Dr. Katrien Ghysen: 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 Ghysen
Largest movements
- Tangible fixed assets +€903,181
up €903,181 (+562%), from €160,694 to €1.1m
of which Land and buildings: +€904,269
- Receivables within one year -€89,229
down €89,229 (-17.0%), from €525,867 to €436,638
of which Other amounts receivable: -€89,229
- Cash +€58,590
up €58,590 (+64.3%), from €91,148 to €149,738
mainly Debts after one year (+€747,002) and Net result for the year (+€361,530)
- Debts after one year +€747,002
up €747,002 (+544%), from €137,241 to €884,243
- Other debts +€105,177
new in 2025: €105,177
- Tax, wage and social debts +€44,320
up €44,320 (+32.6%), from €135,839 to €180,159
- Profit (loss) carried forward -€34,970
down €34,970 (-7.6%), from €461,868 to €426,898
- Financial charges +€18,358
up €18,358 (+306%), from €6,006 to €24,364
- Gross operating margin -€17,018
down €17,018 (-3.0%), from €572,080 to €555,062
- Depreciation +€15,129
up €15,129 (+156%), from €9,718 to €24,847
- Taxes -€8,145
down €8,145 (-5.7%), from €143,787 to €135,642
- Other operating charges +€6,856
up €6,856 (+467%), from €1,468 to €8,324
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 | €778,545 | €1,652,125 | +€873,580 | +112% |
| Fixed assets | 21/28 | €160,694 | €1,063,874 | +€903,181 | +562% |
| Tangible fixed assets | 22/27 | €160,694 | €1,063,874 | +€903,181 | +562% |
| Land and buildings | 22 | €145,902 | €1,050,172 | +€904,269 | +620% |
| Furniture and vehicles | 24 | €14,791 | €13,703 | -€1,089 | -7.4% |
| Current assets | 29/58 | €617,851 | €588,250 | -€29,601 | -4.8% |
| Amounts receivable within one year | 40/41 | €525,867 | €436,638 | -€89,229 | -17.0% |
| Trade receivables | 40 | €1,588 | €1,588 | = | 0.0% |
| Other amounts receivable | 41 | €524,279 | €435,050 | -€89,229 | -17.0% |
| Cash at bank and in hand | 54/58 | €91,148 | €149,738 | +€58,590 | +64.3% |
| Deferred charges and accrued income | 490/1 | €836 | €1,874 | +€1,038 | +124% |
| Total equity and liabilities | 10/49 | €778,545 | €1,652,125 | +€873,580 | +112% |
| Equity | 10/15 | €461,898 | €426,928 | -€34,970 | -7.6% |
| Contributions | 10/11 | €30 | €30 | = | 0.0% |
| Profit (loss) carried forward | 14 | €461,868 | €426,898 | -€34,970 | -7.6% |
| Amounts payable | 17/49 | €316,647 | €1,225,197 | +€908,550 | +287% |
| Amounts payable after more than one year | 17 | €137,241 | €884,243 | +€747,002 | +544% |
| Financial debts | 170/4 | €137,241 | €884,243 | +€747,002 | +544% |
| Amounts payable within one year | 42/48 | €179,405 | €340,954 | +€161,549 | +90.0% |
| Current portion of amounts payable after more than one year | 42 | €37,952 | €51,917 | +€13,965 | +36.8% |
| Trade debts | 44 | €5,614 | €3,701 | -€1,913 | -34.1% |
| Suppliers | 440/4 | €5,614 | €3,701 | -€1,913 | -34.1% |
| Taxes, remuneration and social security | 45 | €135,839 | €180,159 | +€44,320 | +32.6% |
| Taxes | 450/3 | €135,839 | €180,159 | +€44,320 | +32.6% |
| Other amounts payable | 47/48 | - | €105,177 | +€105,177 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,718 | €24,847 | +€15,129 | +156% |
| Other operating charges | 640/8 | €1,468 | €8,324 | +€6,856 | +467% |
| Non-recurring operating charges | 66A | - | €355 | +€355 | |
| Gross operating margin | 9900 | €572,080 | €555,062 | -€17,018 | -3.0% |
| Operating profit (loss) | 9901 | €560,894 | €521,536 | -€39,358 | -7.0% |
| Financial income | 75/76B | €1,034 | €0 | -€1,034 | -100% |
| Recurring financial income | 75 | €1,034 | €0 | -€1,034 | -100% |
| Financial charges | 65/66B | €6,006 | €24,364 | +€18,358 | +306% |
| Recurring financial charges | 65 | €6,006 | €24,364 | +€18,358 | +306% |
| Profit (loss) for the period before taxes | 9903 | €555,923 | €497,172 | -€58,751 | -10.6% |
| Income taxes | 67/77 | €143,787 | €135,642 | -€8,145 | -5.7% |
| Profit (loss) for the period | 9904 | €412,136 | €361,530 | -€50,606 | -12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €412,136 | €361,530 | -€50,606 | -12.3% |
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 18 October 2026 via checked.be.