Dr. Bart Van bets: 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 Van bets
Largest movements
- Cash -€100,042
down €100,042 (-52.9%), from €189,238 to €89,196
mainly Investment in fixed assets (net) (-€118,263) and Debts after one year (-€61,132)
- Tangible fixed assets +€89,885
up €89,885 (+11.8%), from €758,593 to €848,477
of which Land and buildings: +€93,152
- Receivables within one year +€25,126
up €25,126 (+41.7%), from €60,323 to €85,449
of which Other amounts receivable: +€25,433
- Current investments +€24,362
up €24,362 (+47.2%), from €51,642 to €76,004
- Profit (loss) carried forward +€111,389
up €111,389 (+17.6%), from €632,493 to €743,883
- Debts after one year -€61,132
down €61,132 (-16.0%), from €381,999 to €320,866
- Tax, wage and social debts -€14,854
down €14,854 (-81.8%), from €18,154 to €3,300
of which Taxes: -€14,854
- Gross operating margin -€36,541
down €36,541 (-12.9%), from €283,751 to €247,210
- Other operating charges -€19,270
down €19,270 (-79.1%), from €24,374 to €5,104
- Taxes -€5,622
down €5,622 (-11.0%), from €51,247 to €45,625
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 | €1,118,525 | €1,149,679 | +€31,154 | +2.8% |
| Fixed assets | 21/28 | €776,473 | €857,417 | +€80,945 | +10.4% |
| Intangible fixed assets | 21 | €17,880 | €8,940 | -€8,940 | -50.0% |
| Tangible fixed assets | 22/27 | €758,593 | €848,477 | +€89,885 | +11.8% |
| Land and buildings | 22 | €697,334 | €790,486 | +€93,152 | +13.4% |
| Plant, machinery and equipment | 23 | €5,852 | €4,819 | -€1,033 | -17.7% |
| Furniture and vehicles | 24 | €55,406 | €53,172 | -€2,234 | -4.0% |
| Current assets | 29/58 | €342,052 | €292,262 | -€49,790 | -14.6% |
| Amounts receivable within one year | 40/41 | €60,323 | €85,449 | +€25,126 | +41.7% |
| Trade receivables | 40 | €307 | - | -€307 | |
| Other amounts receivable | 41 | €60,016 | €85,449 | +€25,433 | +42.4% |
| Current investments | 50/53 | €51,642 | €76,004 | +€24,362 | +47.2% |
| Cash at bank and in hand | 54/58 | €189,238 | €89,196 | -€100,042 | -52.9% |
| Deferred charges and accrued income | 490/1 | €40,849 | €41,613 | +€764 | +1.9% |
| Total equity and liabilities | 10/49 | €1,118,525 | €1,149,679 | +€31,154 | +2.8% |
| Equity | 10/15 | €652,953 | €764,343 | +€111,389 | +17.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €632,493 | €743,883 | +€111,389 | +17.6% |
| Amounts payable | 17/49 | €465,572 | €385,337 | -€80,235 | -17.2% |
| Amounts payable after more than one year | 17 | €381,999 | €320,866 | -€61,132 | -16.0% |
| Financial debts | 170/4 | €381,999 | €320,866 | -€61,132 | -16.0% |
| Amounts payable within one year | 42/48 | €83,573 | €64,470 | -€19,103 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €65,419 | €61,132 | -€4,287 | -6.6% |
| Trade debts | 44 | - | €38 | +€38 | |
| Suppliers | 440/4 | - | €38 | +€38 | |
| Taxes, remuneration and social security | 45 | €18,154 | €3,300 | -€14,854 | -81.8% |
| Taxes | 450/3 | €14,854 | - | -€14,854 | |
| Remuneration and social security | 454/9 | €3,300 | €3,300 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,774 | €37,318 | +€544 | +1.5% |
| Other operating charges | 640/8 | €24,374 | €5,104 | -€19,270 | -79.1% |
| Gross operating margin | 9900 | €283,751 | €247,210 | -€36,541 | -12.9% |
| Operating profit (loss) | 9901 | €222,603 | €204,788 | -€17,815 | -8.0% |
| Financial income | 75/76B | €3,240 | €4,407 | +€1,167 | +36.0% |
| Recurring financial income | 75 | €3,240 | €4,407 | +€1,167 | +36.0% |
| Financial charges | 65/66B | €10,598 | €11,003 | +€405 | +3.8% |
| Recurring financial charges | 65 | €10,598 | €11,003 | +€405 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €215,244 | €198,191 | -€17,053 | -7.9% |
| Income taxes | 67/77 | €51,247 | €45,625 | -€5,622 | -11.0% |
| Profit (loss) for the period | 9904 | €163,997 | €152,566 | -€11,431 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €163,997 | €152,566 | -€11,431 | -7.0% |
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 4 October 2026 via checked.be.