Dr. Luc Walschot: what changed
Dr. Luc Walschot
Largest movements
- Receivables within one year +€14,205
up €14,205 (+13.6%), from €104,369 to €118,575
of which Trade receivables: +€14,394
- Current investments +€11,707
up €11,707 (+16.0%), from €72,965 to €84,673
- Cash -€7,587
down €7,587 (-2.9%), from €258,942 to €251,355
mainly Contributions, distributions and other (-€223,747) and Receivables within one year (-€14,205)
- Other debts +€13,988
up €13,988 (+7.5%), from €185,536 to €199,523
- Reserves +€5,072
up €5,072 (+2.2%), from €225,607 to €230,680
of which Distributable reserves: +€5,072
- Gross operating margin +€20,371
up €20,371 (+6.9%), from €294,105 to €314,477
- Financial income -€14,431
down €14,431 (-98.7%), from €14,617 to €186
- Financial charges +€4,889
up €4,889 (+138%), from €3,541 to €8,429
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 | €441,438 | €459,376 | +€17,938 | +4.1% |
| Fixed assets | 21/28 | €5,162 | €4,774 | -€389 | -7.5% |
| Tangible fixed assets | 22/27 | €5,162 | €4,774 | -€389 | -7.5% |
| Furniture and vehicles | 24 | €5,162 | €4,774 | -€389 | -7.5% |
| Current assets | 29/58 | €436,276 | €454,602 | +€18,326 | +4.2% |
| Amounts receivable within one year | 40/41 | €104,369 | €118,575 | +€14,205 | +13.6% |
| Trade receivables | 40 | €104,181 | €118,575 | +€14,394 | +13.8% |
| Other amounts receivable | 41 | €189 | €0 | -€189 | -100% |
| Current investments | 50/53 | €72,965 | €84,673 | +€11,707 | +16.0% |
| Cash at bank and in hand | 54/58 | €258,942 | €251,355 | -€7,587 | -2.9% |
| Total equity and liabilities | 10/49 | €441,438 | €459,376 | +€17,938 | +4.1% |
| Equity | 10/15 | €244,207 | €249,280 | +€5,072 | +2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €225,607 | €230,680 | +€5,072 | +2.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €223,747 | €228,820 | +€5,072 | +2.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €197,231 | €210,096 | +€12,865 | +6.5% |
| Amounts payable within one year | 42/48 | €197,231 | €210,096 | +€12,865 | +6.5% |
| Trade debts | 44 | €1,966 | €2,080 | +€113 | +5.8% |
| Suppliers | 440/4 | €1,966 | €2,080 | +€113 | +5.8% |
| Taxes, remuneration and social security | 45 | €9,729 | €8,493 | -€1,236 | -12.7% |
| Taxes | 450/3 | €9,729 | €8,493 | -€1,236 | -12.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €185,536 | €199,523 | +€13,988 | +7.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,737 | €3,087 | -€1,650 | -34.8% |
| Other operating charges | 640/8 | €4,002 | €929 | -€3,073 | -76.8% |
| Gross operating margin | 9900 | €294,105 | €314,477 | +€20,371 | +6.9% |
| Operating profit (loss) | 9901 | €285,367 | €310,461 | +€25,095 | +8.8% |
| Financial income | 75/76B | €14,617 | €186 | -€14,431 | -98.7% |
| Recurring financial income | 75 | €14,617 | €186 | -€14,431 | -98.7% |
| Financial charges | 65/66B | €3,541 | €8,429 | +€4,889 | +138% |
| Recurring financial charges | 65 | €3,541 | €8,429 | +€4,889 | +138% |
| Profit (loss) for the period before taxes | 9903 | €296,444 | €302,219 | +€5,775 | +1.9% |
| Income taxes | 67/77 | €72,697 | €73,399 | +€702 | +1.0% |
| Profit (loss) for the period | 9904 | €223,747 | €228,820 | +€5,072 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €223,747 | €228,820 | +€5,072 | +2.3% |
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 4 November 2026 via checked.be.