DR.JOHAN VAN STEE: 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 VAN STEE
Largest movements
- Cash +€17,716
up €17,716 (+332%), from €5,333 to €23,048
mainly Net result for the year (+€19,543) and Receivables within one year (+€4,570)
- Current investments +€15,759
up €15,759 (+1.5%), from €1.1m to €1.1m
- Reserves +€19,543
up €19,543 (+1.9%), from €1.0m to €1.0m
- Taxes +€10,006
new in 2025: €10,006
- Financial charges -€6,438
down €6,438 (-73.9%), from €8,713 to €2,275
of which Non-recurring financial charges: -€6,406
- Gross operating margin +€5,215
up €5,215 (+79.5%), from €6,562 to €11,777
- Financial income +€3,852
up €3,852 (+22.0%), from €17,531 to €21,384
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 | €1,070,773 | €1,100,610 | +€29,837 | +2.8% |
| Fixed assets | 21/28 | €681 | €405 | -€276 | -40.5% |
| Tangible fixed assets | 22/27 | €681 | €405 | -€276 | -40.5% |
| Plant, machinery and equipment | 23 | €681 | €405 | -€276 | -40.5% |
| Current assets | 29/58 | €1,070,092 | €1,100,205 | +€30,113 | +2.8% |
| Amounts receivable within one year | 40/41 | €6,157 | €1,587 | -€4,570 | -74.2% |
| Trade receivables | 40 | €1,175 | €0 | -€1,175 | -100% |
| Other amounts receivable | 41 | €4,982 | €1,587 | -€3,395 | -68.1% |
| Current investments | 50/53 | €1,058,602 | €1,074,361 | +€15,759 | +1.5% |
| Cash at bank and in hand | 54/58 | €5,333 | €23,048 | +€17,716 | +332% |
| Deferred charges and accrued income | 490/1 | - | €1,208 | +€1,208 | |
| Total equity and liabilities | 10/49 | €1,070,773 | €1,100,610 | +€29,837 | +2.8% |
| Equity | 10/15 | €1,040,296 | €1,059,839 | +€19,543 | +1.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,027,896 | €1,047,439 | +€19,543 | +1.9% |
| Distributable reserves | 133 | €1,027,896 | €1,047,439 | +€19,543 | +1.9% |
| Amounts payable | 17/49 | €30,477 | €40,771 | +€10,294 | +33.8% |
| Amounts payable within one year | 42/48 | €28,344 | €38,651 | +€10,306 | +36.4% |
| Trade debts | 44 | - | €1,848 | +€1,848 | |
| Suppliers | 440/4 | - | €1,848 | +€1,848 | |
| Taxes, remuneration and social security | 45 | - | €4,264 | +€4,264 | |
| Taxes | 450/3 | - | €4,264 | +€4,264 | |
| Other amounts payable | 47/48 | €28,344 | €32,539 | +€4,195 | +14.8% |
| Accrued charges and deferred income | 492/3 | €2,133 | €2,120 | -€13 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €276 | €276 | = | 0.0% |
| Other operating charges | 640/8 | €1,030 | €1,060 | +€31 | +3.0% |
| Gross operating margin | 9900 | €6,562 | €11,777 | +€5,215 | +79.5% |
| Operating profit (loss) | 9901 | €5,257 | €10,441 | +€5,184 | +98.6% |
| Financial income | 75/76B | €17,531 | €21,384 | +€3,852 | +22.0% |
| Recurring financial income | 75 | €17,531 | €21,384 | +€3,852 | +22.0% |
| Financial charges | 65/66B | €8,713 | €2,275 | -€6,438 | -73.9% |
| Recurring financial charges | 65 | €2,307 | €2,275 | -€32 | -1.4% |
| Non-recurring financial charges | 66B | €6,406 | - | -€6,406 | |
| Profit (loss) for the period before taxes | 9903 | €14,075 | €29,549 | +€15,474 | +110% |
| Income taxes | 67/77 | - | €10,006 | +€10,006 | |
| Profit (loss) for the period | 9904 | €14,075 | €19,543 | +€5,468 | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,075 | €19,543 | +€5,468 | +38.9% |
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 13 October 2026 via checked.be.