Dr. Lore Bekaert: what changed
Two fiscal 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. Lore Bekaert
Largest movements
- Cash +€72,174
up €72,174 (+54.2%), from €133,187 to €205,361
mainly Net result for the year (+€122,300) and Trade debts (+€5,277)
- Current investments +€50,498
new in 2025: €50,498
- Tangible fixed assets +€9,914
up €9,914 (+237.3%), from €4,178 to €14,092
of which Other tangible fixed assets: +€11,004
- Reserves +€122,300
up €122,300 (+114.8%), from €106,556 to €228,856
- Trade debts +€5,277
new in 2025: €5,277
- Tax, wage and social debts +€4,897
up €4,897 (+15.7%), from €31,102 to €35,999
of which Taxes: +€3,898
- Gross operating margin +€38,383
up €38,383 (+29.0%), from €132,134 to €170,517
- Staff costs +€7,634
new in 2025: €7,634
- Taxes +€7,072
up €7,072 (+25.3%), from €27,988 to €35,060
- Financial charges +€2,181
up €2,181 (+124.0%), from €1,759 to €3,940
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.
Cash bridge derived
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 | €142,658 | €276,882 | +€134,224 | +94.1% |
| Fixed assets | 21/28 | €4,178 | €14,092 | +€9,914 | +237.3% |
| Tangible fixed assets | 22/27 | €4,178 | €14,092 | +€9,914 | +237.3% |
| Plant, machinery and equipment | 23 | €4,178 | €3,088 | -€1,090 | -26.1% |
| Other tangible fixed assets | 26 | - | €11,004 | +€11,004 | |
| Current assets | 29/58 | €138,480 | €262,790 | +€124,310 | +89.8% |
| Amounts receivable within one year | 40/41 | €558 | €2,850 | +€2,292 | +410.8% |
| Trade receivables | 40 | €558 | €2,850 | +€2,292 | +410.8% |
| Current investments | 50/53 | - | €50,498 | +€50,498 | |
| Cash at bank and in hand | 54/58 | €133,187 | €205,361 | +€72,174 | +54.2% |
| Deferred charges and accrued income | 490/1 | €4,735 | €4,081 | -€654 | -13.8% |
| Total equity and liabilities | 10/49 | €142,658 | €276,882 | +€134,224 | +94.1% |
| Equity | 10/15 | €111,556 | €233,856 | +€122,300 | +109.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €106,556 | €228,856 | +€122,300 | +114.8% |
| Distributable reserves | 133 | €106,556 | €228,856 | +€122,300 | +114.8% |
| Amounts payable | 17/49 | €31,102 | €43,026 | +€11,924 | +38.3% |
| Amounts payable within one year | 42/48 | €31,102 | €41,276 | +€10,174 | +32.7% |
| Trade debts | 44 | - | €5,277 | +€5,277 | |
| Suppliers | 440/4 | - | €5,277 | +€5,277 | |
| Taxes, remuneration and social security | 45 | €31,102 | €35,999 | +€4,897 | +15.7% |
| Taxes | 450/3 | €31,102 | €35,000 | +€3,898 | +12.5% |
| Remuneration and social security | 454/9 | - | €999 | +€999 | |
| Accrued charges and deferred income | 492/3 | - | €1,750 | +€1,750 | |
| Remuneration, social security and pensions | 62 | - | €7,634 | +€7,634 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,091 | €1,728 | +€637 | +58.4% |
| Other operating charges | 640/8 | €236 | €136 | -€100 | -42.4% |
| Gross operating margin | 9900 | €132,134 | €170,517 | +€38,383 | +29.0% |
| Operating profit (loss) | 9901 | €130,807 | €161,019 | +€30,212 | +23.1% |
| Financial income | 75/76B | €157 | €281 | +€124 | +79.0% |
| Recurring financial income | 75 | €157 | €281 | +€124 | +79.0% |
| Financial charges | 65/66B | €1,759 | €3,940 | +€2,181 | +124.0% |
| Recurring financial charges | 65 | €1,759 | €3,940 | +€2,181 | +124.0% |
| Profit (loss) for the period before taxes | 9903 | €129,205 | €157,360 | +€28,155 | +21.8% |
| Income taxes | 67/77 | €27,988 | €35,060 | +€7,072 | +25.3% |
| Profit (loss) for the period | 9904 | €101,217 | €122,300 | +€21,083 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €101,217 | €122,300 | +€21,083 | +20.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.