DR. M. GOETHALS: 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. GOETHALS
Largest movements
- Current investments +€420,269
up €420,269 (+221%), from €190,501 to €610,770
- Cash -€410,318
down €410,318 (-63.3%), from €647,739 to €237,422
mainly Current investments (-€420,269) and Other debts (-€1,177)
No liability line moved by more than 1% of the balance sheet total.
- Financial charges +€13,152
up €13,152, from -€989 to €12,163
- Taxes -€3,128
down €3,128 (-38.0%), from €8,234 to €5,106
- Depreciation -€1,846
down €1,846 (-18.4%), from €10,020 to €8,174
- Financial income -€1,270
down €1,270 (-7.3%), from €17,327 to €16,057
- Gross operating margin -€1,227
down €1,227 (-7.0%), from €17,523 to €16,296
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 | €995,860 | €998,448 | +€2,588 | +0.3% |
| Fixed assets | 21/28 | €154,033 | €145,858 | -€8,174 | -5.3% |
| Tangible fixed assets | 22/27 | €154,033 | €145,858 | -€8,174 | -5.3% |
| Land and buildings | 22 | €151,900 | €145,858 | -€6,042 | -4.0% |
| Furniture and vehicles | 24 | €2,132 | €0 | -€2,132 | -100% |
| Current assets | 29/58 | €841,827 | €852,590 | +€10,762 | +1.3% |
| Amounts receivable within one year | 40/41 | €3,587 | €4,227 | +€640 | +17.8% |
| Other amounts receivable | 41 | €3,587 | €4,227 | +€640 | +17.8% |
| Current investments | 50/53 | €190,501 | €610,770 | +€420,269 | +221% |
| Cash at bank and in hand | 54/58 | €647,739 | €237,422 | -€410,318 | -63.3% |
| Deferred charges and accrued income | 490/1 | - | €171 | +€171 | |
| Total equity and liabilities | 10/49 | €995,860 | €998,448 | +€2,588 | +0.3% |
| Equity | 10/15 | €960,202 | €964,263 | +€4,061 | +0.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €947,802 | €951,863 | +€4,061 | +0.4% |
| 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 | €945,942 | €950,003 | +€4,061 | +0.4% |
| Amounts payable | 17/49 | €35,658 | €34,185 | -€1,473 | -4.1% |
| Amounts payable within one year | 42/48 | €32,139 | €30,758 | -€1,381 | -4.3% |
| Trade debts | 44 | €1,425 | €1,221 | -€204 | -14.3% |
| Suppliers | 440/4 | €1,425 | €1,221 | -€204 | -14.3% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €30,714 | €29,537 | -€1,177 | -3.8% |
| Accrued charges and deferred income | 492/3 | €3,519 | €3,427 | -€92 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,020 | €8,174 | -€1,846 | -18.4% |
| Other operating charges | 640/8 | €2,887 | €2,848 | -€39 | -1.3% |
| Gross operating margin | 9900 | €17,523 | €16,296 | -€1,227 | -7.0% |
| Operating profit (loss) | 9901 | €4,616 | €5,274 | +€658 | +14.2% |
| Financial income | 75/76B | €17,327 | €16,057 | -€1,270 | -7.3% |
| Recurring financial income | 75 | €17,327 | €16,057 | -€1,270 | -7.3% |
| Financial charges | 65/66B | -€989 | €12,163 | +€13,152 | |
| Recurring financial charges | 65 | -€989 | €12,163 | +€13,152 | |
| Profit (loss) for the period before taxes | 9903 | €22,932 | €9,167 | -€13,764 | -60.0% |
| Income taxes | 67/77 | €8,234 | €5,106 | -€3,128 | -38.0% |
| Profit (loss) for the period | 9904 | €14,698 | €4,061 | -€10,637 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,698 | €4,061 | -€10,637 | -72.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.