Dr. Luc Janssen: 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 Janssen
Largest movements
- Current investments +€73,287
up €73,287 (+7.8%), from €934,606 to €1.0m
- Tangible fixed assets +€34,401
up €34,401 (+298%), from €11,526 to €45,927
- Cash -€12,607
down €12,607 (-10.4%), from €120,906 to €108,298
mainly Current investments (-€73,287) and Investment in fixed assets (net) (-€40,500)
- Reserves +€96,887
up €96,887 (+10.9%), from €888,838 to €985,724
- Financial income +€30,221
up €30,221 (+114%), from €26,422 to €56,644
- Gross operating margin +€28,559
up €28,559 (+34.7%), from €82,281 to €110,840
- Taxes +€18,332
up €18,332 (+63.7%), from €28,791 to €47,123
- Depreciation +€4,394
up €4,394 (+258%), from €1,705 to €6,099
- Other operating charges +€3,135
up €3,135 (+260%), from €1,204 to €4,338
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 | €1,093,108 | €1,187,895 | +€94,788 | +8.7% |
| Fixed assets | 21/28 | €11,526 | €45,927 | +€34,401 | +298% |
| Tangible fixed assets | 22/27 | €11,526 | €45,927 | +€34,401 | +298% |
| Furniture and vehicles | 24 | €11,526 | €45,927 | +€34,401 | +298% |
| Current assets | 29/58 | €1,081,582 | €1,141,968 | +€60,386 | +5.6% |
| Amounts receivable within one year | 40/41 | €26,070 | €25,776 | -€293 | -1.1% |
| Trade receivables | 40 | €22,886 | €15,950 | -€6,936 | -30.3% |
| Other amounts receivable | 41 | €3,184 | €9,826 | +€6,642 | +209% |
| Current investments | 50/53 | €934,606 | €1,007,893 | +€73,287 | +7.8% |
| Cash at bank and in hand | 54/58 | €120,906 | €108,298 | -€12,607 | -10.4% |
| Total equity and liabilities | 10/49 | €1,093,108 | €1,187,895 | +€94,788 | +8.7% |
| Equity | 10/15 | €907,438 | €1,004,324 | +€96,887 | +10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €888,838 | €985,724 | +€96,887 | +10.9% |
| Distributable reserves | 133 | €888,838 | €985,724 | +€96,887 | +10.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €185,670 | €183,571 | -€2,099 | -1.1% |
| Amounts payable within one year | 42/48 | €185,670 | €183,571 | -€2,099 | -1.1% |
| Trade debts | 44 | €268 | €286 | +€18 | +6.8% |
| Suppliers | 440/4 | €268 | €286 | +€18 | +6.8% |
| Taxes, remuneration and social security | 45 | €12,572 | €3,639 | -€8,933 | -71.1% |
| Taxes | 450/3 | €12,572 | €3,639 | -€8,933 | -71.1% |
| Other amounts payable | 47/48 | €172,830 | €179,646 | +€6,815 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,705 | €6,099 | +€4,394 | +258% |
| Other operating charges | 640/8 | €1,204 | €4,338 | +€3,135 | +260% |
| Gross operating margin | 9900 | €82,281 | €110,840 | +€28,559 | +34.7% |
| Operating profit (loss) | 9901 | €79,373 | €100,403 | +€21,030 | +26.5% |
| Financial income | 75/76B | €26,422 | €56,644 | +€30,221 | +114% |
| Recurring financial income | 75 | €26,422 | €56,644 | +€30,221 | +114% |
| Financial charges | 65/66B | €13,748 | €13,036 | -€712 | -5.2% |
| Recurring financial charges | 65 | €13,748 | €13,036 | -€712 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €92,047 | €144,010 | +€51,963 | +56.5% |
| Income taxes | 67/77 | €28,791 | €47,123 | +€18,332 | +63.7% |
| Profit (loss) for the period | 9904 | €63,256 | €96,887 | +€33,631 | +53.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €63,256 | €96,887 | +€33,631 | +53.2% |
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 27 October 2026 via checked.be.