Dr. Katrien De Keyzer: 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. Katrien De Keyzer
Largest movements
- Current investments +€73,573
up €73,573 (+19.4%), from €378,990 to €452,563
- Cash -€73,024
down €73,024 (-27.3%), from €267,824 to €194,799
mainly Other debts (-€79,993) and Current investments (-€73,573)
- Tangible fixed assets -€22,894
down €22,894 (-15.9%), from €144,156 to €121,262
- Other debts -€79,993
down €79,993 (-47.8%), from €167,349 to €87,357
- Reserves +€75,939
up €75,939 (+14.0%), from €542,102 to €618,041
- Taxes -€5,496
down €5,496 (-9.6%), from €57,252 to €51,757
- Gross operating margin +€5,154
up €5,154 (+2.2%), from €237,426 to €242,580
- Depreciation +€5,022
up €5,022 (+19.9%), from €25,221 to €30,243
- Financial charges +€2,730
up €2,730 (+37.3%), from €7,322 to €10,051
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 | €824,198 | €808,059 | -€16,139 | -2.0% |
| Fixed assets | 21/28 | €144,156 | €121,262 | -€22,894 | -15.9% |
| Tangible fixed assets | 22/27 | €144,156 | €121,262 | -€22,894 | -15.9% |
| Land and buildings | 22 | €61,450 | €51,427 | -€10,023 | -16.3% |
| Plant, machinery and equipment | 23 | €35,975 | €33,850 | -€2,125 | -5.9% |
| Furniture and vehicles | 24 | €46,731 | €35,985 | -€10,746 | -23.0% |
| Current assets | 29/58 | €680,042 | €686,797 | +€6,755 | +1.0% |
| Amounts receivable within one year | 40/41 | €0 | €481 | +€481 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €481 | +€481 | |
| Current investments | 50/53 | €378,990 | €452,563 | +€73,573 | +19.4% |
| Cash at bank and in hand | 54/58 | €267,824 | €194,799 | -€73,024 | -27.3% |
| Deferred charges and accrued income | 490/1 | €33,229 | €38,954 | +€5,725 | +17.2% |
| Total equity and liabilities | 10/49 | €824,198 | €808,059 | -€16,139 | -2.0% |
| Equity | 10/15 | €554,607 | €630,547 | +€75,939 | +13.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €542,102 | €618,041 | +€75,939 | +14.0% |
| Distributable reserves | 133 | €542,102 | €618,041 | +€75,939 | +14.0% |
| Profit (loss) carried forward | 14 | €106 | €106 | = | 0.0% |
| Amounts payable | 17/49 | €269,591 | €177,512 | -€92,079 | -34.2% |
| Amounts payable after more than one year | 17 | €58,758 | €50,921 | -€7,837 | -13.3% |
| Financial debts | 170/4 | €58,758 | €50,921 | -€7,837 | -13.3% |
| Amounts payable within one year | 42/48 | €197,464 | €110,926 | -€86,538 | -43.8% |
| Current portion of amounts payable after more than one year | 42 | €7,561 | €7,837 | +€275 | +3.6% |
| Trade debts | 44 | €949 | €460 | -€489 | -51.5% |
| Suppliers | 440/4 | €949 | €460 | -€489 | -51.5% |
| Taxes, remuneration and social security | 45 | €21,604 | €15,273 | -€6,332 | -29.3% |
| Taxes | 450/3 | €15,971 | €11,083 | -€4,888 | -30.6% |
| Remuneration and social security | 454/9 | €5,634 | €4,190 | -€1,444 | -25.6% |
| Other amounts payable | 47/48 | €167,349 | €87,357 | -€79,993 | -47.8% |
| Accrued charges and deferred income | 492/3 | €13,369 | €15,665 | +€2,296 | +17.2% |
| Remuneration, social security and pensions | 62 | €28,163 | €28,616 | +€453 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,221 | €30,243 | +€5,022 | +19.9% |
| Other operating charges | 640/8 | €1,989 | €1,908 | -€81 | -4.1% |
| Gross operating margin | 9900 | €237,426 | €242,580 | +€5,154 | +2.2% |
| Operating profit (loss) | 9901 | €182,053 | €181,814 | -€240 | -0.1% |
| Financial income | 75/76B | €4,305 | €5,065 | +€760 | +17.6% |
| Recurring financial income | 75 | €4,305 | €5,065 | +€760 | +17.6% |
| Financial charges | 65/66B | €7,322 | €10,051 | +€2,730 | +37.3% |
| Recurring financial charges | 65 | €7,322 | €10,051 | +€2,730 | +37.3% |
| Profit (loss) for the period before taxes | 9903 | €179,037 | €176,827 | -€2,210 | -1.2% |
| Income taxes | 67/77 | €57,252 | €51,757 | -€5,496 | -9.6% |
| Profit (loss) for the period | 9904 | €121,785 | €125,071 | +€3,286 | +2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €121,785 | €125,071 | +€3,286 | +2.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.