DR. BUELENS BEA: 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. BUELENS BEA
Largest movements
- Cash +€102,840
up €102,840 (+36.7%), from €280,345 to €383,185
mainly Net result for the year (+€73,784) and Depreciation (+€18,798)
- Tangible fixed assets -€17,402
down €17,402 (-19.5%), from €89,101 to €71,699
of which Furniture and vehicles: -€10,395
- Deferred charges and accrued income +€5,436
up €5,436 (+10.0%), from €54,548 to €59,985
- Reserves +€73,695
up €73,695 (+22.6%), from €326,175 to €399,870
- Accrued charges and deferred income +€14,029
new in 2025: €14,029
- Other debts +€5,824
up €5,824 (+12.1%), from €48,316 to €54,140
- Debts after one year -€5,200
down €5,200 (-13.7%), from €38,068 to €32,868
- Gross operating margin +€22,845
up €22,845 (+22.0%), from €104,056 to €126,901
- Taxes +€5,666
up €5,666 (+23.2%), from €24,383 to €30,049
- Financial income -€3,565
no longer reported in 2025 (was €3,565)
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 | €426,512 | €514,959 | +€88,447 | +20.7% |
| Fixed assets | 21/28 | €89,101 | €71,699 | -€17,402 | -19.5% |
| Tangible fixed assets | 22/27 | €89,101 | €71,699 | -€17,402 | -19.5% |
| Land and buildings | 22 | €49,867 | €43,067 | -€6,800 | -13.6% |
| Plant, machinery and equipment | 23 | €2,892 | €2,684 | -€208 | -7.2% |
| Furniture and vehicles | 24 | €36,343 | €25,948 | -€10,395 | -28.6% |
| Current assets | 29/58 | €337,411 | €443,261 | +€105,850 | +31.4% |
| Amounts receivable within one year | 40/41 | €2,518 | €91 | -€2,427 | -96.4% |
| Other amounts receivable | 41 | €2,518 | €91 | -€2,427 | -96.4% |
| Cash at bank and in hand | 54/58 | €280,345 | €383,185 | +€102,840 | +36.7% |
| Deferred charges and accrued income | 490/1 | €54,548 | €59,985 | +€5,436 | +10.0% |
| Total equity and liabilities | 10/49 | €426,512 | €514,959 | +€88,447 | +20.7% |
| Equity | 10/15 | €331,101 | €404,052 | +€72,951 | +22.0% |
| Reserves | 13 | €326,175 | €399,870 | +€73,695 | +22.6% |
| Distributable reserves | 133 | €326,175 | €399,870 | +€73,695 | +22.6% |
| Profit (loss) carried forward | 14 | €4,926 | €4,182 | -€744 | -15.1% |
| Amounts payable | 17/49 | €95,410 | €110,907 | +€15,496 | +16.2% |
| Amounts payable after more than one year | 17 | €38,068 | €32,868 | -€5,200 | -13.7% |
| Financial debts | 170/4 | €38,068 | €32,868 | -€5,200 | -13.7% |
| Amounts payable within one year | 42/48 | €57,342 | €64,009 | +€6,667 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €4,997 | €5,171 | +€174 | +3.5% |
| Trade debts | 44 | €1,130 | €1,798 | +€669 | +59.2% |
| Suppliers | 440/4 | €1,130 | €1,798 | +€669 | +59.2% |
| Taxes, remuneration and social security | 45 | €2,900 | €2,900 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,900 | €2,900 | = | 0.0% |
| Other amounts payable | 47/48 | €48,316 | €54,140 | +€5,824 | +12.1% |
| Accrued charges and deferred income | 492/3 | - | €14,029 | +€14,029 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,214 | €18,798 | -€416 | -2.2% |
| Other operating charges | 640/8 | €2,248 | €2,479 | +€231 | +10.3% |
| Gross operating margin | 9900 | €104,056 | €126,901 | +€22,845 | +22.0% |
| Operating profit (loss) | 9901 | €82,594 | €105,625 | +€23,031 | +27.9% |
| Financial income | 75/76B | €3,565 | - | -€3,565 | |
| Recurring financial income | 75 | €3,565 | - | -€3,565 | |
| Financial charges | 65/66B | €1,985 | €1,792 | -€193 | -9.7% |
| Recurring financial charges | 65 | €1,985 | €1,792 | -€193 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €84,174 | €103,833 | +€19,659 | +23.4% |
| Income taxes | 67/77 | €24,383 | €30,049 | +€5,666 | +23.2% |
| Profit (loss) for the period | 9904 | €59,791 | €73,784 | +€13,993 | +23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €59,791 | €73,784 | +€13,993 | +23.4% |
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 24 October 2026 via checked.be.