DR. GEERT VANHEULE: 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. GEERT VANHEULE
Largest movements
- Cash +€41,592
up €41,592 (+4.7%), from €879,161 to €920,753
mainly Net result for the year (+€202,393) and Depreciation (+€15,632)
- Reserves +€59,227
up €59,227 (+5.4%), from €1.1m to €1.1m
- Gross operating margin -€14,266
down €14,266 (-4.5%), from €314,186 to €299,921
- Depreciation +€8,364
up €8,364 (+115.1%), from €7,268 to €15,632
- Financial income +€6,980
up €6,980 (+403.5%), from €1,730 to €8,710
of which Financial income: +€7,239
- Taxes -€4,996
down €4,996 (-5.4%), from €92,944 to €87,948
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.
Cash bridge derived
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 | €1,118,521 | €1,174,505 | +€55,984 | +5.0% |
| Fixed assets | 21/28 | €184,724 | €194,879 | +€10,155 | +5.5% |
| Tangible fixed assets | 22/27 | €184,724 | €194,879 | +€10,155 | +5.5% |
| Land and buildings | 22 | €182,724 | €186,239 | +€3,514 | +1.9% |
| Plant, machinery and equipment | 23 | - | €2,634 | +€2,634 | |
| Furniture and vehicles | 24 | €0 | €4,007 | +€4,007 | |
| Other tangible fixed assets | 26 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €933,796 | €979,626 | +€45,830 | +4.9% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | €4,066 | +€4,066 | |
| Other amounts receivable | 41 | €0 | €4,066 | +€4,066 | |
| Current investments | 50/53 | €44,447 | €44,771 | +€324 | +0.7% |
| Cash at bank and in hand | 54/58 | €879,161 | €920,753 | +€41,592 | +4.7% |
| Deferred charges and accrued income | 490/1 | €188 | €36 | -€153 | -81.1% |
| Total equity and liabilities | 10/49 | €1,118,521 | €1,174,505 | +€55,984 | +5.0% |
| Equity | 10/15 | €1,110,393 | €1,169,620 | +€59,227 | +5.3% |
| Contributions | 10/11 | €12,608 | €12,608 | = | 0.0% |
| Reserves | 13 | €1,089,582 | €1,148,809 | +€59,227 | +5.4% |
| Distributable reserves | 133 | €1,089,582 | €1,148,809 | +€59,227 | +5.4% |
| Profit (loss) carried forward | 14 | €8,203 | €8,203 | = | 0.0% |
| Amounts payable | 17/49 | €8,128 | €4,885 | -€3,243 | -39.9% |
| Amounts payable within one year | 42/48 | €8,128 | €4,885 | -€3,243 | -39.9% |
| Trade debts | 44 | €5,240 | €4,773 | -€468 | -8.9% |
| Suppliers | 440/4 | €5,240 | €4,773 | -€468 | -8.9% |
| Taxes, remuneration and social security | 45 | €2,852 | €0 | -€2,852 | -100.0% |
| Taxes | 450/3 | €2,852 | €0 | -€2,852 | -100.0% |
| Other amounts payable | 47/48 | €35 | €113 | +€77 | +220.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,268 | €15,632 | +€8,364 | +115.1% |
| Other operating charges | 640/8 | €2,256 | €2,381 | +€125 | +5.6% |
| Gross operating margin | 9900 | €314,186 | €299,921 | -€14,266 | -4.5% |
| Operating profit (loss) | 9901 | €304,662 | €281,907 | -€22,755 | -7.5% |
| Financial income | 75/76B | €1,730 | €8,710 | +€6,980 | +403.5% |
| Recurring financial income | 75 | €1,471 | €8,710 | +€7,239 | +492.0% |
| Non-recurring financial income | 76B | €259 | €0 | -€259 | -100.0% |
| Financial charges | 65/66B | €259 | €276 | +€17 | +6.6% |
| Recurring financial charges | 65 | €259 | €276 | +€17 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €306,133 | €290,341 | -€15,792 | -5.2% |
| Income taxes | 67/77 | €92,944 | €87,948 | -€4,996 | -5.4% |
| Profit (loss) for the period | 9904 | €213,189 | €202,393 | -€10,796 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €213,189 | €202,393 | -€10,796 | -5.1% |
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 12 October 2026 via checked.be.