DR. JOHAN SNAUWAERT: 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 SNAUWAERT
Largest movements
- Receivables within one year -€128,903
down €128,903 (-53.4%), from €241,312 to €112,409
of which Other amounts receivable: -€135,329
- Current investments +€60,086
up €60,086 (+12.1%), from €498,172 to €558,258
- Cash -€23,395
down €23,395 (-25.0%), from €93,491 to €70,096
mainly Contributions, distributions and other (-€230,000) and Other debts (-€65,235)
- Tangible fixed assets +€18,956
up €18,956 (+28.0%), from €67,621 to €86,577
of which Plant, machinery and equipment: +€52,198
- Other debts -€65,235
down €65,235 (-99.5%), from €65,550 to €315
- Reserves -€27,000
down €27,000 (-3.7%), from €722,842 to €695,842
- Tax, wage and social debts +€15,727
up €15,727 (+153%), from €10,247 to €25,974
of which Taxes: +€15,539
- Depreciation -€44,639
down €44,639 (-63.0%), from €70,844 to €26,205
- Taxes +€18,162
up €18,162 (+21.6%), from €83,917 to €102,079
- Gross operating margin +€15,293
up €15,293 (+4.4%), from €348,073 to €363,366
- Financial charges -€12,542
down €12,542 (-95.4%), from €13,140 to €598
- Financial income -€10,375
down €10,375 (-39.1%), from €26,502 to €16,127
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 | €1,047,508 | €973,965 | -€73,543 | -7.0% |
| Fixed assets | 21/28 | €67,621 | €86,577 | +€18,956 | +28.0% |
| Tangible fixed assets | 22/27 | €67,621 | €86,577 | +€18,956 | +28.0% |
| Land and buildings | 22 | €23,591 | - | -€23,591 | |
| Plant, machinery and equipment | 23 | €12,682 | €64,880 | +€52,198 | +412% |
| Furniture and vehicles | 24 | €22,278 | €14,245 | -€8,033 | -36.1% |
| Other tangible fixed assets | 26 | €9,070 | €7,452 | -€1,618 | -17.8% |
| Current assets | 29/58 | €979,887 | €887,388 | -€92,499 | -9.4% |
| Amounts receivable after more than one year | 29 | €145,000 | €145,000 | = | 0.0% |
| Trade receivables | 290 | €145,000 | €145,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €241,312 | €112,409 | -€128,903 | -53.4% |
| Trade receivables | 40 | €12,667 | €19,093 | +€6,426 | +50.7% |
| Other amounts receivable | 41 | €228,645 | €93,316 | -€135,329 | -59.2% |
| Current investments | 50/53 | €498,172 | €558,258 | +€60,086 | +12.1% |
| Cash at bank and in hand | 54/58 | €93,491 | €70,096 | -€23,395 | -25.0% |
| Deferred charges and accrued income | 490/1 | €1,912 | €1,625 | -€287 | -15.0% |
| Total equity and liabilities | 10/49 | €1,047,508 | €973,965 | -€73,543 | -7.0% |
| Equity | 10/15 | €865,268 | €839,208 | -€26,060 | -3.0% |
| Contributions | 10/11 | €16,163 | €16,163 | = | 0.0% |
| Reserves | 13 | €722,842 | €695,842 | -€27,000 | -3.7% |
| Distributable reserves | 133 | €722,842 | €695,842 | -€27,000 | -3.7% |
| Profit (loss) carried forward | 14 | €126,263 | €127,203 | +€940 | +0.7% |
| Provisions and deferred taxes | 16 | €104,213 | €104,213 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €104,213 | €104,213 | = | 0.0% |
| Pensions and similar obligations | 160 | €104,213 | €104,213 | = | 0.0% |
| Amounts payable | 17/49 | €78,027 | €30,544 | -€47,483 | -60.9% |
| Amounts payable within one year | 42/48 | €78,027 | €30,544 | -€47,483 | -60.9% |
| Trade debts | 44 | €2,230 | €4,255 | +€2,025 | +90.8% |
| Suppliers | 440/4 | €2,230 | €4,255 | +€2,025 | +90.8% |
| Taxes, remuneration and social security | 45 | €10,247 | €25,974 | +€15,727 | +153% |
| Taxes | 450/3 | €5,091 | €20,630 | +€15,539 | +305% |
| Remuneration and social security | 454/9 | €5,156 | €5,344 | +€188 | +3.6% |
| Other amounts payable | 47/48 | €65,550 | €315 | -€65,235 | -99.5% |
| Remuneration, social security and pensions | 62 | €43,674 | €44,602 | +€928 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,844 | €26,205 | -€44,639 | -63.0% |
| Other operating charges | 640/8 | €1,485 | €2,069 | +€584 | +39.3% |
| Gross operating margin | 9900 | €348,073 | €363,366 | +€15,293 | +4.4% |
| Operating profit (loss) | 9901 | €232,070 | €290,490 | +€58,420 | +25.2% |
| Financial income | 75/76B | €26,502 | €16,127 | -€10,375 | -39.1% |
| Recurring financial income | 75 | €26,502 | €16,127 | -€10,375 | -39.1% |
| Financial charges | 65/66B | €13,140 | €598 | -€12,542 | -95.4% |
| Recurring financial charges | 65 | €13,140 | €598 | -€12,542 | -95.4% |
| Profit (loss) for the period before taxes | 9903 | €245,432 | €306,019 | +€60,587 | +24.7% |
| Income taxes | 67/77 | €83,917 | €102,079 | +€18,162 | +21.6% |
| Profit (loss) for the period | 9904 | €161,515 | €203,940 | +€42,425 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €161,515 | €203,940 | +€42,425 | +26.3% |
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 29 October 2026 via checked.be.