DR. IRIS RINCHEVAL: 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 RINCHEVAL
Largest movements
- Tangible fixed assets -€47,633
down €47,633 (-3.8%), from €1.3m to €1.2m
of which Land and buildings: -€27,066
- Cash -€44,738
down €44,738 (-19.4%), from €230,451 to €185,714
mainly Debts after one year (-€72,384) and Deferred charges and accrued income (-€36,999)
- Deferred charges and accrued income +€36,999
new in 2025: €36,999
- Debts after one year -€72,384
down €72,384 (-12.6%), from €573,160 to €500,776
- Reserves +€52,228
up €52,228 (+6.2%), from €844,799 to €897,027
- Tax, wage and social debts -€30,878
down €30,878 (-87.9%), from €35,114 to €4,236
- Other operating charges +€111,616
up €111,616 (+4,170%), from €2,677 to €114,293
- Taxes -€50,243
down €50,243 (-70.5%), from €71,236 to €20,993
- Gross operating margin -€49,280
down €49,280 (-15.9%), from €310,528 to €261,249
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 | €1,544,577 | €1,502,712 | -€41,865 | -2.7% |
| Fixed assets | 21/28 | €1,264,126 | €1,216,493 | -€47,633 | -3.8% |
| Tangible fixed assets | 22/27 | €1,263,330 | €1,215,697 | -€47,633 | -3.8% |
| Land and buildings | 22 | €1,171,160 | €1,144,094 | -€27,066 | -2.3% |
| Plant, machinery and equipment | 23 | €18,878 | €14,786 | -€4,092 | -21.7% |
| Furniture and vehicles | 24 | €73,292 | €56,817 | -€16,475 | -22.5% |
| Financial fixed assets | 28 | €796 | €796 | = | 0.0% |
| Current assets | 29/58 | €280,451 | €286,220 | +€5,768 | +2.1% |
| Amounts receivable within one year | 40/41 | - | €9,007 | +€9,007 | |
| Other amounts receivable | 41 | - | €9,007 | +€9,007 | |
| Current investments | 50/53 | €50,000 | €54,500 | +€4,500 | +9.0% |
| Cash at bank and in hand | 54/58 | €230,451 | €185,714 | -€44,738 | -19.4% |
| Deferred charges and accrued income | 490/1 | - | €36,999 | +€36,999 | |
| Total equity and liabilities | 10/49 | €1,544,577 | €1,502,712 | -€41,865 | -2.7% |
| Equity | 10/15 | €857,199 | €909,427 | +€52,228 | +6.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €844,799 | €897,027 | +€52,228 | +6.2% |
| Distributable reserves | 133 | €844,799 | €897,027 | +€52,228 | +6.2% |
| Amounts payable | 17/49 | €687,378 | €593,285 | -€94,093 | -13.7% |
| Amounts payable after more than one year | 17 | €573,160 | €500,776 | -€72,384 | -12.6% |
| Financial debts | 170/4 | €573,160 | €500,776 | -€72,384 | -12.6% |
| Amounts payable within one year | 42/48 | €114,218 | €92,509 | -€21,709 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €71,000 | €72,384 | +€1,384 | +1.9% |
| Trade debts | 44 | €1,756 | €3,252 | +€1,496 | +85.2% |
| Suppliers | 440/4 | €1,756 | €3,252 | +€1,496 | +85.2% |
| Taxes, remuneration and social security | 45 | €35,114 | €4,236 | -€30,878 | -87.9% |
| Taxes | 450/3 | €35,114 | €4,236 | -€30,878 | -87.9% |
| Other amounts payable | 47/48 | €6,349 | €12,637 | +€6,288 | +99.0% |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,427 | €59,882 | -€1,545 | -2.5% |
| Other operating charges | 640/8 | €2,677 | €114,293 | +€111,616 | +4,170% |
| Gross operating margin | 9900 | €310,528 | €261,249 | -€49,280 | -15.9% |
| Operating profit (loss) | 9901 | €246,424 | €87,074 | -€159,350 | -64.7% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €13,114 | €13,022 | -€91 | -0.7% |
| Recurring financial charges | 65 | €13,114 | €13,022 | -€91 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €233,310 | €74,054 | -€159,257 | -68.3% |
| Income taxes | 67/77 | €71,236 | €20,993 | -€50,243 | -70.5% |
| Profit (loss) for the period | 9904 | €162,075 | €53,061 | -€109,014 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €162,075 | €53,061 | -€109,014 | -67.3% |
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 23 October 2026 via checked.be.