Dr. Bart Bollen: what changed
Two fiscal 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. Bart Bollen
Largest movements
- Current investments -€92,042
down €92,042 (-8.0%), from €1.2m to €1.1m
- Receivables within one year -€21,623
down €21,623 (-100.0%), from €21,623 to €0
- Tangible fixed assets -€19,469
down €19,469 (-32.0%), from €60,805 to €41,336
of which Furniture and vehicles: -€16,865
- Debts after one year -€243,057
down €243,057 (-38.3%), from €634,886 to €391,829
of which Other amounts payable: -€225,078
- Reserves +€61,051
up €61,051 (+8.5%), from €718,399 to €779,450
- Tax, wage and social debts +€27,843
up €27,843 (+90.8%), from €30,671 to €58,514
of which Taxes: +€27,734
- Financial income +€196,006
up €196,006 (+207.2%), from €94,600 to €290,606
- Taxes +€29,399
up €29,399 (+71.5%), from €41,106 to €70,504
- Financial charges +€6,595
up €6,595 (+11.9%), from €55,200 to €61,795
- Gross operating margin -€4,879
down €4,879 (-2.4%), from €207,082 to €202,203
- Staff costs +€3,241
up €3,241 (+7.7%), from €42,114 to €45,355
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.
Cash bridge derived
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 | €1,475,326 | €1,329,679 | -€145,647 | -9.9% |
| Fixed assets | 21/28 | €60,805 | €41,336 | -€19,469 | -32.0% |
| Tangible fixed assets | 22/27 | €60,805 | €41,336 | -€19,469 | -32.0% |
| Land and buildings | 22 | €6,874 | €5,331 | -€1,543 | -22.4% |
| Plant, machinery and equipment | 23 | €3,107 | €2,045 | -€1,062 | -34.2% |
| Furniture and vehicles | 24 | €50,825 | €33,960 | -€16,865 | -33.2% |
| Current assets | 29/58 | €1,414,521 | €1,288,344 | -€126,178 | -8.9% |
| Stocks and contracts in progress | 3 | €165,061 | €153,380 | -€11,681 | -7.1% |
| Contracts in progress | 37 | €165,061 | €153,380 | -€11,681 | -7.1% |
| Amounts receivable within one year | 40/41 | €21,623 | €0 | -€21,623 | -100.0% |
| Other amounts receivable | 41 | €21,623 | €0 | -€21,623 | -100.0% |
| Current investments | 50/53 | €1,150,767 | €1,058,724 | -€92,042 | -8.0% |
| Cash at bank and in hand | 54/58 | €52,941 | €60,203 | +€7,262 | +13.7% |
| Deferred charges and accrued income | 490/1 | €24,130 | €16,036 | -€8,094 | -33.5% |
| Total equity and liabilities | 10/49 | €1,475,326 | €1,329,679 | -€145,647 | -9.9% |
| Equity | 10/15 | €730,799 | €791,850 | +€61,051 | +8.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €718,399 | €779,450 | +€61,051 | +8.5% |
| Distributable reserves | 133 | €718,399 | €779,450 | +€61,051 | +8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €744,527 | €537,829 | -€206,698 | -27.8% |
| Amounts payable after more than one year | 17 | €634,886 | €391,829 | -€243,057 | -38.3% |
| Financial debts | 170/4 | €17,979 | €0 | -€17,979 | -100.0% |
| Other amounts payable | 178/9 | €616,907 | €391,829 | -€225,078 | -36.5% |
| Amounts payable within one year | 42/48 | €54,587 | €84,623 | +€30,036 | +55.0% |
| Current portion of amounts payable after more than one year | 42 | €21,126 | €17,979 | -€3,148 | -14.9% |
| Trade debts | 44 | €2,790 | €8,131 | +€5,341 | +191.4% |
| Suppliers | 440/4 | €2,790 | €8,131 | +€5,341 | +191.4% |
| Taxes, remuneration and social security | 45 | €30,671 | €58,514 | +€27,843 | +90.8% |
| Taxes | 450/3 | €26,251 | €53,984 | +€27,734 | +105.6% |
| Remuneration and social security | 454/9 | €4,420 | €4,529 | +€109 | +2.5% |
| Accrued charges and deferred income | 492/3 | €55,054 | €61,378 | +€6,323 | +11.5% |
| Remuneration, social security and pensions | 62 | €42,114 | €45,355 | +€3,241 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,582 | €20,728 | +€147 | +0.7% |
| Other operating charges | 640/8 | €5,274 | €4,736 | -€537 | -10.2% |
| Non-recurring operating charges | 66A | €3,100 | €0 | -€3,100 | -100.0% |
| Gross operating margin | 9900 | €207,082 | €202,203 | -€4,879 | -2.4% |
| Operating profit (loss) | 9901 | €136,013 | €131,383 | -€4,630 | -3.4% |
| Financial income | 75/76B | €94,600 | €290,606 | +€196,006 | +207.2% |
| Recurring financial income | 75 | €94,600 | €290,606 | +€196,006 | +207.2% |
| Financial charges | 65/66B | €55,200 | €61,795 | +€6,595 | +11.9% |
| Recurring financial charges | 65 | €55,200 | €61,795 | +€6,595 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €175,413 | €360,193 | +€184,780 | +105.3% |
| Income taxes | 67/77 | €41,106 | €70,504 | +€29,399 | +71.5% |
| Profit (loss) for the period | 9904 | €134,307 | €289,689 | +€155,382 | +115.7% |
| Profit (loss) for the period to be appropriated | 9905 | €134,307 | €289,689 | +€155,382 | +115.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.