DR. LIESBETH SALEMBIER: 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. LIESBETH SALEMBIER
Largest movements
- Cash +€110,060
up €110,060 (+20.0%), from €549,462 to €659,522
mainly Net result for the year (+€127,530) and Depreciation (+€16,159)
- Reserves +€127,530
up €127,530 (+19.3%), from €660,630 to €788,159
- Debts after one year -€10,246
down €10,246 (-62.5%), from €16,391 to €6,145
- Gross operating margin +€9,834
up €9,834 (+5.2%), from €187,713 to €197,547
- Taxes +€3,160
up €3,160 (+6.3%), from €50,470 to €53,630
- Financial income +€2,798
up €2,798 (+1,493%), from €187 to €2,986
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 | €714,275 | €834,207 | +€119,932 | +16.8% |
| Fixed assets | 21/28 | €24,729 | €30,477 | +€5,748 | +23.2% |
| Tangible fixed assets | 22/27 | €24,479 | €30,227 | +€5,748 | +23.5% |
| Land and buildings | 22 | €23,258 | €9,411 | -€13,847 | -59.5% |
| Plant, machinery and equipment | 23 | €772 | €20,749 | +€19,978 | +2,588% |
| Furniture and vehicles | 24 | €449 | €66 | -€383 | -85.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €689,546 | €803,730 | +€114,184 | +16.6% |
| Current investments | 50/53 | €91,580 | €95,830 | +€4,250 | +4.6% |
| Cash at bank and in hand | 54/58 | €549,462 | €659,522 | +€110,060 | +20.0% |
| Deferred charges and accrued income | 490/1 | €48,504 | €48,377 | -€126 | -0.3% |
| Total equity and liabilities | 10/49 | €714,275 | €834,207 | +€119,932 | +16.8% |
| Equity | 10/15 | €673,060 | €800,589 | +€127,530 | +18.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €660,630 | €788,159 | +€127,530 | +19.3% |
| Distributable reserves | 133 | €660,630 | €788,159 | +€127,530 | +19.3% |
| Profit (loss) carried forward | 14 | €30 | €30 | = | 0.0% |
| Amounts payable | 17/49 | €41,215 | €33,618 | -€7,598 | -18.4% |
| Amounts payable after more than one year | 17 | €16,391 | €6,145 | -€10,246 | -62.5% |
| Financial debts | 170/4 | €16,391 | €6,145 | -€10,246 | -62.5% |
| Amounts payable within one year | 42/48 | €24,824 | €27,472 | +€2,648 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €9,891 | €10,246 | +€355 | +3.6% |
| Taxes, remuneration and social security | 45 | €10,441 | €12,734 | +€2,293 | +22.0% |
| Taxes | 450/3 | €10,441 | €12,734 | +€2,293 | +22.0% |
| Other amounts payable | 47/48 | €4,492 | €4,492 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,585 | €16,159 | +€1,574 | +10.8% |
| Other operating charges | 640/8 | €1,129 | €2,263 | +€1,134 | +100% |
| Gross operating margin | 9900 | €187,713 | €197,547 | +€9,834 | +5.2% |
| Operating profit (loss) | 9901 | €171,999 | €179,125 | +€7,126 | +4.1% |
| Financial income | 75/76B | €187 | €2,986 | +€2,798 | +1,493% |
| Recurring financial income | 75 | €187 | €2,986 | +€2,798 | +1,493% |
| Financial charges | 65/66B | €2,168 | €951 | -€1,216 | -56.1% |
| Recurring financial charges | 65 | €2,168 | €951 | -€1,216 | -56.1% |
| Profit (loss) for the period before taxes | 9903 | €170,019 | €181,160 | +€11,140 | +6.6% |
| Income taxes | 67/77 | €50,470 | €53,630 | +€3,160 | +6.3% |
| Profit (loss) for the period | 9904 | €119,549 | €127,530 | +€7,980 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €119,549 | €127,530 | +€7,980 | +6.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.