DR. E. CALLENS: 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. E. CALLENS
Largest movements
- Cash +€19,568
up €19,568 (+20.2%), from €96,685 to €116,253
mainly Net result for the year (+€30,311) and Depreciation (+€9,301)
- Tangible fixed assets +€11,419
up €11,419 (+35.0%), from €32,633 to €44,052
of which Plant, machinery and equipment: +€15,394
- Receivables within one year +€2,339
new in 2025: €2,339
- Reserves +€25,708
up €25,708 (+19.2%), from €133,955 to €159,663
of which Distributable reserves: +€25,708
- Other debts +€6,192
up €6,192 (+26.2%), from €23,620 to €29,812
- Current portion of long-term debt +€3,487
up €3,487 (+1356.6%), from €257 to €3,744
- Tax, wage and social debts -€2,577
no longer reported in 2025 (was €2,577)
- Gross operating margin -€15,443
down €15,443 (-21.3%), from €72,405 to €56,962
- Taxes -€4,916
down €4,916 (-28.0%), from €17,577 to €12,661
- Depreciation +€1,248
up €1,248 (+15.5%), from €8,054 to €9,301
- Financial charges +€1,122
up €1,122 (+82.6%), from €1,358 to €2,479
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 | €142,115 | €175,664 | +€33,549 | +23.6% |
| Fixed assets | 21/28 | €33,133 | €44,552 | +€11,419 | +34.5% |
| Tangible fixed assets | 22/27 | €32,633 | €44,052 | +€11,419 | +35.0% |
| Land and buildings | 22 | €2,045 | €1,447 | -€599 | -29.3% |
| Plant, machinery and equipment | 23 | €20,285 | €35,679 | +€15,394 | +75.9% |
| Furniture and vehicles | 24 | €10,302 | €6,926 | -€3,376 | -32.8% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €108,982 | €131,111 | +€22,129 | +20.3% |
| Amounts receivable after more than one year | 29 | €2,500 | €2,500 | = | 0.0% |
| Other amounts receivable | 291 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €2,339 | +€2,339 | |
| Other amounts receivable | 41 | - | €2,339 | +€2,339 | |
| Current investments | 50/53 | €2,500 | €2,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €96,685 | €116,253 | +€19,568 | +20.2% |
| Deferred charges and accrued income | 490/1 | €7,297 | €7,520 | +€222 | +3.0% |
| Total equity and liabilities | 10/49 | €142,115 | €175,664 | +€33,549 | +23.6% |
| Equity | 10/15 | €114,854 | €140,562 | +€25,708 | +22.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €133,955 | €159,663 | +€25,708 | +19.2% |
| Tax-exempt reserves | 132 | €14,318 | €14,318 | = | 0.0% |
| Distributable reserves | 133 | €119,637 | €145,344 | +€25,708 | +21.5% |
| Profit (loss) carried forward | 14 | -€31,501 | -€31,501 | = | 0.0% |
| Amounts payable | 17/49 | €27,261 | €35,102 | +€7,841 | +28.8% |
| Amounts payable within one year | 42/48 | €26,454 | €33,556 | +€7,102 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €257 | €3,744 | +€3,487 | +1356.6% |
| Taxes, remuneration and social security | 45 | €2,577 | - | -€2,577 | |
| Taxes | 450/3 | €2,577 | - | -€2,577 | |
| Other amounts payable | 47/48 | €23,620 | €29,812 | +€6,192 | +26.2% |
| Accrued charges and deferred income | 492/3 | €807 | €1,546 | +€739 | +91.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,054 | €9,301 | +€1,248 | +15.5% |
| Other operating charges | 640/8 | €2,061 | €2,209 | +€149 | +7.2% |
| Gross operating margin | 9900 | €72,405 | €56,962 | -€15,443 | -21.3% |
| Operating profit (loss) | 9901 | €62,291 | €45,451 | -€16,840 | -27.0% |
| Financial income | 75/76B | €70 | - | -€70 | |
| Recurring financial income | 75 | €70 | - | -€70 | |
| Financial charges | 65/66B | €1,358 | €2,479 | +€1,122 | +82.6% |
| Recurring financial charges | 65 | €1,358 | €2,479 | +€1,122 | +82.6% |
| Profit (loss) for the period before taxes | 9903 | €61,003 | €42,972 | -€18,032 | -29.6% |
| Income taxes | 67/77 | €17,577 | €12,661 | -€4,916 | -28.0% |
| Profit (loss) for the period | 9904 | €43,426 | €30,311 | -€13,115 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €43,426 | €30,311 | -€13,115 | -30.2% |
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 8 October 2026 via checked.be.