Dr. D. Vanneste: 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. D. Vanneste
Largest movements
- Current investments +€1.0m
up €1.0m (+220%), from €460,835 to €1.5m
- Cash -€703,590
down €703,590 (-67.0%), from €1.1m to €346,888
mainly Current investments (-€1.0m) and Contributions, distributions and other (-€750,005)
- Tangible fixed assets -€38,080
down €38,080 (-13.8%), from €275,253 to €237,173
of which Land and buildings: -€27,326
- Other debts +€708,670
up €708,670 (+344%), from €205,842 to €914,511
- Reserves -€404,591
down €404,591 (-24.7%), from €1.6m to €1.2m
of which Distributable reserves: -€404,591
- Gross operating margin +€77,398
up €77,398 (+16.5%), from €468,131 to €545,530
- Financial income -€18,759
down €18,759 (-42.1%), from €44,590 to €25,830
- Taxes +€16,281
up €16,281 (+11.4%), from €143,154 to €159,436
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 | €2,042,673 | €2,344,870 | +€302,197 | +14.8% |
| Fixed assets | 21/28 | €275,253 | €237,173 | -€38,080 | -13.8% |
| Tangible fixed assets | 22/27 | €275,253 | €237,173 | -€38,080 | -13.8% |
| Land and buildings | 22 | €249,140 | €221,814 | -€27,326 | -11.0% |
| Plant, machinery and equipment | 23 | €5,272 | €2,937 | -€2,335 | -44.3% |
| Furniture and vehicles | 24 | €20,840 | €12,421 | -€8,419 | -40.4% |
| Current assets | 29/58 | €1,767,420 | €2,107,698 | +€340,277 | +19.3% |
| Amounts receivable after more than one year | 29 | €18,511 | €8,015 | -€10,496 | -56.7% |
| Other amounts receivable | 291 | €18,511 | €8,015 | -€10,496 | -56.7% |
| Amounts receivable within one year | 40/41 | €55,472 | €74,031 | +€18,559 | +33.5% |
| Other amounts receivable | 41 | €55,472 | €74,031 | +€18,559 | +33.5% |
| Current investments | 50/53 | €460,835 | €1,474,293 | +€1.0m | +220% |
| Cash at bank and in hand | 54/58 | €1,050,478 | €346,888 | -€703,590 | -67.0% |
| Deferred charges and accrued income | 490/1 | €182,124 | €204,470 | +€22,346 | +12.3% |
| Total equity and liabilities | 10/49 | €2,042,673 | €2,344,870 | +€302,197 | +14.8% |
| Equity | 10/15 | €1,649,340 | €1,244,748 | -€404,591 | -24.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,636,940 | €1,232,348 | -€404,591 | -24.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,636,940 | €1,232,348 | -€404,591 | -24.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €393,334 | €1,100,122 | +€706,789 | +180% |
| Amounts payable after more than one year | 17 | €117,640 | €104,382 | -€13,257 | -11.3% |
| Financial debts | 170/4 | €117,640 | €104,382 | -€13,257 | -11.3% |
| Amounts payable within one year | 42/48 | €257,447 | €972,186 | +€714,739 | +278% |
| Current portion of amounts payable after more than one year | 42 | €13,142 | €13,257 | +€115 | +0.9% |
| Trade debts | 44 | €7,451 | €9,876 | +€2,425 | +32.5% |
| Suppliers | 440/4 | €7,451 | €9,876 | +€2,425 | +32.5% |
| Taxes, remuneration and social security | 45 | €31,012 | €34,541 | +€3,529 | +11.4% |
| Taxes | 450/3 | €31,012 | €34,541 | +€3,529 | +11.4% |
| Other amounts payable | 47/48 | €205,842 | €914,511 | +€708,670 | +344% |
| Accrued charges and deferred income | 492/3 | €18,247 | €23,554 | +€5,307 | +29.1% |
| Non-recurring operating income | 76A | - | €3,955 | +€3,955 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,676 | €35,435 | +€1,759 | +5.2% |
| Other operating charges | 640/8 | €5,765 | €5,506 | -€258 | -4.5% |
| Non-recurring operating charges | 66A | - | €781 | +€781 | |
| Gross operating margin | 9900 | €468,131 | €545,530 | +€77,398 | +16.5% |
| Operating profit (loss) | 9901 | €428,690 | €503,807 | +€75,117 | +17.5% |
| Financial income | 75/76B | €44,590 | €25,830 | -€18,759 | -42.1% |
| Recurring financial income | 75 | €44,590 | €25,830 | -€18,759 | -42.1% |
| Financial charges | 65/66B | €20,003 | €24,788 | +€4,785 | +23.9% |
| Recurring financial charges | 65 | €20,003 | €24,788 | +€4,785 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €453,277 | €504,850 | +€51,573 | +11.4% |
| Income taxes | 67/77 | €143,154 | €159,436 | +€16,281 | +11.4% |
| Profit (loss) for the period | 9904 | €310,122 | €345,414 | +€35,292 | +11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €310,122 | €345,414 | +€35,292 | +11.4% |
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 25 October 2026 via checked.be.