Dr. Daniel Fastrez: what changed
Two fiscal 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. Daniel Fastrez
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Cash -€260,424
down €260,424 (-55.1%), from €472,971 to €212,547
mainly Current investments (-€300,000) and Contributions, distributions and other (-€128,658)
- Intangible fixed assets -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Receivables within one year -€25,128
down €25,128 (-22.0%), from €114,456 to €89,328
of which Other amounts receivable: -€28,890
- Reserves -€32,356
down €32,356 (-5.9%), from €549,840 to €517,484
of which Distributable reserves: -€32,356
- Gross operating margin +€4,467
up €4,467 (+2.4%), from €188,994 to €193,461
- Depreciation -€3,762
down €3,762 (-6.2%), from €60,301 to €56,539
- Other operating charges -€3,122
down €3,122 (-83.5%), from €3,741 to €619
- Taxes +€2,590
up €2,590 (+6.9%), from €37,321 to €39,911
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.
Cash bridge derived
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 | €744,875 | €708,172 | -€36,703 | -4.9% |
| Fixed assets | 21/28 | €157,248 | €106,097 | -€51,151 | -32.5% |
| Intangible fixed assets | 21 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Tangible fixed assets | 22/27 | €7,248 | €6,097 | -€1,151 | -15.9% |
| Plant, machinery and equipment | 23 | €55 | €3,402 | +€3,347 | +6085.5% |
| Furniture and vehicles | 24 | €7,193 | €2,695 | -€4,498 | -62.5% |
| Current assets | 29/58 | €587,627 | €602,075 | +€14,448 | +2.5% |
| Amounts receivable within one year | 40/41 | €114,456 | €89,328 | -€25,128 | -22.0% |
| Trade receivables | 40 | €72,798 | €76,560 | +€3,762 | +5.2% |
| Other amounts receivable | 41 | €41,658 | €12,768 | -€28,890 | -69.4% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €472,971 | €212,547 | -€260,424 | -55.1% |
| Deferred charges and accrued income | 490/1 | €200 | €200 | = | 0.0% |
| Total equity and liabilities | 10/49 | €744,875 | €708,172 | -€36,703 | -4.9% |
| Equity | 10/15 | €568,440 | €536,084 | -€32,356 | -5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €549,840 | €517,484 | -€32,356 | -5.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €547,980 | €515,624 | -€32,356 | -5.9% |
| Amounts payable | 17/49 | €176,435 | €172,088 | -€4,347 | -2.5% |
| Amounts payable within one year | 42/48 | €176,435 | €172,088 | -€4,347 | -2.5% |
| Trade debts | 44 | €230 | €955 | +€725 | +315.2% |
| Suppliers | 440/4 | €230 | €955 | +€725 | +315.2% |
| Other amounts payable | 47/48 | €176,205 | €171,133 | -€5,072 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,301 | €56,539 | -€3,762 | -6.2% |
| Other operating charges | 640/8 | €3,741 | €619 | -€3,122 | -83.5% |
| Gross operating margin | 9900 | €188,994 | €193,461 | +€4,467 | +2.4% |
| Operating profit (loss) | 9901 | €124,952 | €136,303 | +€11,351 | +9.1% |
| Financial charges | 65/66B | €356 | €90 | -€266 | -74.7% |
| Recurring financial charges | 65 | €356 | €90 | -€266 | -74.7% |
| Profit (loss) for the period before taxes | 9903 | €124,596 | €136,213 | +€11,617 | +9.3% |
| Income taxes | 67/77 | €37,321 | €39,911 | +€2,590 | +6.9% |
| Profit (loss) for the period | 9904 | €87,275 | €96,302 | +€9,027 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €87,275 | €96,302 | +€9,027 | +10.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.