Dr. De Spiegeleer Peter: 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. De Spiegeleer Peter
Largest movements
- Tangible fixed assets +€39,775
up €39,775 (+90.2%), from €44,108 to €83,883
of which Furniture and vehicles: +€43,699
- Intangible fixed assets -€20,000
down €20,000 (-42.9%), from €46,667 to €26,667
- Cash -€9,214
down €9,214 (-3.8%), from €243,824 to €234,610
mainly Investment in fixed assets (net) (-€53,208) and Contributions, distributions and other (-€36,673)
- Receivables within one year -€8,835
down €8,835 (-37.9%), from €23,334 to €14,499
of which Other amounts receivable: -€8,382
- Reserves +€13,167
up €13,167 (+3.9%), from €336,515 to €349,682
of which Distributable reserves: +€13,167
- Current portion of long-term debt -€6,103
no longer reported in 2025 (was €6,103)
- Gross operating margin -€44,978
down €44,978 (-26.7%), from €168,418 to €123,439
- Taxes -€8,919
down €8,919 (-30.1%), from €29,666 to €20,747
- Depreciation -€4,942
down €4,942 (-12.9%), from €38,374 to €33,433
- Staff costs +€3,175
up €3,175 (+18.0%), from €17,614 to €20,789
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 | €364,659 | €368,556 | +€3,897 | +1.1% |
| Fixed assets | 21/28 | €90,775 | €110,550 | +€19,775 | +21.8% |
| Intangible fixed assets | 21 | €46,667 | €26,667 | -€20,000 | -42.9% |
| Tangible fixed assets | 22/27 | €44,108 | €83,883 | +€39,775 | +90.2% |
| Furniture and vehicles | 24 | €11,561 | €55,260 | +€43,699 | +378% |
| Other tangible fixed assets | 26 | €386 | €321 | -€65 | -16.8% |
| Assets under construction and advance payments | 27 | €32,161 | €28,302 | -€3,859 | -12.0% |
| Current assets | 29/58 | €273,884 | €258,006 | -€15,878 | -5.8% |
| Amounts receivable within one year | 40/41 | €23,334 | €14,499 | -€8,835 | -37.9% |
| Trade receivables | 40 | €453 | - | -€453 | |
| Other amounts receivable | 41 | €22,881 | €14,499 | -€8,382 | -36.6% |
| Cash at bank and in hand | 54/58 | €243,824 | €234,610 | -€9,214 | -3.8% |
| Deferred charges and accrued income | 490/1 | €6,727 | €8,897 | +€2,171 | +32.3% |
| Total equity and liabilities | 10/49 | €364,659 | €368,556 | +€3,897 | +1.1% |
| Equity | 10/15 | €350,775 | €363,942 | +€13,167 | +3.8% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €336,515 | €349,682 | +€13,167 | +3.9% |
| Tax-exempt reserves | 132 | €5,127 | €5,127 | = | 0.0% |
| Distributable reserves | 133 | €331,388 | €344,556 | +€13,167 | +4.0% |
| Amounts payable | 17/49 | €13,884 | €4,614 | -€9,271 | -66.8% |
| Amounts payable within one year | 42/48 | €12,811 | €3,414 | -€9,398 | -73.4% |
| Current portion of amounts payable after more than one year | 42 | €6,103 | - | -€6,103 | |
| Trade debts | 44 | €180 | €805 | +€625 | +347% |
| Suppliers | 440/4 | €180 | €805 | +€625 | +347% |
| Taxes, remuneration and social security | 45 | €3,332 | €2,608 | -€724 | -21.7% |
| Remuneration and social security | 454/9 | €3,332 | €2,608 | -€724 | -21.7% |
| Other amounts payable | 47/48 | €3,196 | - | -€3,196 | |
| Accrued charges and deferred income | 492/3 | €1,073 | €1,200 | +€127 | +11.8% |
| Remuneration, social security and pensions | 62 | €17,614 | €20,789 | +€3,175 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,374 | €33,433 | -€4,942 | -12.9% |
| Other operating charges | 640/8 | €441 | €602 | +€162 | +36.7% |
| Gross operating margin | 9900 | €168,418 | €123,439 | -€44,978 | -26.7% |
| Operating profit (loss) | 9901 | €111,989 | €68,615 | -€43,373 | -38.7% |
| Financial income | 75/76B | €2,139 | €2,109 | -€30 | -1.4% |
| Recurring financial income | 75 | €2,139 | €2,109 | -€30 | -1.4% |
| Financial charges | 65/66B | €215 | €137 | -€78 | -36.3% |
| Recurring financial charges | 65 | €215 | €137 | -€78 | -36.3% |
| Profit (loss) for the period before taxes | 9903 | €113,912 | €70,587 | -€43,325 | -38.0% |
| Income taxes | 67/77 | €29,666 | €20,747 | -€8,919 | -30.1% |
| Profit (loss) for the period | 9904 | €84,246 | €49,840 | -€34,406 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €84,246 | €49,840 | -€34,406 | -40.8% |
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 31 October 2026 via checked.be.