DR. G. SCHOLS: 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. G. SCHOLS
Largest movements
- Cash +€78,213
up €78,213 (+396%), from €19,775 to €97,988
mainly Net result for the year (+€236,791) and Depreciation (+€54,169)
- Tangible fixed assets -€48,598
down €48,598 (-3.5%), from €1.4m to €1.3m
of which Land and buildings: -€44,852
- Reserves +€184,267
up €184,267 (+28.6%), from €644,222 to €828,489
of which Distributable reserves: +€184,267
- Other debts -€113,298
down €113,298 (-29.8%), from €380,610 to €267,312
- Debts after one year -€69,885
down €69,885 (-19.1%), from €365,376 to €295,491
- Short-term financial debts +€26,919
new in 2025: €26,919
- Gross operating margin +€108,316
up €108,316 (+32.2%), from €335,871 to €444,187
- Financial charges -€87,663
down €87,663 (-69.4%), from €126,404 to €38,740
- Taxes +€63,893
up €63,893 (+137%), from €46,698 to €110,590
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 | €1,495,010 | €1,534,570 | +€39,561 | +2.6% |
| Fixed assets | 21/28 | €1,371,066 | €1,322,468 | -€48,598 | -3.5% |
| Tangible fixed assets | 22/27 | €1,371,066 | €1,322,468 | -€48,598 | -3.5% |
| Land and buildings | 22 | €1,306,463 | €1,261,611 | -€44,852 | -3.4% |
| Plant, machinery and equipment | 23 | €3,817 | €3,061 | -€756 | -19.8% |
| Furniture and vehicles | 24 | €37,110 | €32,531 | -€4,580 | -12.3% |
| Other tangible fixed assets | 26 | €23,676 | €25,266 | +€1,590 | +6.7% |
| Current assets | 29/58 | €123,944 | €212,102 | +€88,158 | +71.1% |
| Amounts receivable within one year | 40/41 | €22,052 | €30,467 | +€8,415 | +38.2% |
| Trade receivables | 40 | €3,266 | €13,938 | +€10,672 | +327% |
| Other amounts receivable | 41 | €18,786 | €16,529 | -€2,257 | -12.0% |
| Current investments | 50/53 | €79,106 | €79,106 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,775 | €97,988 | +€78,213 | +396% |
| Deferred charges and accrued income | 490/1 | €3,010 | €4,541 | +€1,531 | +50.9% |
| Total equity and liabilities | 10/49 | €1,495,010 | €1,534,570 | +€39,561 | +2.6% |
| Equity | 10/15 | €662,814 | €847,081 | +€184,267 | +27.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €644,222 | €828,489 | +€184,267 | +28.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €642,363 | €826,630 | +€184,267 | +28.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €832,196 | €687,489 | -€144,707 | -17.4% |
| Amounts payable after more than one year | 17 | €365,376 | €295,491 | -€69,885 | -19.1% |
| Financial debts | 170/4 | €365,376 | €295,491 | -€69,885 | -19.1% |
| Amounts payable within one year | 42/48 | €466,820 | €391,998 | -€74,821 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €68,188 | €69,885 | +€1,698 | +2.5% |
| Financial debts | 43 | - | €26,919 | +€26,919 | |
| Credit institutions | 430/8 | - | €26,919 | +€26,919 | |
| Trade debts | 44 | €8,223 | €7,241 | -€982 | -11.9% |
| Suppliers | 440/4 | €8,223 | €7,241 | -€982 | -11.9% |
| Taxes, remuneration and social security | 45 | €9,800 | €20,641 | +€10,842 | +111% |
| Taxes | 450/3 | €9,800 | €20,641 | +€10,842 | +111% |
| Other amounts payable | 47/48 | €380,610 | €267,312 | -€113,298 | -29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,143 | €54,169 | +€25 | 0.0% |
| Other operating charges | 640/8 | €8,279 | €4,658 | -€3,621 | -43.7% |
| Non-recurring operating charges | 66A | €0 | €416 | +€416 | |
| Gross operating margin | 9900 | €335,871 | €444,187 | +€108,316 | +32.2% |
| Operating profit (loss) | 9901 | €273,449 | €384,944 | +€111,495 | +40.8% |
| Financial income | 75/76B | €770 | €1,178 | +€408 | +52.9% |
| Recurring financial income | 75 | €770 | €1,178 | +€408 | +52.9% |
| Financial charges | 65/66B | €126,404 | €38,740 | -€87,663 | -69.4% |
| Recurring financial charges | 65 | €126,404 | €38,740 | -€87,663 | -69.4% |
| Profit (loss) for the period before taxes | 9903 | €147,816 | €347,381 | +€199,566 | +135% |
| Income taxes | 67/77 | €46,698 | €110,590 | +€63,893 | +137% |
| Profit (loss) for the period | 9904 | €101,118 | €236,791 | +€135,673 | +134% |
| Profit (loss) for the period to be appropriated | 9905 | €101,118 | €236,791 | +€135,673 | +134% |
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 25 October 2026 via checked.be.