DR. GREGORY SERGEANT: what changed
Two fiscal 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. GREGORY SERGEANT
Largest movements
- Intangible fixed assets -€107,175
down €107,175 (-50.0%), from €214,157 to €106,982
- Cash -€103,640
down €103,640 (-78.3%), from €132,344 to €28,704
mainly Contributions, distributions and other (-€162,193) and Debts after one year (-€141,237)
- Receivables within one year +€35,808
up €35,808 (+15.5%), from €231,108 to €266,916
of which Other amounts receivable: +€64,838
- Debts after one year -€141,237
down €141,237 (-33.4%), from €422,297 to €281,060
- Other debts -€35,889
down €35,889 (-18.1%), from €198,082 to €162,193
- Gross operating margin +€25,940
up €25,940 (+8.1%), from €320,848 to €346,787
- Taxes +€5,242
up €5,242 (+11.1%), from €47,242 to €52,484
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 | €954,983 | €781,260 | -€173,723 | -18.2% |
| Fixed assets | 21/28 | €588,261 | €482,431 | -€105,830 | -18.0% |
| Intangible fixed assets | 21 | €214,157 | €106,982 | -€107,175 | -50.0% |
| Tangible fixed assets | 22/27 | €374,104 | €375,449 | +€1,345 | +0.4% |
| Land and buildings | 22 | €350,000 | €350,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €21,595 | €23,622 | +€2,027 | +9.4% |
| Furniture and vehicles | 24 | €2,509 | €1,827 | -€682 | -27.2% |
| Current assets | 29/58 | €366,723 | €298,829 | -€67,894 | -18.5% |
| Amounts receivable within one year | 40/41 | €231,108 | €266,916 | +€35,808 | +15.5% |
| Trade receivables | 40 | €229,832 | €200,802 | -€29,030 | -12.6% |
| Other amounts receivable | 41 | €1,276 | €66,114 | +€64,838 | +5081.8% |
| Cash at bank and in hand | 54/58 | €132,344 | €28,704 | -€103,640 | -78.3% |
| Deferred charges and accrued income | 490/1 | €3,271 | €3,209 | -€62 | -1.9% |
| Total equity and liabilities | 10/49 | €954,983 | €781,260 | -€173,723 | -18.2% |
| Equity | 10/15 | €165,640 | €165,640 | = | 0.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €150,640 | €150,640 | = | 0.0% |
| Distributable reserves | 133 | €150,640 | €150,640 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €789,343 | €615,620 | -€173,723 | -22.0% |
| Amounts payable after more than one year | 17 | €422,297 | €281,060 | -€141,237 | -33.4% |
| Financial debts | 170/4 | €422,297 | €281,060 | -€141,237 | -33.4% |
| Amounts payable within one year | 42/48 | €365,438 | €332,837 | -€32,601 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €139,406 | €141,237 | +€1,831 | +1.3% |
| Trade debts | 44 | €3,454 | €624 | -€2,830 | -81.9% |
| Suppliers | 440/4 | €3,454 | €624 | -€2,830 | -81.9% |
| Taxes, remuneration and social security | 45 | €24,496 | €28,784 | +€4,287 | +17.5% |
| Taxes | 450/3 | €24,496 | €28,784 | +€4,287 | +17.5% |
| Other amounts payable | 47/48 | €198,082 | €162,193 | -€35,889 | -18.1% |
| Accrued charges and deferred income | 492/3 | €1,607 | €1,722 | +€115 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,625 | €116,430 | +€2,805 | +2.5% |
| Other operating charges | 640/8 | €2,997 | €2,231 | -€765 | -25.5% |
| Gross operating margin | 9900 | €320,848 | €346,787 | +€25,940 | +8.1% |
| Operating profit (loss) | 9901 | €204,226 | €228,127 | +€23,901 | +11.7% |
| Financial income | 75/76B | €1,276 | €751 | -€525 | -41.2% |
| Recurring financial income | 75 | €1,276 | €751 | -€525 | -41.2% |
| Financial charges | 65/66B | €11,667 | €14,201 | +€2,534 | +21.7% |
| Recurring financial charges | 65 | €11,667 | €14,201 | +€2,534 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | €193,835 | €214,676 | +€20,841 | +10.8% |
| Income taxes | 67/77 | €47,242 | €52,484 | +€5,242 | +11.1% |
| Profit (loss) for the period | 9904 | €146,593 | €162,193 | +€15,599 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €146,593 | €162,193 | +€15,599 | +10.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.