Dr. K. VAN LAER: 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. K. VAN LAER
Largest movements
- Tangible fixed assets -€60,702
down €60,702 (-5.9%), from €1.0m to €969,636
of which Land and buildings: -€45,240
- Cash +€38,200
up €38,200 (+141%), from €27,159 to €65,359
mainly Depreciation (+€61,571) and Net result for the year (+€39,128)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€5,443
up €5,443 (+4.9%), from €111,176 to €116,619
- Depreciation -€3,259
down €3,259 (-5.0%), from €64,830 to €61,571
- Taxes +€2,428
up €2,428 (+21.7%), from €11,174 to €13,602
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 | €1,117,103 | €1,090,595 | -€26,507 | -2.4% |
| Fixed assets | 21/28 | €1,030,338 | €969,636 | -€60,702 | -5.9% |
| Tangible fixed assets | 22/27 | €1,030,338 | €969,636 | -€60,702 | -5.9% |
| Land and buildings | 22 | €999,096 | €953,856 | -€45,240 | -4.5% |
| Plant, machinery and equipment | 23 | €4,155 | €3,605 | -€550 | -13.2% |
| Furniture and vehicles | 24 | €27,088 | €12,175 | -€14,913 | -55.1% |
| Current assets | 29/58 | €86,764 | €120,959 | +€34,195 | +39.4% |
| Amounts receivable within one year | 40/41 | €58,620 | €52,969 | -€5,650 | -9.6% |
| Other amounts receivable | 41 | €58,620 | €52,969 | -€5,650 | -9.6% |
| Cash at bank and in hand | 54/58 | €27,159 | €65,359 | +€38,200 | +141% |
| Deferred charges and accrued income | 490/1 | €986 | €2,631 | +€1,645 | +167% |
| Total equity and liabilities | 10/49 | €1,117,103 | €1,090,595 | -€26,507 | -2.4% |
| Equity | 10/15 | €1,091,334 | €1,080,462 | -€10,872 | -1.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,072,742 | €1,061,870 | -€10,872 | -1.0% |
| Tax-exempt reserves | 132 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €1,070,242 | €1,059,370 | -€10,872 | -1.0% |
| Amounts payable | 17/49 | €25,769 | €10,133 | -€15,635 | -60.7% |
| Amounts payable within one year | 42/48 | €25,769 | €10,133 | -€15,635 | -60.7% |
| Financial debts | 43 | €11,900 | €3,370 | -€8,530 | -71.7% |
| Credit institutions | 430/8 | €11,900 | €3,370 | -€8,530 | -71.7% |
| Trade debts | 44 | €3,365 | €721 | -€2,644 | -78.6% |
| Suppliers | 440/4 | €3,365 | €721 | -€2,644 | -78.6% |
| Taxes, remuneration and social security | 45 | €2,504 | €6,043 | +€3,539 | +141% |
| Taxes | 450/3 | - | €3,523 | +€3,523 | |
| Remuneration and social security | 454/9 | €2,504 | €2,519 | +€15 | +0.6% |
| Other amounts payable | 47/48 | €8,000 | - | -€8,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,830 | €61,571 | -€3,259 | -5.0% |
| Other operating charges | 640/8 | €2,308 | €2,427 | +€119 | +5.1% |
| Non-recurring operating charges | 66A | €3,100 | - | -€3,100 | |
| Gross operating margin | 9900 | €111,176 | €116,619 | +€5,443 | +4.9% |
| Operating profit (loss) | 9901 | €40,938 | €52,621 | +€11,683 | +28.5% |
| Financial income | 75/76B | €333 | €754 | +€421 | +126% |
| Recurring financial income | 75 | €333 | €754 | +€421 | +126% |
| Financial charges | 65/66B | €1,472 | €645 | -€827 | -56.2% |
| Recurring financial charges | 65 | €1,472 | €645 | -€827 | -56.2% |
| Profit (loss) for the period before taxes | 9903 | €39,798 | €52,730 | +€12,932 | +32.5% |
| Income taxes | 67/77 | €11,174 | €13,602 | +€2,428 | +21.7% |
| Profit (loss) for the period | 9904 | €28,625 | €39,128 | +€10,504 | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,625 | €39,128 | +€10,504 | +36.7% |
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 19 October 2026 via checked.be.