Dr. M. TRAEN: 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. TRAEN
Largest movements
- Tangible fixed assets -€10,518
down €10,518 (-31.0%), from €33,893 to €23,375
- Cash +€8,076
up €8,076 (+5.0%), from €162,636 to €170,712
mainly Net result for the year (+€99,432) and Other debts (+€60,500)
- Other debts +€60,500
new in 2025: €60,500
- Reserves -€57,500
down €57,500 (-9.5%), from €607,360 to €549,860
- Gross operating margin -€55,575
down €55,575 (-29.7%), from €187,278 to €131,704
- Taxes -€16,127
down €16,127 (-28.8%), from €56,002 to €39,874
- Financial income +€4,195
up €4,195 (+27.2%), from €15,424 to €19,619
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 | €757,584 | €760,040 | +€2,456 | +0.3% |
| Fixed assets | 21/28 | €33,893 | €23,375 | -€10,518 | -31.0% |
| Tangible fixed assets | 22/27 | €33,893 | €23,375 | -€10,518 | -31.0% |
| Furniture and vehicles | 24 | €33,893 | €23,375 | -€10,518 | -31.0% |
| Current assets | 29/58 | €723,690 | €736,665 | +€12,974 | +1.8% |
| Amounts receivable within one year | 40/41 | €106,972 | €111,242 | +€4,270 | +4.0% |
| Other amounts receivable | 41 | €106,972 | €111,242 | +€4,270 | +4.0% |
| Current investments | 50/53 | €452,844 | €453,315 | +€471 | +0.1% |
| Cash at bank and in hand | 54/58 | €162,636 | €170,712 | +€8,076 | +5.0% |
| Deferred charges and accrued income | 490/1 | €1,238 | €1,396 | +€158 | +12.7% |
| Total equity and liabilities | 10/49 | €757,584 | €760,040 | +€2,456 | +0.3% |
| Equity | 10/15 | €730,829 | €673,762 | -€57,068 | -7.8% |
| Contributions | 10/11 | €105,630 | €105,630 | = | 0.0% |
| Reserves | 13 | €607,360 | €549,860 | -€57,500 | -9.5% |
| Distributable reserves | 133 | €607,360 | €549,860 | -€57,500 | -9.5% |
| Profit (loss) carried forward | 14 | €17,839 | €18,272 | +€432 | +2.4% |
| Amounts payable | 17/49 | €26,754 | €86,278 | +€59,524 | +222% |
| Amounts payable within one year | 42/48 | €26,015 | €86,278 | +€60,263 | +232% |
| Trade debts | 44 | €488 | €299 | -€190 | -38.9% |
| Suppliers | 440/4 | €488 | €299 | -€190 | -38.9% |
| Taxes, remuneration and social security | 45 | €25,527 | €25,480 | -€47 | -0.2% |
| Taxes | 450/3 | €25,527 | €25,480 | -€47 | -0.2% |
| Other amounts payable | 47/48 | - | €60,500 | +€60,500 | |
| Accrued charges and deferred income | 492/3 | €739 | €0 | -€739 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,787 | €10,518 | -€269 | -2.5% |
| Other operating charges | 640/8 | €759 | €780 | +€21 | +2.8% |
| Gross operating margin | 9900 | €187,278 | €131,704 | -€55,575 | -29.7% |
| Operating profit (loss) | 9901 | €175,733 | €120,406 | -€55,327 | -31.5% |
| Financial income | 75/76B | €15,424 | €19,619 | +€4,195 | +27.2% |
| Recurring financial income | 75 | €15,424 | €19,619 | +€4,195 | +27.2% |
| Financial charges | 65/66B | €1,913 | €719 | -€1,195 | -62.4% |
| Recurring financial charges | 65 | €1,913 | €719 | -€1,195 | -62.4% |
| Profit (loss) for the period before taxes | 9903 | €189,243 | €139,307 | -€49,937 | -26.4% |
| Income taxes | 67/77 | €56,002 | €39,874 | -€16,127 | -28.8% |
| Profit (loss) for the period | 9904 | €133,242 | €99,432 | -€33,810 | -25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €133,242 | €99,432 | -€33,810 | -25.4% |
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 29 October 2026 via checked.be.