DR. M. LAUREYS: 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. LAUREYS
Largest movements
- Current investments -€149,790
down €149,790 (-37.5%), from €399,790 to €250,000
- Cash +€40,764
up €40,764 (+8.0%), from €512,402 to €553,166
mainly Current investments (+€149,790) and Net result for the year (+€62,079)
- Reserves -€117,000
down €117,000 (-25.2%), from €463,923 to €346,923
of which Distributable reserves: -€117,000
- Gross operating margin -€30,540
down €30,540 (-26.5%), from €115,354 to €84,814
- Financial income +€9,257
up €9,257 (+164%), from €5,660 to €14,918
- Depreciation +€1,325
up €1,325 (+16.5%), from €8,016 to €9,341
- Other operating charges +€1,252
up €1,252 (+100.0%), from €1,253 to €2,505
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 | €930,796 | €812,355 | -€118,441 | -12.7% |
| Fixed assets | 21/28 | €13,365 | €8,599 | -€4,766 | -35.7% |
| Tangible fixed assets | 22/27 | €13,365 | €8,599 | -€4,766 | -35.7% |
| Plant, machinery and equipment | 23 | €2,505 | €2,564 | +€59 | +2.4% |
| Furniture and vehicles | 24 | €10,860 | €3,620 | -€7,240 | -66.7% |
| Other tangible fixed assets | 26 | - | €2,414 | +€2,414 | |
| Current assets | 29/58 | €917,431 | €803,756 | -€113,675 | -12.4% |
| Amounts receivable within one year | 40/41 | €5,239 | €590 | -€4,649 | -88.7% |
| Trade receivables | 40 | €1,026 | €415 | -€611 | -59.5% |
| Other amounts receivable | 41 | €4,213 | €175 | -€4,038 | -95.8% |
| Current investments | 50/53 | €399,790 | €250,000 | -€149,790 | -37.5% |
| Cash at bank and in hand | 54/58 | €512,402 | €553,166 | +€40,764 | +8.0% |
| Total equity and liabilities | 10/49 | €930,796 | €812,355 | -€118,441 | -12.7% |
| Equity | 10/15 | €906,641 | €789,720 | -€116,921 | -12.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €463,923 | €346,923 | -€117,000 | -25.2% |
| Tax-exempt reserves | 132 | €4,563 | €4,563 | = | 0.0% |
| Distributable reserves | 133 | €459,360 | €342,360 | -€117,000 | -25.5% |
| Profit (loss) carried forward | 14 | €430,319 | €430,398 | +€79 | 0.0% |
| Amounts payable | 17/49 | €24,154 | €22,635 | -€1,520 | -6.3% |
| Amounts payable within one year | 42/48 | €24,154 | €22,635 | -€1,520 | -6.3% |
| Trade debts | 44 | €1,036 | €1,100 | +€64 | +6.2% |
| Suppliers | 440/4 | €1,036 | €1,100 | +€64 | +6.2% |
| Taxes, remuneration and social security | 45 | €7,770 | €6,186 | -€1,584 | -20.4% |
| Taxes | 450/3 | €7,770 | €6,186 | -€1,584 | -20.4% |
| Other amounts payable | 47/48 | €15,349 | €15,349 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,016 | €9,341 | +€1,325 | +16.5% |
| Other operating charges | 640/8 | €1,253 | €2,505 | +€1,252 | +100.0% |
| Gross operating margin | 9900 | €115,354 | €84,814 | -€30,540 | -26.5% |
| Operating profit (loss) | 9901 | €106,086 | €72,969 | -€33,117 | -31.2% |
| Financial income | 75/76B | €5,660 | €14,918 | +€9,257 | +164% |
| Recurring financial income | 75 | €5,660 | €14,918 | +€9,257 | +164% |
| Financial charges | 65/66B | €235 | €146 | -€89 | -37.8% |
| Recurring financial charges | 65 | €235 | €146 | -€89 | -37.8% |
| Profit (loss) for the period before taxes | 9903 | €111,511 | €87,740 | -€23,771 | -21.3% |
| Income taxes | 67/77 | €25,468 | €25,661 | +€194 | +0.8% |
| Profit (loss) for the period | 9904 | €86,044 | €62,079 | -€23,965 | -27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €86,044 | €62,079 | -€23,965 | -27.9% |
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 20 October 2026 via checked.be.