Dr. Kris DE SCHUTTER: 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. Kris DE SCHUTTER
Largest movements
- Current investments -€125,766
down €125,766 (-12.2%), from €1.0m to €907,301
- Tangible fixed assets -€38,130
down €38,130 (-7.9%), from €481,903 to €443,774
of which Land and buildings: -€22,742
- Receivables within one year +€28,620
up €28,620 (+294%), from €9,738 to €38,358
- Other debts -€362,463
down €362,463 (-73.9%), from €490,335 to €127,871
- Reserves +€211,040
up €211,040 (+21.9%), from €962,718 to €1.2m
- Tax, wage and social debts +€21,747
up €21,747 (+51.2%), from €42,435 to €64,182
- Financial income +€79,480
up €79,480 (+1,156%), from €6,876 to €86,356
- Gross operating margin +€78,526
up €78,526 (+22.5%), from €349,461 to €427,988
- Taxes +€33,036
up €33,036 (+34.0%), from €97,247 to €130,283
- Depreciation +€8,951
up €8,951 (+27.6%), from €32,411 to €41,362
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 | €1,659,181 | €1,516,886 | -€142,295 | -8.6% |
| Fixed assets | 21/28 | €481,903 | €443,774 | -€38,130 | -7.9% |
| Tangible fixed assets | 22/27 | €481,903 | €443,774 | -€38,130 | -7.9% |
| Land and buildings | 22 | €377,122 | €354,380 | -€22,742 | -6.0% |
| Plant, machinery and equipment | 23 | €5,174 | €4,030 | -€1,144 | -22.1% |
| Furniture and vehicles | 24 | €99,607 | €85,364 | -€14,243 | -14.3% |
| Current assets | 29/58 | €1,177,278 | €1,073,112 | -€104,166 | -8.8% |
| Amounts receivable within one year | 40/41 | €9,738 | €38,358 | +€28,620 | +294% |
| Other amounts receivable | 41 | €9,738 | €38,358 | +€28,620 | +294% |
| Current investments | 50/53 | €1,033,067 | €907,301 | -€125,766 | -12.2% |
| Cash at bank and in hand | 54/58 | €134,267 | €127,240 | -€7,028 | -5.2% |
| Deferred charges and accrued income | 490/1 | €206 | €214 | +€8 | +3.9% |
| Total equity and liabilities | 10/49 | €1,659,181 | €1,516,886 | -€142,295 | -8.6% |
| Equity | 10/15 | €1,112,718 | €1,323,758 | +€211,040 | +19.0% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €962,718 | €1,173,758 | +€211,040 | +21.9% |
| Distributable reserves | 133 | €962,718 | €1,173,758 | +€211,040 | +21.9% |
| Amounts payable | 17/49 | €546,463 | €193,128 | -€353,336 | -64.7% |
| Amounts payable within one year | 42/48 | €546,463 | €193,128 | -€353,336 | -64.7% |
| Current portion of amounts payable after more than one year | 42 | €13,578 | - | -€13,578 | |
| Trade debts | 44 | €115 | €1,074 | +€959 | +832% |
| Suppliers | 440/4 | €115 | €1,074 | +€959 | +832% |
| Taxes, remuneration and social security | 45 | €42,435 | €64,182 | +€21,747 | +51.2% |
| Taxes | 450/3 | €42,435 | €64,182 | +€21,747 | +51.2% |
| Other amounts payable | 47/48 | €490,335 | €127,871 | -€362,463 | -73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,411 | €41,362 | +€8,951 | +27.6% |
| Other operating charges | 640/8 | €3,250 | €2,857 | -€392 | -12.1% |
| Gross operating margin | 9900 | €349,461 | €427,988 | +€78,526 | +22.5% |
| Operating profit (loss) | 9901 | €313,801 | €383,769 | +€69,968 | +22.3% |
| Financial income | 75/76B | €6,876 | €86,356 | +€79,480 | +1,156% |
| Recurring financial income | 75 | €6,876 | €86,356 | +€79,480 | +1,156% |
| Financial charges | 65/66B | €3,515 | €929 | -€2,586 | -73.6% |
| Recurring financial charges | 65 | €3,515 | €929 | -€2,586 | -73.6% |
| Profit (loss) for the period before taxes | 9903 | €317,161 | €469,195 | +€152,034 | +47.9% |
| Income taxes | 67/77 | €97,247 | €130,283 | +€33,036 | +34.0% |
| Profit (loss) for the period | 9904 | €219,914 | €338,912 | +€118,997 | +54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €219,914 | €338,912 | +€118,997 | +54.1% |
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 20 October 2026 via checked.be.