DR. JORIS SCHURMANS: 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 SCHURMANS
Largest movements
- Cash -€200,494
down €200,494 (-57.6%), from €348,298 to €147,804
mainly Contributions, distributions and other (-€615,000) and Investment in fixed assets (net) (-€3,279)
- Current investments -€37,016
down €37,016 (-44.6%), from €83,013 to €45,997
- Reserves -€248,935
down €248,935 (-61.6%), from €403,921 to €154,985
of which Distributable reserves: -€248,935
- Other debts +€7,012
up €7,012, from €0 to €7,012
- Gross operating margin +€112,915
up €112,915 (+30.9%), from €365,593 to €478,508
- Depreciation -€51,870
down €51,870 (-88.7%), from €58,474 to €6,604
- Taxes +€39,421
up €39,421 (+53.3%), from €73,897 to €113,318
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 | €455,327 | €217,235 | -€238,092 | -52.3% |
| Fixed assets | 21/28 | €23,528 | €20,202 | -€3,325 | -14.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €23,528 | €20,202 | -€3,325 | -14.1% |
| Plant, machinery and equipment | 23 | €1,355 | €808 | -€547 | -40.4% |
| Other tangible fixed assets | 26 | €22,173 | €19,394 | -€2,778 | -12.5% |
| Current assets | 29/58 | €431,800 | €197,033 | -€234,767 | -54.4% |
| Amounts receivable within one year | 40/41 | €488 | €0 | -€488 | -100% |
| Other amounts receivable | 41 | €488 | €0 | -€488 | -100% |
| Current investments | 50/53 | €83,013 | €45,997 | -€37,016 | -44.6% |
| Cash at bank and in hand | 54/58 | €348,298 | €147,804 | -€200,494 | -57.6% |
| Deferred charges and accrued income | 490/1 | €0 | €3,232 | +€3,232 | |
| Total equity and liabilities | 10/49 | €455,327 | €217,235 | -€238,092 | -52.3% |
| Equity | 10/15 | €422,521 | €173,585 | -€248,935 | -58.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €403,921 | €154,985 | -€248,935 | -61.6% |
| Tax-exempt reserves | 132 | €145 | €145 | = | 0.0% |
| Distributable reserves | 133 | €403,775 | €154,840 | -€248,935 | -61.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €32,807 | €43,650 | +€10,843 | +33.1% |
| Amounts payable within one year | 42/48 | €32,807 | €43,650 | +€10,843 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,976 | €4,006 | +€2,030 | +103% |
| Suppliers | 440/4 | €1,976 | €4,006 | +€2,030 | +103% |
| Taxes, remuneration and social security | 45 | €30,831 | €32,632 | +€1,801 | +5.8% |
| Taxes | 450/3 | €30,831 | €32,632 | +€1,801 | +5.8% |
| Other amounts payable | 47/48 | €0 | €7,012 | +€7,012 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,474 | €6,604 | -€51,870 | -88.7% |
| Other operating charges | 640/8 | €681 | €694 | +€12 | +1.8% |
| Gross operating margin | 9900 | €365,593 | €478,508 | +€112,915 | +30.9% |
| Operating profit (loss) | 9901 | €306,437 | €471,209 | +€164,772 | +53.8% |
| Financial income | 75/76B | €14,235 | €12,212 | -€2,022 | -14.2% |
| Recurring financial income | 75 | €14,235 | €12,212 | -€2,022 | -14.2% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €3,392 | €4,039 | +€647 | +19.1% |
| Recurring financial charges | 65 | €3,392 | €4,039 | +€647 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €317,279 | €479,382 | +€162,103 | +51.1% |
| Income taxes | 67/77 | €73,897 | €113,318 | +€39,421 | +53.3% |
| Profit (loss) for the period | 9904 | €243,383 | €366,065 | +€122,682 | +50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €243,383 | €366,065 | +€122,682 | +50.4% |
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 28 October 2026 via checked.be.