Dr. Carl Tack: 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. Carl Tack
Largest movements
- Cash +€123,651
up €123,651 (+36.5%), from €338,601 to €462,253
mainly Net result for the year (+€108,456) and Current investments (+€16,009)
- Current investments -€16,009
down €16,009 (-9.7%), from €165,560 to €149,551
- Tangible fixed assets -€12,614
down €12,614 (-32.9%), from €38,329 to €25,715
of which Furniture and vehicles: -€9,028
- Reserves +€108,456
up €108,456 (+34.2%), from €316,667 to €425,124
of which Distributable reserves: +€108,456
- Other debts -€21,541
down €21,541 (-10.6%), from €203,860 to €182,319
- Tax, wage and social debts +€7,216
up €7,216 (+392%), from €1,841 to €9,057
- Depreciation -€27,929
down €27,929 (-65.6%), from €42,555 to €14,626
- Taxes +€11,530
up €11,530 (+34.4%), from €33,517 to €45,047
- Gross operating margin +€5,591
up €5,591 (+3.3%), from €169,406 to €174,997
- Financial income +€3,172
up €3,172 (+55.0%), from €5,772 to €8,943
- Financial charges -€2,985
down €2,985 (-16.6%), from €18,009 to €15,024
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 | €554,925 | €644,076 | +€89,151 | +16.1% |
| Fixed assets | 21/28 | €38,329 | €25,715 | -€12,614 | -32.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €38,329 | €25,715 | -€12,614 | -32.9% |
| Plant, machinery and equipment | 23 | €6,051 | €3,368 | -€2,683 | -44.3% |
| Furniture and vehicles | 24 | €31,375 | €22,346 | -€9,028 | -28.8% |
| Other tangible fixed assets | 26 | €903 | €0 | -€903 | -100% |
| Current assets | 29/58 | €516,596 | €618,361 | +€101,765 | +19.7% |
| Amounts receivable within one year | 40/41 | €11,280 | €5,252 | -€6,028 | -53.4% |
| Trade receivables | 40 | €3,974 | €3,725 | -€248 | -6.3% |
| Other amounts receivable | 41 | €7,306 | €1,526 | -€5,780 | -79.1% |
| Current investments | 50/53 | €165,560 | €149,551 | -€16,009 | -9.7% |
| Cash at bank and in hand | 54/58 | €338,601 | €462,253 | +€123,651 | +36.5% |
| Deferred charges and accrued income | 490/1 | €1,154 | €1,305 | +€151 | +13.1% |
| Total equity and liabilities | 10/49 | €554,925 | €644,076 | +€89,151 | +16.1% |
| Equity | 10/15 | €329,067 | €437,524 | +€108,456 | +33.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €316,667 | €425,124 | +€108,456 | +34.2% |
| Tax-exempt reserves | 132 | €294 | €294 | = | 0.0% |
| Distributable reserves | 133 | €316,373 | €424,830 | +€108,456 | +34.3% |
| Amounts payable | 17/49 | €225,857 | €206,552 | -€19,305 | -8.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €207,727 | €192,183 | -€15,544 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,026 | €808 | -€1,219 | -60.1% |
| Suppliers | 440/4 | €2,026 | €808 | -€1,219 | -60.1% |
| Taxes, remuneration and social security | 45 | €1,841 | €9,057 | +€7,216 | +392% |
| Taxes | 450/3 | €1,841 | €9,057 | +€7,216 | +392% |
| Other amounts payable | 47/48 | €203,860 | €182,319 | -€21,541 | -10.6% |
| Accrued charges and deferred income | 492/3 | €18,131 | €14,369 | -€3,761 | -20.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €29 | - | -€29 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,555 | €14,626 | -€27,929 | -65.6% |
| Other operating charges | 640/8 | €766 | €787 | +€21 | +2.8% |
| Gross operating margin | 9900 | €169,406 | €174,997 | +€5,591 | +3.3% |
| Operating profit (loss) | 9901 | €126,057 | €159,585 | +€33,528 | +26.6% |
| Financial income | 75/76B | €5,772 | €8,943 | +€3,172 | +55.0% |
| Recurring financial income | 75 | €5,772 | €8,943 | +€3,172 | +55.0% |
| Financial charges | 65/66B | €18,009 | €15,024 | -€2,985 | -16.6% |
| Recurring financial charges | 65 | €18,009 | €15,024 | -€2,985 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €113,819 | €153,503 | +€39,684 | +34.9% |
| Income taxes | 67/77 | €33,517 | €45,047 | +€11,530 | +34.4% |
| Profit (loss) for the period | 9904 | €80,303 | €108,456 | +€28,154 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €80,303 | €108,456 | +€28,154 | +35.1% |
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 27 October 2026 via checked.be.