Dr. Bart Embrecht: 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 Embrecht
Largest movements
- Cash +€11,915
up €11,915 (+2.3%), from €509,136 to €521,051
mainly Net result for the year (+€455,553) and Deferred charges and accrued income (+€4,466)
- Current investments +€11,689
up €11,689 (+52.1%), from €22,422 to €34,111
- Reserves +€80,553
up €80,553 (+182.6%), from €44,111 to €124,664
- Tax, wage and social debts -€34,659
down €34,659 (-61.8%), from €56,108 to €21,448
- Other debts -€25,215
down €25,215 (-5.9%), from €428,850 to €403,635
- Gross operating margin +€150,632
up €150,632 (+33.2%), from €454,236 to €604,868
- Taxes +€37,294
up €37,294 (+34.0%), from €109,552 to €146,846
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 | €536,901 | €555,629 | +€18,727 | +3.5% |
| Fixed assets | 21/28 | €410 | €0 | -€410 | -100.0% |
| Tangible fixed assets | 22/27 | €410 | €0 | -€410 | -100.0% |
| Furniture and vehicles | 24 | €410 | €0 | -€410 | -100.0% |
| Current assets | 29/58 | €536,491 | €555,629 | +€19,138 | +3.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €466 | €466 | = | 0.0% |
| Other amounts receivable | 41 | €466 | €466 | = | 0.0% |
| Current investments | 50/53 | €22,422 | €34,111 | +€11,689 | +52.1% |
| Cash at bank and in hand | 54/58 | €509,136 | €521,051 | +€11,915 | +2.3% |
| Deferred charges and accrued income | 490/1 | €4,466 | €0 | -€4,466 | -100.0% |
| Total equity and liabilities | 10/49 | €536,901 | €555,629 | +€18,727 | +3.5% |
| Equity | 10/15 | €45,111 | €125,664 | +€80,553 | +178.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €44,111 | €124,664 | +€80,553 | +182.6% |
| Distributable reserves | 133 | €44,111 | €124,664 | +€80,553 | +182.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €491,790 | €429,965 | -€61,826 | -12.6% |
| Amounts payable within one year | 42/48 | €491,790 | €429,965 | -€61,826 | -12.6% |
| Trade debts | 44 | €6,833 | €4,882 | -€1,951 | -28.6% |
| Suppliers | 440/4 | €6,833 | €4,882 | -€1,951 | -28.6% |
| Taxes, remuneration and social security | 45 | €56,108 | €21,448 | -€34,659 | -61.8% |
| Taxes | 450/3 | €56,108 | €21,448 | -€34,659 | -61.8% |
| Other amounts payable | 47/48 | €428,850 | €403,635 | -€25,215 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €515 | €410 | -€104 | -20.3% |
| Other operating charges | 640/8 | €1,190 | €2,010 | +€820 | +68.9% |
| Gross operating margin | 9900 | €454,236 | €604,868 | +€150,632 | +33.2% |
| Operating profit (loss) | 9901 | €452,531 | €602,448 | +€149,916 | +33.1% |
| Financial income | 75/76B | €2,506 | €1,158 | -€1,348 | -53.8% |
| Recurring financial income | 75 | €2,506 | €1,158 | -€1,348 | -53.8% |
| Financial charges | 65/66B | €1,375 | €1,207 | -€167 | -12.2% |
| Recurring financial charges | 65 | €1,375 | €1,207 | -€167 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €453,663 | €602,399 | +€148,736 | +32.8% |
| Income taxes | 67/77 | €109,552 | €146,846 | +€37,294 | +34.0% |
| Profit (loss) for the period | 9904 | €344,111 | €455,553 | +€111,442 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €344,111 | €455,553 | +€111,442 | +32.4% |
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 10 October 2026 via checked.be.