Dr. Luc Vanmaele: 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 Vanmaele
Largest movements
- Cash -€101,632
down €101,632 (-81.3%), from €124,993 to €23,361
mainly Contributions, distributions and other (-€118,300) and Other debts (-€66,702)
- Tangible fixed assets -€19,969
down €19,969 (-28.9%), from €69,031 to €49,062
of which Furniture and vehicles: -€19,344
- Current investments +€16,184
up €16,184 (+6.6%), from €245,372 to €261,555
- Other debts -€66,702
down €66,702 (-90.4%), from €73,774 to €7,073
- Reserves -€31,528
down €31,528 (-7.9%), from €399,460 to €367,932
- Tax, wage and social debts -€9,513
down €9,513 (-36.0%), from €26,460 to €16,947
- Gross operating margin +€8,221
up €8,221 (+6.1%), from €134,083 to €142,304
- Other operating charges +€2,863
up €2,863 (+375%), from €764 to €3,628
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 | €525,212 | €422,775 | -€102,437 | -19.5% |
| Fixed assets | 21/28 | €69,031 | €49,062 | -€19,969 | -28.9% |
| Tangible fixed assets | 22/27 | €69,031 | €49,062 | -€19,969 | -28.9% |
| Plant, machinery and equipment | 23 | €5,186 | €4,560 | -€626 | -12.1% |
| Furniture and vehicles | 24 | €63,845 | €44,502 | -€19,344 | -30.3% |
| Current assets | 29/58 | €456,181 | €373,713 | -€82,468 | -18.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €10,648 | €13,432 | +€2,784 | +26.1% |
| Trade receivables | 40 | - | €644 | +€644 | |
| Other amounts receivable | 41 | €10,648 | €12,788 | +€2,140 | +20.1% |
| Current investments | 50/53 | €245,372 | €261,555 | +€16,184 | +6.6% |
| Cash at bank and in hand | 54/58 | €124,993 | €23,361 | -€101,632 | -81.3% |
| Deferred charges and accrued income | 490/1 | €75,169 | €75,365 | +€197 | +0.3% |
| Total equity and liabilities | 10/49 | €525,212 | €422,775 | -€102,437 | -19.5% |
| Equity | 10/15 | €424,460 | €392,932 | -€31,528 | -7.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €399,460 | €367,932 | -€31,528 | -7.9% |
| Distributable reserves | 133 | €399,460 | €367,932 | -€31,528 | -7.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €100,752 | €29,843 | -€70,909 | -70.4% |
| Amounts payable within one year | 42/48 | €100,234 | €29,031 | -€71,203 | -71.0% |
| Trade debts | 44 | €0 | €5,012 | +€5,012 | |
| Suppliers | 440/4 | €0 | €5,012 | +€5,012 | |
| Taxes, remuneration and social security | 45 | €26,460 | €16,947 | -€9,513 | -36.0% |
| Taxes | 450/3 | €26,460 | €16,947 | -€9,513 | -36.0% |
| Other amounts payable | 47/48 | €73,774 | €7,073 | -€66,702 | -90.4% |
| Accrued charges and deferred income | 492/3 | €518 | €812 | +€294 | +56.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,345 | €19,969 | -€376 | -1.8% |
| Other operating charges | 640/8 | €764 | €3,628 | +€2,863 | +375% |
| Gross operating margin | 9900 | €134,083 | €142,304 | +€8,221 | +6.1% |
| Operating profit (loss) | 9901 | €112,973 | €118,707 | +€5,733 | +5.1% |
| Financial income | 75/76B | €3,042 | €3,144 | +€102 | +3.4% |
| Recurring financial income | 75 | €3,042 | €3,144 | +€102 | +3.4% |
| Financial charges | 65/66B | €819 | €1,574 | +€755 | +92.2% |
| Recurring financial charges | 65 | €819 | €1,574 | +€755 | +92.2% |
| Profit (loss) for the period before taxes | 9903 | €115,197 | €120,277 | +€5,080 | +4.4% |
| Income taxes | 67/77 | €32,455 | €33,505 | +€1,049 | +3.2% |
| Profit (loss) for the period | 9904 | €82,741 | €86,772 | +€4,031 | +4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €82,741 | €86,772 | +€4,031 | +4.9% |
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 28 October 2026 via checked.be.