DR. LUC BOSTOEN: 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. LUC BOSTOEN
Largest movements
- Cash +€73,009
up €73,009 (+112%), from €65,069 to €138,078
mainly Net result for the year (+€116,173) and Depreciation (+€23,702)
- Current investments +€65,787
up €65,787 (+5.5%), from €1.2m to €1.3m
- Tangible fixed assets -€23,702
down €23,702 (-50.8%), from €46,650 to €22,949
of which Furniture and vehicles: -€23,000
- Reserves +€116,173
up €116,173 (+9.2%), from €1.3m to €1.4m
- Gross operating margin -€12,204
down €12,204 (-5.7%), from €213,711 to €201,507
- Taxes -€3,350
down €3,350 (-5.7%), from €59,022 to €55,673
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 | €1,307,770 | €1,421,683 | +€113,912 | +8.7% |
| Fixed assets | 21/28 | €46,650 | €22,949 | -€23,702 | -50.8% |
| Tangible fixed assets | 22/27 | €46,650 | €22,949 | -€23,702 | -50.8% |
| Plant, machinery and equipment | 23 | €2,549 | €1,847 | -€702 | -27.5% |
| Furniture and vehicles | 24 | €44,102 | €21,102 | -€23,000 | -52.2% |
| Current assets | 29/58 | €1,261,120 | €1,398,734 | +€137,614 | +10.9% |
| Current investments | 50/53 | €1,188,691 | €1,254,478 | +€65,787 | +5.5% |
| Cash at bank and in hand | 54/58 | €65,069 | €138,078 | +€73,009 | +112% |
| Deferred charges and accrued income | 490/1 | €7,360 | €6,178 | -€1,182 | -16.1% |
| Total equity and liabilities | 10/49 | €1,307,770 | €1,421,683 | +€113,912 | +8.7% |
| Equity | 10/15 | €1,287,374 | €1,403,547 | +€116,173 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,268,774 | €1,384,947 | +€116,173 | +9.2% |
| Distributable reserves | 133 | €1,268,774 | €1,384,947 | +€116,173 | +9.2% |
| Amounts payable | 17/49 | €20,396 | €18,136 | -€2,260 | -11.1% |
| Amounts payable within one year | 42/48 | €20,396 | €18,136 | -€2,260 | -11.1% |
| Trade debts | 44 | €59 | €435 | +€376 | +637% |
| Suppliers | 440/4 | €59 | €435 | +€376 | +637% |
| Taxes, remuneration and social security | 45 | €18,064 | €13,712 | -€4,352 | -24.1% |
| Taxes | 450/3 | €13,112 | €10,028 | -€3,084 | -23.5% |
| Remuneration and social security | 454/9 | €4,953 | €3,685 | -€1,268 | -25.6% |
| Other amounts payable | 47/48 | €2,273 | €3,988 | +€1,715 | +75.5% |
| Remuneration, social security and pensions | 62 | €24,212 | €25,036 | +€824 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,425 | €23,702 | +€276 | +1.2% |
| Other operating charges | 640/8 | €1,282 | €1,786 | +€504 | +39.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €213,711 | €201,507 | -€12,204 | -5.7% |
| Operating profit (loss) | 9901 | €164,791 | €150,983 | -€13,808 | -8.4% |
| Financial income | 75/76B | €23,741 | €25,226 | +€1,486 | +6.3% |
| Recurring financial income | 75 | €23,741 | €25,226 | +€1,486 | +6.3% |
| Financial charges | 65/66B | €3,732 | €4,364 | +€633 | +16.9% |
| Recurring financial charges | 65 | €3,732 | €4,364 | +€633 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | €184,800 | €171,845 | -€12,955 | -7.0% |
| Income taxes | 67/77 | €59,022 | €55,673 | -€3,350 | -5.7% |
| Profit (loss) for the period | 9904 | €125,778 | €116,173 | -€9,605 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €125,778 | €116,173 | -€9,605 | -7.6% |
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.