Dr. Ilsbroukx Stephan: 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. Ilsbroukx Stephan
Largest movements
- Receivables after one year +€119,168
new in 2025: €119,168
- Current investments +€97,021
up €97,021 (+147%), from €66,204 to €163,226
- Cash +€58,129
up €58,129 (+43.4%), from €133,971 to €192,100
- Tangible fixed assets -€26,113
down €26,113 (-52.1%), from €50,105 to €23,992
of which Plant, machinery and equipment: -€17,480
- Receivables within one year +€21,192
up €21,192 (+220%), from €9,645 to €30,837
of which Other amounts receivable: +€21,192
- Reserves +€297,673
up €297,673 (+129%), from €230,750 to €528,423
of which Distributable reserves: +€297,673
- Tax, wage and social debts -€7,263
down €7,263 (-100%), from €7,263 to €0
of which Remuneration and social security: -€7,263
- Trade debts -€5,973
no longer reported in 2025 (was €5,973)
- Gross operating margin +€86,526
up €86,526 (+97.9%), from €88,350 to €174,877
- Taxes +€10,803
up €10,803 (+40.1%), from €26,929 to €37,732
- Financial income +€2,860
up €2,860 (+446%), from €641 to €3,500
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €260,000 | €540,823 | +€280,822 | +108% |
| Fixed assets | 21/28 | €50,180 | €24,067 | -€26,113 | -52.0% |
| Tangible fixed assets | 22/27 | €50,105 | €23,992 | -€26,113 | -52.1% |
| Plant, machinery and equipment | 23 | €38,451 | €20,971 | -€17,480 | -45.5% |
| Furniture and vehicles | 24 | €11,654 | €3,021 | -€8,633 | -74.1% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €209,820 | €516,755 | +€306,935 | +146% |
| Amounts receivable after more than one year | 29 | - | €119,168 | +€119,168 | |
| Other amounts receivable | 291 | - | €119,168 | +€119,168 | |
| Amounts receivable within one year | 40/41 | €9,645 | €30,837 | +€21,192 | +220% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €9,645 | €30,837 | +€21,192 | +220% |
| Current investments | 50/53 | €66,204 | €163,226 | +€97,021 | +147% |
| Cash at bank and in hand | 54/58 | €133,971 | €192,100 | +€58,129 | +43.4% |
| Deferred charges and accrued income | 490/1 | €0 | €11,425 | +€11,425 | |
| Total equity and liabilities | 10/49 | €260,000 | €540,823 | +€280,822 | +108% |
| Equity | 10/15 | €243,150 | €540,823 | +€297,673 | +122% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €230,750 | €528,423 | +€297,673 | +129% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €230,750 | €528,423 | +€297,673 | +129% |
| Amounts payable | 17/49 | €16,851 | €0 | -€16,851 | -100% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €16,851 | €0 | -€16,851 | -100% |
| Current portion of amounts payable after more than one year | 42 | €3,579 | - | -€3,579 | |
| Trade debts | 44 | €5,973 | - | -€5,973 | |
| Suppliers | 440/4 | €5,973 | - | -€5,973 | |
| Taxes, remuneration and social security | 45 | €7,263 | €0 | -€7,263 | -100% |
| Taxes | 450/3 | €0 | €0 | = | |
| Remuneration and social security | 454/9 | €7,263 | - | -€7,263 | |
| Other amounts payable | 47/48 | €35 | - | -€35 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,092 | €15,494 | -€597 | -3.7% |
| Other operating charges | 640/8 | €493 | €520 | +€26 | +5.3% |
| Gross operating margin | 9900 | €88,350 | €174,877 | +€86,526 | +97.9% |
| Operating profit (loss) | 9901 | €71,765 | €158,863 | +€87,097 | +121% |
| Financial income | 75/76B | €641 | €3,500 | +€2,860 | +446% |
| Recurring financial income | 75 | €641 | €3,500 | +€2,860 | +446% |
| Financial charges | 65/66B | €189 | €1,860 | +€1,671 | +882% |
| Recurring financial charges | 65 | €189 | €1,860 | +€1,671 | +882% |
| Profit (loss) for the period before taxes | 9903 | €72,217 | €160,502 | +€88,286 | +122% |
| Income taxes | 67/77 | €26,929 | €37,732 | +€10,803 | +40.1% |
| Profit (loss) for the period | 9904 | €45,287 | €122,770 | +€77,483 | +171% |
| Profit (loss) for the period to be appropriated | 9905 | €45,287 | €122,770 | +€77,483 | +171% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.