DR. BART VANGENCK: 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 VANGENCK
Largest movements
- Current investments +€411,838
up €411,838 (+29.4%), from €1.4m to €1.8m
- Cash -€249,637
down €249,637 (-39.3%), from €635,300 to €385,663
mainly Contributions, distributions and other (-€521,399) and Current investments (-€411,838)
- Receivables within one year +€79,811
up €79,811 (+46.2%), from €172,874 to €252,685
of which Trade receivables: +€70,898
- Tangible fixed assets +€79,101
up €79,101 (+10.9%), from €723,262 to €802,363
of which Furniture and vehicles: +€91,047
- Other debts +€451,709
up €451,709 (+59.2%), from €762,426 to €1.2m
- Reserves -€153,951
down €153,951 (-7.2%), from €2.1m to €2.0m
- Gross operating margin +€102,362
up €102,362 (+22.2%), from €460,663 to €563,026
- Financial income -€27,901
down €27,901 (-23.6%), from €118,064 to €90,162
- Taxes +€22,737
up €22,737 (+16.2%), from €140,270 to €163,007
- Depreciation +€20,746
up €20,746 (+75.7%), from €27,414 to €48,160
- Financial charges +€10,726
up €10,726 (+19.1%), from €56,029 to €66,756
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 | €2,933,680 | €3,254,792 | +€321,112 | +10.9% |
| Fixed assets | 21/28 | €723,262 | €802,363 | +€79,101 | +10.9% |
| Tangible fixed assets | 22/27 | €723,262 | €802,363 | +€79,101 | +10.9% |
| Land and buildings | 22 | €722,378 | €703,039 | -€19,340 | -2.7% |
| Plant, machinery and equipment | 23 | - | €7,394 | +€7,394 | |
| Furniture and vehicles | 24 | €883 | €91,930 | +€91,047 | +10,309% |
| Current assets | 29/58 | €2,210,418 | €2,452,429 | +€242,011 | +10.9% |
| Amounts receivable within one year | 40/41 | €172,874 | €252,685 | +€79,811 | +46.2% |
| Trade receivables | 40 | €154,450 | €225,347 | +€70,898 | +45.9% |
| Other amounts receivable | 41 | €18,424 | €27,337 | +€8,913 | +48.4% |
| Current investments | 50/53 | €1,402,243 | €1,814,081 | +€411,838 | +29.4% |
| Cash at bank and in hand | 54/58 | €635,300 | €385,663 | -€249,637 | -39.3% |
| Total equity and liabilities | 10/49 | €2,933,680 | €3,254,792 | +€321,112 | +10.9% |
| Equity | 10/15 | €2,160,766 | €2,006,815 | -€153,951 | -7.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,148,366 | €1,994,415 | -€153,951 | -7.2% |
| Distributable reserves | 133 | €2,148,366 | €1,994,415 | -€153,951 | -7.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €772,914 | €1,247,977 | +€475,063 | +61.5% |
| Amounts payable within one year | 42/48 | €772,914 | €1,247,977 | +€475,063 | +61.5% |
| Trade debts | 44 | €295 | €13,979 | +€13,684 | +4,640% |
| Suppliers | 440/4 | €295 | €13,979 | +€13,684 | +4,640% |
| Taxes, remuneration and social security | 45 | €10,193 | €19,863 | +€9,670 | +94.9% |
| Taxes | 450/3 | €10,193 | €19,863 | +€9,670 | +94.9% |
| Other amounts payable | 47/48 | €762,426 | €1,214,135 | +€451,709 | +59.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,414 | €48,160 | +€20,746 | +75.7% |
| Other operating charges | 640/8 | €5,769 | €7,817 | +€2,047 | +35.5% |
| Gross operating margin | 9900 | €460,663 | €563,026 | +€102,362 | +22.2% |
| Operating profit (loss) | 9901 | €427,479 | €507,048 | +€79,569 | +18.6% |
| Financial income | 75/76B | €118,064 | €90,162 | -€27,901 | -23.6% |
| Recurring financial income | 75 | €118,064 | €90,162 | -€27,901 | -23.6% |
| Financial charges | 65/66B | €56,029 | €66,756 | +€10,726 | +19.1% |
| Recurring financial charges | 65 | €56,029 | €66,756 | +€10,726 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €489,514 | €530,455 | +€40,941 | +8.4% |
| Income taxes | 67/77 | €140,270 | €163,007 | +€22,737 | +16.2% |
| Profit (loss) for the period | 9904 | €349,244 | €367,448 | +€18,204 | +5.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €349,244 | €367,448 | +€18,204 | +5.2% |
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 15 October 2026 via checked.be.