DR. LUC VANVOOREN: what changed
DR. LUC VANVOOREN
Largest movements
- Receivables within one year -€78,753
down €78,753 (-92.5%), from €85,158 to €6,405
of which Other amounts receivable: -€75,658
- Current investments -€50,000
down €50,000 (-20.5%), from €244,000 to €194,000
- Cash +€49,135
up €49,135 (+140%), from €35,086 to €84,221
mainly Other debts (+€124,046) and Receivables within one year (+€78,753)
- Tangible fixed assets +€36,894
up €36,894 (+12.5%), from €295,095 to €331,989
of which Furniture and vehicles: +€82,997
- Deferred charges and accrued income +€7,037
up €7,037 (+58.8%), from €11,969 to €19,005
- Reserves -€155,849
down €155,849 (-26.1%), from €597,590 to €441,741
of which Distributable reserves: -€155,849
- Other debts +€124,046
up €124,046 (+10,637%), from €1,166 to €125,212
- Depreciation +€10,640
up €10,640 (+22.7%), from €46,945 to €57,586
- Taxes -€5,060
down €5,060 (-14.0%), from €36,054 to €30,994
- Staff costs +€3,719
up €3,719 (+3.5%), from €106,578 to €110,297
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €671,307 | €635,620 | -€35,687 | -5.3% |
| Fixed assets | 21/28 | €295,095 | €331,989 | +€36,894 | +12.5% |
| Tangible fixed assets | 22/27 | €295,095 | €331,989 | +€36,894 | +12.5% |
| Land and buildings | 22 | €292,580 | €246,625 | -€45,955 | -15.7% |
| Plant, machinery and equipment | 23 | €148 | €0 | -€148 | -100% |
| Furniture and vehicles | 24 | €2,367 | €85,365 | +€82,997 | +3,506% |
| Current assets | 29/58 | €376,212 | €303,631 | -€72,581 | -19.3% |
| Amounts receivable within one year | 40/41 | €85,158 | €6,405 | -€78,753 | -92.5% |
| Trade receivables | 40 | €9,500 | €6,405 | -€3,095 | -32.6% |
| Other amounts receivable | 41 | €75,658 | €0 | -€75,658 | -100% |
| Current investments | 50/53 | €244,000 | €194,000 | -€50,000 | -20.5% |
| Cash at bank and in hand | 54/58 | €35,086 | €84,221 | +€49,135 | +140% |
| Deferred charges and accrued income | 490/1 | €11,969 | €19,005 | +€7,037 | +58.8% |
| Total equity and liabilities | 10/49 | €671,307 | €635,620 | -€35,687 | -5.3% |
| Equity | 10/15 | €627,590 | €471,741 | -€155,849 | -24.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €597,590 | €441,741 | -€155,849 | -26.1% |
| Tax-exempt reserves | 132 | €3,428 | €3,428 | = | 0.0% |
| Distributable reserves | 133 | €594,162 | €438,313 | -€155,849 | -26.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €43,718 | €163,879 | +€120,162 | +275% |
| Amounts payable within one year | 42/48 | €41,924 | €162,815 | +€120,891 | +288% |
| Trade debts | 44 | €7,626 | €6,514 | -€1,112 | -14.6% |
| Suppliers | 440/4 | €7,626 | €6,514 | -€1,112 | -14.6% |
| Taxes, remuneration and social security | 45 | €33,131 | €31,089 | -€2,042 | -6.2% |
| Taxes | 450/3 | €11,362 | €8,471 | -€2,891 | -25.4% |
| Remuneration and social security | 454/9 | €21,769 | €22,618 | +€849 | +3.9% |
| Other amounts payable | 47/48 | €1,166 | €125,212 | +€124,046 | +10,637% |
| Accrued charges and deferred income | 492/3 | €1,794 | €1,064 | -€730 | -40.7% |
| Remuneration, social security and pensions | 62 | €106,578 | €110,297 | +€3,719 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,945 | €57,586 | +€10,640 | +22.7% |
| Other operating charges | 640/8 | €6,549 | €4,835 | -€1,714 | -26.2% |
| Gross operating margin | 9900 | €276,108 | €274,790 | -€1,317 | -0.5% |
| Operating profit (loss) | 9901 | €116,035 | €102,073 | -€13,962 | -12.0% |
| Financial income | 75/76B | €3,650 | €2,458 | -€1,193 | -32.7% |
| Recurring financial income | 75 | €3,650 | €2,458 | -€1,193 | -32.7% |
| Financial charges | 65/66B | €332 | €584 | +€252 | +76.0% |
| Recurring financial charges | 65 | €332 | €584 | +€252 | +76.0% |
| Profit (loss) for the period before taxes | 9903 | €119,353 | €103,946 | -€15,407 | -12.9% |
| Income taxes | 67/77 | €36,054 | €30,994 | -€5,060 | -14.0% |
| Profit (loss) for the period | 9904 | €83,300 | €72,953 | -€10,347 | -12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €83,300 | €72,953 | -€10,347 | -12.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.