DR. ELS PEETERS: 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. ELS PEETERS
Largest movements
- Current investments -€438,619
down €438,619 (-99.8%), from €439,634 to €1,015
- Cash +€406,760
up €406,760 (+327.2%), from €124,299 to €531,059
mainly Current investments (+€438,619) and Net result for the year (+€387,462)
- Receivables within one year +€183,867
up €183,867 (+1119.8%), from €16,419 to €200,286
of which Other amounts receivable: +€193,622
- Tangible fixed assets -€60,687
down €60,687 (-2.4%), from €2.6m to €2.5m
of which Other tangible fixed assets: -€50,155
- Reserves +€387,462
up €387,462 (+15.8%), from €2.4m to €2.8m
of which Distributable reserves: +€387,462
- Debts after one year -€159,784
down €159,784 (-40.9%), from €390,443 to €230,659
- Other debts -€130,791
down €130,791 (-100.0%), from €130,791 to €0
- Financial income +€110,743
up €110,743 (+974.6%), from €11,363 to €122,105
of which Financial income: +€110,743
- Gross operating margin +€53,577
up €53,577 (+11.2%), from €478,369 to €531,946
- Taxes +€32,701
up €32,701 (+24.2%), from €134,982 to €167,683
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 | €3,161,961 | €3,252,720 | +€90,759 | +2.9% |
| Fixed assets | 21/28 | €2,576,758 | €2,516,071 | -€60,687 | -2.4% |
| Tangible fixed assets | 22/27 | €2,576,758 | €2,516,071 | -€60,687 | -2.4% |
| Land and buildings | 22 | €443,803 | €441,262 | -€2,541 | -0.6% |
| Furniture and vehicles | 24 | €65,951 | €57,960 | -€7,991 | -12.1% |
| Other tangible fixed assets | 26 | €2,067,004 | €2,016,849 | -€50,155 | -2.4% |
| Current assets | 29/58 | €585,203 | €736,649 | +€151,446 | +25.9% |
| Amounts receivable within one year | 40/41 | €16,419 | €200,286 | +€183,867 | +1119.8% |
| Trade receivables | 40 | €9,756 | €0 | -€9,756 | -100.0% |
| Other amounts receivable | 41 | €6,663 | €200,286 | +€193,622 | +2905.8% |
| Current investments | 50/53 | €439,634 | €1,015 | -€438,619 | -99.8% |
| Cash at bank and in hand | 54/58 | €124,299 | €531,059 | +€406,760 | +327.2% |
| Deferred charges and accrued income | 490/1 | €4,851 | €4,289 | -€562 | -11.6% |
| Total equity and liabilities | 10/49 | €3,161,961 | €3,252,720 | +€90,759 | +2.9% |
| Equity | 10/15 | €2,449,398 | €2,836,860 | +€387,462 | +15.8% |
| Reserves | 13 | €2,449,398 | €2,836,860 | +€387,462 | +15.8% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €2,449,398 | €2,836,860 | +€387,462 | +15.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €712,563 | €415,860 | -€296,703 | -41.6% |
| Amounts payable after more than one year | 17 | €390,443 | €230,659 | -€159,784 | -40.9% |
| Financial debts | 170/4 | €390,443 | €230,659 | -€159,784 | -40.9% |
| Amounts payable within one year | 42/48 | €322,120 | €185,202 | -€136,919 | -42.5% |
| Current portion of amounts payable after more than one year | 42 | €156,314 | €159,784 | +€3,470 | +2.2% |
| Financial debts | 43 | €122 | €34 | -€89 | -72.5% |
| Credit institutions | 430/8 | €122 | €34 | -€89 | -72.5% |
| Trade debts | 44 | €9,074 | €6,576 | -€2,498 | -27.5% |
| Suppliers | 440/4 | €9,074 | €6,576 | -€2,498 | -27.5% |
| Taxes, remuneration and social security | 45 | €25,819 | €18,807 | -€7,011 | -27.2% |
| Taxes | 450/3 | €25,819 | €18,807 | -€7,011 | -27.2% |
| Other amounts payable | 47/48 | €130,791 | €0 | -€130,791 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,221 | €78,477 | +€3,256 | +4.3% |
| Other operating charges | 640/8 | €8,264 | €8,276 | +€12 | +0.1% |
| Non-recurring operating charges | 66A | €0 | €734 | +€734 | |
| Gross operating margin | 9900 | €478,369 | €531,946 | +€53,577 | +11.2% |
| Operating profit (loss) | 9901 | €394,884 | €444,459 | +€49,575 | +12.6% |
| Financial income | 75/76B | €11,363 | €122,105 | +€110,743 | +974.6% |
| Recurring financial income | 75 | €11,363 | €122,105 | +€110,743 | +974.6% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €14,052 | €11,419 | -€2,633 | -18.7% |
| Recurring financial charges | 65 | €14,052 | €11,419 | -€2,633 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €392,194 | €555,145 | +€162,951 | +41.5% |
| Income taxes | 67/77 | €134,982 | €167,683 | +€32,701 | +24.2% |
| Profit (loss) for the period | 9904 | €257,212 | €387,462 | +€130,250 | +50.6% |
| Transfer from tax-exempt reserves | 789 | €198,400 | €0 | -€198,400 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €455,612 | €387,462 | -€68,150 | -15.0% |
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.