DR. BARTH JOERI: 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. BARTH JOERI
Largest movements
- Receivables after one year -€400,000
no longer reported in 2025 (was €400,000)
- Current investments +€240,450
new in 2025: €240,450
- Cash -€204,762
down €204,762 (-74.9%), from €273,241 to €68,480
mainly Contributions, distributions and other (-€1.4m) and Current investments (-€240,450)
- Tangible fixed assets +€49,294
up €49,294 (+7.1%), from €690,567 to €739,861
of which Leasing and similar rights: +€68,199
- Intangible fixed assets -€40,000
down €40,000 (-27.3%), from €146,667 to €106,667
- Reserves -€1.1m
down €1.1m (-79.5%), from €1.4m to €288,857
of which Distributable reserves: -€1.1m
- Other debts +€746,666
up €746,666 (+877%), from €85,135 to €831,801
- Debts after one year -€23,054
down €23,054 (-11.9%), from €192,923 to €169,870
- Gross operating margin -€117,749
down €117,749 (-21.3%), from €551,769 to €434,020
- Taxes -€26,816
down €26,816 (-21.5%), from €124,517 to €97,701
- Depreciation -€7,826
down €7,826 (-11.6%), from €67,462 to €59,636
- Financial income +€6,754
up €6,754 (+84.4%), from €8,000 to €14,754
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 | €1,806,227 | €1,420,104 | -€386,122 | -21.4% |
| Fixed assets | 21/28 | €837,234 | €846,528 | +€9,294 | +1.1% |
| Intangible fixed assets | 21 | €146,667 | €106,667 | -€40,000 | -27.3% |
| Tangible fixed assets | 22/27 | €690,567 | €739,861 | +€49,294 | +7.1% |
| Land and buildings | 22 | €646,309 | €639,803 | -€6,506 | -1.0% |
| Furniture and vehicles | 24 | €44,258 | €31,860 | -€12,398 | -28.0% |
| Leasing and similar rights | 25 | - | €68,199 | +€68,199 | |
| Current assets | 29/58 | €968,993 | €573,576 | -€395,416 | -40.8% |
| Amounts receivable after more than one year | 29 | €400,000 | - | -€400,000 | |
| Other amounts receivable | 291 | €400,000 | - | -€400,000 | |
| Amounts receivable within one year | 40/41 | €295,751 | €261,463 | -€34,288 | -11.6% |
| Trade receivables | 40 | €19,461 | €7,935 | -€11,526 | -59.2% |
| Other amounts receivable | 41 | €276,290 | €253,529 | -€22,762 | -8.2% |
| Current investments | 50/53 | - | €240,450 | +€240,450 | |
| Cash at bank and in hand | 54/58 | €273,241 | €68,480 | -€204,762 | -74.9% |
| Deferred charges and accrued income | 490/1 | - | €3,183 | +€3,183 | |
| Total equity and liabilities | 10/49 | €1,806,227 | €1,420,104 | -€386,122 | -21.4% |
| Equity | 10/15 | €1,424,451 | €307,457 | -€1.1m | -78.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,405,851 | €288,857 | -€1.1m | -79.5% |
| Tax-exempt reserves | 132 | €210,500 | €210,500 | = | 0.0% |
| Distributable reserves | 133 | €1,195,351 | €78,357 | -€1.1m | -93.4% |
| Amounts payable | 17/49 | €381,776 | €1,112,648 | +€730,872 | +191% |
| Amounts payable after more than one year | 17 | €192,923 | €169,870 | -€23,054 | -11.9% |
| Financial debts | 170/4 | €192,923 | €169,870 | -€23,054 | -11.9% |
| Amounts payable within one year | 42/48 | €173,806 | €934,103 | +€760,297 | +437% |
| Current portion of amounts payable after more than one year | 42 | €61,989 | €71,394 | +€9,405 | +15.2% |
| Trade debts | 44 | €10,179 | €3,570 | -€6,608 | -64.9% |
| Suppliers | 440/4 | €10,179 | €3,570 | -€6,608 | -64.9% |
| Taxes, remuneration and social security | 45 | €16,503 | €27,338 | +€10,835 | +65.7% |
| Taxes | 450/3 | €16,503 | €25,209 | +€8,706 | +52.8% |
| Remuneration and social security | 454/9 | - | €2,128 | +€2,128 | |
| Other amounts payable | 47/48 | €85,135 | €831,801 | +€746,666 | +877% |
| Accrued charges and deferred income | 492/3 | €15,046 | €8,675 | -€6,371 | -42.3% |
| Remuneration, social security and pensions | 62 | - | €391 | +€391 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,462 | €59,636 | -€7,826 | -11.6% |
| Other operating charges | 640/8 | €4,092 | €5,340 | +€1,249 | +30.5% |
| Gross operating margin | 9900 | €551,769 | €434,020 | -€117,749 | -21.3% |
| Operating profit (loss) | 9901 | €480,215 | €368,652 | -€111,563 | -23.2% |
| Financial income | 75/76B | €8,000 | €14,754 | +€6,754 | +84.4% |
| Recurring financial income | 75 | €8,000 | €14,754 | +€6,754 | +84.4% |
| Financial charges | 65/66B | €2,430 | €2,699 | +€269 | +11.1% |
| Recurring financial charges | 65 | €2,430 | €2,699 | +€269 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €485,785 | €380,707 | -€105,078 | -21.6% |
| Income taxes | 67/77 | €124,517 | €97,701 | -€26,816 | -21.5% |
| Profit (loss) for the period | 9904 | €361,268 | €283,006 | -€78,262 | -21.7% |
| Transfer to tax-exempt reserves | 689 | €105,250 | - | -€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €256,018 | €283,006 | +€26,988 | +10.5% |
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 19 October 2026 via checked.be.