Dr. M. ALBERTYN: 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. M. ALBERTYN
Largest movements
- Receivables within one year -€68,762
down €68,762 (-83.4%), from €82,474 to €13,711
- Tangible fixed assets -€11,106
down €11,106 (-9.9%), from €111,885 to €100,779
of which Land and buildings: -€9,685
- Current investments +€6,423
up €6,423 (+143,360%), from €4 to €6,427
- Cash -€3,337
down €3,337 (-92.1%), from €3,622 to €284
mainly Debts after one year (-€79,297) and Current investments (-€6,423)
- Debts after one year -€79,297
down €79,297 (-17.4%), from €454,490 to €375,193
- Profit (loss) carried forward +€2,496
up €2,496 (+0.6%), from -€392,052 to -€389,556
- Gross operating margin +€2,935
up €2,935 (+22.3%), from €13,164 to €16,099
- Financial income -€2,915
down €2,915 (-98.6%), from €2,956 to €41
- Taxes +€338
new in 2025: €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 | €198,271 | €121,502 | -€76,769 | -38.7% |
| Fixed assets | 21/28 | €111,885 | €100,779 | -€11,106 | -9.9% |
| Tangible fixed assets | 22/27 | €111,885 | €100,779 | -€11,106 | -9.9% |
| Land and buildings | 22 | €109,556 | €99,871 | -€9,685 | -8.8% |
| Plant, machinery and equipment | 23 | €2,329 | €908 | -€1,421 | -61.0% |
| Current assets | 29/58 | €86,386 | €20,722 | -€65,664 | -76.0% |
| Amounts receivable within one year | 40/41 | €82,474 | €13,711 | -€68,762 | -83.4% |
| Other amounts receivable | 41 | €82,474 | €13,711 | -€68,762 | -83.4% |
| Current investments | 50/53 | €4 | €6,427 | +€6,423 | +143,360% |
| Cash at bank and in hand | 54/58 | €3,622 | €284 | -€3,337 | -92.1% |
| Deferred charges and accrued income | 490/1 | €286 | €300 | +€13 | +4.7% |
| Total equity and liabilities | 10/49 | €198,271 | €121,502 | -€76,769 | -38.7% |
| Equity | 10/15 | -€256,265 | -€253,769 | +€2,496 | +1.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €123,387 | €123,387 | = | 0.0% |
| Distributable reserves | 133 | €123,387 | €123,387 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€392,052 | -€389,556 | +€2,496 | +0.6% |
| Amounts payable | 17/49 | €454,536 | €375,271 | -€79,265 | -17.4% |
| Amounts payable after more than one year | 17 | €454,490 | €375,193 | -€79,297 | -17.4% |
| Financial debts | 170/4 | €454,490 | €375,193 | -€79,297 | -17.4% |
| Amounts payable within one year | 42/48 | €46 | €78 | +€32 | +69.0% |
| Trade debts | 44 | €46 | €78 | +€32 | +69.0% |
| Suppliers | 440/4 | €46 | €78 | +€32 | +69.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,149 | €11,106 | -€43 | -0.4% |
| Other operating charges | 640/8 | €2,057 | €2,144 | +€87 | +4.2% |
| Gross operating margin | 9900 | €13,164 | €16,099 | +€2,935 | +22.3% |
| Operating profit (loss) | 9901 | -€41 | €2,849 | +€2,891 | |
| Financial income | 75/76B | €2,956 | €41 | -€2,915 | -98.6% |
| Recurring financial income | 75 | €2,956 | €41 | -€2,915 | -98.6% |
| Financial charges | 65/66B | €45 | €56 | +€12 | +26.0% |
| Recurring financial charges | 65 | €45 | €56 | +€12 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €2,869 | €2,834 | -€35 | -1.2% |
| Income taxes | 67/77 | - | €338 | +€338 | |
| Profit (loss) for the period | 9904 | €2,869 | €2,496 | -€373 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,869 | €2,496 | -€373 | -13.0% |
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 23 October 2026 via checked.be.