Dr. H. Vanmaele: 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. H. Vanmaele
Largest movements
- Cash +€158,824
up €158,824 (+81.7%), from €194,357 to €353,181
mainly Net result for the year (+€207,924) and Deferred charges and accrued income (+€82,390)
- Deferred charges and accrued income -€82,390
down €82,390 (-45.0%), from €182,897 to €100,507
- Current investments +€36,337
up €36,337 (+74.2%), from €49,000 to €85,337
- Receivables within one year +€10,609
up €10,609 (+1,340%), from €792 to €11,401
- Tangible fixed assets +€6,152
up €6,152 (+913%), from €674 to €6,825
- Profit (loss) carried forward +€207,924
up €207,924 (+60.7%), from €342,357 to €550,281
- Tax, wage and social debts -€78,252
no longer reported in 2025 (was €78,252)
- Gross operating margin -€113,777
down €113,777 (-29.5%), from €386,005 to €272,228
- Taxes -€28,658
down €28,658 (-31.1%), from €92,257 to €63,599
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 | €427,720 | €557,251 | +€129,531 | +30.3% |
| Fixed assets | 21/28 | €674 | €6,825 | +€6,152 | +913% |
| Tangible fixed assets | 22/27 | €674 | €6,825 | +€6,152 | +913% |
| Furniture and vehicles | 24 | €674 | €6,825 | +€6,152 | +913% |
| Current assets | 29/58 | €427,046 | €550,426 | +€123,379 | +28.9% |
| Amounts receivable within one year | 40/41 | €792 | €11,401 | +€10,609 | +1,340% |
| Other amounts receivable | 41 | €792 | €11,401 | +€10,609 | +1,340% |
| Current investments | 50/53 | €49,000 | €85,337 | +€36,337 | +74.2% |
| Cash at bank and in hand | 54/58 | €194,357 | €353,181 | +€158,824 | +81.7% |
| Deferred charges and accrued income | 490/1 | €182,897 | €100,507 | -€82,390 | -45.0% |
| Total equity and liabilities | 10/49 | €427,720 | €557,251 | +€129,531 | +30.3% |
| Equity | 10/15 | €348,357 | €556,281 | +€207,924 | +59.7% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €342,357 | €550,281 | +€207,924 | +60.7% |
| Amounts payable | 17/49 | €79,363 | €970 | -€78,393 | -98.8% |
| Amounts payable within one year | 42/48 | €79,363 | €970 | -€78,393 | -98.8% |
| Trade debts | 44 | €1,112 | €920 | -€192 | -17.2% |
| Suppliers | 440/4 | €1,112 | €920 | -€192 | -17.2% |
| Taxes, remuneration and social security | 45 | €78,252 | - | -€78,252 | |
| Taxes | 450/3 | €78,252 | - | -€78,252 | |
| Other amounts payable | 47/48 | - | €50 | +€50 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36 | €851 | +€814 | +2,245% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Gross operating margin | 9900 | €386,005 | €272,228 | -€113,777 | -29.5% |
| Operating profit (loss) | 9901 | €385,828 | €271,233 | -€114,595 | -29.7% |
| Financial income | 75/76B | - | €337 | +€337 | |
| Recurring financial income | 75 | - | €337 | +€337 | |
| Financial charges | 65/66B | €81 | €48 | -€33 | -41.0% |
| Recurring financial charges | 65 | €81 | €48 | -€33 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €385,748 | €271,523 | -€114,225 | -29.6% |
| Income taxes | 67/77 | €92,257 | €63,599 | -€28,658 | -31.1% |
| Profit (loss) for the period | 9904 | €293,491 | €207,924 | -€85,567 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €293,491 | €207,924 | -€85,567 | -29.2% |
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 14 October 2026 via checked.be.