DR. M. CASTEELS: 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. CASTEELS
Largest movements
- Cash +€117,991
up €117,991 (+292%), from €40,464 to €158,455
mainly Net result for the year (+€119,902) and Other debts (+€49,777)
- Current investments +€36,000
up €36,000 (+5.5%), from €651,296 to €687,296
- Receivables within one year -€30,786
down €30,786 (-100.0%), from €30,786 to €0
- Tangible fixed assets -€25,359
down €25,359 (-3.7%), from €683,387 to €658,028
of which Land and buildings: -€17,365
- Reserves +€67,271
up €67,271 (+12.8%), from €524,515 to €591,786
- Debts after one year -€66,200
down €66,200 (-9.3%), from €713,078 to €646,879
- Other debts +€49,777
up €49,777 (+60.8%), from €81,901 to €131,679
- Accrued charges and deferred income +€19,943
new in 2025: €19,943
- Tax, wage and social debts +€17,527
up €17,527 (+674%), from €2,602 to €20,128
- Gross operating margin +€180,454
up €180,454 (+278%), from €64,834 to €245,288
- Taxes +€48,313
up €48,313 (+1,147%), from €4,214 to €52,527
- Financial charges +€21,590
up €21,590 (+112%), from €19,267 to €40,857
- Depreciation -€5,495
down €5,495 (-15.1%), from €36,479 to €30,985
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 | €1,411,392 | €1,509,058 | +€97,666 | +6.9% |
| Fixed assets | 21/28 | €683,387 | €658,028 | -€25,359 | -3.7% |
| Tangible fixed assets | 22/27 | €683,387 | €658,028 | -€25,359 | -3.7% |
| Land and buildings | 22 | €619,855 | €602,490 | -€17,365 | -2.8% |
| Plant, machinery and equipment | 23 | €63,249 | €52,584 | -€10,664 | -16.9% |
| Furniture and vehicles | 24 | €283 | €2,953 | +€2,670 | +942% |
| Current assets | 29/58 | €728,005 | €851,031 | +€123,025 | +16.9% |
| Amounts receivable within one year | 40/41 | €30,786 | €0 | -€30,786 | -100.0% |
| Other amounts receivable | 41 | €30,786 | €0 | -€30,786 | -100.0% |
| Current investments | 50/53 | €651,296 | €687,296 | +€36,000 | +5.5% |
| Cash at bank and in hand | 54/58 | €40,464 | €158,455 | +€117,991 | +292% |
| Deferred charges and accrued income | 490/1 | €5,459 | €5,280 | -€180 | -3.3% |
| Total equity and liabilities | 10/49 | €1,411,392 | €1,509,058 | +€97,666 | +6.9% |
| Equity | 10/15 | €543,115 | €610,386 | +€67,271 | +12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €524,515 | €591,786 | +€67,271 | +12.8% |
| Distributable reserves | 133 | €524,515 | €591,786 | +€67,271 | +12.8% |
| Amounts payable | 17/49 | €868,277 | €898,673 | +€30,396 | +3.5% |
| Amounts payable after more than one year | 17 | €713,078 | €646,879 | -€66,200 | -9.3% |
| Financial debts | 170/4 | €713,078 | €646,879 | -€66,200 | -9.3% |
| Amounts payable within one year | 42/48 | €155,199 | €231,851 | +€76,652 | +49.4% |
| Current portion of amounts payable after more than one year | 42 | €60,260 | €69,358 | +€9,098 | +15.1% |
| Trade debts | 44 | €10,436 | €10,686 | +€250 | +2.4% |
| Suppliers | 440/4 | €10,436 | €10,686 | +€250 | +2.4% |
| Taxes, remuneration and social security | 45 | €2,602 | €20,128 | +€17,527 | +674% |
| Taxes | 450/3 | €2,602 | €20,128 | +€17,527 | +674% |
| Other amounts payable | 47/48 | €81,901 | €131,679 | +€49,777 | +60.8% |
| Accrued charges and deferred income | 492/3 | - | €19,943 | +€19,943 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,479 | €30,985 | -€5,495 | -15.1% |
| Other operating charges | 640/8 | €2,350 | €2,905 | +€555 | +23.6% |
| Gross operating margin | 9900 | €64,834 | €245,288 | +€180,454 | +278% |
| Operating profit (loss) | 9901 | €26,005 | €211,399 | +€185,394 | +713% |
| Financial income | 75/76B | €100 | €1,887 | +€1,788 | +1,795% |
| Recurring financial income | 75 | €100 | €1,887 | +€1,788 | +1,795% |
| Financial charges | 65/66B | €19,267 | €40,857 | +€21,590 | +112% |
| Recurring financial charges | 65 | €19,267 | €40,857 | +€21,590 | +112% |
| Profit (loss) for the period before taxes | 9903 | €6,837 | €172,429 | +€165,592 | +2,422% |
| Income taxes | 67/77 | €4,214 | €52,527 | +€48,313 | +1,147% |
| Profit (loss) for the period | 9904 | €2,624 | €119,902 | +€117,279 | +4,470% |
| Profit (loss) for the period to be appropriated | 9905 | €2,624 | €119,902 | +€117,279 | +4,470% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.