Dr. M. VANHOUDT: 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. VANHOUDT
Largest movements
- Current investments +€512,288
up €512,288 (+43.5%), from €1.2m to €1.7m
- Cash -€80,134
down €80,134 (-20.7%), from €387,021 to €306,887
mainly Current investments (-€512,288) and Contributions, distributions and other (-€60,000)
- Receivables within one year -€57,061
down €57,061 (-9.4%), from €606,859 to €549,797
- Reserves +€370,700
up €370,700 (+31.1%), from €1.2m to €1.6m
of which Distributable reserves: +€286,500
- Other debts -€35,756
down €35,756 (-9.7%), from €370,230 to €334,474
- Financial income +€83,236
up €83,236 (+309%), from €26,969 to €110,205
- Gross operating margin +€40,381
up €40,381 (+6.8%), from €591,588 to €631,969
- Taxes +€20,912
up €20,912 (+14.7%), from €141,932 to €162,845
- Financial charges -€9,324
down €9,324 (-75.6%), from €12,329 to €3,005
- Staff costs +€8,179
up €8,179 (+9.8%), from €83,259 to €91,438
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 | €2,386,634 | €2,760,532 | +€373,899 | +15.7% |
| Fixed assets | 21/28 | €214,877 | €211,631 | -€3,246 | -1.5% |
| Tangible fixed assets | 22/27 | €177,693 | €174,447 | -€3,246 | -1.8% |
| Plant, machinery and equipment | 23 | €174,846 | €172,808 | -€2,037 | -1.2% |
| Furniture and vehicles | 24 | €2,848 | €1,639 | -€1,209 | -42.4% |
| Financial fixed assets | 28 | €37,184 | €37,184 | = | 0.0% |
| Current assets | 29/58 | €2,171,756 | €2,548,901 | +€377,145 | +17.4% |
| Amounts receivable within one year | 40/41 | €606,859 | €549,797 | -€57,061 | -9.4% |
| Other amounts receivable | 41 | €606,859 | €549,797 | -€57,061 | -9.4% |
| Current investments | 50/53 | €1,177,876 | €1,690,164 | +€512,288 | +43.5% |
| Cash at bank and in hand | 54/58 | €387,021 | €306,887 | -€80,134 | -20.7% |
| Deferred charges and accrued income | 490/1 | - | €2,052 | +€2,052 | |
| Total equity and liabilities | 10/49 | €2,386,634 | €2,760,532 | +€373,899 | +15.7% |
| Equity | 10/15 | €1,796,568 | €2,167,294 | +€370,725 | +20.6% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Contributions outside capital | 11 | €20,451 | €20,451 | = | 0.0% |
| Other | 1109/19 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €1,191,950 | €1,562,650 | +€370,700 | +31.1% |
| Tax-exempt reserves | 132 | €84,200 | €168,400 | +€84,200 | +100% |
| Distributable reserves | 133 | €1,107,750 | €1,394,250 | +€286,500 | +25.9% |
| Profit (loss) carried forward | 14 | €584,167 | €584,192 | +€25 | 0.0% |
| Amounts payable | 17/49 | €590,066 | €593,239 | +€3,173 | +0.5% |
| Amounts payable within one year | 42/48 | €590,066 | €592,283 | +€2,218 | +0.4% |
| Financial debts | 43 | €12,500 | €16,667 | +€4,167 | +33.3% |
| Credit institutions | 430/8 | €12,500 | €16,667 | +€4,167 | +33.3% |
| Trade debts | 44 | €98,852 | €107,214 | +€8,362 | +8.5% |
| Suppliers | 440/4 | €98,852 | €107,214 | +€8,362 | +8.5% |
| Taxes, remuneration and social security | 45 | €108,484 | €133,929 | +€25,445 | +23.5% |
| Taxes | 450/3 | €89,752 | €112,536 | +€22,785 | +25.4% |
| Remuneration and social security | 454/9 | €18,732 | €21,393 | +€2,660 | +14.2% |
| Other amounts payable | 47/48 | €370,230 | €334,474 | -€35,756 | -9.7% |
| Accrued charges and deferred income | 492/3 | - | €956 | +€956 | |
| Remuneration, social security and pensions | 62 | €83,259 | €91,438 | +€8,179 | +9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,365 | €51,563 | +€2,198 | +4.5% |
| Other operating charges | 640/8 | €5,736 | €2,598 | -€3,137 | -54.7% |
| Gross operating margin | 9900 | €591,588 | €631,969 | +€40,381 | +6.8% |
| Operating profit (loss) | 9901 | €453,229 | €486,370 | +€33,141 | +7.3% |
| Financial income | 75/76B | €26,969 | €110,205 | +€83,236 | +309% |
| Recurring financial income | 75 | €26,969 | €110,205 | +€83,236 | +309% |
| Financial charges | 65/66B | €12,329 | €3,005 | -€9,324 | -75.6% |
| Recurring financial charges | 65 | €12,329 | €3,005 | -€9,324 | -75.6% |
| Profit (loss) for the period before taxes | 9903 | €467,869 | €593,570 | +€125,701 | +26.9% |
| Income taxes | 67/77 | €141,932 | €162,845 | +€20,912 | +14.7% |
| Profit (loss) for the period | 9904 | €325,936 | €430,725 | +€104,789 | +32.2% |
| Transfer from tax-exempt reserves | 789 | €176,450 | - | -€176,450 | |
| Transfer to tax-exempt reserves | 689 | €84,200 | €84,200 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €418,186 | €346,525 | -€71,661 | -17.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.