DR. JORIS ANCIAUX: 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. JORIS ANCIAUX
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€98,414
down €98,414 (-42.5%), from €231,639 to €133,225
mainly Current investments (-€100,000) and Investment in fixed assets (net) (-€56,120)
- Tangible fixed assets +€38,193
up €38,193 (+64.9%), from €58,886 to €97,079
of which Other tangible fixed assets: +€47,249
- Receivables within one year -€11,154
down €11,154 (-100.0%), from €11,154 to €0
- Reserves +€47,481
up €47,481 (+19.6%), from €241,914 to €289,395
of which Distributable reserves: +€47,481
- Trade debts -€20,024
down €20,024 (-76.7%), from €26,093 to €6,069
- Debts after one year -€6,451
down €6,451 (-38.9%), from €16,592 to €10,141
- Gross operating margin +€58,440
up €58,440 (+67.4%), from €86,736 to €145,176
- Taxes +€20,045
up €20,045 (+110.2%), from €18,197 to €38,242
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.
Cash bridge derived
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 | €308,442 | €335,605 | +€27,163 | +8.8% |
| Fixed assets | 21/28 | €58,886 | €97,079 | +€38,193 | +64.9% |
| Tangible fixed assets | 22/27 | €58,886 | €97,079 | +€38,193 | +64.9% |
| Plant, machinery and equipment | 23 | €2,839 | €2,633 | -€206 | -7.2% |
| Furniture and vehicles | 24 | €53,691 | €44,841 | -€8,850 | -16.5% |
| Other tangible fixed assets | 26 | €2,356 | €49,605 | +€47,249 | +2005.6% |
| Current assets | 29/58 | €249,556 | €238,526 | -€11,030 | -4.4% |
| Amounts receivable within one year | 40/41 | €11,154 | €0 | -€11,154 | -100.0% |
| Other amounts receivable | 41 | €11,154 | €0 | -€11,154 | -100.0% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €231,639 | €133,225 | -€98,414 | -42.5% |
| Deferred charges and accrued income | 490/1 | €6,763 | €5,301 | -€1,462 | -21.6% |
| Total equity and liabilities | 10/49 | €308,442 | €335,605 | +€27,163 | +8.8% |
| Equity | 10/15 | €254,329 | €301,811 | +€47,482 | +18.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €241,914 | €289,395 | +€47,481 | +19.6% |
| Tax-exempt reserves | 132 | €12,100 | €12,100 | = | 0.0% |
| Distributable reserves | 133 | €229,814 | €277,295 | +€47,481 | +20.7% |
| Profit (loss) carried forward | 14 | €15 | €16 | +€1 | +4.6% |
| Amounts payable | 17/49 | €54,113 | €33,795 | -€20,318 | -37.5% |
| Amounts payable after more than one year | 17 | €16,592 | €10,141 | -€6,451 | -38.9% |
| Financial debts | 170/4 | €16,592 | €10,141 | -€6,451 | -38.9% |
| Amounts payable within one year | 42/48 | €37,521 | €23,654 | -€13,868 | -37.0% |
| Current portion of amounts payable after more than one year | 42 | €6,214 | €6,451 | +€237 | +3.8% |
| Financial debts | 43 | - | €1,449 | +€1,449 | |
| Credit institutions | 430/8 | - | €1,449 | +€1,449 | |
| Trade debts | 44 | €26,093 | €6,069 | -€20,024 | -76.7% |
| Suppliers | 440/4 | €26,093 | €6,069 | -€20,024 | -76.7% |
| Taxes, remuneration and social security | 45 | €5,214 | €6,644 | +€1,429 | +27.4% |
| Taxes | 450/3 | €5,214 | €6,644 | +€1,429 | +27.4% |
| Other amounts payable | 47/48 | €0 | €3,042 | +€3,042 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €4 | +€4 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,602 | €17,926 | +€1,325 | +8.0% |
| Other operating charges | 640/8 | €808 | €1,953 | +€1,144 | +141.6% |
| Gross operating margin | 9900 | €86,736 | €145,176 | +€58,440 | +67.4% |
| Operating profit (loss) | 9901 | €69,326 | €125,293 | +€55,967 | +80.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,246 | €1,074 | -€172 | -13.8% |
| Recurring financial charges | 65 | €1,246 | €1,074 | -€172 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €68,080 | €124,219 | +€56,139 | +82.5% |
| Income taxes | 67/77 | €18,197 | €38,242 | +€20,045 | +110.2% |
| Profit (loss) for the period | 9904 | €49,883 | €85,977 | +€36,094 | +72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,883 | €85,977 | +€36,094 | +72.4% |
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 12 October 2026 via checked.be.