DR. GERD VANHAVERBEKE: 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. GERD VANHAVERBEKE
Largest movements
- Current investments +€184,449
up €184,449 (+15.4%), from €1.2m to €1.4m
- Receivables within one year -€41,547
down €41,547 (-8.6%), from €480,642 to €439,095
- Reserves +€150,377
up €150,377 (+9.7%), from €1.6m to €1.7m
of which Distributable reserves: +€150,377
- Other debts -€21,747
down €21,747 (-59.6%), from €36,505 to €14,759
- Gross operating margin +€41,486
up €41,486 (+8.6%), from €482,451 to €523,937
- Taxes +€9,500
up €9,500 (+6.1%), from €155,590 to €165,090
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 | €1,719,041 | €1,861,532 | +€142,491 | +8.3% |
| Fixed assets | 21/28 | €5,202 | €3,559 | -€1,643 | -31.6% |
| Tangible fixed assets | 22/27 | €5,202 | €3,559 | -€1,643 | -31.6% |
| Plant, machinery and equipment | 23 | €2,486 | €1,216 | -€1,271 | -51.1% |
| Furniture and vehicles | 24 | €2,716 | €2,343 | -€373 | -13.7% |
| Current assets | 29/58 | €1,713,839 | €1,857,973 | +€144,134 | +8.4% |
| Amounts receivable within one year | 40/41 | €480,642 | €439,095 | -€41,547 | -8.6% |
| Other amounts receivable | 41 | €480,642 | €439,095 | -€41,547 | -8.6% |
| Current investments | 50/53 | €1,197,136 | €1,381,584 | +€184,449 | +15.4% |
| Cash at bank and in hand | 54/58 | €14,179 | €11,039 | -€3,141 | -22.1% |
| Deferred charges and accrued income | 490/1 | €21,882 | €26,256 | +€4,374 | +20.0% |
| Total equity and liabilities | 10/49 | €1,719,041 | €1,861,532 | +€142,491 | +8.3% |
| Equity | 10/15 | €1,572,408 | €1,722,785 | +€150,377 | +9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,553,808 | €1,704,185 | +€150,377 | +9.7% |
| Tax-exempt reserves | 132 | €2,473 | €2,473 | = | 0.0% |
| Distributable reserves | 133 | €1,551,335 | €1,701,712 | +€150,377 | +9.7% |
| Amounts payable | 17/49 | €146,633 | €138,747 | -€7,886 | -5.4% |
| Amounts payable within one year | 42/48 | €145,416 | €135,203 | -€10,213 | -7.0% |
| Trade debts | 44 | €5,355 | €2,336 | -€3,019 | -56.4% |
| Suppliers | 440/4 | €5,355 | €2,336 | -€3,019 | -56.4% |
| Taxes, remuneration and social security | 45 | €103,555 | €118,108 | +€14,553 | +14.1% |
| Taxes | 450/3 | €103,555 | €118,108 | +€14,553 | +14.1% |
| Other amounts payable | 47/48 | €36,505 | €14,759 | -€21,747 | -59.6% |
| Accrued charges and deferred income | 492/3 | €1,218 | €3,544 | +€2,326 | +191% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,002 | €2,940 | -€62 | -2.1% |
| Other operating charges | 640/8 | €2,198 | €2,082 | -€116 | -5.3% |
| Gross operating margin | 9900 | €482,451 | €523,937 | +€41,486 | +8.6% |
| Operating profit (loss) | 9901 | €477,251 | €518,914 | +€41,663 | +8.7% |
| Financial income | 75/76B | €18,791 | €13,604 | -€5,187 | -27.6% |
| Recurring financial income | 75 | €18,791 | €13,604 | -€5,187 | -27.6% |
| Financial charges | 65/66B | €1,826 | €5,198 | +€3,372 | +185% |
| Recurring financial charges | 65 | €1,826 | €5,198 | +€3,372 | +185% |
| Profit (loss) for the period before taxes | 9903 | €494,216 | €527,321 | +€33,105 | +6.7% |
| Income taxes | 67/77 | €155,590 | €165,090 | +€9,500 | +6.1% |
| Profit (loss) for the period | 9904 | €338,627 | €362,231 | +€23,604 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €338,627 | €362,231 | +€23,604 | +7.0% |
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 24 October 2026 via checked.be.