DR ERWIG VAN BUGGENHOUT: 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 ERWIG VAN BUGGENHOUT
Largest movements
- Receivables within one year +€47,364
up €47,364 (+402%), from €11,784 to €59,147
- Current investments -€27,722
down €27,722 (-10.9%), from €254,600 to €226,878
- Cash +€19,828
up €19,828 (+507%), from €3,908 to €23,736
mainly Other debts (+€98,931) and Net result for the year (+€29,943)
- Financial fixed assets -€7,500
down €7,500 (-37.5%), from €20,000 to €12,500
- Tangible fixed assets -€5,966
down €5,966 (-4.6%), from €130,599 to €124,632
of which Land and buildings: -€3,302
- Other debts +€98,931
up €98,931 (+1,156%), from €8,560 to €107,491
- Reserves -€94,156
down €94,156 (-22.3%), from €421,925 to €327,770
of which Distributable reserves: -€94,156
- Profit (loss) carried forward +€16,608
up €16,608, from -€16,608 to €0
- Tax, wage and social debts +€5,152
up €5,152, from €0 to €5,152
- Financial income +€13,419
up €13,419 (+136%), from €9,880 to €23,299
- Taxes +€12,950
up €12,950 (+8,094%), from €160 to €13,110
- Financial charges +€8,812
up €8,812, from -€8,436 to €376
- Depreciation -€8,608
down €8,608 (-59.1%), from €14,574 to €5,966
- Gross operating margin -€2,846
down €2,846 (-9.2%), from €30,902 to €28,056
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 | €427,313 | €453,202 | +€25,889 | +6.1% |
| Fixed assets | 21/28 | €150,599 | €137,132 | -€13,466 | -8.9% |
| Tangible fixed assets | 22/27 | €130,599 | €124,632 | -€5,966 | -4.6% |
| Land and buildings | 22 | €122,156 | €118,854 | -€3,302 | -2.7% |
| Furniture and vehicles | 24 | €6,393 | €3,728 | -€2,665 | -41.7% |
| Other tangible fixed assets | 26 | €2,050 | €2,050 | = | 0.0% |
| Financial fixed assets | 28 | €20,000 | €12,500 | -€7,500 | -37.5% |
| Current assets | 29/58 | €276,715 | €316,070 | +€39,355 | +14.2% |
| Amounts receivable within one year | 40/41 | €11,784 | €59,147 | +€47,364 | +402% |
| Other amounts receivable | 41 | €11,784 | €59,147 | +€47,364 | +402% |
| Current investments | 50/53 | €254,600 | €226,878 | -€27,722 | -10.9% |
| Cash at bank and in hand | 54/58 | €3,908 | €23,736 | +€19,828 | +507% |
| Deferred charges and accrued income | 490/1 | €6,423 | €6,308 | -€115 | -1.8% |
| Total equity and liabilities | 10/49 | €427,313 | €453,202 | +€25,889 | +6.1% |
| Equity | 10/15 | €417,718 | €340,170 | -€77,548 | -18.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €421,925 | €327,770 | -€94,156 | -22.3% |
| Tax-exempt reserves | 132 | €1,838 | €1,838 | = | 0.0% |
| Distributable reserves | 133 | €420,088 | €325,932 | -€94,156 | -22.4% |
| Profit (loss) carried forward | 14 | -€16,608 | €0 | +€16,608 | |
| Amounts payable | 17/49 | €9,595 | €113,032 | +€103,437 | +1,078% |
| Amounts payable within one year | 42/48 | €8,560 | €112,643 | +€104,083 | +1,216% |
| Taxes, remuneration and social security | 45 | €0 | €5,152 | +€5,152 | |
| Taxes | 450/3 | €0 | €5,152 | +€5,152 | |
| Other amounts payable | 47/48 | €8,560 | €107,491 | +€98,931 | +1,156% |
| Accrued charges and deferred income | 492/3 | €1,035 | €389 | -€646 | -62.4% |
| Non-recurring operating income | 76A | €6,000 | €0 | -€6,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,574 | €5,966 | -€8,608 | -59.1% |
| Other operating charges | 640/8 | €2,338 | €1,959 | -€379 | -16.2% |
| Gross operating margin | 9900 | €30,902 | €28,056 | -€2,846 | -9.2% |
| Operating profit (loss) | 9901 | €13,989 | €20,131 | +€6,141 | +43.9% |
| Financial income | 75/76B | €9,880 | €23,299 | +€13,419 | +136% |
| Recurring financial income | 75 | €9,880 | €23,299 | +€13,419 | +136% |
| Financial charges | 65/66B | -€8,436 | €376 | +€8,812 | |
| Recurring financial charges | 65 | -€8,436 | €376 | +€8,812 | |
| Profit (loss) for the period before taxes | 9903 | €32,305 | €43,054 | +€10,749 | +33.3% |
| Income taxes | 67/77 | €160 | €13,110 | +€12,950 | +8,094% |
| Profit (loss) for the period | 9904 | €32,145 | €29,943 | -€2,201 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,145 | €29,943 | -€2,201 | -6.8% |
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 29 October 2026 via checked.be.