Dr. Emmanuel Van Tornout: 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. Emmanuel Van Tornout
Largest movements
- Current investments -€63,000
down €63,000 (-100%), from €63,000 to €0
- Intangible fixed assets -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Cash -€24,821
down €24,821 (-10.7%), from €232,421 to €207,600
mainly Contributions, distributions and other (-€287,016) and Other debts (-€137,141)
- Tangible fixed assets -€15,824
down €15,824 (-64.0%), from €24,730 to €8,907
of which Furniture and vehicles: -€15,627
- Receivables within one year -€14,978
down €14,978 (-8.5%), from €175,981 to €161,003
of which Trade receivables: -€14,760
- Other debts -€137,141
down €137,141 (-30.4%), from €450,711 to €313,570
- Debts after one year -€41,155
down €41,155 (-38.4%), from €107,155 to €66,000
- Tax, wage and social debts +€9,713
up €9,713 (+147%), from €6,627 to €16,340
of which Taxes: +€7,360
- Gross operating margin +€24,855
up €24,855 (+5.9%), from €423,567 to €448,422
- Taxes +€6,639
up €6,639 (+7.6%), from €87,198 to €93,837
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 | €656,269 | €486,080 | -€170,189 | -25.9% |
| Fixed assets | 21/28 | €174,730 | €108,907 | -€65,824 | -37.7% |
| Intangible fixed assets | 21 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Tangible fixed assets | 22/27 | €24,730 | €8,907 | -€15,824 | -64.0% |
| Plant, machinery and equipment | 23 | €197 | €0 | -€197 | -100% |
| Furniture and vehicles | 24 | €24,534 | €8,907 | -€15,627 | -63.7% |
| Current assets | 29/58 | €481,538 | €377,173 | -€104,365 | -21.7% |
| Amounts receivable within one year | 40/41 | €175,981 | €161,003 | -€14,978 | -8.5% |
| Trade receivables | 40 | €175,763 | €161,003 | -€14,760 | -8.4% |
| Other amounts receivable | 41 | €218 | €0 | -€218 | -100% |
| Current investments | 50/53 | €63,000 | €0 | -€63,000 | -100% |
| Cash at bank and in hand | 54/58 | €232,421 | €207,600 | -€24,821 | -10.7% |
| Deferred charges and accrued income | 490/1 | €10,136 | €8,570 | -€1,566 | -15.4% |
| Total equity and liabilities | 10/49 | €656,269 | €486,080 | -€170,189 | -25.9% |
| Equity | 10/15 | €18,550 | €18,550 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €637,719 | €467,530 | -€170,189 | -26.7% |
| Amounts payable after more than one year | 17 | €107,155 | €66,000 | -€41,155 | -38.4% |
| Financial debts | 170/4 | €107,155 | €66,000 | -€41,155 | -38.4% |
| Amounts payable within one year | 42/48 | €526,286 | €398,436 | -€127,850 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | €67,901 | €68,103 | +€202 | +0.3% |
| Trade debts | 44 | €1,048 | €422 | -€626 | -59.7% |
| Suppliers | 440/4 | €1,048 | €422 | -€626 | -59.7% |
| Taxes, remuneration and social security | 45 | €6,627 | €16,340 | +€9,713 | +147% |
| Taxes | 450/3 | €6,627 | €13,987 | +€7,360 | +111% |
| Remuneration and social security | 454/9 | - | €2,353 | +€2,353 | |
| Other amounts payable | 47/48 | €450,711 | €313,570 | -€137,141 | -30.4% |
| Accrued charges and deferred income | 492/3 | €4,278 | €3,094 | -€1,184 | -27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,823 | €65,824 | -€999 | -1.5% |
| Other operating charges | 640/8 | €4,159 | €820 | -€3,340 | -80.3% |
| Gross operating margin | 9900 | €423,567 | €448,422 | +€24,855 | +5.9% |
| Operating profit (loss) | 9901 | €352,585 | €381,778 | +€29,193 | +8.3% |
| Financial income | 75/76B | €4,786 | €2,072 | -€2,714 | -56.7% |
| Recurring financial income | 75 | €4,786 | €2,072 | -€2,714 | -56.7% |
| Financial charges | 65/66B | €4,206 | €2,997 | -€1,209 | -28.7% |
| Recurring financial charges | 65 | €4,206 | €2,997 | -€1,209 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | €353,164 | €380,853 | +€27,689 | +7.8% |
| Income taxes | 67/77 | €87,198 | €93,837 | +€6,639 | +7.6% |
| Profit (loss) for the period | 9904 | €265,966 | €287,016 | +€21,050 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €265,966 | €287,016 | +€21,050 | +7.9% |
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 28 October 2026 via checked.be.