Dr. Johan Robbrecht: 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. Johan Robbrecht
Largest movements
- Cash +€431,543
up €431,543 (+134.8%), from €320,077 to €751,619
mainly Net result for the year (+€267,917) and Investment in fixed assets (net) (+€247,568)
- Tangible fixed assets -€259,091
down €259,091 (-91.3%), from €283,812 to €24,721
of which Land and buildings: -€248,835
- Current investments +€43,806
up €43,806 (+5.3%), from €833,188 to €876,994
- Reserves +€267,917
up €267,917 (+23.7%), from €1.1m to €1.4m
of which Distributable reserves: +€268,150
- Other debts -€68,800
down €68,800 (-29.2%), from €235,406 to €166,607
- Tax, wage and social debts +€21,893
up €21,893 (+208.2%), from €10,515 to €32,408
- Gross operating margin +€178,751
up €178,751 (+74.1%), from €241,166 to €419,917
- Taxes +€48,605
up €48,605 (+60.1%), from €80,902 to €129,508
- Financial income -€25,628
down €25,628 (-56.0%), from €45,782 to €20,153
- Depreciation -€9,385
down €9,385 (-44.9%), from €20,908 to €11,523
- Financial charges +€4,704
up €4,704 (+21.4%), from €22,004 to €26,708
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.
Cash bridge derived
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 | €1,495,196 | €1,709,449 | +€214,253 | +14.3% |
| Fixed assets | 21/28 | €283,812 | €24,721 | -€259,091 | -91.3% |
| Tangible fixed assets | 22/27 | €283,812 | €24,721 | -€259,091 | -91.3% |
| Land and buildings | 22 | €272,902 | €24,067 | -€248,835 | -91.2% |
| Plant, machinery and equipment | 23 | €3,825 | €654 | -€3,170 | -82.9% |
| Furniture and vehicles | 24 | €7,086 | €0 | -€7,086 | -100.0% |
| Current assets | 29/58 | €1,211,384 | €1,684,728 | +€473,344 | +39.1% |
| Amounts receivable within one year | 40/41 | €50,812 | €51,657 | +€845 | +1.7% |
| Trade receivables | 40 | €50,812 | €51,657 | +€845 | +1.7% |
| Current investments | 50/53 | €833,188 | €876,994 | +€43,806 | +5.3% |
| Cash at bank and in hand | 54/58 | €320,077 | €751,619 | +€431,543 | +134.8% |
| Deferred charges and accrued income | 490/1 | €7,308 | €4,458 | -€2,850 | -39.0% |
| Total equity and liabilities | 10/49 | €1,495,196 | €1,709,449 | +€214,253 | +14.3% |
| Equity | 10/15 | €1,225,407 | €1,493,324 | +€267,917 | +21.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,130,953 | €1,398,870 | +€267,917 | +23.7% |
| Tax-exempt reserves | 132 | €4,231 | €3,997 | -€233 | -5.5% |
| Distributable reserves | 133 | €1,126,723 | €1,394,873 | +€268,150 | +23.8% |
| Profit (loss) carried forward | 14 | €82,054 | €82,054 | = | 0.0% |
| Provisions and deferred taxes | 16 | €2,011 | €1,953 | -€58 | -2.9% |
| Deferred taxes | 168 | €2,011 | €1,953 | -€58 | -2.9% |
| Amounts payable | 17/49 | €267,778 | €214,172 | -€53,606 | -20.0% |
| Amounts payable within one year | 42/48 | €246,767 | €199,015 | -€47,753 | -19.4% |
| Trade debts | 44 | €846 | €0 | -€846 | -100.0% |
| Suppliers | 440/4 | €846 | €0 | -€846 | -100.0% |
| Taxes, remuneration and social security | 45 | €10,515 | €32,408 | +€21,893 | +208.2% |
| Taxes | 450/3 | €10,515 | €32,408 | +€21,893 | +208.2% |
| Other amounts payable | 47/48 | €235,406 | €166,607 | -€68,800 | -29.2% |
| Accrued charges and deferred income | 492/3 | €21,011 | €15,157 | -€5,853 | -27.9% |
| Non-recurring operating income | 76A | - | €142,739 | +€142,739 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,908 | €11,523 | -€9,385 | -44.9% |
| Other operating charges | 640/8 | €3,902 | €4,474 | +€571 | +14.6% |
| Gross operating margin | 9900 | €241,166 | €419,917 | +€178,751 | +74.1% |
| Operating profit (loss) | 9901 | €216,356 | €403,921 | +€187,564 | +86.7% |
| Financial income | 75/76B | €45,782 | €20,153 | -€25,628 | -56.0% |
| Recurring financial income | 75 | €45,782 | €20,153 | -€25,628 | -56.0% |
| Financial charges | 65/66B | €22,004 | €26,708 | +€4,704 | +21.4% |
| Recurring financial charges | 65 | €22,004 | €26,708 | +€4,704 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | €240,134 | €397,367 | +€157,233 | +65.5% |
| Transfer from deferred taxes | 780 | €58 | €58 | = | 0.0% |
| Income taxes | 67/77 | €80,902 | €129,508 | +€48,605 | +60.1% |
| Profit (loss) for the period | 9904 | €159,290 | €267,917 | +€108,627 | +68.2% |
| Transfer from tax-exempt reserves | 789 | €233 | €233 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €159,523 | €268,150 | +€108,627 | +68.1% |
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 10 October 2026 via checked.be.