Dr. Bart Bouckaert: 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. Bart Bouckaert
Largest movements
- Current investments -€497,135
down €497,135 (-58.6%), from €848,547 to €351,412
- Cash +€329,789
up €329,789 (+350%), from €94,322 to €424,111
mainly Current investments (+€497,135) and Net result for the year (+€235,362)
- Tangible fixed assets +€53,524
up €53,524 (+370%), from €14,480 to €68,004
of which Furniture and vehicles: +€50,808
- Receivables within one year -€29,653
down €29,653 (-72.0%), from €41,193 to €11,540
of which Other amounts receivable: -€29,653
- Reserves -€184,648
down €184,648 (-19.1%), from €968,073 to €783,426
of which Distributable reserves: -€184,648
- Tax, wage and social debts +€37,944
up €37,944 (+137%), from €27,646 to €65,590
- Gross operating margin +€38,014
up €38,014 (+12.6%), from €301,660 to €339,675
- Taxes +€11,696
up €11,696 (+12.7%), from €92,141 to €103,837
- Financial income +€4,839
up €4,839 (+32.3%), from €14,984 to €19,823
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 | €998,677 | €855,253 | -€143,424 | -14.4% |
| Fixed assets | 21/28 | €14,507 | €68,031 | +€53,524 | +369% |
| Tangible fixed assets | 22/27 | €14,480 | €68,004 | +€53,524 | +370% |
| Plant, machinery and equipment | 23 | €5,405 | €8,121 | +€2,716 | +50.3% |
| Furniture and vehicles | 24 | €9,075 | €59,883 | +€50,808 | +560% |
| Financial fixed assets | 28 | €27 | €27 | = | 0.0% |
| Current assets | 29/58 | €984,171 | €787,222 | -€196,948 | -20.0% |
| Amounts receivable within one year | 40/41 | €41,193 | €11,540 | -€29,653 | -72.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €41,193 | €11,540 | -€29,653 | -72.0% |
| Current investments | 50/53 | €848,547 | €351,412 | -€497,135 | -58.6% |
| Cash at bank and in hand | 54/58 | €94,322 | €424,111 | +€329,789 | +350% |
| Deferred charges and accrued income | 490/1 | €109 | €160 | +€51 | +46.5% |
| Total equity and liabilities | 10/49 | €998,677 | €855,253 | -€143,424 | -14.4% |
| Equity | 10/15 | €968,119 | €783,471 | -€184,648 | -19.1% |
| Reserves | 13 | €968,073 | €783,426 | -€184,648 | -19.1% |
| Tax-exempt reserves | 132 | €103 | €103 | = | 0.0% |
| Distributable reserves | 133 | €967,970 | €783,322 | -€184,648 | -19.1% |
| Profit (loss) carried forward | 14 | €46 | €46 | = | 0.0% |
| Amounts payable | 17/49 | €30,558 | €71,782 | +€41,223 | +135% |
| Amounts payable within one year | 42/48 | €30,558 | €71,782 | +€41,223 | +135% |
| Trade debts | 44 | €2,912 | €6,192 | +€3,279 | +113% |
| Suppliers | 440/4 | €2,912 | €6,192 | +€3,279 | +113% |
| Taxes, remuneration and social security | 45 | €27,646 | €65,590 | +€37,944 | +137% |
| Taxes | 450/3 | €27,646 | €65,590 | +€37,944 | +137% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,632 | €16,968 | +€1,335 | +8.5% |
| Other operating charges | 640/8 | €3,620 | €2,391 | -€1,229 | -34.0% |
| Non-recurring operating charges | 66A | €209 | €594 | +€385 | +184% |
| Gross operating margin | 9900 | €301,660 | €339,675 | +€38,014 | +12.6% |
| Operating profit (loss) | 9901 | €282,199 | €319,722 | +€37,524 | +13.3% |
| Financial income | 75/76B | €14,984 | €19,823 | +€4,839 | +32.3% |
| Recurring financial income | 75 | €14,984 | €19,823 | +€4,839 | +32.3% |
| Financial charges | 65/66B | €269 | €346 | +€77 | +28.5% |
| Recurring financial charges | 65 | €269 | €346 | +€77 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €296,914 | €339,199 | +€42,286 | +14.2% |
| Income taxes | 67/77 | €92,141 | €103,837 | +€11,696 | +12.7% |
| Profit (loss) for the period | 9904 | €204,773 | €235,362 | +€30,589 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €204,773 | €235,362 | +€30,589 | +14.9% |
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 19 October 2026 via checked.be.