Dr. Koen Vindevoghel: 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 Vindevoghel
Largest movements
- Cash +€166,608
up €166,608 (+114%), from €146,272 to €312,880
mainly Net result for the year (+€250,491) and Depreciation (+€33,335)
- Tangible fixed assets -€26,323
down €26,323 (-20.2%), from €130,599 to €104,276
of which Furniture and vehicles: -€25,571
- Reserves +€127,263
up €127,263 (+11.4%), from €1.1m to €1.2m
- Tax, wage and social debts +€16,172
up €16,172 (+326%), from €4,967 to €21,139
- Gross operating margin +€46,191
up €46,191 (+13.1%), from €352,284 to €398,475
- Taxes +€10,488
up €10,488 (+9.5%), from €110,483 to €120,972
- Financial charges +€7,767
up €7,767 (+470%), from €1,651 to €9,418
- Financial income -€6,596
down €6,596 (-29.2%), from €22,577 to €15,980
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 | €1,142,204 | €1,282,501 | +€140,298 | +12.3% |
| Fixed assets | 21/28 | €130,599 | €104,276 | -€26,323 | -20.2% |
| Tangible fixed assets | 22/27 | €130,599 | €104,276 | -€26,323 | -20.2% |
| Land and buildings | 22 | €3,150 | €3,150 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,940 | €7,408 | +€5,468 | +282% |
| Furniture and vehicles | 24 | €73,330 | €47,759 | -€25,571 | -34.9% |
| Other tangible fixed assets | 26 | €52,180 | €45,959 | -€6,221 | -11.9% |
| Current assets | 29/58 | €1,011,604 | €1,178,225 | +€166,621 | +16.5% |
| Amounts receivable within one year | 40/41 | - | €3,953 | +€3,953 | |
| Other amounts receivable | 41 | - | €3,953 | +€3,953 | |
| Current investments | 50/53 | €672,185 | €664,840 | -€7,345 | -1.1% |
| Cash at bank and in hand | 54/58 | €146,272 | €312,880 | +€166,608 | +114% |
| Deferred charges and accrued income | 490/1 | €193,147 | €196,552 | +€3,405 | +1.8% |
| Total equity and liabilities | 10/49 | €1,142,204 | €1,282,501 | +€140,298 | +12.3% |
| Equity | 10/15 | €1,130,500 | €1,257,763 | +€127,263 | +11.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,118,100 | €1,245,363 | +€127,263 | +11.4% |
| Distributable reserves | 133 | €1,118,100 | €1,245,363 | +€127,263 | +11.4% |
| Amounts payable | 17/49 | €11,703 | €24,739 | +€13,035 | +111% |
| Amounts payable within one year | 42/48 | €11,196 | €24,667 | +€13,471 | +120% |
| Trade debts | 44 | €1,919 | €3,528 | +€1,610 | +83.9% |
| Suppliers | 440/4 | €1,919 | €3,528 | +€1,610 | +83.9% |
| Taxes, remuneration and social security | 45 | €4,967 | €21,139 | +€16,172 | +326% |
| Taxes | 450/3 | €4,967 | €21,139 | +€16,172 | +326% |
| Other amounts payable | 47/48 | €4,310 | - | -€4,310 | |
| Accrued charges and deferred income | 492/3 | €508 | €72 | -€436 | -85.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,192 | €33,335 | -€857 | -2.5% |
| Other operating charges | 640/8 | €239 | €241 | +€2 | +0.8% |
| Gross operating margin | 9900 | €352,284 | €398,475 | +€46,191 | +13.1% |
| Operating profit (loss) | 9901 | €317,854 | €364,900 | +€47,046 | +14.8% |
| Financial income | 75/76B | €22,577 | €15,980 | -€6,596 | -29.2% |
| Recurring financial income | 75 | €22,577 | €15,980 | -€6,596 | -29.2% |
| Financial charges | 65/66B | €1,651 | €9,418 | +€7,767 | +470% |
| Recurring financial charges | 65 | €1,651 | €9,418 | +€7,767 | +470% |
| Profit (loss) for the period before taxes | 9903 | €338,779 | €371,462 | +€32,683 | +9.6% |
| Income taxes | 67/77 | €110,483 | €120,972 | +€10,488 | +9.5% |
| Profit (loss) for the period | 9904 | €228,296 | €250,491 | +€22,194 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €228,296 | €250,491 | +€22,194 | +9.7% |
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 21 October 2026 via checked.be.