Dr. Els Van Dessel: 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 Van Dessel
Largest movements
- Deferred charges and accrued income -€39,695
down €39,695 (-92.9%), from €42,712 to €3,017
- Tangible fixed assets -€25,769
down €25,769 (-2.3%), from €1.1m to €1.1m
of which Land and buildings: -€66,452
- Cash -€16,127
down €16,127 (-17.1%), from €94,223 to €78,096
mainly Contributions, distributions and other (-€317,056) and Debts after one year (-€86,927)
- Reserves -€127,583
no longer reported in 2025 (was €127,583)
- Other debts +€123,818
up €123,818 (+493%), from €25,114 to €148,932
- Debts after one year -€86,927
down €86,927 (-8.3%), from €1.0m to €962,426
- Gross operating margin +€80,405
up €80,405 (+28.7%), from €279,681 to €360,086
- Taxes +€26,400
up €26,400 (+55.9%), from €47,218 to €73,618
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 | €1,321,044 | €1,241,828 | -€79,217 | -6.0% |
| Fixed assets | 21/28 | €1,137,246 | €1,111,477 | -€25,769 | -2.3% |
| Tangible fixed assets | 22/27 | €1,137,246 | €1,111,477 | -€25,769 | -2.3% |
| Land and buildings | 22 | €1,128,226 | €1,061,773 | -€66,452 | -5.9% |
| Plant, machinery and equipment | 23 | €5,933 | €2,940 | -€2,993 | -50.5% |
| Furniture and vehicles | 24 | €3,087 | €46,764 | +€43,677 | +1,415% |
| Current assets | 29/58 | €183,799 | €130,351 | -€53,448 | -29.1% |
| Amounts receivable within one year | 40/41 | €46,864 | €49,239 | +€2,374 | +5.1% |
| Trade receivables | 40 | - | €2,426 | +€2,426 | |
| Other amounts receivable | 41 | €46,864 | €46,813 | -€51 | -0.1% |
| Cash at bank and in hand | 54/58 | €94,223 | €78,096 | -€16,127 | -17.1% |
| Deferred charges and accrued income | 490/1 | €42,712 | €3,017 | -€39,695 | -92.9% |
| Total equity and liabilities | 10/49 | €1,321,044 | €1,241,828 | -€79,217 | -6.0% |
| Equity | 10/15 | €146,183 | €18,600 | -€127,583 | -87.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €127,583 | - | -€127,583 | |
| Distributable reserves | 133 | €127,583 | - | -€127,583 | |
| Amounts payable | 17/49 | €1,174,862 | €1,223,228 | +€48,366 | +4.1% |
| Amounts payable after more than one year | 17 | €1,049,353 | €962,426 | -€86,927 | -8.3% |
| Financial debts | 170/4 | €1,049,353 | €962,426 | -€86,927 | -8.3% |
| Amounts payable within one year | 42/48 | €125,509 | €260,801 | +€135,293 | +108% |
| Current portion of amounts payable after more than one year | 42 | €85,324 | €91,628 | +€6,304 | +7.4% |
| Trade debts | 44 | €13,106 | €9,794 | -€3,312 | -25.3% |
| Suppliers | 440/4 | €13,106 | €9,794 | -€3,312 | -25.3% |
| Taxes, remuneration and social security | 45 | €1,965 | €10,448 | +€8,483 | +432% |
| Taxes | 450/3 | €1,965 | €8,448 | +€6,483 | +330% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €25,114 | €148,932 | +€123,818 | +493% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,499 | €71,766 | +€1,267 | +1.8% |
| Other operating charges | 640/8 | €5,438 | €2,385 | -€3,053 | -56.1% |
| Non-recurring operating charges | 66A | - | €255 | +€255 | |
| Gross operating margin | 9900 | €279,681 | €360,086 | +€80,405 | +28.7% |
| Operating profit (loss) | 9901 | €203,744 | €285,680 | +€81,936 | +40.2% |
| Financial income | 75/76B | €2,395 | €230 | -€2,164 | -90.4% |
| Recurring financial income | 75 | €2,395 | €230 | -€2,164 | -90.4% |
| Financial charges | 65/66B | €24,392 | €22,820 | -€1,572 | -6.4% |
| Recurring financial charges | 65 | €24,392 | €22,820 | -€1,572 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €181,747 | €263,091 | +€81,344 | +44.8% |
| Income taxes | 67/77 | €47,218 | €73,618 | +€26,400 | +55.9% |
| Profit (loss) for the period | 9904 | €134,529 | €189,473 | +€54,944 | +40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €134,529 | €189,473 | +€54,944 | +40.8% |
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 26 October 2026 via checked.be.