Dr. Joke Bulthé: 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. Joke Bulthé
Largest movements
- Cash -€21,017
down €21,017 (-21.9%), from €95,810 to €74,793
mainly Debts after one year (-€65,000) and Investment in fixed assets (net) (-€59,837)
- Tangible fixed assets -€7,092
down €7,092 (-3.9%), from €182,986 to €175,894
of which Land and buildings: -€31,698
- Reserves +€68,853
up €68,853 (+45.3%), from €152,120 to €220,973
of which Distributable reserves: +€68,853
- Debts after one year -€65,000
no longer reported in 2025 (was €65,000)
- Other debts -€24,774
down €24,774 (-18.9%), from €131,129 to €106,356
- Current portion of long-term debt -€8,492
no longer reported in 2025 (was €8,492)
- Tax, wage and social debts +€7,294
up €7,294 (+86.5%), from €8,433 to €15,727
- Gross operating margin +€35,177
up €35,177 (+25.2%), from €139,743 to €174,919
- Depreciation +€16,294
up €16,294 (+32.2%), from €50,634 to €66,928
- Taxes +€6,585
up €6,585 (+31.5%), from €20,932 to €27,517
- Financial charges -€2,161
down €2,161 (-21.0%), from €10,287 to €8,127
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 | €391,055 | €367,778 | -€23,278 | -6.0% |
| Fixed assets | 21/28 | €185,120 | €178,028 | -€7,092 | -3.8% |
| Tangible fixed assets | 22/27 | €182,986 | €175,894 | -€7,092 | -3.9% |
| Land and buildings | 22 | €116,220 | €84,522 | -€31,698 | -27.3% |
| Plant, machinery and equipment | 23 | €13,236 | €43,713 | +€30,476 | +230% |
| Furniture and vehicles | 24 | €53,530 | €47,660 | -€5,870 | -11.0% |
| Financial fixed assets | 28 | €2,134 | €2,134 | = | 0.0% |
| Current assets | 29/58 | €205,936 | €189,750 | -€16,186 | -7.9% |
| Amounts receivable within one year | 40/41 | €14,335 | €17,987 | +€3,652 | +25.5% |
| Trade receivables | 40 | €111 | - | -€111 | |
| Other amounts receivable | 41 | €14,225 | €17,987 | +€3,762 | +26.4% |
| Cash at bank and in hand | 54/58 | €95,810 | €74,793 | -€21,017 | -21.9% |
| Deferred charges and accrued income | 490/1 | €95,791 | €96,970 | +€1,179 | +1.2% |
| Total equity and liabilities | 10/49 | €391,055 | €367,778 | -€23,278 | -6.0% |
| Equity | 10/15 | €164,520 | €233,373 | +€68,853 | +41.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €152,120 | €220,973 | +€68,853 | +45.3% |
| Non-distributable reserves | 130/1 | €2,015 | €2,015 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,015 | €2,015 | = | 0.0% |
| Distributable reserves | 133 | €150,105 | €218,958 | +€68,853 | +45.9% |
| Amounts payable | 17/49 | €226,535 | €134,405 | -€92,131 | -40.7% |
| Amounts payable after more than one year | 17 | €65,000 | - | -€65,000 | |
| Financial debts | 170/4 | €65,000 | - | -€65,000 | |
| Amounts payable within one year | 42/48 | €155,444 | €129,087 | -€26,357 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €8,492 | - | -€8,492 | |
| Financial debts | 43 | €73 | €178 | +€105 | +143% |
| Credit institutions | 430/8 | €73 | €178 | +€105 | +143% |
| Trade debts | 44 | €7,317 | €6,826 | -€491 | -6.7% |
| Suppliers | 440/4 | €7,317 | €6,826 | -€491 | -6.7% |
| Taxes, remuneration and social security | 45 | €8,433 | €15,727 | +€7,294 | +86.5% |
| Taxes | 450/3 | €8,433 | €15,727 | +€7,294 | +86.5% |
| Other amounts payable | 47/48 | €131,129 | €106,356 | -€24,774 | -18.9% |
| Accrued charges and deferred income | 492/3 | €6,091 | €5,318 | -€773 | -12.7% |
| Non-recurring operating income | 76A | €12,000 | - | -€12,000 | |
| Remuneration, social security and pensions | 62 | €154 | - | -€154 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,634 | €66,928 | +€16,294 | +32.2% |
| Other operating charges | 640/8 | €3,072 | €2,662 | -€409 | -13.3% |
| Non-recurring operating charges | 66A | €277 | - | -€277 | |
| Gross operating margin | 9900 | €139,743 | €174,919 | +€35,177 | +25.2% |
| Operating profit (loss) | 9901 | €85,606 | €105,329 | +€19,723 | +23.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | +400% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +400% |
| Financial charges | 65/66B | €10,287 | €8,127 | -€2,161 | -21.0% |
| Recurring financial charges | 65 | €10,287 | €8,127 | -€2,161 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €75,319 | €97,202 | +€21,884 | +29.1% |
| Income taxes | 67/77 | €20,932 | €27,517 | +€6,585 | +31.5% |
| Profit (loss) for the period | 9904 | €54,387 | €69,686 | +€15,299 | +28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,387 | €69,686 | +€15,299 | +28.1% |
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 31 October 2026 via checked.be.