Dr. Lore Billen: 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. Lore Billen
Largest movements
- Tangible fixed assets +€443,426
up €443,426 (+18,171%), from €2,440 to €445,867
of which Land and buildings: +€442,749
- Cash -€44,109
down €44,109 (-67.4%), from €65,427 to €21,317
mainly Investment in fixed assets (net) (-€455,899) and Tax, wage and social debts (-€30,966)
- Deferred charges and accrued income -€6,163
down €6,163 (-20.3%), from €30,396 to €24,233
- Debts after one year +€358,815
new in 2025: €358,815
- Reserves +€53,647
up €53,647 (+60.8%), from €88,231 to €141,878
- Tax, wage and social debts -€30,966
down €30,966 (-93.2%), from €33,220 to €2,254
- Other debts -€27,881
down €27,881 (-86.7%), from €32,154 to €4,273
- Current portion of long-term debt +€21,789
new in 2025: €21,789
- Gross operating margin +€30,109
up €30,109 (+37.2%), from €80,977 to €111,087
- Depreciation +€14,285
up €14,285 (+251%), from €5,688 to €19,972
- Financial charges +€11,909
up €11,909 (+779%), from €1,529 to €13,438
- Other operating charges +€4,425
up €4,425 (+794%), from €557 to €4,982
- Taxes -€1,588
down €1,588 (-7.7%), from €20,635 to €19,047
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 | €154,092 | €540,732 | +€386,641 | +251% |
| Fixed assets | 21/28 | €58,269 | €494,195 | +€435,926 | +748% |
| Intangible fixed assets | 21 | €43,329 | €38,329 | -€5,000 | -11.5% |
| Tangible fixed assets | 22/27 | €2,440 | €445,867 | +€443,426 | +18,171% |
| Land and buildings | 22 | - | €442,749 | +€442,749 | |
| Furniture and vehicles | 24 | €2,440 | €3,118 | +€678 | +27.8% |
| Financial fixed assets | 28 | €12,500 | €10,000 | -€2,500 | -20.0% |
| Current assets | 29/58 | €95,823 | €46,537 | -€49,286 | -51.4% |
| Amounts receivable within one year | 40/41 | - | €987 | +€987 | |
| Other amounts receivable | 41 | - | €987 | +€987 | |
| Cash at bank and in hand | 54/58 | €65,427 | €21,317 | -€44,109 | -67.4% |
| Deferred charges and accrued income | 490/1 | €30,396 | €24,233 | -€6,163 | -20.3% |
| Total equity and liabilities | 10/49 | €154,092 | €540,732 | +€386,641 | +251% |
| Equity | 10/15 | €88,331 | €141,978 | +€53,647 | +60.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €88,231 | €141,878 | +€53,647 | +60.8% |
| Distributable reserves | 133 | €88,231 | €141,878 | +€53,647 | +60.8% |
| Amounts payable | 17/49 | €65,761 | €398,754 | +€332,993 | +506% |
| Amounts payable after more than one year | 17 | - | €358,815 | +€358,815 | |
| Financial debts | 170/4 | - | €358,815 | +€358,815 | |
| Amounts payable within one year | 42/48 | €65,374 | €29,940 | -€35,434 | -54.2% |
| Current portion of amounts payable after more than one year | 42 | - | €21,789 | +€21,789 | |
| Trade debts | 44 | - | €1,624 | +€1,624 | |
| Suppliers | 440/4 | - | €1,624 | +€1,624 | |
| Taxes, remuneration and social security | 45 | €33,220 | €2,254 | -€30,966 | -93.2% |
| Taxes | 450/3 | €33,220 | €2,254 | -€30,966 | -93.2% |
| Other amounts payable | 47/48 | €32,154 | €4,273 | -€27,881 | -86.7% |
| Accrued charges and deferred income | 492/3 | €387 | €10,000 | +€9,613 | +2,482% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,688 | €19,972 | +€14,285 | +251% |
| Other operating charges | 640/8 | €557 | €4,982 | +€4,425 | +794% |
| Gross operating margin | 9900 | €80,977 | €111,087 | +€30,109 | +37.2% |
| Operating profit (loss) | 9901 | €74,732 | €86,132 | +€11,400 | +15.3% |
| Financial charges | 65/66B | €1,529 | €13,438 | +€11,909 | +779% |
| Recurring financial charges | 65 | €1,529 | €13,438 | +€11,909 | +779% |
| Profit (loss) for the period before taxes | 9903 | €73,203 | €72,695 | -€509 | -0.7% |
| Income taxes | 67/77 | €20,635 | €19,047 | -€1,588 | -7.7% |
| Profit (loss) for the period | 9904 | €52,568 | €53,647 | +€1,079 | +2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,568 | €53,647 | +€1,079 | +2.1% |
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 19 October 2026 via checked.be.