Dr. Bert Vanmierlo: 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. Bert Vanmierlo
Largest movements
- Receivables within one year +€51,430
up €51,430 (+22.0%), from €233,892 to €285,322
of which Other amounts receivable: +€50,120
- Cash -€42,399
down €42,399 (-87.4%), from €48,520 to €6,121
mainly Other debts (-€265,000) and Receivables within one year (-€51,430)
- Tangible fixed assets -€29,067
down €29,067 (-5.2%), from €554,060 to €524,993
of which Furniture and vehicles: -€29,019
- Deferred charges and accrued income +€20,151
up €20,151 (+1,039%), from €1,940 to €22,091
- Reserves +€332,030
up €332,030 (+17,851%), from €1,860 to €333,890
- Other debts -€265,000
no longer reported in 2025 (was €265,000)
- Debts after one year -€35,787
down €35,787 (-8.7%), from €412,809 to €377,022
- Short-term financial debts -€35,217
no longer reported in 2025 (was €35,217)
- Gross operating margin +€72,020
up €72,020 (+18.4%), from €391,721 to €463,742
- Taxes +€16,653
up €16,653 (+18.5%), from €90,002 to €106,655
- Depreciation -€9,877
down €9,877 (-33.0%), from €29,909 to €20,032
- Financial income +€6,963
up €6,963 (+56.4%), from €12,339 to €19,303
of which Financial income: +€4,255
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 | €838,411 | €838,527 | +€115 | 0.0% |
| Fixed assets | 21/28 | €554,060 | €524,993 | -€29,067 | -5.2% |
| Tangible fixed assets | 22/27 | €554,060 | €524,993 | -€29,067 | -5.2% |
| Land and buildings | 22 | €488,299 | €500,843 | +€12,543 | +2.6% |
| Plant, machinery and equipment | 23 | €10,968 | €3,410 | -€7,558 | -68.9% |
| Furniture and vehicles | 24 | €38,821 | €9,802 | -€29,019 | -74.8% |
| Other tangible fixed assets | 26 | €15,972 | €10,938 | -€5,034 | -31.5% |
| Current assets | 29/58 | €284,352 | €313,534 | +€29,183 | +10.3% |
| Amounts receivable within one year | 40/41 | €233,892 | €285,322 | +€51,430 | +22.0% |
| Trade receivables | 40 | - | €1,310 | +€1,310 | |
| Other amounts receivable | 41 | €233,892 | €284,012 | +€50,120 | +21.4% |
| Cash at bank and in hand | 54/58 | €48,520 | €6,121 | -€42,399 | -87.4% |
| Deferred charges and accrued income | 490/1 | €1,940 | €22,091 | +€20,151 | +1,039% |
| Total equity and liabilities | 10/49 | €838,411 | €838,527 | +€115 | 0.0% |
| Equity | 10/15 | €21,710 | €352,490 | +€330,780 | +1,524% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €333,890 | +€332,030 | +17,851% |
| Distributable reserves | 133 | €1,860 | €333,890 | +€332,030 | +17,851% |
| Profit (loss) carried forward | 14 | €1,250 | - | -€1,250 | |
| Amounts payable | 17/49 | €816,701 | €486,037 | -€330,664 | -40.5% |
| Amounts payable after more than one year | 17 | €412,809 | €377,022 | -€35,787 | -8.7% |
| Financial debts | 170/4 | €412,809 | €377,022 | -€35,787 | -8.7% |
| Amounts payable within one year | 42/48 | €403,766 | €109,015 | -€294,751 | -73.0% |
| Current portion of amounts payable after more than one year | 42 | €34,723 | €35,787 | +€1,064 | +3.1% |
| Financial debts | 43 | €35,217 | - | -€35,217 | |
| Credit institutions | 430/8 | €35,217 | - | -€35,217 | |
| Trade debts | 44 | €2,511 | €9,951 | +€7,440 | +296% |
| Suppliers | 440/4 | €2,511 | €9,951 | +€7,440 | +296% |
| Taxes, remuneration and social security | 45 | €66,315 | €63,277 | -€3,038 | -4.6% |
| Taxes | 450/3 | €66,315 | €63,277 | -€3,038 | -4.6% |
| Other amounts payable | 47/48 | €265,000 | - | -€265,000 | |
| Accrued charges and deferred income | 492/3 | €126 | - | -€126 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,909 | €20,032 | -€9,877 | -33.0% |
| Other operating charges | 640/8 | €2,719 | €2,197 | -€523 | -19.2% |
| Non-recurring operating charges | 66A | - | €8,076 | +€8,076 | |
| Gross operating margin | 9900 | €391,721 | €463,742 | +€72,020 | +18.4% |
| Operating profit (loss) | 9901 | €359,093 | €433,438 | +€74,344 | +20.7% |
| Financial income | 75/76B | €12,339 | €19,303 | +€6,963 | +56.4% |
| Recurring financial income | 75 | €12,339 | €16,594 | +€4,255 | +34.5% |
| Non-recurring financial income | 76B | - | €2,709 | +€2,709 | |
| Financial charges | 65/66B | €16,978 | €15,305 | -€1,673 | -9.9% |
| Recurring financial charges | 65 | €16,978 | €15,305 | -€1,673 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €354,454 | €437,435 | +€82,981 | +23.4% |
| Income taxes | 67/77 | €90,002 | €106,655 | +€16,653 | +18.5% |
| Profit (loss) for the period | 9904 | €264,452 | €330,780 | +€66,328 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €264,452 | €330,780 | +€66,328 | +25.1% |
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 13 October 2026 via checked.be.