Dr. J. Van Cutsem: 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. Van Cutsem
Largest movements
- Current investments +€175,000
up €175,000 (+87.5%), from €200,000 to €375,000
- Cash -€48,030
down €48,030 (-47.7%), from €100,767 to €52,737
mainly Current investments (-€175,000) and Trade debts (-€2,344)
- Reserves +€128,864
up €128,864 (+52.0%), from €247,869 to €376,733
- Financial income +€3,055
up €3,055 (+100%), from €3,045 to €6,100
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 | €327,806 | €454,350 | +€126,544 | +38.6% |
| Fixed assets | 21/28 | €1,105 | €881 | -€225 | -20.3% |
| Tangible fixed assets | 22/27 | €1,105 | €881 | -€225 | -20.3% |
| Furniture and vehicles | 24 | €1,105 | €881 | -€225 | -20.3% |
| Current assets | 29/58 | €326,701 | €453,470 | +€126,769 | +38.8% |
| Amounts receivable within one year | 40/41 | €2,963 | €489 | -€2,474 | -83.5% |
| Trade receivables | 40 | €2,711 | €489 | -€2,222 | -82.0% |
| Other amounts receivable | 41 | €252 | - | -€252 | |
| Current investments | 50/53 | €200,000 | €375,000 | +€175,000 | +87.5% |
| Cash at bank and in hand | 54/58 | €100,767 | €52,737 | -€48,030 | -47.7% |
| Deferred charges and accrued income | 490/1 | €22,971 | €25,244 | +€2,273 | +9.9% |
| Total equity and liabilities | 10/49 | €327,806 | €454,350 | +€126,544 | +38.6% |
| Equity | 10/15 | €249,369 | €378,233 | +€128,864 | +51.7% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €247,869 | €376,733 | +€128,864 | +52.0% |
| Distributable reserves | 133 | €247,869 | €376,733 | +€128,864 | +52.0% |
| Amounts payable | 17/49 | €78,437 | €76,117 | -€2,320 | -3.0% |
| Amounts payable within one year | 42/48 | €78,437 | €76,117 | -€2,320 | -3.0% |
| Trade debts | 44 | €2,543 | €199 | -€2,344 | -92.2% |
| Suppliers | 440/4 | €2,543 | €199 | -€2,344 | -92.2% |
| Taxes, remuneration and social security | 45 | €72,065 | €72,084 | +€19 | 0.0% |
| Taxes | 450/3 | €72,065 | €72,084 | +€19 | 0.0% |
| Other amounts payable | 47/48 | €3,829 | €3,834 | +€5 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18 | €225 | +€207 | +1,162% |
| Other operating charges | 640/8 | €433 | €844 | +€412 | +95.2% |
| Gross operating margin | 9900 | €161,156 | €161,297 | +€141 | +0.1% |
| Operating profit (loss) | 9901 | €160,705 | €160,228 | -€478 | -0.3% |
| Financial income | 75/76B | €3,045 | €6,100 | +€3,055 | +100% |
| Recurring financial income | 75 | €3,045 | €6,100 | +€3,055 | +100% |
| Financial charges | 65/66B | €70 | €47 | -€23 | -32.8% |
| Recurring financial charges | 65 | €70 | €47 | -€23 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €163,681 | €166,281 | +€2,600 | +1.6% |
| Income taxes | 67/77 | €36,997 | €37,417 | +€419 | +1.1% |
| Profit (loss) for the period | 9904 | €126,683 | €128,864 | +€2,181 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €126,683 | €128,864 | +€2,181 | +1.7% |
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 30 October 2026 via checked.be.