DR. G. VAN ROEY: 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. VAN ROEY
Largest movements
- Cash +€72,466
up €72,466 (+139%), from €52,250 to €124,717
mainly Net result for the year (+€139,330) and Depreciation (+€31,775)
- Current investments +€38,042
up €38,042 (+8.2%), from €465,222 to €503,264
- Tangible fixed assets -€30,847
down €30,847 (-15.9%), from €193,880 to €163,032
of which Furniture and vehicles: -€20,647
- Receivables within one year +€18,439
up €18,439 (+33.8%), from €54,524 to €72,962
- Reserves +€139,330
up €139,330 (+23.1%), from €603,434 to €742,764
- Debts after one year -€26,324
down €26,324 (-100%), from €26,324 to €0
- Tax, wage and social debts -€15,375
down €15,375 (-36.1%), from €42,539 to €27,164
- Gross operating margin +€14,090
up €14,090 (+6.4%), from €220,724 to €234,814
- Taxes +€6,686
up €6,686 (+12.0%), from €55,909 to €62,595
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 | €772,076 | €869,909 | +€97,833 | +12.7% |
| Fixed assets | 21/28 | €193,980 | €163,132 | -€30,847 | -15.9% |
| Tangible fixed assets | 22/27 | €193,880 | €163,032 | -€30,847 | -15.9% |
| Land and buildings | 22 | €123,086 | €112,886 | -€10,200 | -8.3% |
| Furniture and vehicles | 24 | €70,794 | €50,147 | -€20,647 | -29.2% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €578,096 | €706,777 | +€128,681 | +22.3% |
| Amounts receivable within one year | 40/41 | €54,524 | €72,962 | +€18,439 | +33.8% |
| Other amounts receivable | 41 | €54,524 | €72,962 | +€18,439 | +33.8% |
| Current investments | 50/53 | €465,222 | €503,264 | +€38,042 | +8.2% |
| Cash at bank and in hand | 54/58 | €52,250 | €124,717 | +€72,466 | +139% |
| Deferred charges and accrued income | 490/1 | €6,100 | €5,833 | -€266 | -4.4% |
| Total equity and liabilities | 10/49 | €772,076 | €869,909 | +€97,833 | +12.7% |
| Equity | 10/15 | €643,684 | €783,014 | +€139,330 | +21.6% |
| Contributions | 10/11 | €40,250 | €40,250 | = | 0.0% |
| Reserves | 13 | €603,434 | €742,764 | +€139,330 | +23.1% |
| Distributable reserves | 133 | €603,434 | €742,764 | +€139,330 | +23.1% |
| Amounts payable | 17/49 | €128,392 | €86,895 | -€41,497 | -32.3% |
| Amounts payable after more than one year | 17 | €26,324 | €0 | -€26,324 | -100% |
| Financial debts | 170/4 | €26,324 | €0 | -€26,324 | -100% |
| Amounts payable within one year | 42/48 | €100,391 | €84,888 | -€15,503 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €26,760 | €26,324 | -€436 | -1.6% |
| Trade debts | 44 | €9,766 | €6,392 | -€3,373 | -34.5% |
| Suppliers | 440/4 | €9,766 | €6,392 | -€3,373 | -34.5% |
| Taxes, remuneration and social security | 45 | €42,539 | €27,164 | -€15,375 | -36.1% |
| Taxes | 450/3 | €42,539 | €27,164 | -€15,375 | -36.1% |
| Other amounts payable | 47/48 | €21,327 | €25,008 | +€3,681 | +17.3% |
| Accrued charges and deferred income | 492/3 | €1,676 | €2,007 | +€330 | +19.7% |
| Non-recurring operating income | 76A | €0 | €8,240 | +€8,240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,191 | €31,775 | -€417 | -1.3% |
| Other operating charges | 640/8 | €2,427 | €2,372 | -€54 | -2.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €220,724 | €234,814 | +€14,090 | +6.4% |
| Operating profit (loss) | 9901 | €186,106 | €200,667 | +€14,560 | +7.8% |
| Financial income | 75/76B | €2,465 | €4,208 | +€1,743 | +70.7% |
| Recurring financial income | 75 | €2,465 | €4,208 | +€1,743 | +70.7% |
| Financial charges | 65/66B | €4,445 | €2,950 | -€1,496 | -33.6% |
| Recurring financial charges | 65 | €4,445 | €2,950 | -€1,496 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €184,127 | €201,926 | +€17,799 | +9.7% |
| Income taxes | 67/77 | €55,909 | €62,595 | +€6,686 | +12.0% |
| Profit (loss) for the period | 9904 | €128,218 | €139,330 | +€11,113 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €128,218 | €139,330 | +€11,113 | +8.7% |
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 1 November 2026 via checked.be.