Dr. Els Bormans: 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. Els Bormans
Largest movements
- Cash +€133,767
up €133,767 (+28.4%), from €470,605 to €604,372
mainly Receivables after one year (+€72,121) and Net result for the year (+€47,574)
- Receivables after one year -€72,121
no longer reported in 2025 (was €72,121)
- Receivables within one year -€32,448
down €32,448 (-23.5%), from €137,797 to €105,350
of which Other amounts receivable: -€67,917
- Deferred charges and accrued income +€7,835
up €7,835 (+184%), from €4,250 to €12,085
- Reserves +€47,500
up €47,500 (+7.8%), from €610,350 to €657,850
- Tax, wage and social debts -€13,120
down €13,120 (-59.3%), from €22,131 to €9,011
- Debts after one year -€9,572
down €9,572 (-49.2%), from €19,465 to €9,894
- Gross operating margin -€47,654
down €47,654 (-34.6%), from €137,657 to €90,003
- Taxes -€16,346
down €16,346 (-44.3%), from €36,921 to €20,575
- Financial charges +€4,202
up €4,202 (+107%), from €3,930 to €8,132
- Other operating charges +€2,871
up €2,871 (+257%), from €1,118 to €3,989
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 | €736,749 | €767,515 | +€30,766 | +4.2% |
| Fixed assets | 21/28 | €51,975 | €45,708 | -€6,267 | -12.1% |
| Intangible fixed assets | 21 | €797 | €575 | -€222 | -27.8% |
| Tangible fixed assets | 22/27 | €51,178 | €45,133 | -€6,045 | -11.8% |
| Land and buildings | 22 | €41,620 | €35,675 | -€5,946 | -14.3% |
| Plant, machinery and equipment | 23 | €2,398 | €4,773 | +€2,375 | +99.0% |
| Furniture and vehicles | 24 | €7,159 | €4,685 | -€2,474 | -34.6% |
| Current assets | 29/58 | €684,774 | €721,807 | +€37,033 | +5.4% |
| Amounts receivable after more than one year | 29 | €72,121 | - | -€72,121 | |
| Other amounts receivable | 291 | €72,121 | - | -€72,121 | |
| Amounts receivable within one year | 40/41 | €137,797 | €105,350 | -€32,448 | -23.5% |
| Trade receivables | 40 | €13,480 | €48,949 | +€35,469 | +263% |
| Other amounts receivable | 41 | €124,318 | €56,401 | -€67,917 | -54.6% |
| Cash at bank and in hand | 54/58 | €470,605 | €604,372 | +€133,767 | +28.4% |
| Deferred charges and accrued income | 490/1 | €4,250 | €12,085 | +€7,835 | +184% |
| Total equity and liabilities | 10/49 | €736,749 | €767,515 | +€30,766 | +4.2% |
| Equity | 10/15 | €652,209 | €699,783 | +€47,574 | +7.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €610,350 | €657,850 | +€47,500 | +7.8% |
| Distributable reserves | 133 | €610,350 | €657,850 | +€47,500 | +7.8% |
| Profit (loss) carried forward | 14 | €29,459 | €29,533 | +€74 | +0.3% |
| Amounts payable | 17/49 | €84,540 | €67,732 | -€16,808 | -19.9% |
| Amounts payable after more than one year | 17 | €19,465 | €9,894 | -€9,572 | -49.2% |
| Financial debts | 170/4 | €19,465 | €9,894 | -€9,572 | -49.2% |
| Amounts payable within one year | 42/48 | €65,074 | €57,838 | -€7,236 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €9,260 | €9,572 | +€312 | +3.4% |
| Trade debts | 44 | €1,534 | €7,605 | +€6,071 | +396% |
| Suppliers | 440/4 | €1,534 | €7,605 | +€6,071 | +396% |
| Taxes, remuneration and social security | 45 | €22,131 | €9,011 | -€13,120 | -59.3% |
| Taxes | 450/3 | €22,131 | €9,011 | -€13,120 | -59.3% |
| Other amounts payable | 47/48 | €32,149 | €31,650 | -€499 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,568 | €10,531 | -€36 | -0.3% |
| Other operating charges | 640/8 | €1,118 | €3,989 | +€2,871 | +257% |
| Gross operating margin | 9900 | €137,657 | €90,003 | -€47,654 | -34.6% |
| Operating profit (loss) | 9901 | €125,971 | €75,482 | -€50,489 | -40.1% |
| Financial income | 75/76B | €1,803 | €799 | -€1,004 | -55.7% |
| Recurring financial income | 75 | €1,803 | €799 | -€1,004 | -55.7% |
| Financial charges | 65/66B | €3,930 | €8,132 | +€4,202 | +107% |
| Recurring financial charges | 65 | €3,930 | €8,132 | +€4,202 | +107% |
| Profit (loss) for the period before taxes | 9903 | €123,844 | €68,149 | -€55,695 | -45.0% |
| Income taxes | 67/77 | €36,921 | €20,575 | -€16,346 | -44.3% |
| Profit (loss) for the period | 9904 | €86,923 | €47,574 | -€39,349 | -45.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,923 | €47,574 | -€39,349 | -45.3% |
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 13 October 2026 via checked.be.