Dr. Ewout Termote: 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. Ewout Termote
Largest movements
- Cash +€181,252
up €181,252 (+95.7%), from €189,438 to €370,690
mainly Net result for the year (+€189,583) and Tax, wage and social debts (+€12,062)
- Deferred charges and accrued income +€18,686
up €18,686 (+18.8%), from €99,383 to €118,069
- Reserves +€189,583
up €189,583 (+74.8%), from €253,426 to €443,009
- Tax, wage and social debts +€12,062
up €12,062 (+26.5%), from €45,574 to €57,636
- Gross operating margin +€51,460
up €51,460 (+25.7%), from €200,150 to €251,610
- Taxes +€12,824
up €12,824 (+28.6%), from €44,812 to €57,636
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 | €306,241 | €507,554 | +€201,313 | +65.7% |
| Fixed assets | 21/28 | €12,189 | €9,126 | -€3,064 | -25.1% |
| Tangible fixed assets | 22/27 | €11,379 | €8,316 | -€3,064 | -26.9% |
| Plant, machinery and equipment | 23 | €9,904 | €7,808 | -€2,096 | -21.2% |
| Furniture and vehicles | 24 | €1,476 | €508 | -€968 | -65.6% |
| Financial fixed assets | 28 | €810 | €810 | = | 0.0% |
| Current assets | 29/58 | €294,052 | €498,428 | +€204,377 | +69.5% |
| Amounts receivable within one year | 40/41 | €5,231 | €9,669 | +€4,438 | +84.9% |
| Other amounts receivable | 41 | €5,231 | €9,669 | +€4,438 | +84.9% |
| Cash at bank and in hand | 54/58 | €189,438 | €370,690 | +€181,252 | +95.7% |
| Deferred charges and accrued income | 490/1 | €99,383 | €118,069 | +€18,686 | +18.8% |
| Total equity and liabilities | 10/49 | €306,241 | €507,554 | +€201,313 | +65.7% |
| Equity | 10/15 | €256,926 | €446,509 | +€189,583 | +73.8% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €253,426 | €443,009 | +€189,583 | +74.8% |
| Distributable reserves | 133 | €253,426 | €443,009 | +€189,583 | +74.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €49,315 | €61,045 | +€11,730 | +23.8% |
| Amounts payable within one year | 42/48 | €49,315 | €61,045 | +€11,730 | +23.8% |
| Trade debts | 44 | €2,575 | €3,409 | +€835 | +32.4% |
| Suppliers | 440/4 | €2,575 | €3,409 | +€835 | +32.4% |
| Taxes, remuneration and social security | 45 | €45,574 | €57,636 | +€12,062 | +26.5% |
| Taxes | 450/3 | €45,574 | €57,636 | +€12,062 | +26.5% |
| Other amounts payable | 47/48 | €1,166 | €0 | -€1,166 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,476 | €3,064 | +€587 | +23.7% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Non-recurring operating charges | 66A | €2,859 | €0 | -€2,859 | -100% |
| Gross operating margin | 9900 | €200,150 | €251,610 | +€51,460 | +25.7% |
| Operating profit (loss) | 9901 | €194,674 | €248,402 | +€53,728 | +27.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €65 | €1,184 | +€1,119 | +1,721% |
| Recurring financial charges | 65 | €65 | €1,184 | +€1,119 | +1,721% |
| Profit (loss) for the period before taxes | 9903 | €194,609 | €247,219 | +€52,609 | +27.0% |
| Income taxes | 67/77 | €44,812 | €57,636 | +€12,824 | +28.6% |
| Profit (loss) for the period | 9904 | €149,797 | €189,583 | +€39,786 | +26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €149,797 | €189,583 | +€39,786 | +26.6% |
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 21 October 2026 via checked.be.