DR. GERT COLPIN: 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. GERT COLPIN
Largest movements
- Current investments +€214,728
new in 2025: €214,728
- Deferred charges and accrued income -€34,502
down €34,502 (-30.7%), from €112,410 to €77,908
- Cash -€11,021
down €11,021 (-13.9%), from €79,265 to €68,244
mainly Current investments (-€214,728) and Investment in fixed assets (net) (-€14,484)
- Tangible fixed assets +€8,969
up €8,969 (+83.4%), from €10,749 to €19,718
of which Other tangible fixed assets: +€12,044
- Reserves +€177,588
up €177,588 (+110%), from €160,913 to €338,502
- Gross operating margin +€23,655
up €23,655 (+9.9%), from €239,992 to €263,647
- Taxes +€6,524
up €6,524 (+9.3%), from €70,303 to €76,827
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 | €202,424 | €383,772 | +€181,348 | +89.6% |
| Fixed assets | 21/28 | €10,749 | €19,718 | +€8,969 | +83.4% |
| Tangible fixed assets | 22/27 | €10,749 | €19,718 | +€8,969 | +83.4% |
| Furniture and vehicles | 24 | €10,749 | €7,673 | -€3,076 | -28.6% |
| Other tangible fixed assets | 26 | - | €12,044 | +€12,044 | |
| Current assets | 29/58 | €191,675 | €364,054 | +€172,379 | +89.9% |
| Amounts receivable within one year | 40/41 | - | €3,174 | +€3,174 | |
| Trade receivables | 40 | - | €182 | +€182 | |
| Other amounts receivable | 41 | - | €2,993 | +€2,993 | |
| Current investments | 50/53 | - | €214,728 | +€214,728 | |
| Cash at bank and in hand | 54/58 | €79,265 | €68,244 | -€11,021 | -13.9% |
| Deferred charges and accrued income | 490/1 | €112,410 | €77,908 | -€34,502 | -30.7% |
| Total equity and liabilities | 10/49 | €202,424 | €383,772 | +€181,348 | +89.6% |
| Equity | 10/15 | €165,913 | €343,502 | +€177,588 | +107% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €160,913 | €338,502 | +€177,588 | +110% |
| Distributable reserves | 133 | €160,913 | €338,502 | +€177,588 | +110% |
| Amounts payable | 17/49 | €36,511 | €40,270 | +€3,759 | +10.3% |
| Amounts payable within one year | 42/48 | €36,511 | €40,258 | +€3,747 | +10.3% |
| Trade debts | 44 | €153 | €27 | -€126 | -82.1% |
| Suppliers | 440/4 | €153 | €27 | -€126 | -82.1% |
| Taxes, remuneration and social security | 45 | €3,095 | €3,158 | +€63 | +2.0% |
| Taxes | 450/3 | €3,095 | €3,158 | +€63 | +2.0% |
| Other amounts payable | 47/48 | €33,263 | €37,073 | +€3,810 | +11.5% |
| Accrued charges and deferred income | 492/3 | - | €12 | +€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,230 | €5,516 | -€714 | -11.5% |
| Other operating charges | 640/8 | €558 | €520 | -€39 | -6.9% |
| Gross operating margin | 9900 | €239,992 | €263,647 | +€23,655 | +9.9% |
| Operating profit (loss) | 9901 | €233,204 | €257,612 | +€24,407 | +10.5% |
| Financial income | 75/76B | - | €1,253 | +€1,253 | |
| Recurring financial income | 75 | - | €1,253 | +€1,253 | |
| Financial charges | 65/66B | €322 | €2,783 | +€2,461 | +764% |
| Recurring financial charges | 65 | €322 | €2,783 | +€2,461 | +764% |
| Profit (loss) for the period before taxes | 9903 | €232,882 | €256,081 | +€23,199 | +10.0% |
| Income taxes | 67/77 | €70,303 | €76,827 | +€6,524 | +9.3% |
| Profit (loss) for the period | 9904 | €162,579 | €179,254 | +€16,675 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €162,579 | €179,254 | +€16,675 | +10.3% |
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 29 October 2026 via checked.be.