DR. BART VAN DE MEULEBROUKE: what changed
DR. BART VAN DE MEULEBROUKE
Largest movements
- Cash +€82,401
up €82,401 (+120%), from €68,652 to €151,054
mainly Net result for the year (+€126,944) and Receivables within one year (+€29,187)
- Current investments +€62,281
up €62,281 (+60.5%), from €102,983 to €165,264
- Receivables within one year -€29,187
down €29,187 (-99.9%), from €29,227 to €39
of which Other amounts receivable: -€28,070
- Deferred charges and accrued income +€14,782
up €14,782 (+15.6%), from €94,473 to €109,255
- Tangible fixed assets -€6,969
down €6,969 (-19.8%), from €35,269 to €28,300
of which Other tangible fixed assets: -€4,166
- Reserves +€97,054
up €97,054 (+30.1%), from €322,411 to €419,465
- Tax, wage and social debts +€15,484
up €15,484 (+183%), from €8,456 to €23,941
- Other debts +€9,529
new in 2025: €9,529
- Gross operating margin +€101,828
up €101,828 (+112%), from €91,046 to €192,874
- Taxes +€24,409
up €24,409 (+93.9%), from €25,985 to €50,394
- Other operating charges -€2,945
down €2,945 (-73.4%), from €4,011 to €1,066
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €331,604 | €454,867 | +€123,263 | +37.2% |
| Fixed assets | 21/28 | €36,269 | €29,254 | -€7,014 | -19.3% |
| Tangible fixed assets | 22/27 | €35,269 | €28,300 | -€6,969 | -19.8% |
| Plant, machinery and equipment | 23 | €1,767 | €1,334 | -€433 | -24.5% |
| Furniture and vehicles | 24 | €5,302 | €2,932 | -€2,370 | -44.7% |
| Other tangible fixed assets | 26 | €28,200 | €24,034 | -€4,166 | -14.8% |
| Financial fixed assets | 28 | €1,000 | €955 | -€45 | -4.5% |
| Current assets | 29/58 | €295,335 | €425,612 | +€130,277 | +44.1% |
| Amounts receivable within one year | 40/41 | €29,227 | €39 | -€29,187 | -99.9% |
| Trade receivables | 40 | €1,117 | €0 | -€1,117 | -100% |
| Other amounts receivable | 41 | €28,110 | €39 | -€28,070 | -99.9% |
| Current investments | 50/53 | €102,983 | €165,264 | +€62,281 | +60.5% |
| Cash at bank and in hand | 54/58 | €68,652 | €151,054 | +€82,401 | +120% |
| Deferred charges and accrued income | 490/1 | €94,473 | €109,255 | +€14,782 | +15.6% |
| Total equity and liabilities | 10/49 | €331,604 | €454,867 | +€123,263 | +37.2% |
| Equity | 10/15 | €322,411 | €419,465 | +€97,054 | +30.1% |
| Reserves | 13 | €322,411 | €419,465 | +€97,054 | +30.1% |
| Distributable reserves | 133 | €322,411 | €419,465 | +€97,054 | +30.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,193 | €35,402 | +€26,209 | +285% |
| Amounts payable within one year | 42/48 | €8,488 | €34,628 | +€26,140 | +308% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €32 | €1,158 | +€1,127 | +3,534% |
| Suppliers | 440/4 | €32 | €1,158 | +€1,127 | +3,534% |
| Taxes, remuneration and social security | 45 | €8,456 | €23,941 | +€15,484 | +183% |
| Taxes | 450/3 | €8,456 | €23,941 | +€15,484 | +183% |
| Other amounts payable | 47/48 | - | €9,529 | +€9,529 | |
| Accrued charges and deferred income | 492/3 | €705 | €773 | +€69 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,965 | €11,298 | +€332 | +3.0% |
| Other operating charges | 640/8 | €4,011 | €1,066 | -€2,945 | -73.4% |
| Gross operating margin | 9900 | €91,046 | €192,874 | +€101,828 | +112% |
| Operating profit (loss) | 9901 | €76,069 | €180,511 | +€104,441 | +137% |
| Financial income | 75/76B | €3,484 | €3,820 | +€336 | +9.6% |
| Recurring financial income | 75 | €3,484 | €3,820 | +€336 | +9.6% |
| Financial charges | 65/66B | €6,658 | €6,993 | +€335 | +5.0% |
| Recurring financial charges | 65 | €6,658 | €6,993 | +€335 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €72,896 | €177,338 | +€104,443 | +143% |
| Income taxes | 67/77 | €25,985 | €50,394 | +€24,409 | +93.9% |
| Profit (loss) for the period | 9904 | €46,910 | €126,944 | +€80,034 | +171% |
| Profit (loss) for the period to be appropriated | 9905 | €46,910 | €126,944 | +€80,034 | +171% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.