Dr. Benjamin Scott: 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. Benjamin Scott
Largest movements
- Cash +€264,625
up €264,625 (+177.6%), from €148,994 to €413,619
mainly Net result for the year (+€264,574) and Current investments (+€124,181)
- Receivables within one year +€150,544
up €150,544 (+132.6%), from €113,518 to €264,062
of which Other amounts receivable: +€149,266
- Current investments -€124,181
down €124,181 (-8.3%), from €1.5m to €1.4m
- Tangible fixed assets -€48,053
down €48,053 (-6.9%), from €691,782 to €643,730
of which Furniture and vehicles: -€30,797
- Reserves +€264,574
up €264,574 (+11.0%), from €2.4m to €2.7m
of which Distributable reserves: +€264,574
- Debts after one year -€29,871
down €29,871 (-37.5%), from €79,671 to €49,800
- Gross operating margin +€93,266
up €93,266 (+27.2%), from €343,288 to €436,554
- Taxes +€29,282
up €29,282 (+30.2%), from €97,120 to €126,402
- Depreciation +€16,116
up €16,116 (+44.0%), from €36,664 to €52,779
- Financial income +€13,299
up €13,299 (+349.5%), from €3,805 to €17,103
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 | €2,539,123 | €2,787,407 | +€248,284 | +9.8% |
| Fixed assets | 21/28 | €691,782 | €643,730 | -€48,053 | -6.9% |
| Tangible fixed assets | 22/27 | €691,782 | €643,730 | -€48,053 | -6.9% |
| Land and buildings | 22 | €525,329 | €512,975 | -€12,354 | -2.4% |
| Plant, machinery and equipment | 23 | €24,771 | €20,489 | -€4,282 | -17.3% |
| Furniture and vehicles | 24 | €138,018 | €107,221 | -€30,797 | -22.3% |
| Other tangible fixed assets | 26 | €3,664 | €3,044 | -€620 | -16.9% |
| Current assets | 29/58 | €1,847,341 | €2,143,678 | +€296,337 | +16.0% |
| Amounts receivable within one year | 40/41 | €113,518 | €264,062 | +€150,544 | +132.6% |
| Trade receivables | 40 | €697 | €1,975 | +€1,278 | +183.3% |
| Other amounts receivable | 41 | €112,821 | €262,087 | +€149,266 | +132.3% |
| Current investments | 50/53 | €1,492,946 | €1,368,764 | -€124,181 | -8.3% |
| Cash at bank and in hand | 54/58 | €148,994 | €413,619 | +€264,625 | +177.6% |
| Deferred charges and accrued income | 490/1 | €91,883 | €97,233 | +€5,349 | +5.8% |
| Total equity and liabilities | 10/49 | €2,539,123 | €2,787,407 | +€248,284 | +9.8% |
| Equity | 10/15 | €2,421,157 | €2,685,730 | +€264,574 | +10.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,408,757 | €2,673,330 | +€264,574 | +11.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,406,897 | €2,671,470 | +€264,574 | +11.0% |
| Amounts payable | 17/49 | €117,967 | €101,677 | -€16,290 | -13.8% |
| Amounts payable after more than one year | 17 | €79,671 | €49,800 | -€29,871 | -37.5% |
| Financial debts | 170/4 | €79,671 | €49,800 | -€29,871 | -37.5% |
| Amounts payable within one year | 42/48 | €36,496 | €51,877 | +€15,381 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €28,703 | €29,871 | +€1,168 | +4.1% |
| Financial debts | 43 | - | €1,548 | +€1,548 | |
| Credit institutions | 430/8 | - | €1,548 | +€1,548 | |
| Trade debts | 44 | €4,114 | €7,581 | +€3,466 | +84.3% |
| Suppliers | 440/4 | €4,114 | €7,581 | +€3,466 | +84.3% |
| Taxes, remuneration and social security | 45 | €1,228 | €12,878 | +€11,651 | +949.1% |
| Taxes | 450/3 | €1,228 | €12,878 | +€11,651 | +949.1% |
| Other amounts payable | 47/48 | €2,451 | €0 | -€2,451 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,800 | €0 | -€1,800 | -100.0% |
| Non-recurring operating income | 76A | €48,772 | €0 | -€48,772 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,664 | €52,779 | +€16,116 | +44.0% |
| Other operating charges | 640/8 | €4,608 | €5,572 | +€964 | +20.9% |
| Non-recurring operating charges | 66A | €996 | €0 | -€996 | -100.0% |
| Gross operating margin | 9900 | €343,288 | €436,554 | +€93,266 | +27.2% |
| Operating profit (loss) | 9901 | €301,020 | €378,202 | +€77,182 | +25.6% |
| Financial income | 75/76B | €3,805 | €17,103 | +€13,299 | +349.5% |
| Recurring financial income | 75 | €3,805 | €17,103 | +€13,299 | +349.5% |
| Financial charges | 65/66B | €8,631 | €4,330 | -€4,301 | -49.8% |
| Recurring financial charges | 65 | €8,631 | €4,330 | -€4,301 | -49.8% |
| Profit (loss) for the period before taxes | 9903 | €296,194 | €390,976 | +€94,782 | +32.0% |
| Income taxes | 67/77 | €97,120 | €126,402 | +€29,282 | +30.2% |
| Profit (loss) for the period | 9904 | €199,074 | €264,574 | +€65,499 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €199,074 | €264,574 | +€65,499 | +32.9% |
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.