Dr. Jan Vanrusselt: 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. Jan Vanrusselt
Largest movements
- Cash +€115,144
up €115,144 (+136%), from €84,653 to €199,797
mainly Net result for the year (+€409,090) and Other debts (+€49,915)
- Deferred charges and accrued income +€14,078
up €14,078 (+8.4%), from €167,573 to €181,651
- Tangible fixed assets -€9,735
down €9,735 (-7.6%), from €127,910 to €118,175
of which Land and buildings: -€5,489
- Other debts +€49,915
new in 2025: €49,915
- Reserves +€34,090
up €34,090 (+9.0%), from €378,724 to €412,814
- Tax, wage and social debts +€29,613
up €29,613 (+133%), from €22,286 to €51,899
- Gross operating margin +€38,432
up €38,432 (+7.2%), from €531,055 to €569,487
- Taxes +€12,327
up €12,327 (+10.1%), from €122,286 to €134,613
- Depreciation +€6,530
up €6,530 (+62.6%), from €10,435 to €16,966
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 | €427,146 | €542,308 | +€115,161 | +27.0% |
| Fixed assets | 21/28 | €127,910 | €118,175 | -€9,735 | -7.6% |
| Tangible fixed assets | 22/27 | €127,910 | €118,175 | -€9,735 | -7.6% |
| Land and buildings | 22 | €116,098 | €110,609 | -€5,489 | -4.7% |
| Furniture and vehicles | 24 | €11,812 | €7,567 | -€4,246 | -35.9% |
| Current assets | 29/58 | €299,236 | €424,132 | +€124,896 | +41.7% |
| Amounts receivable after more than one year | 29 | €42,684 | €40,564 | -€2,121 | -5.0% |
| Other amounts receivable | 291 | €42,684 | €40,564 | -€2,121 | -5.0% |
| Amounts receivable within one year | 40/41 | €4,326 | €2,121 | -€2,205 | -51.0% |
| Other amounts receivable | 41 | €4,326 | €2,121 | -€2,205 | -51.0% |
| Cash at bank and in hand | 54/58 | €84,653 | €199,797 | +€115,144 | +136% |
| Deferred charges and accrued income | 490/1 | €167,573 | €181,651 | +€14,078 | +8.4% |
| Total equity and liabilities | 10/49 | €427,146 | €542,308 | +€115,161 | +27.0% |
| Equity | 10/15 | €388,724 | €422,814 | +€34,090 | +8.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €378,724 | €412,814 | +€34,090 | +9.0% |
| Distributable reserves | 133 | €378,724 | €412,814 | +€34,090 | +9.0% |
| Amounts payable | 17/49 | €38,423 | €119,494 | +€81,071 | +211% |
| Amounts payable within one year | 42/48 | €33,924 | €113,681 | +€79,757 | +235% |
| Current portion of amounts payable after more than one year | 42 | €1,058 | - | -€1,058 | |
| Financial debts | 43 | €8,460 | €8,333 | -€127 | -1.5% |
| Credit institutions | 430/8 | €8,460 | €8,333 | -€127 | -1.5% |
| Trade debts | 44 | €2,120 | €3,534 | +€1,414 | +66.7% |
| Suppliers | 440/4 | €2,120 | €3,534 | +€1,414 | +66.7% |
| Taxes, remuneration and social security | 45 | €22,286 | €51,899 | +€29,613 | +133% |
| Taxes | 450/3 | €22,286 | €51,899 | +€29,613 | +133% |
| Other amounts payable | 47/48 | - | €49,915 | +€49,915 | |
| Accrued charges and deferred income | 492/3 | €4,499 | €5,813 | +€1,314 | +29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,435 | €16,966 | +€6,530 | +62.6% |
| Other operating charges | 640/8 | €2,195 | €2,179 | -€16 | -0.7% |
| Non-recurring operating charges | 66A | €14,133 | - | -€14,133 | |
| Gross operating margin | 9900 | €531,055 | €569,487 | +€38,432 | +7.2% |
| Operating profit (loss) | 9901 | €504,291 | €550,342 | +€46,051 | +9.1% |
| Financial income | 75/76B | €1,205 | €1,152 | -€54 | -4.4% |
| Recurring financial income | 75 | €1,205 | €1,152 | -€54 | -4.4% |
| Financial charges | 65/66B | €6,614 | €7,790 | +€1,176 | +17.8% |
| Recurring financial charges | 65 | €6,614 | €7,790 | +€1,176 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €498,882 | €543,703 | +€44,821 | +9.0% |
| Income taxes | 67/77 | €122,286 | €134,613 | +€12,327 | +10.1% |
| Profit (loss) for the period | 9904 | €376,596 | €409,090 | +€32,494 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €376,596 | €409,090 | +€32,494 | +8.6% |
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 31 October 2026 via checked.be.