | €49,809 | +€26,926 | +118% |
| Profit (loss) for the period before taxes | 9903 | €346,175 | €299,437 | -€46,738 | -13.5% |
| Income taxes | 67/77 | €111,471 | €93,046 | -€18,425 | -16.5% |
| Profit (loss) for the period | 9904 | €234,704 | €206,391 | -€28,313 | -12.1% |
| Transfer from tax-exempt reserves | 789 | €0 | €120,361 | +€120,361 | |
| Transfer to tax-exempt reserves | 689 | €0 | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €234,704 | €242,552 | +€7,848 | +3.3% |
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 30 October 2026 via checked.be.