Dr. Jeroen Biesemans: 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. Jeroen Biesemans
Largest movements
- Cash +€27,389
up €27,389 (+25.0%), from €109,761 to €137,150
mainly Net result for the year (+€245,475) and Receivables within one year (+€11,716)
- Current investments +€24,753
up €24,753 (+18.2%), from €136,181 to €160,934
- Receivables within one year -€11,716
down €11,716 (-77.5%), from €15,122 to €3,406
of which Trade receivables: -€6,485
- Deferred charges and accrued income +€5,007
up €5,007 (+324%), from €1,547 to €6,554
- Reserves +€123,150
new in 2025: €123,150
of which Tax-exempt reserves: +€63,150
- Other debts -€42,977
down €42,977 (-21.3%), from €201,827 to €158,850
- Debts after one year -€20,358
no longer reported in 2025 (was €20,358)
- Current portion of long-term debt -€14,193
down €14,193 (-41.1%), from €34,550 to €20,358
- Profit (loss) carried forward +€4,675
new in 2025: €4,675
- Gross operating margin +€104,221
up €104,221 (+46.1%), from €226,036 to €330,257
- Depreciation -€36,700
down €36,700 (-81.0%), from €45,286 to €8,586
- Taxes +€35,425
up €35,425 (+85.9%), from €41,233 to €76,658
- Financial charges -€3,675
down €3,675 (-80.1%), from €4,587 to €912
of which Non-recurring financial charges: -€3,100
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 | €283,437 | €330,668 | +€47,232 | +16.7% |
| Fixed assets | 21/28 | €20,826 | €22,624 | +€1,798 | +8.6% |
| Tangible fixed assets | 22/27 | €20,586 | €22,384 | +€1,798 | +8.7% |
| Plant, machinery and equipment | 23 | €6,585 | €5,186 | -€1,399 | -21.2% |
| Furniture and vehicles | 24 | €5,310 | €8,952 | +€3,642 | +68.6% |
| Other tangible fixed assets | 26 | €8,691 | €8,246 | -€445 | -5.1% |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €262,611 | €308,045 | +€45,434 | +17.3% |
| Amounts receivable within one year | 40/41 | €15,122 | €3,406 | -€11,716 | -77.5% |
| Trade receivables | 40 | €6,485 | - | -€6,485 | |
| Other amounts receivable | 41 | €8,637 | €3,406 | -€5,230 | -60.6% |
| Current investments | 50/53 | €136,181 | €160,934 | +€24,753 | +18.2% |
| Cash at bank and in hand | 54/58 | €109,761 | €137,150 | +€27,389 | +25.0% |
| Deferred charges and accrued income | 490/1 | €1,547 | €6,554 | +€5,007 | +324% |
| Total equity and liabilities | 10/49 | €283,437 | €330,668 | +€47,232 | +16.7% |
| Equity | 10/15 | €18,600 | €146,425 | +€127,825 | +687% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €123,150 | +€123,150 | |
| Tax-exempt reserves | 132 | - | €63,150 | +€63,150 | |
| Distributable reserves | 133 | - | €60,000 | +€60,000 | |
| Profit (loss) carried forward | 14 | - | €4,675 | +€4,675 | |
| Amounts payable | 17/49 | €264,837 | €184,243 | -€80,594 | -30.4% |
| Amounts payable after more than one year | 17 | €20,358 | - | -€20,358 | |
| Financial debts | 170/4 | €20,358 | - | -€20,358 | |
| Amounts payable within one year | 42/48 | €244,479 | €184,243 | -€60,236 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €34,550 | €20,358 | -€14,193 | -41.1% |
| Trade debts | 44 | €8,102 | €5,036 | -€3,066 | -37.8% |
| Suppliers | 440/4 | €8,102 | €5,036 | -€3,066 | -37.8% |
| Other amounts payable | 47/48 | €201,827 | €158,850 | -€42,977 | -21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,286 | €8,586 | -€36,700 | -81.0% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €226,036 | €330,257 | +€104,221 | +46.1% |
| Operating profit (loss) | 9901 | €180,236 | €321,144 | +€140,907 | +78.2% |
| Financial income | 75/76B | €1,295 | €1,901 | +€606 | +46.7% |
| Recurring financial income | 75 | €1,295 | €1,901 | +€606 | +46.7% |
| Financial charges | 65/66B | €4,587 | €912 | -€3,675 | -80.1% |
| Recurring financial charges | 65 | €1,487 | €912 | -€575 | -38.7% |
| Non-recurring financial charges | 66B | €3,100 | - | -€3,100 | |
| Profit (loss) for the period before taxes | 9903 | €176,945 | €322,133 | +€145,188 | +82.1% |
| Income taxes | 67/77 | €41,233 | €76,658 | +€35,425 | +85.9% |
| Profit (loss) for the period | 9904 | €135,712 | €245,475 | +€109,763 | +80.9% |
| Transfer to tax-exempt reserves | 689 | - | €63,150 | +€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €135,712 | €182,325 | +€46,613 | +34.3% |
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 30 October 2026 via checked.be.