Dr. Christophe Breusegem: 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. Christophe Breusegem
Largest movements
- Cash -€72,241
down €72,241 (-24.6%), from €293,236 to €220,995
mainly Contributions, distributions and other (-€150,000) and Other debts (-€59,998)
- Tangible fixed assets -€30,470
down €30,470 (-11.6%), from €263,740 to €233,270
of which Land and buildings: -€15,893
- Other debts -€59,998
down €59,998 (-16.2%), from €370,508 to €310,510
- Trade debts -€30,048
down €30,048 (-93.7%), from €32,065 to €2,017
- Debts after one year -€24,997
down €24,997 (-23.7%), from €105,416 to €80,420
- Tax, wage and social debts +€8,538
up €8,538 (+93.2%), from €9,164 to €17,702
of which Taxes: +€8,809
- Gross operating margin -€14,672
down €14,672 (-4.5%), from €323,551 to €308,878
- Financial charges -€4,866
down €4,866 (-67.6%), from €7,198 to €2,331
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 | €567,183 | €463,170 | -€104,013 | -18.3% |
| Fixed assets | 21/28 | €263,740 | €233,270 | -€30,470 | -11.6% |
| Tangible fixed assets | 22/27 | €263,740 | €233,270 | -€30,470 | -11.6% |
| Land and buildings | 22 | €205,217 | €189,324 | -€15,893 | -7.7% |
| Plant, machinery and equipment | 23 | €51,465 | €39,220 | -€12,245 | -23.8% |
| Furniture and vehicles | 24 | €7,058 | €4,726 | -€2,331 | -33.0% |
| Current assets | 29/58 | €303,443 | €229,900 | -€73,543 | -24.2% |
| Amounts receivable within one year | 40/41 | €5,240 | €5,000 | -€240 | -4.6% |
| Trade receivables | 40 | - | €5,000 | +€5,000 | |
| Other amounts receivable | 41 | €5,240 | - | -€5,240 | |
| Cash at bank and in hand | 54/58 | €293,236 | €220,995 | -€72,241 | -24.6% |
| Deferred charges and accrued income | 490/1 | €4,967 | €3,905 | -€1,062 | -21.4% |
| Total equity and liabilities | 10/49 | €567,183 | €463,170 | -€104,013 | -18.3% |
| Equity | 10/15 | €25,223 | €27,525 | +€2,302 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,623 | €8,925 | +€2,302 | +34.8% |
| Distributable reserves | 133 | €6,623 | €8,925 | +€2,302 | +34.8% |
| Amounts payable | 17/49 | €541,960 | €435,645 | -€106,315 | -19.6% |
| Amounts payable after more than one year | 17 | €105,416 | €80,420 | -€24,997 | -23.7% |
| Financial debts | 170/4 | €105,416 | €80,420 | -€24,997 | -23.7% |
| Amounts payable within one year | 42/48 | €436,544 | €355,225 | -€81,319 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €24,807 | €24,997 | +€189 | +0.8% |
| Trade debts | 44 | €32,065 | €2,017 | -€30,048 | -93.7% |
| Suppliers | 440/4 | €32,065 | €2,017 | -€30,048 | -93.7% |
| Taxes, remuneration and social security | 45 | €9,164 | €17,702 | +€8,538 | +93.2% |
| Taxes | 450/3 | - | €8,809 | +€8,809 | |
| Remuneration and social security | 454/9 | €9,164 | €8,893 | -€271 | -3.0% |
| Other amounts payable | 47/48 | €370,508 | €310,510 | -€59,998 | -16.2% |
| Remuneration, social security and pensions | 62 | €70,100 | €67,499 | -€2,601 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,715 | €30,470 | -€2,245 | -6.9% |
| Other operating charges | 640/8 | €2,680 | €2,561 | -€119 | -4.4% |
| Gross operating margin | 9900 | €323,551 | €308,878 | -€14,672 | -4.5% |
| Operating profit (loss) | 9901 | €218,056 | €208,348 | -€9,708 | -4.5% |
| Financial income | 75/76B | €749 | €55 | -€693 | -92.6% |
| Recurring financial income | 75 | €749 | €55 | -€693 | -92.6% |
| Financial charges | 65/66B | €7,198 | €2,331 | -€4,866 | -67.6% |
| Recurring financial charges | 65 | €7,198 | €2,331 | -€4,866 | -67.6% |
| Profit (loss) for the period before taxes | 9903 | €211,607 | €206,073 | -€5,535 | -2.6% |
| Income taxes | 67/77 | €54,984 | €53,771 | -€1,213 | -2.2% |
| Profit (loss) for the period | 9904 | €156,623 | €152,302 | -€4,321 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €156,623 | €152,302 | -€4,321 | -2.8% |
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 26 October 2026 via checked.be.