Dr. Barbara Veys: 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. Barbara Veys
Largest movements
- Current investments -€160,000
down €160,000 (-48.5%), from €330,000 to €170,000
- Cash -€71,015
down €71,015 (-39.2%), from €181,130 to €110,115
mainly Contributions, distributions and other (-€508,000) and Other debts (-€248,200)
- Deferred charges and accrued income +€21,746
up €21,746 (+754%), from €2,885 to €24,631
- Other debts -€248,200
down €248,200 (-51.7%), from €480,000 to €231,800
- Reserves +€33,674
up €33,674 (+378%), from €8,913 to €42,587
of which Tax-exempt reserves: +€42,100
- Gross operating margin +€71,660
up €71,660 (+11.1%), from €646,945 to €718,605
- Taxes +€16,443
up €16,443 (+10.3%), from €159,254 to €175,697
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 | €540,294 | €329,491 | -€210,802 | -39.0% |
| Fixed assets | 21/28 | €20,602 | €20,549 | -€53 | -0.3% |
| Tangible fixed assets | 22/27 | €20,602 | €20,549 | -€53 | -0.3% |
| Land and buildings | 22 | €19,217 | €16,422 | -€2,795 | -14.5% |
| Plant, machinery and equipment | 23 | €1,385 | €925 | -€460 | -33.2% |
| Furniture and vehicles | 24 | - | €3,202 | +€3,202 | |
| Current assets | 29/58 | €519,692 | €308,942 | -€210,749 | -40.6% |
| Amounts receivable within one year | 40/41 | €5,676 | €4,197 | -€1,479 | -26.1% |
| Other amounts receivable | 41 | €5,676 | €4,197 | -€1,479 | -26.1% |
| Current investments | 50/53 | €330,000 | €170,000 | -€160,000 | -48.5% |
| Cash at bank and in hand | 54/58 | €181,130 | €110,115 | -€71,015 | -39.2% |
| Deferred charges and accrued income | 490/1 | €2,885 | €24,631 | +€21,746 | +754% |
| Total equity and liabilities | 10/49 | €540,294 | €329,491 | -€210,802 | -39.0% |
| Equity | 10/15 | €27,513 | €61,187 | +€33,674 | +122% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,913 | €42,587 | +€33,674 | +378% |
| Tax-exempt reserves | 132 | - | €42,100 | +€42,100 | |
| Distributable reserves | 133 | €8,913 | €487 | -€8,426 | -94.5% |
| Amounts payable | 17/49 | €512,781 | €268,304 | -€244,477 | -47.7% |
| Amounts payable within one year | 42/48 | €512,781 | €268,304 | -€244,477 | -47.7% |
| Trade debts | 44 | - | €299 | +€299 | |
| Suppliers | 440/4 | - | €299 | +€299 | |
| Taxes, remuneration and social security | 45 | €32,781 | €36,205 | +€3,424 | +10.4% |
| Taxes | 450/3 | €32,781 | €36,205 | +€3,424 | +10.4% |
| Other amounts payable | 47/48 | €480,000 | €231,800 | -€248,200 | -51.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,255 | €3,680 | +€425 | +13.0% |
| Other operating charges | 640/8 | €1,588 | €1,298 | -€289 | -18.2% |
| Gross operating margin | 9900 | €646,945 | €718,605 | +€71,660 | +11.1% |
| Operating profit (loss) | 9901 | €642,102 | €713,627 | +€71,525 | +11.1% |
| Financial income | 75/76B | €5,570 | €3,817 | -€1,753 | -31.5% |
| Recurring financial income | 75 | €5,570 | €3,817 | -€1,753 | -31.5% |
| Financial charges | 65/66B | €105 | €72 | -€33 | -31.2% |
| Recurring financial charges | 65 | €105 | €72 | -€33 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €647,567 | €717,371 | +€69,804 | +10.8% |
| Income taxes | 67/77 | €159,254 | €175,697 | +€16,443 | +10.3% |
| Profit (loss) for the period | 9904 | €488,312 | €541,674 | +€53,362 | +10.9% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €488,312 | €499,574 | +€11,262 | +2.3% |
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 23 October 2026 via checked.be.