DR. KOEN SUY: 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. KOEN SUY
Largest movements
- Cash +€80,599
up €80,599 (+13.3%), from €606,312 to €686,911
mainly Net result for the year (+€240,897) and Other debts (+€58,177)
- Tangible fixed assets -€43,323
down €43,323 (-4.5%), from €962,574 to €919,251
of which Assets under construction and advance payments: -€461,348
- Other debts +€58,177
up €58,177 (+13.1%), from €444,884 to €503,061
- Debts after one year -€50,000
down €50,000 (-13.7%), from €364,167 to €314,167
- Reserves +€39,187
up €39,187 (+2.8%), from €1.4m to €1.5m
- Financial charges -€108,897
down €108,897 (-73.2%), from €148,682 to €39,785
- Taxes +€23,839
up €23,839 (+29.0%), from €82,154 to €105,993
- Gross operating margin -€21,963
down €21,963 (-4.8%), from €454,505 to €432,542
- Depreciation +€6,664
up €6,664 (+21.2%), from €31,479 to €38,144
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 | €2,298,896 | €2,345,353 | +€46,457 | +2.0% |
| Fixed assets | 21/28 | €965,049 | €921,726 | -€43,323 | -4.5% |
| Tangible fixed assets | 22/27 | €962,574 | €919,251 | -€43,323 | -4.5% |
| Land and buildings | 22 | €501,227 | €919,251 | +€418,024 | +83.4% |
| Assets under construction and advance payments | 27 | €461,348 | €0 | -€461,348 | -100% |
| Financial fixed assets | 28 | €2,475 | €2,475 | = | 0.0% |
| Current assets | 29/58 | €1,333,847 | €1,423,627 | +€89,780 | +6.7% |
| Amounts receivable within one year | 40/41 | €185,568 | €190,248 | +€4,680 | +2.5% |
| Trade receivables | 40 | €747 | €50,808 | +€50,061 | +6,699% |
| Other amounts receivable | 41 | €184,821 | €139,440 | -€45,381 | -24.6% |
| Current investments | 50/53 | €541,967 | €546,469 | +€4,502 | +0.8% |
| Cash at bank and in hand | 54/58 | €606,312 | €686,911 | +€80,599 | +13.3% |
| Total equity and liabilities | 10/49 | €2,298,896 | €2,345,353 | +€46,457 | +2.0% |
| Equity | 10/15 | €1,430,315 | €1,469,502 | +€39,187 | +2.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,417,915 | €1,457,102 | +€39,187 | +2.8% |
| Distributable reserves | 133 | €1,417,915 | €1,457,102 | +€39,187 | +2.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €868,581 | €875,851 | +€7,270 | +0.8% |
| Amounts payable after more than one year | 17 | €364,167 | €314,167 | -€50,000 | -13.7% |
| Financial debts | 170/4 | €364,167 | €314,167 | -€50,000 | -13.7% |
| Amounts payable within one year | 42/48 | €504,414 | €561,684 | +€57,270 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €122 | €0 | -€122 | -100% |
| Suppliers | 440/4 | €122 | €0 | -€122 | -100% |
| Taxes, remuneration and social security | 45 | €9,408 | €8,623 | -€785 | -8.3% |
| Taxes | 450/3 | €9,408 | €8,623 | -€785 | -8.3% |
| Other amounts payable | 47/48 | €444,884 | €503,061 | +€58,177 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,479 | €38,144 | +€6,664 | +21.2% |
| Other operating charges | 640/8 | €5,861 | €6,124 | +€264 | +4.5% |
| Non-recurring operating charges | 66A | - | €6,362 | +€6,362 | |
| Gross operating margin | 9900 | €454,505 | €432,542 | -€21,963 | -4.8% |
| Operating profit (loss) | 9901 | €417,165 | €381,913 | -€35,252 | -8.5% |
| Financial income | 75/76B | €2,477 | €4,762 | +€2,285 | +92.2% |
| Recurring financial income | 75 | €2,477 | €4,762 | +€2,285 | +92.2% |
| Financial charges | 65/66B | €148,682 | €39,785 | -€108,897 | -73.2% |
| Recurring financial charges | 65 | €148,682 | €39,785 | -€108,897 | -73.2% |
| Profit (loss) for the period before taxes | 9903 | €270,960 | €346,890 | +€75,929 | +28.0% |
| Income taxes | 67/77 | €82,154 | €105,993 | +€23,839 | +29.0% |
| Profit (loss) for the period | 9904 | €188,807 | €240,897 | +€52,090 | +27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €188,807 | €240,897 | +€52,090 | +27.6% |
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 26 October 2026 via checked.be.