Dr. Kasper Lannoy: what changed
Dr. Kasper Lannoy
Largest movements
- Tangible fixed assets -€17,221
down €17,221 (-2.1%), from €813,718 to €796,497
of which Land and buildings: -€22,448
- Cash -€15,255
down €15,255 (-38.9%), from €39,185 to €23,930
mainly Contributions, distributions and other (-€96,983) and Debts after one year (-€46,689)
- Receivables within one year +€11,514
up €11,514 (+71.2%), from €16,180 to €27,695
- Debts after one year -€46,689
down €46,689 (-7.0%), from €668,772 to €622,083
of which Financial debts: -€46,689
- Other debts +€36,785
up €36,785 (+34.7%), from €106,107 to €142,891
- Current portion of long-term debt -€10,999
down €10,999 (-19.1%), from €57,687 to €46,689
- Reserves -€9,831
no longer reported in 2025 (was €9,831)
- Gross operating margin +€15,763
up €15,763 (+10.9%), from €144,442 to €160,205
- Taxes +€3,695
up €3,695 (+19.0%), from €19,470 to €23,165
- Other operating charges -€1,687
down €1,687 (-79.3%), from €2,128 to €441
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €871,276 | €850,942 | -€20,334 | -2.3% |
| Fixed assets | 21/28 | €813,718 | €796,497 | -€17,221 | -2.1% |
| Tangible fixed assets | 22/27 | €813,718 | €796,497 | -€17,221 | -2.1% |
| Land and buildings | 22 | €797,827 | €775,380 | -€22,448 | -2.8% |
| Plant, machinery and equipment | 23 | €261 | - | -€261 | |
| Furniture and vehicles | 24 | €15,629 | €3,333 | -€12,296 | -78.7% |
| Other tangible fixed assets | 26 | - | €17,783 | +€17,783 | |
| Current assets | 29/58 | €57,559 | €54,446 | -€3,113 | -5.4% |
| Amounts receivable within one year | 40/41 | €16,180 | €27,695 | +€11,514 | +71.2% |
| Other amounts receivable | 41 | €16,180 | €27,695 | +€11,514 | +71.2% |
| Cash at bank and in hand | 54/58 | €39,185 | €23,930 | -€15,255 | -38.9% |
| Deferred charges and accrued income | 490/1 | €2,194 | €2,822 | +€628 | +28.6% |
| Total equity and liabilities | 10/49 | €871,276 | €850,942 | -€20,334 | -2.3% |
| Equity | 10/15 | €29,831 | €20,000 | -€9,831 | -33.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €9,831 | - | -€9,831 | |
| Distributable reserves | 133 | €9,831 | - | -€9,831 | |
| Amounts payable | 17/49 | €841,445 | €830,942 | -€10,503 | -1.2% |
| Amounts payable after more than one year | 17 | €668,772 | €622,083 | -€46,689 | -7.0% |
| Financial debts | 170/4 | €666,342 | €619,653 | -€46,689 | -7.0% |
| Other amounts payable | 178/9 | €2,430 | €2,430 | = | 0.0% |
| Amounts payable within one year | 42/48 | €171,716 | €206,909 | +€35,193 | +20.5% |
| Current portion of amounts payable after more than one year | 42 | €57,687 | €46,689 | -€10,999 | -19.1% |
| Trade debts | 44 | €2,777 | €3,759 | +€982 | +35.4% |
| Suppliers | 440/4 | €2,777 | €3,759 | +€982 | +35.4% |
| Taxes, remuneration and social security | 45 | €5,145 | €13,570 | +€8,425 | +164% |
| Taxes | 450/3 | €5,145 | €13,570 | +€8,425 | +164% |
| Other amounts payable | 47/48 | €106,107 | €142,891 | +€36,785 | +34.7% |
| Accrued charges and deferred income | 492/3 | €957 | €1,950 | +€993 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,676 | €36,167 | +€1,491 | +4.3% |
| Other operating charges | 640/8 | €2,128 | €441 | -€1,687 | -79.3% |
| Gross operating margin | 9900 | €144,442 | €160,205 | +€15,763 | +10.9% |
| Operating profit (loss) | 9901 | €107,638 | €123,596 | +€15,958 | +14.8% |
| Financial income | 75/76B | €2 | €509 | +€507 | +22,928% |
| Recurring financial income | 75 | €2 | €509 | +€507 | +22,928% |
| Financial charges | 65/66B | €14,708 | €13,788 | -€920 | -6.3% |
| Recurring financial charges | 65 | €14,708 | €13,788 | -€920 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €92,932 | €110,317 | +€17,385 | +18.7% |
| Income taxes | 67/77 | €19,470 | €23,165 | +€3,695 | +19.0% |
| Profit (loss) for the period | 9904 | €73,462 | €87,152 | +€13,690 | +18.6% |
| Profit (loss) for the period to be appropriated | 9905 | €73,462 | €87,152 | +€13,690 | +18.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.