Dr. Jeroen Cox: what changed
Dr. Jeroen Cox
Largest movements
- Cash -€78,230
down €78,230 (-67.1%), from €116,554 to €38,324
mainly Contributions, distributions and other (-€107,059) and Current investments (-€70,899)
- Current investments +€70,899
up €70,899 (+378%), from €18,742 to €89,641
- Tangible fixed assets +€58,295
up €58,295 (+217%), from €26,883 to €85,178
of which Furniture and vehicles: +€61,459
- Receivables within one year +€15,928
up €15,928 (+221%), from €7,191 to €23,119
of which Trade receivables: +€15,163
- Other debts +€51,079
up €51,079 (+2,300%), from €2,221 to €53,300
- Reserves +€10,182
up €10,182 (+7.2%), from €141,772 to €151,954
- Tax, wage and social debts +€4,555
up €4,555 (+118%), from €3,845 to €8,400
of which Remuneration and social security: +€8,400
- Provisions -€14,742
no longer reported in 2025 (was €14,742)
- Gross operating margin -€9,780
down €9,780 (-6.0%), from €163,192 to €153,411
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €169,370 | €236,261 | +€66,892 | +39.5% |
| Fixed assets | 21/28 | €26,883 | €85,178 | +€58,295 | +217% |
| Tangible fixed assets | 22/27 | €26,883 | €85,178 | +€58,295 | +217% |
| Land and buildings | 22 | €26,883 | €23,720 | -€3,163 | -11.8% |
| Furniture and vehicles | 24 | - | €61,459 | +€61,459 | |
| Current assets | 29/58 | €142,487 | €151,083 | +€8,596 | +6.0% |
| Amounts receivable within one year | 40/41 | €7,191 | €23,119 | +€15,928 | +221% |
| Trade receivables | 40 | €6,125 | €21,288 | +€15,163 | +248% |
| Other amounts receivable | 41 | €1,066 | €1,831 | +€764 | +71.7% |
| Current investments | 50/53 | €18,742 | €89,641 | +€70,899 | +378% |
| Cash at bank and in hand | 54/58 | €116,554 | €38,324 | -€78,230 | -67.1% |
| Total equity and liabilities | 10/49 | €169,370 | €236,261 | +€66,892 | +39.5% |
| Equity | 10/15 | €146,772 | €156,954 | +€10,182 | +6.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €141,772 | €151,954 | +€10,182 | +7.2% |
| Distributable reserves | 133 | €141,772 | €151,954 | +€10,182 | +7.2% |
| Provisions and deferred taxes | 16 | €14,742 | €14,742 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €14,742 | €14,742 | = | 0.0% |
| Pensions and similar obligations | 160 | €14,742 | €14,742 | = | 0.0% |
| Amounts payable | 17/49 | €7,856 | €64,565 | +€56,710 | +722% |
| Amounts payable within one year | 42/48 | €7,856 | €64,565 | +€56,710 | +722% |
| Trade debts | 44 | €1,790 | €2,865 | +€1,076 | +60.1% |
| Suppliers | 440/4 | €1,790 | €2,865 | +€1,076 | +60.1% |
| Taxes, remuneration and social security | 45 | €3,845 | €8,400 | +€4,555 | +118% |
| Taxes | 450/3 | €3,845 | - | -€3,845 | |
| Remuneration and social security | 454/9 | - | €8,400 | +€8,400 | |
| Other amounts payable | 47/48 | €2,221 | €53,300 | +€51,079 | +2,300% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,163 | €3,364 | +€200 | +6.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €14,742 | - | -€14,742 | |
| Other operating charges | 640/8 | €62 | - | -€62 | |
| Gross operating margin | 9900 | €163,192 | €153,411 | -€9,780 | -6.0% |
| Operating profit (loss) | 9901 | €145,225 | €150,048 | +€4,823 | +3.3% |
| Financial income | 75/76B | €2,446 | €2,044 | -€402 | -16.4% |
| Recurring financial income | 75 | €2,446 | €2,044 | -€402 | -16.4% |
| Financial charges | 65/66B | €1,491 | €1,068 | -€423 | -28.4% |
| Recurring financial charges | 65 | €1,491 | €1,068 | -€423 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €146,180 | €151,024 | +€4,844 | +3.3% |
| Income taxes | 67/77 | €32,654 | €33,783 | +€1,129 | +3.5% |
| Profit (loss) for the period | 9904 | €113,526 | €117,241 | +€3,715 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €113,526 | €117,241 | +€3,715 | +3.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.