DR. KATRIN SCHMIDT: what changed
Two fiscal 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. KATRIN SCHMIDT
Largest movements
- Current investments +€101,136
up €101,136 (+30.3%), from €334,153 to €435,289
- Receivables within one year -€93,423
down €93,423 (-85.2%), from €109,634 to €16,210
of which Other amounts receivable: -€94,754
- Tangible fixed assets -€22,215
down €22,215 (-30.1%), from €73,887 to €51,672
of which Plant, machinery and equipment: -€14,729
- Cash +€11,760
up €11,760 (+24.8%), from €47,379 to €59,139
mainly Net result for the year (+€166,301) and Receivables within one year (+€93,423)
- Reserves +€11,855
up €11,855 (+2.3%), from €513,864 to €525,719
of which Distributable reserves: +€11,855
- Current portion of long-term debt -€9,242
down €9,242 (-91.6%), from €10,086 to €844
- Tax, wage and social debts -€7,494
down €7,494 (-21.1%), from €35,447 to €27,953
- Gross operating margin +€41,446
up €41,446 (+19.3%), from €214,549 to €255,995
- Taxes +€8,835
up €8,835 (+13.4%), from €65,803 to €74,637
- Depreciation +€3,396
up €3,396 (+16.5%), from €20,577 to €23,973
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.
Cash bridge derived
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 | €574,048 | €567,505 | -€6,542 | -1.1% |
| Fixed assets | 21/28 | €73,887 | €51,672 | -€22,215 | -30.1% |
| Tangible fixed assets | 22/27 | €73,887 | €51,672 | -€22,215 | -30.1% |
| Plant, machinery and equipment | 23 | €53,699 | €38,970 | -€14,729 | -27.4% |
| Furniture and vehicles | 24 | €14,156 | €5,912 | -€8,244 | -58.2% |
| Other tangible fixed assets | 26 | €6,032 | €6,790 | +€758 | +12.6% |
| Current assets | 29/58 | €500,160 | €515,833 | +€15,673 | +3.1% |
| Amounts receivable within one year | 40/41 | €109,634 | €16,210 | -€93,423 | -85.2% |
| Trade receivables | 40 | €2,508 | €3,838 | +€1,331 | +53.1% |
| Other amounts receivable | 41 | €107,126 | €12,372 | -€94,754 | -88.5% |
| Current investments | 50/53 | €334,153 | €435,289 | +€101,136 | +30.3% |
| Cash at bank and in hand | 54/58 | €47,379 | €59,139 | +€11,760 | +24.8% |
| Deferred charges and accrued income | 490/1 | €8,994 | €5,194 | -€3,800 | -42.3% |
| Total equity and liabilities | 10/49 | €574,048 | €567,505 | -€6,542 | -1.1% |
| Equity | 10/15 | €526,264 | €538,119 | +€11,855 | +2.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €513,864 | €525,719 | +€11,855 | +2.3% |
| Non-distributable reserves | 130/1 | €14,500 | €14,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,500 | €14,500 | = | 0.0% |
| Distributable reserves | 133 | €499,364 | €511,219 | +€11,855 | +2.4% |
| Amounts payable | 17/49 | €47,783 | €29,386 | -€18,397 | -38.5% |
| Amounts payable after more than one year | 17 | €844 | - | -€844 | |
| Financial debts | 170/4 | €844 | - | -€844 | |
| Amounts payable within one year | 42/48 | €46,939 | €29,386 | -€17,553 | -37.4% |
| Current portion of amounts payable after more than one year | 42 | €10,086 | €844 | -€9,242 | -91.6% |
| Trade debts | 44 | €1,407 | €589 | -€818 | -58.1% |
| Suppliers | 440/4 | €1,407 | €589 | -€818 | -58.1% |
| Taxes, remuneration and social security | 45 | €35,447 | €27,953 | -€7,494 | -21.1% |
| Taxes | 450/3 | €35,447 | €27,953 | -€7,494 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,577 | €23,973 | +€3,396 | +16.5% |
| Other operating charges | 640/8 | €457 | €449 | -€8 | -1.8% |
| Gross operating margin | 9900 | €214,549 | €255,995 | +€41,446 | +19.3% |
| Operating profit (loss) | 9901 | €193,515 | €231,573 | +€38,058 | +19.7% |
| Financial income | 75/76B | €8,682 | €9,442 | +€760 | +8.8% |
| Recurring financial income | 75 | €8,682 | €9,442 | +€760 | +8.8% |
| Financial charges | 65/66B | €170 | €77 | -€94 | -55.0% |
| Recurring financial charges | 65 | €170 | €77 | -€94 | -55.0% |
| Profit (loss) for the period before taxes | 9903 | €202,027 | €240,938 | +€38,911 | +19.3% |
| Income taxes | 67/77 | €65,803 | €74,637 | +€8,835 | +13.4% |
| Profit (loss) for the period | 9904 | €136,224 | €166,301 | +€30,077 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €136,224 | €166,301 | +€30,077 | +22.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.