Dr. Frédéric Vanhove: 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. Frédéric Vanhove
Largest movements
- Cash +€496,988
up €496,988 (+145%), from €342,218 to €839,206
mainly Net result for the year (+€589,413) and Tax, wage and social debts (+€39,282)
- Tangible fixed assets +€71,130
up €71,130 (+438%), from €16,231 to €87,361
of which Furniture and vehicles: +€72,290
- Deferred charges and accrued income +€58,651
up €58,651 (+20.0%), from €293,648 to €352,299
- Reserves +€589,413
up €589,413 (+78.5%), from €750,456 to €1.3m
- Tax, wage and social debts +€39,282
up €39,282 (+26.3%), from €149,457 to €188,739
- Gross operating margin +€161,187
up €161,187 (+26.3%), from €612,010 to €773,196
- Taxes +€41,754
up €41,754 (+27.9%), from €149,728 to €191,482
- Financial income +€13,153
up €13,153 (+166%), from €7,906 to €21,059
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 | €903,807 | €1,532,646 | +€628,839 | +69.6% |
| Fixed assets | 21/28 | €16,231 | €87,361 | +€71,130 | +438% |
| Tangible fixed assets | 22/27 | €16,231 | €87,361 | +€71,130 | +438% |
| Plant, machinery and equipment | 23 | €10,684 | €9,525 | -€1,159 | -10.9% |
| Furniture and vehicles | 24 | €5,547 | €77,836 | +€72,290 | +1,303% |
| Current assets | 29/58 | €887,576 | €1,445,285 | +€557,709 | +62.8% |
| Amounts receivable within one year | 40/41 | €251,710 | €253,780 | +€2,070 | +0.8% |
| Trade receivables | 40 | €68,019 | €59,856 | -€8,162 | -12.0% |
| Other amounts receivable | 41 | €183,692 | €193,924 | +€10,233 | +5.6% |
| Cash at bank and in hand | 54/58 | €342,218 | €839,206 | +€496,988 | +145% |
| Deferred charges and accrued income | 490/1 | €293,648 | €352,299 | +€58,651 | +20.0% |
| Total equity and liabilities | 10/49 | €903,807 | €1,532,646 | +€628,839 | +69.6% |
| Equity | 10/15 | €751,456 | €1,340,869 | +€589,413 | +78.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €750,456 | €1,339,869 | +€589,413 | +78.5% |
| Distributable reserves | 133 | €750,456 | €1,339,869 | +€589,413 | +78.5% |
| Amounts payable | 17/49 | €152,351 | €191,777 | +€39,426 | +25.9% |
| Amounts payable within one year | 42/48 | €150,657 | €191,777 | +€41,120 | +27.3% |
| Trade debts | 44 | €1,200 | €3,038 | +€1,839 | +153% |
| Suppliers | 440/4 | €1,200 | €3,038 | +€1,839 | +153% |
| Taxes, remuneration and social security | 45 | €149,457 | €188,739 | +€39,282 | +26.3% |
| Taxes | 450/3 | €149,457 | €188,739 | +€39,282 | +26.3% |
| Accrued charges and deferred income | 492/3 | €1,694 | - | -€1,694 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,971 | €12,804 | +€4,834 | +60.6% |
| Other operating charges | 640/8 | €551 | €406 | -€144 | -26.2% |
| Gross operating margin | 9900 | €612,010 | €773,196 | +€161,187 | +26.3% |
| Operating profit (loss) | 9901 | €603,488 | €759,986 | +€156,498 | +25.9% |
| Financial income | 75/76B | €7,906 | €21,059 | +€13,153 | +166% |
| Recurring financial income | 75 | €7,906 | €21,059 | +€13,153 | +166% |
| Financial charges | 65/66B | €128 | €150 | +€23 | +17.7% |
| Recurring financial charges | 65 | €128 | €150 | +€23 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | €611,267 | €780,895 | +€169,628 | +27.8% |
| Income taxes | 67/77 | €149,728 | €191,482 | +€41,754 | +27.9% |
| Profit (loss) for the period | 9904 | €461,539 | €589,413 | +€127,874 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €461,539 | €589,413 | +€127,874 | +27.7% |
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 28 October 2026 via checked.be.