Dr. I. Rasschaert: what changed
Dr. I. Rasschaert
Largest movements
- Current investments -€50,000
down €50,000 (-60.4%), from €82,800 to €32,800
- Cash +€40,686
up €40,686 (+53.8%), from €75,648 to €116,333
mainly Current investments (+€50,000) and Receivables after one year (+€26,000)
- Receivables after one year -€26,000
no longer reported in 2025 (was €26,000)
- Tangible fixed assets -€8,121
down €8,121 (-23.4%), from €34,643 to €26,522
of which Furniture and vehicles: -€6,919
- Receivables within one year -€3,150
down €3,150 (-88.2%), from €3,572 to €423
- Reserves -€39,199
down €39,199 (-23.1%), from €169,651 to €130,451
- Debts after one year -€8,784
down €8,784 (-59.2%), from €14,850 to €6,066
- Trade debts +€6,637
up €6,637 (+98.6%), from €6,730 to €13,367
- Current portion of long-term debt -€5,468
down €5,468 (-38.4%), from €14,252 to €8,784
- Tax, wage and social debts +€2,776
up €2,776 (+116%), from €2,401 to €5,177
of which Taxes: +€4,296
- Gross operating margin +€24,597
up €24,597 (+37.0%), from €66,454 to €91,052
- Staff costs +€18,080
up €18,080 (+37.0%), from €48,862 to €66,942
- Depreciation +€3,187
up €3,187 (+58.2%), from €5,474 to €8,660
- Taxes +€1,340
up €1,340 (+33.7%), from €3,979 to €5,319
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €223,513 | €177,067 | -€46,446 | -20.8% |
| Fixed assets | 21/28 | €35,243 | €27,122 | -€8,121 | -23.0% |
| Tangible fixed assets | 22/27 | €34,643 | €26,522 | -€8,121 | -23.4% |
| Land and buildings | 22 | €130 | €111 | -€19 | -14.3% |
| Plant, machinery and equipment | 23 | €6,021 | €4,838 | -€1,183 | -19.7% |
| Furniture and vehicles | 24 | €28,492 | €21,573 | -€6,919 | -24.3% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €188,270 | €149,945 | -€38,325 | -20.4% |
| Amounts receivable after more than one year | 29 | €26,000 | - | -€26,000 | |
| Other amounts receivable | 291 | €26,000 | - | -€26,000 | |
| Amounts receivable within one year | 40/41 | €3,572 | €423 | -€3,150 | -88.2% |
| Other amounts receivable | 41 | €3,572 | €423 | -€3,150 | -88.2% |
| Current investments | 50/53 | €82,800 | €32,800 | -€50,000 | -60.4% |
| Cash at bank and in hand | 54/58 | €75,648 | €116,333 | +€40,686 | +53.8% |
| Deferred charges and accrued income | 490/1 | €250 | €389 | +€139 | +55.5% |
| Total equity and liabilities | 10/49 | €223,513 | €177,067 | -€46,446 | -20.8% |
| Equity | 10/15 | €184,720 | €142,851 | -€41,868 | -22.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €169,651 | €130,451 | -€39,199 | -23.1% |
| Distributable reserves | 133 | €169,651 | €130,451 | -€39,199 | -23.1% |
| Profit (loss) carried forward | 14 | €2,669 | - | -€2,669 | |
| Amounts payable | 17/49 | €38,793 | €34,215 | -€4,578 | -11.8% |
| Amounts payable after more than one year | 17 | €14,850 | €6,066 | -€8,784 | -59.2% |
| Financial debts | 170/4 | €14,850 | €6,066 | -€8,784 | -59.2% |
| Amounts payable within one year | 42/48 | €23,943 | €27,911 | +€3,968 | +16.6% |
| Current portion of amounts payable after more than one year | 42 | €14,252 | €8,784 | -€5,468 | -38.4% |
| Trade debts | 44 | €6,730 | €13,367 | +€6,637 | +98.6% |
| Suppliers | 440/4 | €6,730 | €13,367 | +€6,637 | +98.6% |
| Taxes, remuneration and social security | 45 | €2,401 | €5,177 | +€2,776 | +116% |
| Taxes | 450/3 | €881 | €5,177 | +€4,296 | +488% |
| Remuneration and social security | 454/9 | €1,520 | - | -€1,520 | |
| Other amounts payable | 47/48 | €560 | €583 | +€23 | +4.1% |
| Accrued charges and deferred income | 492/3 | - | €238 | +€238 | |
| Remuneration, social security and pensions | 62 | €48,862 | €66,942 | +€18,080 | +37.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,474 | €8,660 | +€3,187 | +58.2% |
| Other operating charges | 640/8 | €281 | €566 | +€285 | +101% |
| Gross operating margin | 9900 | €66,454 | €91,052 | +€24,597 | +37.0% |
| Operating profit (loss) | 9901 | €11,838 | €14,884 | +€3,046 | +25.7% |
| Financial income | 75/76B | €1,505 | €2,180 | +€675 | +44.9% |
| Recurring financial income | 75 | €1,505 | €2,180 | +€675 | +44.9% |
| Financial charges | 65/66B | €674 | €1,280 | +€606 | +89.9% |
| Recurring financial charges | 65 | €674 | €1,280 | +€606 | +89.9% |
| Profit (loss) for the period before taxes | 9903 | €12,668 | €15,784 | +€3,115 | +24.6% |
| Income taxes | 67/77 | €3,979 | €5,319 | +€1,340 | +33.7% |
| Profit (loss) for the period | 9904 | €8,689 | €10,465 | +€1,776 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,689 | €10,465 | +€1,776 | +20.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.