DR. IGNACE BERGEZ: 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. IGNACE BERGEZ
Largest movements
- Current investments +€271,104
up €271,104 (+53.8%), from €503,500 to €774,604
- Cash -€133,216
down €133,216 (-26.0%), from €511,502 to €378,286
mainly Current investments (-€271,104) and Tax, wage and social debts (-€19,738)
- Tangible fixed assets -€27,440
down €27,440 (-27.2%), from €101,044 to €73,604
of which Land and buildings: -€17,698
- Reserves +€122,953
up €122,953 (+12.0%), from €1.0m to €1.1m
- Trade debts +€26,856
up €26,856 (+616%), from €4,361 to €31,217
- Tax, wage and social debts -€19,738
down €19,738 (-79.4%), from €24,866 to €5,128
- Other debts -€19,624
down €19,624 (-47.2%), from €41,538 to €21,915
- Gross operating margin -€47,215
down €47,215 (-19.3%), from €244,041 to €196,825
- Taxes -€12,849
down €12,849 (-19.7%), from €65,220 to €52,370
- Financial income +€5,424
up €5,424 (+264%), from €2,057 to €7,481
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 | €1,116,046 | €1,226,494 | +€110,448 | +9.9% |
| Fixed assets | 21/28 | €101,044 | €73,604 | -€27,440 | -27.2% |
| Tangible fixed assets | 22/27 | €101,044 | €73,604 | -€27,440 | -27.2% |
| Land and buildings | 22 | €55,336 | €37,638 | -€17,698 | -32.0% |
| Furniture and vehicles | 24 | €45,708 | €35,966 | -€9,742 | -21.3% |
| Current assets | 29/58 | €1,015,002 | €1,152,890 | +€137,888 | +13.6% |
| Current investments | 50/53 | €503,500 | €774,604 | +€271,104 | +53.8% |
| Cash at bank and in hand | 54/58 | €511,502 | €378,286 | -€133,216 | -26.0% |
| Total equity and liabilities | 10/49 | €1,116,046 | €1,226,494 | +€110,448 | +9.9% |
| Equity | 10/15 | €1,045,280 | €1,168,234 | +€122,953 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,026,680 | €1,149,634 | +€122,953 | +12.0% |
| Distributable reserves | 133 | €1,026,680 | €1,149,634 | +€122,953 | +12.0% |
| Amounts payable | 17/49 | €70,765 | €58,261 | -€12,505 | -17.7% |
| Amounts payable within one year | 42/48 | €70,765 | €58,261 | -€12,505 | -17.7% |
| Trade debts | 44 | €4,361 | €31,217 | +€26,856 | +616% |
| Suppliers | 440/4 | €4,361 | €31,217 | +€26,856 | +616% |
| Taxes, remuneration and social security | 45 | €24,866 | €5,128 | -€19,738 | -79.4% |
| Taxes | 450/3 | €24,866 | €5,128 | -€19,738 | -79.4% |
| Other amounts payable | 47/48 | €41,538 | €21,915 | -€19,624 | -47.2% |
| Non-recurring operating income | 76A | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,057 | €27,440 | -€617 | -2.2% |
| Other operating charges | 640/8 | €1,769 | €1,459 | -€310 | -17.5% |
| Gross operating margin | 9900 | €244,041 | €196,825 | -€47,215 | -19.3% |
| Operating profit (loss) | 9901 | €214,215 | €167,926 | -€46,289 | -21.6% |
| Financial income | 75/76B | €2,057 | €7,481 | +€5,424 | +264% |
| Recurring financial income | 75 | €2,057 | €7,481 | +€5,424 | +264% |
| Financial charges | 65/66B | €42 | €83 | +€42 | +99.5% |
| Recurring financial charges | 65 | €42 | €83 | +€42 | +99.5% |
| Profit (loss) for the period before taxes | 9903 | €216,230 | €175,324 | -€40,906 | -18.9% |
| Income taxes | 67/77 | €65,220 | €52,370 | -€12,849 | -19.7% |
| Profit (loss) for the period | 9904 | €151,010 | €122,953 | -€28,056 | -18.6% |
| Profit (loss) for the period to be appropriated | 9905 | €151,010 | €122,953 | -€28,056 | -18.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.