DR. JOHAN VANDERMAESEN: 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 VANDERMAESEN
Largest movements
- Cash -€43,152
down €43,152 (-67.6%), from €63,791 to €20,638
mainly Net result for the year (-€25,930) and Other debts (-€10,725)
- Tangible fixed assets -€14,538
no longer reported in 2025 (was €14,538)
- Profit (loss) carried forward -€25,930
new in 2025: -€25,930
- Other debts -€10,725
down €10,725 (-14.4%), from €74,409 to €63,685
- Debts after one year -€8,672
down €8,672 (-51.3%), from €16,892 to €8,220
- Tax, wage and social debts -€8,018
no longer reported in 2025 (was €8,018)
- Gross operating margin -€73,734
down €73,734, from €59,367 to -€14,367
- Staff costs -€36,649
down €36,649, from €36,640 to -€8
- Depreciation -€3,329
down €3,329 (-18.6%), from €17,867 to €14,538
- Taxes -€2,775
down €2,775 (-62.4%), from €4,448 to €1,673
- Other operating charges -€861
down €861 (-51.6%), from €1,670 to €808
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 | €706,684 | €645,900 | -€60,784 | -8.6% |
| Fixed assets | 21/28 | €14,538 | - | -€14,538 | |
| Tangible fixed assets | 22/27 | €14,538 | - | -€14,538 | |
| Furniture and vehicles | 24 | €14,538 | - | -€14,538 | |
| Current assets | 29/58 | €692,146 | €645,900 | -€46,246 | -6.7% |
| Amounts receivable within one year | 40/41 | €78,949 | €75,712 | -€3,237 | -4.1% |
| Other amounts receivable | 41 | €78,949 | €75,712 | -€3,237 | -4.1% |
| Current investments | 50/53 | €547,797 | €547,771 | -€26 | 0.0% |
| Cash at bank and in hand | 54/58 | €63,791 | €20,638 | -€43,152 | -67.6% |
| Deferred charges and accrued income | 490/1 | €1,609 | €1,779 | +€169 | +10.5% |
| Total equity and liabilities | 10/49 | €706,684 | €645,900 | -€60,784 | -8.6% |
| Equity | 10/15 | €588,184 | €562,254 | -€25,930 | -4.4% |
| Contributions | 10/11 | €6,228 | €6,228 | = | 0.0% |
| Reserves | 13 | €581,956 | €581,956 | = | 0.0% |
| Distributable reserves | 133 | €581,956 | €581,956 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€25,930 | -€25,930 | |
| Amounts payable | 17/49 | €118,500 | €83,646 | -€34,854 | -29.4% |
| Amounts payable after more than one year | 17 | €16,892 | €8,220 | -€8,672 | -51.3% |
| Financial debts | 170/4 | €16,892 | €8,220 | -€8,672 | -51.3% |
| Amounts payable within one year | 42/48 | €101,607 | €75,425 | -€26,182 | -25.8% |
| Current portion of amounts payable after more than one year | 42 | €13,447 | €8,672 | -€4,775 | -35.5% |
| Financial debts | 43 | - | €4 | +€4 | |
| Credit institutions | 430/8 | - | €4 | +€4 | |
| Trade debts | 44 | €5,734 | €3,065 | -€2,669 | -46.5% |
| Suppliers | 440/4 | €5,734 | €3,065 | -€2,669 | -46.5% |
| Taxes, remuneration and social security | 45 | €8,018 | - | -€8,018 | |
| Taxes | 450/3 | €8,018 | - | -€8,018 | |
| Other amounts payable | 47/48 | €74,409 | €63,685 | -€10,725 | -14.4% |
| Remuneration, social security and pensions | 62 | €36,640 | -€8 | -€36,649 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,867 | €14,538 | -€3,329 | -18.6% |
| Other operating charges | 640/8 | €1,670 | €808 | -€861 | -51.6% |
| Gross operating margin | 9900 | €59,367 | -€14,367 | -€73,734 | |
| Operating profit (loss) | 9901 | €3,190 | -€29,706 | -€32,896 | |
| Financial income | 75/76B | €6,095 | €6,611 | +€517 | +8.5% |
| Recurring financial income | 75 | €6,095 | €6,611 | +€517 | +8.5% |
| Financial charges | 65/66B | €1,932 | €1,163 | -€769 | -39.8% |
| Recurring financial charges | 65 | €1,932 | €1,163 | -€769 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €7,353 | -€24,257 | -€31,610 | |
| Income taxes | 67/77 | €4,448 | €1,673 | -€2,775 | -62.4% |
| Profit (loss) for the period | 9904 | €2,905 | -€25,930 | -€28,835 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,905 | -€25,930 | -€28,835 |
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 25 October 2026 via checked.be.