DR. E. VERGAUWE: 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. VERGAUWE
Largest movements
- Cash -€177,851
down €177,851 (-83.2%), from €213,868 to €36,017
mainly Contributions, distributions and other (-€169,852) and Other debts (-€127,318)
- Current investments +€124,983
up €124,983 (+24.9%), from €501,812 to €626,795
- Deferred charges and accrued income -€26,056
down €26,056 (-86.7%), from €30,058 to €4,002
- Tangible fixed assets -€22,136
down €22,136 (-19.5%), from €113,280 to €91,144
of which Furniture and vehicles: -€16,132
- Other debts -€127,318
down €127,318 (-95.7%), from €133,089 to €5,771
- Reserves +€71,948
up €71,948 (+12.9%), from €556,652 to €628,600
- Tax, wage and social debts -€32,846
down €32,846 (-60.0%), from €54,713 to €21,867
- Debts after one year -€20,141
down €20,141 (-25.4%), from €79,332 to €59,191
- Gross operating margin +€27,660
up €27,660 (+7.9%), from €350,747 to €378,407
- Taxes +€14,071
up €14,071 (+14.9%), from €94,240 to €108,311
- Financial income +€6,119
up €6,119 (+121.7%), from €5,029 to €11,148
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 | €860,518 | €759,458 | -€101,060 | -11.7% |
| Fixed assets | 21/28 | €114,780 | €92,644 | -€22,136 | -19.3% |
| Tangible fixed assets | 22/27 | €113,280 | €91,144 | -€22,136 | -19.5% |
| Land and buildings | 22 | €47,933 | €38,332 | -€9,601 | -20.0% |
| Plant, machinery and equipment | 23 | €4,887 | €5,471 | +€584 | +12.0% |
| Furniture and vehicles | 24 | €58,611 | €42,479 | -€16,132 | -27.5% |
| Other tangible fixed assets | 26 | €1,849 | €4,862 | +€3,013 | +163.0% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €745,738 | €666,814 | -€78,924 | -10.6% |
| Current investments | 50/53 | €501,812 | €626,795 | +€124,983 | +24.9% |
| Cash at bank and in hand | 54/58 | €213,868 | €36,017 | -€177,851 | -83.2% |
| Deferred charges and accrued income | 490/1 | €30,058 | €4,002 | -€26,056 | -86.7% |
| Total equity and liabilities | 10/49 | €860,518 | €759,458 | -€101,060 | -11.7% |
| Equity | 10/15 | €569,052 | €641,000 | +€71,948 | +12.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €556,652 | €628,600 | +€71,948 | +12.9% |
| Distributable reserves | 133 | €556,652 | €628,600 | +€71,948 | +12.9% |
| Amounts payable | 17/49 | €291,466 | €118,458 | -€173,008 | -59.4% |
| Amounts payable after more than one year | 17 | €79,332 | €59,191 | -€20,141 | -25.4% |
| Financial debts | 170/4 | €79,332 | €59,191 | -€20,141 | -25.4% |
| Amounts payable within one year | 42/48 | €211,737 | €58,661 | -€153,076 | -72.3% |
| Current portion of amounts payable after more than one year | 42 | €19,626 | €20,140 | +€514 | +2.6% |
| Trade debts | 44 | €4,309 | €10,883 | +€6,574 | +152.6% |
| Suppliers | 440/4 | €4,309 | €10,883 | +€6,574 | +152.6% |
| Taxes, remuneration and social security | 45 | €54,713 | €21,867 | -€32,846 | -60.0% |
| Taxes | 450/3 | €54,713 | €21,867 | -€32,846 | -60.0% |
| Other amounts payable | 47/48 | €133,089 | €5,771 | -€127,318 | -95.7% |
| Accrued charges and deferred income | 492/3 | €397 | €606 | +€209 | +52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,098 | €31,696 | +€1,598 | +5.3% |
| Other operating charges | 640/8 | €3,052 | €3,317 | +€265 | +8.7% |
| Gross operating margin | 9900 | €350,747 | €378,407 | +€27,660 | +7.9% |
| Operating profit (loss) | 9901 | €317,597 | €343,394 | +€25,797 | +8.1% |
| Financial income | 75/76B | €5,029 | €11,148 | +€6,119 | +121.7% |
| Recurring financial income | 75 | €5,029 | €11,148 | +€6,119 | +121.7% |
| Financial charges | 65/66B | €4,825 | €4,431 | -€394 | -8.2% |
| Recurring financial charges | 65 | €4,825 | €4,431 | -€394 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €317,801 | €350,111 | +€32,310 | +10.2% |
| Income taxes | 67/77 | €94,240 | €108,311 | +€14,071 | +14.9% |
| Profit (loss) for the period | 9904 | €223,561 | €241,800 | +€18,239 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €223,561 | €241,800 | +€18,239 | +8.2% |
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 3 October 2026 via checked.be.