DR. JOZEF STRAGIER: 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. JOZEF STRAGIER
Largest movements
- Financial fixed assets +€468,924
new in 2025: €468,924
- Cash -€278,035
down €278,035 (-60.9%), from €456,774 to €178,739
mainly Investment in fixed assets (net) (-€499,442) and Current investments (-€20,000)
- Current investments +€20,000
up €20,000 (+5.3%), from €376,440 to €396,440
- Reserves +€213,556
up €213,556 (+21.4%), from €997,225 to €1.2m
of which Distributable reserves: +€255,656
- Gross operating margin +€17,053
up €17,053 (+5.1%), from €331,987 to €349,040
- Taxes +€12,062
up €12,062 (+13.2%), from €91,325 to €103,386
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 | €1,067,271 | €1,280,488 | +€213,217 | +20.0% |
| Fixed assets | 21/28 | €231,348 | €705,016 | +€473,668 | +205% |
| Tangible fixed assets | 22/27 | €231,348 | €236,092 | +€4,744 | +2.1% |
| Land and buildings | 22 | €147,430 | €147,598 | +€168 | +0.1% |
| Plant, machinery and equipment | 23 | €5,934 | €5,046 | -€888 | -15.0% |
| Furniture and vehicles | 24 | €77,984 | €62,490 | -€15,494 | -19.9% |
| Other tangible fixed assets | 26 | - | €20,958 | +€20,958 | |
| Financial fixed assets | 28 | - | €468,924 | +€468,924 | |
| Current assets | 29/58 | €835,924 | €575,472 | -€260,451 | -31.2% |
| Amounts receivable within one year | 40/41 | €2,568 | - | -€2,568 | |
| Other amounts receivable | 41 | €2,568 | - | -€2,568 | |
| Current investments | 50/53 | €376,440 | €396,440 | +€20,000 | +5.3% |
| Cash at bank and in hand | 54/58 | €456,774 | €178,739 | -€278,035 | -60.9% |
| Deferred charges and accrued income | 490/1 | €141 | €293 | +€152 | +108% |
| Total equity and liabilities | 10/49 | €1,067,271 | €1,280,488 | +€213,217 | +20.0% |
| Equity | 10/15 | €1,022,225 | €1,235,781 | +€213,556 | +20.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €997,225 | €1,210,781 | +€213,556 | +21.4% |
| Tax-exempt reserves | 132 | €216,230 | €174,130 | -€42,100 | -19.5% |
| Distributable reserves | 133 | €780,995 | €1,036,651 | +€255,656 | +32.7% |
| Amounts payable | 17/49 | €45,046 | €44,707 | -€339 | -0.8% |
| Amounts payable within one year | 42/48 | €45,046 | €44,707 | -€339 | -0.8% |
| Trade debts | 44 | €1,109 | €837 | -€272 | -24.5% |
| Suppliers | 440/4 | €1,109 | €837 | -€272 | -24.5% |
| Taxes, remuneration and social security | 45 | €35,937 | €43,870 | +€7,933 | +22.1% |
| Taxes | 450/3 | €35,937 | €43,870 | +€7,933 | +22.1% |
| Other amounts payable | 47/48 | €8,000 | - | -€8,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,766 | €25,773 | +€2,007 | +8.4% |
| Other operating charges | 640/8 | €734 | €900 | +€166 | +22.7% |
| Gross operating margin | 9900 | €331,987 | €349,040 | +€17,053 | +5.1% |
| Operating profit (loss) | 9901 | €307,487 | €322,366 | +€14,879 | +4.8% |
| Financial income | 75/76B | €2,638 | €4,759 | +€2,121 | +80.4% |
| Recurring financial income | 75 | €2,638 | €4,759 | +€2,121 | +80.4% |
| Financial charges | 65/66B | €3,355 | €184 | -€3,172 | -94.5% |
| Recurring financial charges | 65 | €255 | €184 | -€72 | -28.1% |
| Non-recurring financial charges | 66B | €3,100 | - | -€3,100 | |
| Profit (loss) for the period before taxes | 9903 | €306,770 | €326,942 | +€20,172 | +6.6% |
| Income taxes | 67/77 | €91,325 | €103,386 | +€12,062 | +13.2% |
| Profit (loss) for the period | 9904 | €215,445 | €223,556 | +€8,111 | +3.8% |
| Transfer from tax-exempt reserves | 789 | - | €42,100 | +€42,100 | |
| Transfer to tax-exempt reserves | 689 | €33,680 | - | -€33,680 | |
| Profit (loss) for the period to be appropriated | 9905 | €181,765 | €265,656 | +€83,891 | +46.2% |
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 26 October 2026 via checked.be.