Dr. Lize Schroé: 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. Lize Schroé
Largest movements
- Tangible fixed assets -€46,926
down €46,926 (-4.4%), from €1.1m to €1.0m
of which Land and buildings: -€41,429
- Cash +€39,843
up €39,843 (+286%), from €13,922 to €53,765
mainly Depreciation (+€46,926) and Net result for the year (+€30,259)
- Debts after one year -€48,397
down €48,397 (-5.6%), from €863,341 to €814,944
- Reserves +€29,426
up €29,426 (+57.0%), from €51,630 to €81,056
- Gross operating margin +€56,328
up €56,328 (+147%), from €38,374 to €94,702
- Depreciation +€5,408
up €5,408 (+13.0%), from €41,518 to €46,926
- Taxes +€3,908
up €3,908 (+3,053%), from €128 to €4,036
- Other operating charges +€2,571
up €2,571 (+233%), from €1,102 to €3,673
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 | €1,091,232 | €1,081,362 | -€9,870 | -0.9% |
| Fixed assets | 21/28 | €1,070,294 | €1,023,368 | -€46,926 | -4.4% |
| Tangible fixed assets | 22/27 | €1,070,294 | €1,023,368 | -€46,926 | -4.4% |
| Land and buildings | 22 | €1,042,932 | €1,001,503 | -€41,429 | -4.0% |
| Plant, machinery and equipment | 23 | €22,962 | €18,665 | -€4,297 | -18.7% |
| Furniture and vehicles | 24 | €4,401 | €3,200 | -€1,200 | -27.3% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €20,938 | €57,994 | +€37,056 | +177% |
| Amounts receivable within one year | 40/41 | €5,727 | €872 | -€4,855 | -84.8% |
| Trade receivables | 40 | €198 | €0 | -€198 | -100% |
| Other amounts receivable | 41 | €5,529 | €872 | -€4,657 | -84.2% |
| Cash at bank and in hand | 54/58 | €13,922 | €53,765 | +€39,843 | +286% |
| Deferred charges and accrued income | 490/1 | €1,290 | €3,357 | +€2,067 | +160% |
| Total equity and liabilities | 10/49 | €1,091,232 | €1,081,362 | -€9,870 | -0.9% |
| Equity | 10/15 | €70,230 | €99,656 | +€29,426 | +41.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,630 | €81,056 | +€29,426 | +57.0% |
| Distributable reserves | 133 | €51,630 | €81,056 | +€29,426 | +57.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,021,002 | €981,706 | -€39,297 | -3.8% |
| Amounts payable after more than one year | 17 | €863,341 | €814,944 | -€48,397 | -5.6% |
| Financial debts | 170/4 | €863,341 | €814,944 | -€48,397 | -5.6% |
| Amounts payable within one year | 42/48 | €157,662 | €164,262 | +€6,600 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €47,874 | €48,397 | +€523 | +1.1% |
| Trade debts | 44 | €100 | €206 | +€106 | +106% |
| Suppliers | 440/4 | €100 | €206 | +€106 | +106% |
| Taxes, remuneration and social security | 45 | €250 | €4,286 | +€4,036 | +1,615% |
| Taxes | 450/3 | €250 | €4,286 | +€4,036 | +1,615% |
| Other amounts payable | 47/48 | €109,438 | €111,373 | +€1,935 | +1.8% |
| Accrued charges and deferred income | 492/3 | - | €2,500 | +€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,518 | €46,926 | +€5,408 | +13.0% |
| Other operating charges | 640/8 | €1,102 | €3,673 | +€2,571 | +233% |
| Gross operating margin | 9900 | €38,374 | €94,702 | +€56,328 | +147% |
| Operating profit (loss) | 9901 | -€4,246 | €44,103 | +€48,349 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €10,405 | €9,807 | -€598 | -5.7% |
| Recurring financial charges | 65 | €10,405 | €9,807 | -€598 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | -€14,651 | €34,296 | +€48,947 | |
| Income taxes | 67/77 | €128 | €4,036 | +€3,908 | +3,053% |
| Profit (loss) for the period | 9904 | -€14,779 | €30,259 | +€45,039 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,779 | €30,259 | +€45,039 |
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 25 October 2026 via checked.be.