Dr. Bart Van Coppenolle: 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 Van Coppenolle
Largest movements
- Current investments +€53,138
up €53,138 (+30.4%), from €175,000 to €228,138
- Cash -€32,665
down €32,665 (-13.9%), from €234,357 to €201,692
mainly Current investments (-€53,138) and Contributions, distributions and other (-€48,661)
- Reserves +€34,602
up €34,602 (+12.1%), from €286,242 to €320,844
- Tax, wage and social debts -€11,163
down €11,163 (-58.7%), from €19,012 to €7,848
of which Taxes: -€11,250
- Trade debts +€9,645
up €9,645 (+350%), from €2,759 to €12,405
- Other debts -€7,895
down €7,895 (-9.1%), from €87,069 to €79,174
- Gross operating margin -€11,695
down €11,695 (-9.2%), from €127,792 to €116,097
- Financial income +€3,245
up €3,245 (+3,245%), from €100 to €3,345
- Taxes -€2,517
down €2,517 (-6.9%), from €36,250 to €33,732
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 | €413,682 | €438,871 | +€25,188 | +6.1% |
| Fixed assets | 21/28 | €4,325 | €2,889 | -€1,437 | -33.2% |
| Tangible fixed assets | 22/27 | €4,325 | €2,889 | -€1,437 | -33.2% |
| Plant, machinery and equipment | 23 | €311 | €41 | -€270 | -86.9% |
| Furniture and vehicles | 24 | €1,364 | €198 | -€1,166 | -85.5% |
| Other tangible fixed assets | 26 | €2,650 | €2,650 | = | 0.0% |
| Current assets | 29/58 | €409,357 | €435,982 | +€26,625 | +6.5% |
| Amounts receivable within one year | 40/41 | €0 | €1,772 | +€1,772 | |
| Other amounts receivable | 41 | €0 | €1,772 | +€1,772 | |
| Current investments | 50/53 | €175,000 | €228,138 | +€53,138 | +30.4% |
| Cash at bank and in hand | 54/58 | €234,357 | €201,692 | -€32,665 | -13.9% |
| Deferred charges and accrued income | 490/1 | €0 | €4,380 | +€4,380 | |
| Total equity and liabilities | 10/49 | €413,682 | €438,871 | +€25,188 | +6.1% |
| Equity | 10/15 | €304,842 | €339,444 | +€34,602 | +11.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €286,242 | €320,844 | +€34,602 | +12.1% |
| Distributable reserves | 133 | €286,242 | €320,844 | +€34,602 | +12.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €108,840 | €99,427 | -€9,413 | -8.6% |
| Amounts payable within one year | 42/48 | €108,840 | €99,427 | -€9,413 | -8.6% |
| Trade debts | 44 | €2,759 | €12,405 | +€9,645 | +350% |
| Suppliers | 440/4 | €2,759 | €12,405 | +€9,645 | +350% |
| Taxes, remuneration and social security | 45 | €19,012 | €7,848 | -€11,163 | -58.7% |
| Taxes | 450/3 | €16,368 | €5,118 | -€11,250 | -68.7% |
| Remuneration and social security | 454/9 | €2,644 | €2,730 | +€86 | +3.3% |
| Other amounts payable | 47/48 | €87,069 | €79,174 | -€7,895 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,437 | €1,437 | = | 0.0% |
| Other operating charges | 640/8 | €886 | €912 | +€25 | +2.9% |
| Gross operating margin | 9900 | €127,792 | €116,097 | -€11,695 | -9.2% |
| Operating profit (loss) | 9901 | €125,469 | €113,749 | -€11,721 | -9.3% |
| Financial income | 75/76B | €100 | €3,345 | +€3,245 | +3,245% |
| Recurring financial income | 75 | €100 | €3,345 | +€3,245 | +3,245% |
| Financial charges | 65/66B | €562 | €99 | -€464 | -82.5% |
| Recurring financial charges | 65 | €562 | €99 | -€464 | -82.5% |
| Profit (loss) for the period before taxes | 9903 | €125,007 | €116,995 | -€8,012 | -6.4% |
| Income taxes | 67/77 | €36,250 | €33,732 | -€2,517 | -6.9% |
| Profit (loss) for the period | 9904 | €88,757 | €83,263 | -€5,494 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €88,757 | €83,263 | -€5,494 | -6.2% |
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.