Dr. Guy Missotten: 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. Guy Missotten
Largest movements
- Tangible fixed assets +€799,553
up €799,553 (+48.8%), from €1.6m to €2.4m
of which Land and buildings: +€838,311
- Cash +€383,937
up €383,937 (+48.9%), from €784,798 to €1.2m
mainly Debts after one year (+€602,522) and Net result for the year (+€474,951)
- Debts after one year +€602,522
up €602,522 (+167%), from €359,989 to €962,511
- Reserves +€474,951
up €474,951 (+17.6%), from €2.7m to €3.2m
of which Distributable reserves: +€474,951
- Current portion of long-term debt +€58,566
up €58,566 (+80.5%), from €72,738 to €131,304
- Gross operating margin +€105,793
up €105,793 (+14.2%), from €743,082 to €848,875
- Financial income +€64,293
up €64,293 (+113%), from €56,651 to €120,944
- Staff costs +€28,449
up €28,449 (+35.2%), from €80,885 to €109,333
- Taxes +€23,633
up €23,633 (+14.4%), from €163,590 to €187,223
- Financial charges +€18,387
up €18,387 (+107%), from €17,124 to €35,511
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 | €3,548,108 | €4,764,505 | +€1.2m | +34.3% |
| Fixed assets | 21/28 | €1,644,459 | €2,442,198 | +€797,738 | +48.5% |
| Intangible fixed assets | 21 | €5,822 | €4,007 | -€1,815 | -31.2% |
| Tangible fixed assets | 22/27 | €1,638,637 | €2,438,190 | +€799,553 | +48.8% |
| Land and buildings | 22 | €1,384,213 | €2,222,524 | +€838,311 | +60.6% |
| Plant, machinery and equipment | 23 | €181,507 | €125,543 | -€55,964 | -30.8% |
| Furniture and vehicles | 24 | €22,100 | €22,868 | +€768 | +3.5% |
| Other tangible fixed assets | 26 | €50,816 | €67,255 | +€16,439 | +32.3% |
| Current assets | 29/58 | €1,903,649 | €2,322,307 | +€418,659 | +22.0% |
| Amounts receivable within one year | 40/41 | €101,103 | €115,159 | +€14,056 | +13.9% |
| Trade receivables | 40 | €101,103 | €115,159 | +€14,056 | +13.9% |
| Current investments | 50/53 | €1,015,914 | €1,036,657 | +€20,743 | +2.0% |
| Cash at bank and in hand | 54/58 | €784,798 | €1,168,735 | +€383,937 | +48.9% |
| Deferred charges and accrued income | 490/1 | €1,834 | €1,756 | -€78 | -4.2% |
| Total equity and liabilities | 10/49 | €3,548,108 | €4,764,505 | +€1.2m | +34.3% |
| Equity | 10/15 | €2,722,166 | €3,197,117 | +€474,951 | +17.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,703,566 | €3,178,517 | +€474,951 | +17.6% |
| Non-distributable reserves | 130/1 | €19,865 | €19,865 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,865 | €19,865 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €2,627,451 | €3,102,402 | +€474,951 | +18.1% |
| Amounts payable | 17/49 | €825,942 | €1,567,388 | +€741,446 | +89.8% |
| Amounts payable after more than one year | 17 | €359,989 | €962,511 | +€602,522 | +167% |
| Financial debts | 170/4 | €359,989 | €962,511 | +€602,522 | +167% |
| Amounts payable within one year | 42/48 | €438,594 | €577,794 | +€139,200 | +31.7% |
| Current portion of amounts payable after more than one year | 42 | €72,738 | €131,304 | +€58,566 | +80.5% |
| Trade debts | 44 | €16,680 | €16,332 | -€348 | -2.1% |
| Suppliers | 440/4 | €16,680 | €16,332 | -€348 | -2.1% |
| Taxes, remuneration and social security | 45 | €140,179 | €179,680 | +€39,501 | +28.2% |
| Taxes | 450/3 | €123,230 | €157,391 | +€34,161 | +27.7% |
| Remuneration and social security | 454/9 | €16,949 | €22,289 | +€5,340 | +31.5% |
| Other amounts payable | 47/48 | €208,997 | €250,478 | +€41,481 | +19.8% |
| Accrued charges and deferred income | 492/3 | €27,359 | €27,084 | -€276 | -1.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €80,885 | €109,333 | +€28,449 | +35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,087 | €148,131 | +€16,044 | +12.1% |
| Other operating charges | 640/8 | €14,821 | €14,671 | -€150 | -1.0% |
| Gross operating margin | 9900 | €743,082 | €848,875 | +€105,793 | +14.2% |
| Operating profit (loss) | 9901 | €515,290 | €576,740 | +€61,450 | +11.9% |
| Financial income | 75/76B | €56,651 | €120,944 | +€64,293 | +113% |
| Recurring financial income | 75 | €56,651 | €120,944 | +€64,293 | +113% |
| Financial charges | 65/66B | €17,124 | €35,511 | +€18,387 | +107% |
| Recurring financial charges | 65 | €17,124 | €35,511 | +€18,387 | +107% |
| Profit (loss) for the period before taxes | 9903 | €554,817 | €662,173 | +€107,356 | +19.3% |
| Income taxes | 67/77 | €163,590 | €187,223 | +€23,633 | +14.4% |
| Profit (loss) for the period | 9904 | €391,228 | €474,951 | +€83,723 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €391,228 | €474,951 | +€83,723 | +21.4% |
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.