Dr. Dirk Voet: 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. Dirk Voet
Largest movements
- Deferred charges and accrued income +€81,699
up €81,699 (+149%), from €55,000 to €136,699
- Current investments +€40,000
up €40,000 (+8.3%), from €481,318 to €521,318
- Tangible fixed assets +€18,870
up €18,870 (+10.6%), from €177,891 to €196,760
of which Plant, machinery and equipment: +€23,059
- Receivables within one year +€16,121
up €16,121 (+55.0%), from €29,329 to €45,451
- Reserves +€142,096
up €142,096 (+16.1%), from €883,637 to €1.0m
- Other debts +€13,787
up €13,787 (+163%), from €8,442 to €22,228
- Gross operating margin +€24,644
up €24,644 (+13.2%), from €187,213 to €211,857
- Taxes +€6,970
up €6,970 (+13.1%), from €53,394 to €60,364
- Depreciation +€3,554
up €3,554 (+59.4%), from €5,980 to €9,534
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 | €933,203 | €1,091,246 | +€158,043 | +16.9% |
| Fixed assets | 21/28 | €177,891 | €196,760 | +€18,870 | +10.6% |
| Tangible fixed assets | 22/27 | €177,891 | €196,760 | +€18,870 | +10.6% |
| Land and buildings | 22 | €176,540 | €170,891 | -€5,649 | -3.2% |
| Plant, machinery and equipment | 23 | - | €23,059 | +€23,059 | |
| Furniture and vehicles | 24 | €1,350 | €2,810 | +€1,460 | +108% |
| Current assets | 29/58 | €755,313 | €894,486 | +€139,173 | +18.4% |
| Amounts receivable within one year | 40/41 | €29,329 | €45,451 | +€16,121 | +55.0% |
| Other amounts receivable | 41 | €29,329 | €45,451 | +€16,121 | +55.0% |
| Current investments | 50/53 | €481,318 | €521,318 | +€40,000 | +8.3% |
| Cash at bank and in hand | 54/58 | €189,666 | €191,019 | +€1,353 | +0.7% |
| Deferred charges and accrued income | 490/1 | €55,000 | €136,699 | +€81,699 | +149% |
| Total equity and liabilities | 10/49 | €933,203 | €1,091,246 | +€158,043 | +16.9% |
| Equity | 10/15 | €902,237 | €1,044,333 | +€142,096 | +15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €883,637 | €1,025,733 | +€142,096 | +16.1% |
| Distributable reserves | 133 | €883,637 | €1,025,733 | +€142,096 | +16.1% |
| Amounts payable | 17/49 | €30,966 | €46,913 | +€15,948 | +51.5% |
| Amounts payable within one year | 42/48 | €30,966 | €46,913 | +€15,948 | +51.5% |
| Trade debts | 44 | €3,432 | €4,058 | +€626 | +18.2% |
| Suppliers | 440/4 | €3,432 | €4,058 | +€626 | +18.2% |
| Taxes, remuneration and social security | 45 | €19,092 | €20,627 | +€1,535 | +8.0% |
| Taxes | 450/3 | €12,724 | €14,210 | +€1,486 | +11.7% |
| Remuneration and social security | 454/9 | €6,368 | €6,418 | +€49 | +0.8% |
| Other amounts payable | 47/48 | €8,442 | €22,228 | +€13,787 | +163% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,980 | €9,534 | +€3,554 | +59.4% |
| Other operating charges | 640/8 | €505 | €613 | +€108 | +21.3% |
| Gross operating margin | 9900 | €187,213 | €211,857 | +€24,644 | +13.2% |
| Operating profit (loss) | 9901 | €180,728 | €201,710 | +€20,982 | +11.6% |
| Financial income | 75/76B | €0 | €1,699 | +€1,699 | |
| Recurring financial income | 75 | €0 | €1,699 | +€1,699 | |
| Financial charges | 65/66B | €96 | €948 | +€852 | +888% |
| Recurring financial charges | 65 | €96 | €948 | +€852 | +888% |
| Profit (loss) for the period before taxes | 9903 | €180,632 | €202,460 | +€21,828 | +12.1% |
| Income taxes | 67/77 | €53,394 | €60,364 | +€6,970 | +13.1% |
| Profit (loss) for the period | 9904 | €127,237 | €142,096 | +€14,858 | +11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €127,237 | €142,096 | +€14,858 | +11.7% |
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.