DR. IRIS DERUYTTER: 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. IRIS DERUYTTER
Largest movements
- Deferred charges and accrued income +€43,120
up €43,120 (+310%), from €13,890 to €57,010
- Tangible fixed assets -€16,705
down €16,705 (-1.2%), from €1.4m to €1.4m
of which Land and buildings: -€17,863
- Reserves +€48,682
up €48,682 (+49.8%), from €97,773 to €146,455
- Trade debts -€25,013
down €25,013 (-97.7%), from €25,610 to €597
- Accrued charges and deferred income -€24,412
down €24,412 (-74.8%), from €32,651 to €8,239
- Other debts +€20,583
up €20,583 (+9.0%), from €229,002 to €249,585
- Tax, wage and social debts +€15,935
up €15,935 (+136%), from €11,681 to €27,616
of which Taxes: +€15,935
- Gross operating margin +€48,079
up €48,079 (+45.0%), from €106,903 to €154,982
- Taxes +€20,954
up €20,954 (+203%), from €10,340 to €31,294
- Financial charges -€8,341
down €8,341 (-21.7%), from €38,399 to €30,058
- Depreciation +€5,271
up €5,271 (+14.2%), from €37,176 to €42,447
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 | €1,452,230 | €1,473,194 | +€20,964 | +1.4% |
| Fixed assets | 21/28 | €1,423,641 | €1,406,935 | -€16,705 | -1.2% |
| Tangible fixed assets | 22/27 | €1,423,641 | €1,406,935 | -€16,705 | -1.2% |
| Land and buildings | 22 | €1,361,722 | €1,343,859 | -€17,863 | -1.3% |
| Furniture and vehicles | 24 | €61,919 | €63,076 | +€1,157 | +1.9% |
| Current assets | 29/58 | €28,589 | €66,258 | +€37,669 | +132% |
| Cash at bank and in hand | 54/58 | €14,699 | €9,248 | -€5,451 | -37.1% |
| Deferred charges and accrued income | 490/1 | €13,890 | €57,010 | +€43,120 | +310% |
| Total equity and liabilities | 10/49 | €1,452,230 | €1,473,194 | +€20,964 | +1.4% |
| Equity | 10/15 | €116,373 | €165,055 | +€48,682 | +41.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €97,773 | €146,455 | +€48,682 | +49.8% |
| Distributable reserves | 133 | €97,773 | €146,455 | +€48,682 | +49.8% |
| Amounts payable | 17/49 | €1,335,856 | €1,308,139 | -€27,718 | -2.1% |
| Amounts payable after more than one year | 17 | €982,062 | €966,142 | -€15,921 | -1.6% |
| Financial debts | 170/4 | €982,062 | €966,142 | -€15,921 | -1.6% |
| Amounts payable within one year | 42/48 | €321,143 | €333,758 | +€12,615 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €54,850 | €55,960 | +€1,110 | +2.0% |
| Trade debts | 44 | €25,610 | €597 | -€25,013 | -97.7% |
| Suppliers | 440/4 | €25,610 | €597 | -€25,013 | -97.7% |
| Taxes, remuneration and social security | 45 | €11,681 | €27,616 | +€15,935 | +136% |
| Taxes | 450/3 | €11,681 | €27,616 | +€15,935 | +136% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €229,002 | €249,585 | +€20,583 | +9.0% |
| Accrued charges and deferred income | 492/3 | €32,651 | €8,239 | -€24,412 | -74.8% |
| Remuneration, social security and pensions | 62 | €1,912 | €1,520 | -€391 | -20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,176 | €42,447 | +€5,271 | +14.2% |
| Other operating charges | 640/8 | €333 | €982 | +€649 | +195% |
| Gross operating margin | 9900 | €106,903 | €154,982 | +€48,079 | +45.0% |
| Operating profit (loss) | 9901 | €67,484 | €110,034 | +€42,550 | +63.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €38,399 | €30,058 | -€8,341 | -21.7% |
| Recurring financial charges | 65 | €38,399 | €30,058 | -€8,341 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €29,084 | €79,976 | +€50,891 | +175% |
| Income taxes | 67/77 | €10,340 | €31,294 | +€20,954 | +203% |
| Profit (loss) for the period | 9904 | €18,744 | €48,682 | +€29,937 | +160% |
| Profit (loss) for the period to be appropriated | 9905 | €18,744 | €48,682 | +€29,937 | +160% |
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 22 October 2026 via checked.be.