Dr. Koen Van Boxem: 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 Van Boxem
Largest movements
- Current investments -€195,985
down €195,985 (-96.2%), from €203,674 to €7,689
- Cash +€48,214
up €48,214 (+328%), from €14,704 to €62,918
mainly Current investments (+€195,985) and Net result for the year (+€168,942)
- Tangible fixed assets -€43,202
down €43,202 (-4.7%), from €913,611 to €870,409
of which Land and buildings: -€50,483
- Other debts -€308,462
down €308,462 (-97.9%), from €315,084 to €6,622
- Reserves +€128,360
up €128,360 (+13.8%), from €932,687 to €1.1m
of which Distributable reserves: +€128,360
- Gross operating margin +€25,192
up €25,192 (+8.5%), from €296,709 to €321,901
- Financial charges -€17,727
down €17,727 (-64.3%), from €27,567 to €9,839
- Taxes +€14,108
up €14,108 (+23.4%), from €60,248 to €74,357
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 | €1,308,849 | €1,130,065 | -€178,784 | -13.7% |
| Fixed assets | 21/28 | €913,611 | €870,409 | -€43,202 | -4.7% |
| Tangible fixed assets | 22/27 | €913,611 | €870,409 | -€43,202 | -4.7% |
| Land and buildings | 22 | €900,703 | €850,220 | -€50,483 | -5.6% |
| Plant, machinery and equipment | 23 | €1,331 | €1,021 | -€310 | -23.3% |
| Furniture and vehicles | 24 | €11,577 | €6,461 | -€5,116 | -44.2% |
| Assets under construction and advance payments | 27 | - | €12,707 | +€12,707 | |
| Current assets | 29/58 | €395,239 | €259,656 | -€135,582 | -34.3% |
| Amounts receivable within one year | 40/41 | €176,861 | €188,844 | +€11,984 | +6.8% |
| Trade receivables | 40 | €176,861 | €178,375 | +€1,514 | +0.9% |
| Other amounts receivable | 41 | - | €10,469 | +€10,469 | |
| Current investments | 50/53 | €203,674 | €7,689 | -€195,985 | -96.2% |
| Cash at bank and in hand | 54/58 | €14,704 | €62,918 | +€48,214 | +328% |
| Deferred charges and accrued income | 490/1 | - | €206 | +€206 | |
| Total equity and liabilities | 10/49 | €1,308,849 | €1,130,065 | -€178,784 | -13.7% |
| Equity | 10/15 | €945,087 | €1,073,447 | +€128,360 | +13.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €932,687 | €1,061,047 | +€128,360 | +13.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €932,687 | €1,061,047 | +€128,360 | +13.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €363,762 | €56,618 | -€307,144 | -84.4% |
| Amounts payable after more than one year | 17 | €20,591 | €14,477 | -€6,114 | -29.7% |
| Financial debts | 170/4 | €20,591 | €14,477 | -€6,114 | -29.7% |
| Amounts payable within one year | 42/48 | €342,758 | €41,722 | -€301,037 | -87.8% |
| Current portion of amounts payable after more than one year | 42 | €6,060 | €6,114 | +€54 | +0.9% |
| Trade debts | 44 | €4,416 | €7,055 | +€2,640 | +59.8% |
| Suppliers | 440/4 | €4,416 | €7,055 | +€2,640 | +59.8% |
| Taxes, remuneration and social security | 45 | €17,198 | €21,930 | +€4,732 | +27.5% |
| Taxes | 450/3 | €17,198 | €21,930 | +€4,732 | +27.5% |
| Other amounts payable | 47/48 | €315,084 | €6,622 | -€308,462 | -97.9% |
| Accrued charges and deferred income | 492/3 | €414 | €420 | +€6 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,983 | €61,433 | -€549 | -0.9% |
| Other operating charges | 640/8 | €6,851 | €8,065 | +€1,214 | +17.7% |
| Non-recurring operating charges | 66A | €5,591 | €146 | -€5,445 | -97.4% |
| Gross operating margin | 9900 | €296,709 | €321,901 | +€25,192 | +8.5% |
| Operating profit (loss) | 9901 | €222,284 | €252,256 | +€29,972 | +13.5% |
| Financial income | 75/76B | €3,957 | €881 | -€3,076 | -77.7% |
| Recurring financial income | 75 | €3,957 | €881 | -€3,076 | -77.7% |
| Financial charges | 65/66B | €27,567 | €9,839 | -€17,727 | -64.3% |
| Recurring financial charges | 65 | €27,567 | €9,839 | -€17,727 | -64.3% |
| Profit (loss) for the period before taxes | 9903 | €198,675 | €243,298 | +€44,624 | +22.5% |
| Income taxes | 67/77 | €60,248 | €74,357 | +€14,108 | +23.4% |
| Profit (loss) for the period | 9904 | €138,427 | €168,942 | +€30,515 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €138,427 | €168,942 | +€30,515 | +22.0% |
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 28 October 2026 via checked.be.