Dr. Eveline Bruyeer: 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. Eveline Bruyeer
Largest movements
- Cash +€96,514
up €96,514 (+88.3%), from €109,265 to €205,779
mainly Net result for the year (+€335,485) and Other debts (+€197,288)
- Current investments -€87,812
down €87,812 (-24.6%), from €356,402 to €268,590
- Other debts +€197,288
up €197,288 (+97.6%), from €202,212 to €399,500
- Reserves -€134,515
down €134,515 (-98.4%), from €136,685 to €2,169
of which Distributable reserves: -€134,515
- Current portion of long-term debt -€77,612
down €77,612 (-100%), from €77,612 to €0
- Tax, wage and social debts +€20,562
up €20,562 (+48.1%), from €42,780 to €63,342
- Depreciation -€106,752
down €106,752 (-97.1%), from €109,938 to €3,187
- Gross operating margin +€51,181
up €51,181 (+12.9%), from €396,068 to €447,249
- Taxes +€38,742
up €38,742 (+56.4%), from €68,635 to €107,377
- Financial income -€5,026
down €5,026 (-72.5%), from €6,934 to €1,909
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 | €478,024 | €483,835 | +€5,812 | +1.2% |
| Fixed assets | 21/28 | €10,491 | €7,304 | -€3,187 | -30.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €10,491 | €7,304 | -€3,187 | -30.4% |
| Land and buildings | 22 | €647 | €0 | -€647 | -100% |
| Plant, machinery and equipment | 23 | €720 | €730 | +€10 | +1.4% |
| Furniture and vehicles | 24 | €9,124 | €6,574 | -€2,550 | -27.9% |
| Current assets | 29/58 | €467,532 | €476,531 | +€8,998 | +1.9% |
| Amounts receivable within one year | 40/41 | €0 | €222 | +€222 | |
| Other amounts receivable | 41 | €0 | €222 | +€222 | |
| Current investments | 50/53 | €356,402 | €268,590 | -€87,812 | -24.6% |
| Cash at bank and in hand | 54/58 | €109,265 | €205,779 | +€96,514 | +88.3% |
| Deferred charges and accrued income | 490/1 | €1,866 | €1,939 | +€74 | +4.0% |
| Total equity and liabilities | 10/49 | €478,024 | €483,835 | +€5,812 | +1.2% |
| Equity | 10/15 | €155,235 | €20,719 | -€134,515 | -86.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €136,685 | €2,169 | -€134,515 | -98.4% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €134,830 | €314 | -€134,515 | -99.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €322,789 | €463,116 | +€140,327 | +43.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €322,789 | €463,116 | +€140,327 | +43.5% |
| Current portion of amounts payable after more than one year | 42 | €77,612 | €0 | -€77,612 | -100% |
| Trade debts | 44 | €185 | €274 | +€89 | +48.2% |
| Suppliers | 440/4 | €185 | €274 | +€89 | +48.2% |
| Taxes, remuneration and social security | 45 | €42,780 | €63,342 | +€20,562 | +48.1% |
| Taxes | 450/3 | €42,780 | €63,342 | +€20,562 | +48.1% |
| Other amounts payable | 47/48 | €202,212 | €399,500 | +€197,288 | +97.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,938 | €3,187 | -€106,752 | -97.1% |
| Other operating charges | 640/8 | €875 | €1,019 | +€144 | +16.4% |
| Gross operating margin | 9900 | €396,068 | €447,249 | +€51,181 | +12.9% |
| Operating profit (loss) | 9901 | €285,255 | €443,043 | +€157,789 | +55.3% |
| Financial income | 75/76B | €6,934 | €1,909 | -€5,026 | -72.5% |
| Recurring financial income | 75 | €6,934 | €1,909 | -€5,026 | -72.5% |
| Financial charges | 65/66B | €2,071 | €2,090 | +€19 | +0.9% |
| Recurring financial charges | 65 | €2,071 | €2,090 | +€19 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €290,118 | €442,862 | +€152,744 | +52.6% |
| Income taxes | 67/77 | €68,635 | €107,377 | +€38,742 | +56.4% |
| Profit (loss) for the period | 9904 | €221,482 | €335,485 | +€114,002 | +51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €221,482 | €335,485 | +€114,002 | +51.5% |
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 31 October 2026 via checked.be.