DR. KATRIEN VOSSAERT: 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 VOSSAERT
Largest movements
- Current investments +€146,142
up €146,142 (+24.7%), from €592,856 to €738,998
- Tangible fixed assets -€36,135
down €36,135 (-26.7%), from €135,324 to €99,189
- Cash +€29,983
up €29,983 (+15.0%), from €199,330 to €229,313
mainly Net result for the year (+€324,927) and Other debts (+€80,057)
- Receivables within one year -€23,438
down €23,438 (-12.6%), from €186,289 to €162,851
of which Trade receivables: -€23,493
- Other debts +€80,057
up €80,057 (+38.0%), from €210,713 to €290,770
- Reserves +€42,896
up €42,896 (+4.9%), from €880,162 to €923,058
- Financial income +€61,604
up €61,604 (+121%), from €51,000 to €112,604
- Gross operating margin +€45,269
up €45,269 (+5.6%), from €813,628 to €858,897
- Taxes +€24,267
up €24,267 (+26.8%), from €90,563 to €114,829
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 | €1,288,829 | €1,400,534 | +€111,705 | +8.7% |
| Fixed assets | 21/28 | €138,280 | €100,958 | -€37,322 | -27.0% |
| Intangible fixed assets | 21 | €2,706 | €1,519 | -€1,187 | -43.9% |
| Tangible fixed assets | 22/27 | €135,324 | €99,189 | -€36,135 | -26.7% |
| Land and buildings | 22 | €57,828 | €51,908 | -€5,920 | -10.2% |
| Plant, machinery and equipment | 23 | €24,909 | €19,474 | -€5,435 | -21.8% |
| Furniture and vehicles | 24 | €22,692 | €12,349 | -€10,343 | -45.6% |
| Other tangible fixed assets | 26 | €29,895 | €15,457 | -€14,438 | -48.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €1,150,549 | €1,299,576 | +€149,027 | +13.0% |
| Amounts receivable after more than one year | 29 | €165,000 | €165,000 | = | 0.0% |
| Other amounts receivable | 291 | €165,000 | €165,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €186,289 | €162,851 | -€23,438 | -12.6% |
| Trade receivables | 40 | €182,856 | €159,363 | -€23,493 | -12.8% |
| Other amounts receivable | 41 | €3,433 | €3,488 | +€55 | +1.6% |
| Current investments | 50/53 | €592,856 | €738,998 | +€146,142 | +24.7% |
| Cash at bank and in hand | 54/58 | €199,330 | €229,313 | +€29,983 | +15.0% |
| Deferred charges and accrued income | 490/1 | €7,074 | €3,415 | -€3,659 | -51.7% |
| Total equity and liabilities | 10/49 | €1,288,829 | €1,400,534 | +€111,705 | +8.7% |
| Equity | 10/15 | €892,562 | €935,458 | +€42,896 | +4.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €880,162 | €923,058 | +€42,896 | +4.9% |
| Distributable reserves | 133 | €880,162 | €923,058 | +€42,896 | +4.9% |
| Amounts payable | 17/49 | €396,267 | €465,076 | +€68,809 | +17.4% |
| Amounts payable within one year | 42/48 | €386,492 | €453,775 | +€67,283 | +17.4% |
| Financial debts | 43 | €1,165 | - | -€1,165 | |
| Credit institutions | 430/8 | €1,165 | - | -€1,165 | |
| Trade debts | 44 | €124,066 | €122,809 | -€1,257 | -1.0% |
| Suppliers | 440/4 | €124,066 | €122,809 | -€1,257 | -1.0% |
| Taxes, remuneration and social security | 45 | €50,547 | €40,196 | -€10,351 | -20.5% |
| Taxes | 450/3 | €14,738 | €13,212 | -€1,526 | -10.4% |
| Remuneration and social security | 454/9 | €35,809 | €26,984 | -€8,825 | -24.6% |
| Other amounts payable | 47/48 | €210,713 | €290,770 | +€80,057 | +38.0% |
| Accrued charges and deferred income | 492/3 | €9,776 | €11,302 | +€1,526 | +15.6% |
| Remuneration, social security and pensions | 62 | €479,428 | €474,839 | -€4,589 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,047 | €41,154 | +€107 | +0.3% |
| Other operating charges | 640/8 | €3,533 | €1,031 | -€2,502 | -70.8% |
| Gross operating margin | 9900 | €813,628 | €858,897 | +€45,269 | +5.6% |
| Operating profit (loss) | 9901 | €289,620 | €341,873 | +€52,253 | +18.0% |
| Financial income | 75/76B | €51,000 | €112,604 | +€61,604 | +121% |
| Recurring financial income | 75 | €51,000 | €112,604 | +€61,604 | +121% |
| Financial charges | 65/66B | €16,985 | €14,720 | -€2,266 | -13.3% |
| Recurring financial charges | 65 | €16,985 | €14,720 | -€2,266 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €323,634 | €439,756 | +€116,122 | +35.9% |
| Income taxes | 67/77 | €90,563 | €114,829 | +€24,267 | +26.8% |
| Profit (loss) for the period | 9904 | €233,071 | €324,927 | +€91,856 | +39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €233,071 | €324,927 | +€91,856 | +39.4% |
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 13 October 2026 via checked.be.