Dr. Joan Vlayen: 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. Joan Vlayen
Largest movements
- Current investments +€71,937
up €71,937 (+103%), from €70,011 to €141,948
- Receivables within one year -€11,478
down €11,478 (-99.7%), from €11,517 to €39
of which Trade receivables: -€11,475
- Tangible fixed assets -€10,281
down €10,281 (-26.2%), from €39,260 to €28,979
of which Furniture and vehicles: -€9,784
- Cash +€7,068
up €7,068 (+3.8%), from €187,735 to €194,804
mainly Net result for the year (+€95,077) and Depreciation (+€17,798)
- Intangible fixed assets -€4,700
down €4,700 (-25.0%), from €18,800 to €14,100
- Profit (loss) carried forward +€93,411
new in 2025: €93,411
- Other debts -€22,637
down €22,637 (-81.8%), from €27,675 to €5,038
- Tax, wage and social debts -€20,916
down €20,916 (-47.2%), from €44,322 to €23,406
- Debts after one year -€10,421
down €10,421 (-66.0%), from €15,800 to €5,378
- Trade debts +€10,137
new in 2025: €10,137
- Gross operating margin +€82,921
up €82,921 (+52.4%), from €158,103 to €241,024
- Taxes +€19,569
up €19,569 (+201%), from €9,718 to €29,286
- Financial charges -€15,887
down €15,887 (-14.8%), from €107,396 to €91,508
- Provisions +€8,000
up €8,000, from -€2,000 to €6,000
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 | €330,416 | €386,708 | +€56,292 | +17.0% |
| Fixed assets | 21/28 | €59,630 | €44,649 | -€14,981 | -25.1% |
| Intangible fixed assets | 21 | €18,800 | €14,100 | -€4,700 | -25.0% |
| Tangible fixed assets | 22/27 | €39,260 | €28,979 | -€10,281 | -26.2% |
| Furniture and vehicles | 24 | €37,650 | €27,865 | -€9,784 | -26.0% |
| Other tangible fixed assets | 26 | €1,610 | €1,114 | -€496 | -30.8% |
| Financial fixed assets | 28 | €1,570 | €1,570 | = | 0.0% |
| Current assets | 29/58 | €270,787 | €342,060 | +€71,273 | +26.3% |
| Amounts receivable within one year | 40/41 | €11,517 | €39 | -€11,478 | -99.7% |
| Trade receivables | 40 | €11,475 | - | -€11,475 | |
| Other amounts receivable | 41 | €42 | €39 | -€3 | -6.8% |
| Current investments | 50/53 | €70,011 | €141,948 | +€71,937 | +103% |
| Cash at bank and in hand | 54/58 | €187,735 | €194,804 | +€7,068 | +3.8% |
| Deferred charges and accrued income | 490/1 | €1,523 | €5,269 | +€3,746 | +246% |
| Total equity and liabilities | 10/49 | €330,416 | €386,708 | +€56,292 | +17.0% |
| Equity | 10/15 | €146,269 | €239,680 | +€93,411 | +63.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €127,669 | €127,669 | = | 0.0% |
| Distributable reserves | 133 | €127,669 | €127,669 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €93,411 | +€93,411 | |
| Provisions and deferred taxes | 16 | €83,000 | €89,000 | +€6,000 | +7.2% |
| Provisions for liabilities and charges | 160/5 | €83,000 | €89,000 | +€6,000 | +7.2% |
| Other liabilities and charges | 164/5 | €83,000 | €89,000 | +€6,000 | +7.2% |
| Amounts payable | 17/49 | €101,147 | €58,028 | -€43,119 | -42.6% |
| Amounts payable after more than one year | 17 | €15,800 | €5,378 | -€10,421 | -66.0% |
| Financial debts | 170/4 | €15,800 | €5,378 | -€10,421 | -66.0% |
| Amounts payable within one year | 42/48 | €81,988 | €49,003 | -€32,985 | -40.2% |
| Current portion of amounts payable after more than one year | 42 | €9,990 | €10,421 | +€431 | +4.3% |
| Trade debts | 44 | - | €10,137 | +€10,137 | |
| Suppliers | 440/4 | - | €10,137 | +€10,137 | |
| Taxes, remuneration and social security | 45 | €44,322 | €23,406 | -€20,916 | -47.2% |
| Taxes | 450/3 | €44,322 | €23,406 | -€20,916 | -47.2% |
| Other amounts payable | 47/48 | €27,675 | €5,038 | -€22,637 | -81.8% |
| Accrued charges and deferred income | 492/3 | €3,360 | €3,647 | +€287 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,978 | €17,798 | +€821 | +4.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,000 | €6,000 | +€8,000 | |
| Other operating charges | 640/8 | €3,362 | €3,287 | -€75 | -2.2% |
| Gross operating margin | 9900 | €158,103 | €241,024 | +€82,921 | +52.4% |
| Operating profit (loss) | 9901 | €139,763 | €213,939 | +€74,176 | +53.1% |
| Financial income | 75/76B | €806 | €1,933 | +€1,127 | +140% |
| Recurring financial income | 75 | €806 | €1,933 | +€1,127 | +140% |
| Financial charges | 65/66B | €107,396 | €91,508 | -€15,887 | -14.8% |
| Recurring financial charges | 65 | €107,396 | €91,508 | -€15,887 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €33,174 | €124,363 | +€91,190 | +275% |
| Income taxes | 67/77 | €9,718 | €29,286 | +€19,569 | +201% |
| Profit (loss) for the period | 9904 | €23,456 | €95,077 | +€71,621 | +305% |
| Profit (loss) for the period to be appropriated | 9905 | €23,456 | €95,077 | +€71,621 | +305% |
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 28 October 2026 via checked.be.