DR. BENOIT VANHOVE: 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. BENOIT VANHOVE
Largest movements
- Cash -€68,665
down €68,665 (-39.4%), from €174,494 to €105,829
mainly Contributions, distributions and other (-€81,617) and Current investments (-€51,485)
- Current investments +€51,485
up €51,485 (+6.4%), from €800,000 to €851,485
- Tangible fixed assets -€23,650
down €23,650 (-45.8%), from €51,597 to €27,946
of which Furniture and vehicles: -€21,013
- Tax, wage and social debts -€24,689
down €24,689 (-51.5%), from €47,904 to €23,215
of which Taxes: -€24,844
- Other debts -€20,766
down €20,766 (-22.8%), from €91,147 to €70,381
- Reserves +€18,683
up €18,683 (+2.4%), from €772,020 to €790,703
of which Distributable reserves: +€18,683
- Current portion of long-term debt -€10,526
down €10,526 (-83.2%), from €12,644 to €2,118
- Financial income -€102,915
down €102,915 (-97.4%), from €105,643 to €2,728
- Taxes -€30,355
down €30,355 (-38.2%), from €79,465 to €49,110
- Gross operating margin +€6,082
up €6,082 (+2.8%), from €215,265 to €221,347
- Depreciation -€5,266
down €5,266 (-18.2%), from €28,916 to €23,650
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 | €1,037,346 | €1,002,675 | -€34,671 | -3.3% |
| Fixed assets | 21/28 | €51,597 | €27,946 | -€23,650 | -45.8% |
| Tangible fixed assets | 22/27 | €51,597 | €27,946 | -€23,650 | -45.8% |
| Land and buildings | 22 | €8,242 | €7,342 | -€899 | -10.9% |
| Plant, machinery and equipment | 23 | €3,624 | €1,886 | -€1,738 | -48.0% |
| Furniture and vehicles | 24 | €39,731 | €18,718 | -€21,013 | -52.9% |
| Current assets | 29/58 | €985,749 | €974,728 | -€11,021 | -1.1% |
| Amounts receivable within one year | 40/41 | €10,495 | €15,930 | +€5,436 | +51.8% |
| Trade receivables | 40 | €10,495 | €14,199 | +€3,704 | +35.3% |
| Other amounts receivable | 41 | - | €1,731 | +€1,731 | |
| Current investments | 50/53 | €800,000 | €851,485 | +€51,485 | +6.4% |
| Cash at bank and in hand | 54/58 | €174,494 | €105,829 | -€68,665 | -39.4% |
| Deferred charges and accrued income | 490/1 | €760 | €1,484 | +€724 | +95.4% |
| Total equity and liabilities | 10/49 | €1,037,346 | €1,002,675 | -€34,671 | -3.3% |
| Equity | 10/15 | €880,859 | €899,552 | +€18,693 | +2.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €772,020 | €790,703 | +€18,683 | +2.4% |
| 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 | €770,160 | €788,843 | +€18,683 | +2.4% |
| Profit (loss) carried forward | 14 | €96,439 | €96,449 | +€10 | 0.0% |
| Amounts payable | 17/49 | €156,487 | €103,123 | -€53,364 | -34.1% |
| Amounts payable after more than one year | 17 | €2,118 | - | -€2,118 | |
| Financial debts | 170/4 | €2,118 | - | -€2,118 | |
| Amounts payable within one year | 42/48 | €154,369 | €98,965 | -€55,404 | -35.9% |
| Current portion of amounts payable after more than one year | 42 | €12,644 | €2,118 | -€10,526 | -83.2% |
| Trade debts | 44 | €2,674 | €2,653 | -€22 | -0.8% |
| Suppliers | 440/4 | €2,674 | €2,653 | -€22 | -0.8% |
| Advances received on contracts in progress | 46 | - | €598 | +€598 | |
| Taxes, remuneration and social security | 45 | €47,904 | €23,215 | -€24,689 | -51.5% |
| Taxes | 450/3 | €44,055 | €19,211 | -€24,844 | -56.4% |
| Remuneration and social security | 454/9 | €3,849 | €4,004 | +€156 | +4.0% |
| Other amounts payable | 47/48 | €91,147 | €70,381 | -€20,766 | -22.8% |
| Accrued charges and deferred income | 492/3 | - | €4,158 | +€4,158 | |
| Remuneration, social security and pensions | 62 | €41,947 | €43,071 | +€1,124 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,916 | €23,650 | -€5,266 | -18.2% |
| Other operating charges | 640/8 | €1,214 | €1,175 | -€39 | -3.2% |
| Gross operating margin | 9900 | €215,265 | €221,347 | +€6,082 | +2.8% |
| Operating profit (loss) | 9901 | €143,187 | €153,450 | +€10,263 | +7.2% |
| Financial income | 75/76B | €105,643 | €2,728 | -€102,915 | -97.4% |
| Recurring financial income | 75 | €105,643 | €2,728 | -€102,915 | -97.4% |
| Financial charges | 65/66B | €7,047 | €6,758 | -€289 | -4.1% |
| Recurring financial charges | 65 | €7,041 | €6,758 | -€283 | -4.0% |
| Non-recurring financial charges | 66B | €6 | - | -€6 | |
| Profit (loss) for the period before taxes | 9903 | €241,782 | €149,420 | -€92,363 | -38.2% |
| Income taxes | 67/77 | €79,465 | €49,110 | -€30,355 | -38.2% |
| Profit (loss) for the period | 9904 | €162,317 | €100,310 | -€62,007 | -38.2% |
| Transfer from tax-exempt reserves | 789 | €17,800 | - | -€17,800 | |
| Profit (loss) for the period to be appropriated | 9905 | €180,117 | €100,310 | -€79,807 | -44.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.