DR. JOHAN VANUYTSEL: 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 VANUYTSEL
Largest movements
- Receivables within one year +€88,374
up €88,374 (+88.7%), from €99,649 to €188,022
of which Other amounts receivable: +€85,709
- Deferred charges and accrued income -€64,830
down €64,830 (-44.4%), from €146,171 to €81,341
- Tangible fixed assets -€54,303
down €54,303 (-9.2%), from €588,925 to €534,622
of which Furniture and vehicles: -€43,405
- Cash -€12,167
down €12,167 (-43.9%), from €27,705 to €15,538
mainly Receivables within one year (-€88,374) and Other debts (-€69,919)
- Other debts -€69,919
down €69,919 (-100%), from €69,919 to €0
- Reserves +€69,705
up €69,705 (+17.5%), from €397,751 to €467,456
- Debts after one year -€55,069
down €55,069 (-18.9%), from €291,605 to €236,536
- Trade debts -€18,360
down €18,360 (-99.5%), from €18,447 to €87
- Current portion of long-term debt +€16,574
up €16,574 (+29.5%), from €56,264 to €72,838
- Gross operating margin +€35,560
up €35,560 (+25.1%), from €141,944 to €177,504
- Depreciation +€11,422
up €11,422 (+25.9%), from €44,078 to €55,500
- Taxes +€2,790
up €2,790 (+8.3%), from €33,711 to €36,502
- Financial charges -€2,103
down €2,103 (-15.4%), from €13,654 to €11,551
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 | €862,450 | €819,524 | -€42,927 | -5.0% |
| Fixed assets | 21/28 | €588,925 | €534,622 | -€54,303 | -9.2% |
| Tangible fixed assets | 22/27 | €588,925 | €534,622 | -€54,303 | -9.2% |
| Land and buildings | 22 | €444,382 | €434,253 | -€10,130 | -2.3% |
| Plant, machinery and equipment | 23 | €1,191 | €422 | -€768 | -64.5% |
| Furniture and vehicles | 24 | €143,352 | €99,947 | -€43,405 | -30.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €273,525 | €284,901 | +€11,376 | +4.2% |
| Amounts receivable within one year | 40/41 | €99,649 | €188,022 | +€88,374 | +88.7% |
| Trade receivables | 40 | €3,730 | €6,395 | +€2,665 | +71.4% |
| Other amounts receivable | 41 | €95,919 | €181,627 | +€85,709 | +89.4% |
| Cash at bank and in hand | 54/58 | €27,705 | €15,538 | -€12,167 | -43.9% |
| Deferred charges and accrued income | 490/1 | €146,171 | €81,341 | -€64,830 | -44.4% |
| Total equity and liabilities | 10/49 | €862,450 | €819,524 | -€42,927 | -5.0% |
| Equity | 10/15 | €416,751 | €486,456 | +€69,705 | +16.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €397,751 | €467,456 | +€69,705 | +17.5% |
| Distributable reserves | 133 | €397,751 | €467,456 | +€69,705 | +17.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €445,700 | €333,067 | -€112,632 | -25.3% |
| Amounts payable after more than one year | 17 | €291,605 | €236,536 | -€55,069 | -18.9% |
| Financial debts | 170/4 | €291,605 | €236,536 | -€55,069 | -18.9% |
| Amounts payable within one year | 42/48 | €149,380 | €90,654 | -€58,726 | -39.3% |
| Current portion of amounts payable after more than one year | 42 | €56,264 | €72,838 | +€16,574 | +29.5% |
| Trade debts | 44 | €18,447 | €87 | -€18,360 | -99.5% |
| Suppliers | 440/4 | €18,447 | €87 | -€18,360 | -99.5% |
| Taxes, remuneration and social security | 45 | €4,750 | €17,728 | +€12,979 | +273% |
| Taxes | 450/3 | €4,750 | €17,728 | +€12,979 | +273% |
| Other amounts payable | 47/48 | €69,919 | €0 | -€69,919 | -100% |
| Accrued charges and deferred income | 492/3 | €4,714 | €5,877 | +€1,163 | +24.7% |
| Non-recurring operating income | 76A | €44,523 | €16,609 | -€27,914 | -62.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,078 | €55,500 | +€11,422 | +25.9% |
| Other operating charges | 640/8 | €4,099 | €4,439 | +€340 | +8.3% |
| Gross operating margin | 9900 | €141,944 | €177,504 | +€35,560 | +25.1% |
| Operating profit (loss) | 9901 | €93,767 | €117,565 | +€23,798 | +25.4% |
| Financial income | 75/76B | €1,094 | €193 | -€901 | -82.4% |
| Recurring financial income | 75 | €1,094 | €193 | -€901 | -82.4% |
| Financial charges | 65/66B | €13,654 | €11,551 | -€2,103 | -15.4% |
| Recurring financial charges | 65 | €13,654 | €11,551 | -€2,103 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €81,208 | €106,207 | +€24,999 | +30.8% |
| Income taxes | 67/77 | €33,711 | €36,502 | +€2,790 | +8.3% |
| Profit (loss) for the period | 9904 | €47,496 | €69,705 | +€22,209 | +46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,496 | €69,705 | +€22,209 | +46.8% |
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 22 October 2026 via checked.be.