DR. E. VANDERSTRAETEN: 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. E. VANDERSTRAETEN
Largest movements
- Tangible fixed assets -€52,949
down €52,949 (-3.7%), from €1.4m to €1.4m
of which Land and buildings: -€52,607
- Other debts +€186,537
up €186,537 (+1,510%), from €12,355 to €198,892
- Debts after one year -€155,389
down €155,389 (-42.3%), from €367,526 to €212,137
- Reserves -€87,837
down €87,837 (-9.6%), from €916,696 to €828,859
of which Distributable reserves: -€87,837
- Current portion of long-term debt -€20,943
down €20,943 (-11.9%), from €176,332 to €155,389
- Gross operating margin -€3,168
down €3,168 (-1.2%), from €274,319 to €271,151
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 | €1,497,520 | €1,426,680 | -€70,840 | -4.7% |
| Fixed assets | 21/28 | €1,425,858 | €1,372,908 | -€52,949 | -3.7% |
| Tangible fixed assets | 22/27 | €1,425,858 | €1,372,908 | -€52,949 | -3.7% |
| Land and buildings | 22 | €1,424,072 | €1,371,465 | -€52,607 | -3.7% |
| Plant, machinery and equipment | 23 | €1,240 | €1,240 | = | 0.0% |
| Furniture and vehicles | 24 | €546 | €203 | -€342 | -62.7% |
| Current assets | 29/58 | €71,663 | €53,771 | -€17,891 | -25.0% |
| Amounts receivable within one year | 40/41 | €50,809 | €38,456 | -€12,353 | -24.3% |
| Trade receivables | 40 | €50,809 | €38,456 | -€12,353 | -24.3% |
| Cash at bank and in hand | 54/58 | €19,135 | €13,597 | -€5,539 | -28.9% |
| Deferred charges and accrued income | 490/1 | €1,718 | €1,718 | +€0 | 0.0% |
| Total equity and liabilities | 10/49 | €1,497,520 | €1,426,680 | -€70,840 | -4.7% |
| Equity | 10/15 | €916,696 | €828,859 | -€87,837 | -9.6% |
| Reserves | 13 | €916,696 | €828,859 | -€87,837 | -9.6% |
| Non-distributable reserves | 130/1 | €25,760 | €25,760 | = | 0.0% |
| Reserves not available under the articles | 1311 | €25,760 | €25,760 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,488 | €22,488 | = | 0.0% |
| Distributable reserves | 133 | €868,448 | €780,611 | -€87,837 | -10.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €580,825 | €597,821 | +€16,996 | +2.9% |
| Amounts payable after more than one year | 17 | €367,526 | €212,137 | -€155,389 | -42.3% |
| Financial debts | 170/4 | €367,526 | €212,137 | -€155,389 | -42.3% |
| Amounts payable within one year | 42/48 | €213,298 | €382,838 | +€169,540 | +79.5% |
| Current portion of amounts payable after more than one year | 42 | €176,332 | €155,389 | -€20,943 | -11.9% |
| Trade debts | 44 | €1,765 | €0 | -€1,765 | -100% |
| Suppliers | 440/4 | €1,765 | €0 | -€1,765 | -100% |
| Taxes, remuneration and social security | 45 | €22,846 | €28,557 | +€5,711 | +25.0% |
| Taxes | 450/3 | €22,846 | €28,557 | +€5,711 | +25.0% |
| Other amounts payable | 47/48 | €12,355 | €198,892 | +€186,537 | +1,510% |
| Accrued charges and deferred income | 492/3 | €0 | €2,845 | +€2,845 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,348 | €52,949 | -€399 | -0.7% |
| Other operating charges | 640/8 | €5,032 | €5,061 | +€29 | +0.6% |
| Gross operating margin | 9900 | €274,319 | €271,151 | -€3,168 | -1.2% |
| Operating profit (loss) | 9901 | €215,938 | €213,140 | -€2,798 | -1.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €12,503 | €13,327 | +€824 | +6.6% |
| Recurring financial charges | 65 | €12,503 | €13,327 | +€824 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €203,435 | €199,813 | -€3,622 | -1.8% |
| Income taxes | 67/77 | €61,037 | €59,715 | -€1,323 | -2.2% |
| Profit (loss) for the period | 9904 | €142,398 | €140,099 | -€2,299 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €142,398 | €140,099 | -€2,299 | -1.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.