Dr. M. TRUWANT: 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. TRUWANT
Largest movements
- Current investments +€296,970
up €296,970 (+23.2%), from €1.3m to €1.6m
- Cash +€81,337
up €81,337 (+35.6%), from €228,419 to €309,757
mainly Net result for the year (+€338,062) and Tax, wage and social debts (+€47,015)
- Reserves +€338,062
up €338,062 (+22.9%), from €1.5m to €1.8m
of which Distributable reserves: +€338,062
- Tax, wage and social debts +€47,015
up €47,015 (+169%), from €27,814 to €74,829
of which Taxes: +€46,944
- Financial income +€190,790
up €190,790 (+823%), from €23,195 to €213,985
- Gross operating margin -€40,247
down €40,247 (-12.9%), from €311,306 to €271,058
- Taxes +€22,861
up €22,861 (+23.6%), from €96,925 to €119,786
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 | €1,521,901 | €1,907,986 | +€386,085 | +25.4% |
| Fixed assets | 21/28 | €7,108 | €17,388 | +€10,280 | +145% |
| Tangible fixed assets | 22/27 | €7,108 | €17,388 | +€10,280 | +145% |
| Plant, machinery and equipment | 23 | €7,108 | €5,519 | -€1,589 | -22.4% |
| Furniture and vehicles | 24 | €0 | €11,869 | +€11,869 | |
| Current assets | 29/58 | €1,514,792 | €1,890,598 | +€375,805 | +24.8% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €1,279,623 | €1,576,593 | +€296,970 | +23.2% |
| Cash at bank and in hand | 54/58 | €228,419 | €309,757 | +€81,337 | +35.6% |
| Deferred charges and accrued income | 490/1 | €6,750 | €4,248 | -€2,502 | -37.1% |
| Total equity and liabilities | 10/49 | €1,521,901 | €1,907,986 | +€386,085 | +25.4% |
| Equity | 10/15 | €1,491,452 | €1,829,515 | +€338,062 | +22.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,479,052 | €1,817,115 | +€338,062 | +22.9% |
| 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 | €1,477,192 | €1,815,255 | +€338,062 | +22.9% |
| Amounts payable | 17/49 | €30,448 | €78,471 | +€48,023 | +158% |
| Amounts payable within one year | 42/48 | €30,448 | €78,471 | +€48,023 | +158% |
| Trade debts | 44 | €2,494 | €3,468 | +€974 | +39.1% |
| Suppliers | 440/4 | €2,494 | €3,468 | +€974 | +39.1% |
| Taxes, remuneration and social security | 45 | €27,814 | €74,829 | +€47,015 | +169% |
| Taxes | 450/3 | €25,243 | €72,187 | +€46,944 | +186% |
| Remuneration and social security | 454/9 | €2,571 | €2,642 | +€71 | +2.7% |
| Other amounts payable | 47/48 | €140 | €174 | +€34 | +24.3% |
| Remuneration, social security and pensions | 62 | €18,447 | €18,297 | -€150 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,657 | €2,836 | +€179 | +6.8% |
| Other operating charges | 640/8 | €1,376 | €1,401 | +€25 | +1.8% |
| Gross operating margin | 9900 | €311,306 | €271,058 | -€40,247 | -12.9% |
| Operating profit (loss) | 9901 | €288,826 | €248,524 | -€40,302 | -14.0% |
| Financial income | 75/76B | €23,195 | €213,985 | +€190,790 | +823% |
| Recurring financial income | 75 | €23,195 | €213,985 | +€190,790 | +823% |
| Financial charges | 65/66B | €1,562 | €4,660 | +€3,098 | +198% |
| Recurring financial charges | 65 | €1,562 | €4,660 | +€3,098 | +198% |
| Profit (loss) for the period before taxes | 9903 | €310,459 | €457,849 | +€147,390 | +47.5% |
| Income taxes | 67/77 | €96,925 | €119,786 | +€22,861 | +23.6% |
| Profit (loss) for the period | 9904 | €213,533 | €338,062 | +€124,529 | +58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €213,533 | €338,062 | +€124,529 | +58.3% |
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 14 October 2026 via checked.be.