DR. FRANK TILMANS: 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. FRANK TILMANS
Largest movements
- Cash +€63,786
up €63,786 (+44.0%), from €145,053 to €208,839
mainly Net result for the year (+€95,095) and Depreciation (+€31,075)
- Current investments +€28,794
up €28,794 (+22.3%), from €129,274 to €158,068
- Tangible fixed assets -€18,897
down €18,897 (-7.7%), from €245,925 to €227,028
of which Land and buildings: -€23,426
- Reserves +€95,095
up €95,095 (+35.8%), from €265,490 to €360,586
- Other debts -€27,157
down €27,157 (-17.4%), from €156,055 to €128,898
- Gross operating margin +€30,861
up €30,861 (+17.5%), from €176,378 to €207,239
- Taxes +€12,882
up €12,882 (+50.9%), from €25,322 to €38,205
- Financial income +€7,446
up €7,446 (+253%), from €2,942 to €10,388
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 | €520,281 | €593,936 | +€73,654 | +14.2% |
| Fixed assets | 21/28 | €245,925 | €227,028 | -€18,897 | -7.7% |
| Tangible fixed assets | 22/27 | €245,925 | €227,028 | -€18,897 | -7.7% |
| Land and buildings | 22 | €244,637 | €221,211 | -€23,426 | -9.6% |
| Plant, machinery and equipment | 23 | €1,289 | €5,817 | +€4,528 | +351% |
| Current assets | 29/58 | €274,356 | €366,908 | +€92,552 | +33.7% |
| Current investments | 50/53 | €129,274 | €158,068 | +€28,794 | +22.3% |
| Cash at bank and in hand | 54/58 | €145,053 | €208,839 | +€63,786 | +44.0% |
| Deferred charges and accrued income | 490/1 | €29 | - | -€29 | |
| Total equity and liabilities | 10/49 | €520,281 | €593,936 | +€73,654 | +14.2% |
| Equity | 10/15 | €315,490 | €410,586 | +€95,095 | +30.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €265,490 | €360,586 | +€95,095 | +35.8% |
| Distributable reserves | 133 | €265,490 | €360,586 | +€95,095 | +35.8% |
| Amounts payable | 17/49 | €204,791 | €183,350 | -€21,441 | -10.5% |
| Amounts payable after more than one year | 17 | €32,000 | €32,000 | = | 0.0% |
| Financial debts | 170/4 | €32,000 | €32,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €172,791 | €151,350 | -€21,441 | -12.4% |
| Trade debts | 44 | €1,259 | €1,503 | +€245 | +19.4% |
| Suppliers | 440/4 | €1,259 | €1,503 | +€245 | +19.4% |
| Taxes, remuneration and social security | 45 | €15,477 | €20,949 | +€5,472 | +35.4% |
| Taxes | 450/3 | €5,536 | €11,144 | +€5,608 | +101% |
| Remuneration and social security | 454/9 | €9,942 | €9,805 | -€137 | -1.4% |
| Other amounts payable | 47/48 | €156,055 | €128,898 | -€27,157 | -17.4% |
| Non-recurring operating income | 76A | €7,500 | - | -€7,500 | |
| Remuneration, social security and pensions | 62 | €47,456 | €46,474 | -€982 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,380 | €31,075 | -€1,305 | -4.0% |
| Other operating charges | 640/8 | €1,467 | €1,479 | +€13 | +0.9% |
| Gross operating margin | 9900 | €176,378 | €207,239 | +€30,861 | +17.5% |
| Operating profit (loss) | 9901 | €95,075 | €128,210 | +€33,135 | +34.9% |
| Financial income | 75/76B | €2,942 | €10,388 | +€7,446 | +253% |
| Recurring financial income | 75 | €2,942 | €10,388 | +€7,446 | +253% |
| Financial charges | 65/66B | €4,980 | €5,298 | +€319 | +6.4% |
| Recurring financial charges | 65 | €4,980 | €5,298 | +€319 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €93,038 | €133,300 | +€40,262 | +43.3% |
| Income taxes | 67/77 | €25,322 | €38,205 | +€12,882 | +50.9% |
| Profit (loss) for the period | 9904 | €67,715 | €95,095 | +€27,380 | +40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €67,715 | €95,095 | +€27,380 | +40.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.