Dr. Engelen: 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. Engelen
Largest movements
- Receivables within one year +€45,974
up €45,974 (+27.3%), from €168,218 to €214,192
- Cash -€44,037
down €44,037 (-46.6%), from €94,493 to €50,455
mainly Receivables within one year (-€45,974) and Net result for the year (-€22,853)
- Profit (loss) carried forward -€22,853
down €22,853, from €54 to -€22,799
- Tax, wage and social debts +€20,141
up €20,141 (+29.2%), from €68,870 to €89,011
- Gross operating margin -€207,283
down €207,283, from €179,632 to -€27,651
- Taxes -€58,596
down €58,596 (-99.5%), from €58,869 to €273
- Financial charges +€3,266
up €3,266 (+1,296%), from €252 to €3,518
- Financial income +€2,763
up €2,763 (+34.1%), from €8,097 to €10,860
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 | €509,218 | €507,813 | -€1,405 | -0.3% |
| Fixed assets | 21/28 | €3,812 | €2,465 | -€1,347 | -35.3% |
| Tangible fixed assets | 22/27 | €3,812 | €2,465 | -€1,347 | -35.3% |
| Plant, machinery and equipment | 23 | €3,812 | €2,465 | -€1,347 | -35.3% |
| Current assets | 29/58 | €505,405 | €505,347 | -€58 | 0.0% |
| Amounts receivable within one year | 40/41 | €168,218 | €214,192 | +€45,974 | +27.3% |
| Other amounts receivable | 41 | €168,218 | €214,192 | +€45,974 | +27.3% |
| Current investments | 50/53 | €240,700 | €240,700 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €94,493 | €50,455 | -€44,037 | -46.6% |
| Deferred charges and accrued income | 490/1 | €1,995 | - | -€1,995 | |
| Total equity and liabilities | 10/49 | €509,218 | €507,813 | -€1,405 | -0.3% |
| Equity | 10/15 | €437,046 | €414,193 | -€22,853 | -5.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €418,392 | €418,392 | = | 0.0% |
| Non-distributable reserves | 130/1 | €242,560 | €242,560 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Own shares acquired | 1312 | €240,700 | €240,700 | = | 0.0% |
| Distributable reserves | 133 | €175,832 | €175,832 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54 | -€22,799 | -€22,853 | |
| Amounts payable | 17/49 | €72,171 | €93,620 | +€21,448 | +29.7% |
| Amounts payable within one year | 42/48 | €72,171 | €93,620 | +€21,448 | +29.7% |
| Trade debts | 44 | €3,301 | €4,609 | +€1,307 | +39.6% |
| Suppliers | 440/4 | €3,301 | €4,609 | +€1,307 | +39.6% |
| Taxes, remuneration and social security | 45 | €68,870 | €89,011 | +€20,141 | +29.2% |
| Taxes | 450/3 | €68,870 | €89,011 | +€20,141 | +29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €229 | €1,347 | +€1,118 | +489% |
| Other operating charges | 640/8 | €648 | €925 | +€276 | +42.6% |
| Gross operating margin | 9900 | €179,632 | -€27,651 | -€207,283 | |
| Operating profit (loss) | 9901 | €178,754 | -€29,923 | -€208,677 | |
| Financial income | 75/76B | €8,097 | €10,860 | +€2,763 | +34.1% |
| Recurring financial income | 75 | €8,097 | €10,860 | +€2,763 | +34.1% |
| Financial charges | 65/66B | €252 | €3,518 | +€3,266 | +1,296% |
| Recurring financial charges | 65 | €252 | €3,518 | +€3,266 | +1,296% |
| Profit (loss) for the period before taxes | 9903 | €186,599 | -€22,581 | -€209,180 | |
| Income taxes | 67/77 | €58,869 | €273 | -€58,596 | -99.5% |
| Profit (loss) for the period | 9904 | €127,731 | -€22,853 | -€150,584 | |
| Profit (loss) for the period to be appropriated | 9905 | €127,731 | -€22,853 | -€150,584 |
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 25 October 2026 via checked.be.