Dr. J. Lagast: 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. J. Lagast
Largest movements
- Receivables within one year -€61,259
down €61,259 (-62.8%), from €97,615 to €36,356
- Tangible fixed assets -€32,688
down €32,688 (-5.8%), from €562,657 to €529,969
of which Land and buildings: -€21,854
- Cash -€26,684
down €26,684 (-38.0%), from €70,311 to €43,626
mainly Net result for the year (-€63,274) and Contributions, distributions and other (-€50,000)
- Profit (loss) carried forward -€63,274
down €63,274, from €30,864 to -€32,410
- Reserves -€50,000
down €50,000 (-4.1%), from €1.2m to €1.2m
- Gross operating margin -€219,892
down €219,892, from €186,023 to -€33,868
- Taxes -€25,053
down €25,053 (-66.5%), from €37,661 to €12,608
- Financial income +€21,213
up €21,213 (+441%), from €4,814 to €26,027
- Depreciation -€8,182
down €8,182 (-19.2%), from €42,702 to €34,520
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 | €1,483,238 | €1,371,773 | -€111,464 | -7.5% |
| Fixed assets | 21/28 | €562,657 | €529,969 | -€32,688 | -5.8% |
| Tangible fixed assets | 22/27 | €562,657 | €529,969 | -€32,688 | -5.8% |
| Land and buildings | 22 | €528,100 | €506,245 | -€21,854 | -4.1% |
| Plant, machinery and equipment | 23 | €2,381 | €976 | -€1,405 | -59.0% |
| Furniture and vehicles | 24 | €4,296 | €3,342 | -€953 | -22.2% |
| Other tangible fixed assets | 26 | €27,881 | €19,406 | -€8,474 | -30.4% |
| Current assets | 29/58 | €920,580 | €841,804 | -€78,776 | -8.6% |
| Amounts receivable within one year | 40/41 | €97,615 | €36,356 | -€61,259 | -62.8% |
| Other amounts receivable | 41 | €97,615 | €36,356 | -€61,259 | -62.8% |
| Current investments | 50/53 | €748,596 | €755,449 | +€6,853 | +0.9% |
| Cash at bank and in hand | 54/58 | €70,311 | €43,626 | -€26,684 | -38.0% |
| Deferred charges and accrued income | 490/1 | €4,059 | €6,373 | +€2,314 | +57.0% |
| Total equity and liabilities | 10/49 | €1,483,238 | €1,371,773 | -€111,464 | -7.5% |
| Equity | 10/15 | €1,477,418 | €1,364,144 | -€113,274 | -7.7% |
| Contributions | 10/11 | €232,400 | €232,400 | = | 0.0% |
| Reserves | 13 | €1,214,154 | €1,164,154 | -€50,000 | -4.1% |
| Distributable reserves | 133 | €1,214,154 | €1,164,154 | -€50,000 | -4.1% |
| Profit (loss) carried forward | 14 | €30,864 | -€32,410 | -€63,274 | |
| Amounts payable | 17/49 | €5,819 | €7,629 | +€1,810 | +31.1% |
| Amounts payable within one year | 42/48 | €5,583 | €7,540 | +€1,956 | +35.0% |
| Trade debts | 44 | €5,583 | €5,924 | +€341 | +6.1% |
| Suppliers | 440/4 | €5,583 | €5,924 | +€341 | +6.1% |
| Other amounts payable | 47/48 | - | €1,616 | +€1,616 | |
| Accrued charges and deferred income | 492/3 | €236 | €89 | -€146 | -62.1% |
| Non-recurring operating income | 76A | €138,168 | €5,772 | -€132,396 | -95.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,702 | €34,520 | -€8,182 | -19.2% |
| Other operating charges | 640/8 | €6,783 | €6,477 | -€306 | -4.5% |
| Non-recurring operating charges | 66A | €1,767 | - | -€1,767 | |
| Gross operating margin | 9900 | €186,023 | -€33,868 | -€219,892 | |
| Operating profit (loss) | 9901 | €134,771 | -€74,865 | -€209,636 | |
| Financial income | 75/76B | €4,814 | €26,027 | +€21,213 | +441% |
| Recurring financial income | 75 | €4,814 | €26,027 | +€21,213 | +441% |
| Financial charges | 65/66B | €1,455 | €1,828 | +€373 | +25.6% |
| Recurring financial charges | 65 | €1,455 | €1,828 | +€373 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €138,130 | -€50,666 | -€188,796 | |
| Income taxes | 67/77 | €37,661 | €12,608 | -€25,053 | -66.5% |
| Profit (loss) for the period | 9904 | €100,469 | -€63,274 | -€163,743 | |
| Profit (loss) for the period to be appropriated | 9905 | €100,469 | -€63,274 | -€163,743 |
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 19 October 2026 via checked.be.