Dr. M. Vanneste: 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. Vanneste
Largest movements
- Current investments -€188,000
down €188,000 (-87.0%), from €216,000 to €28,000
- Cash +€21,593
up €21,593 (+18.8%), from €114,803 to €136,396
mainly Current investments (+€188,000) and Net result for the year (+€155,104)
- Tangible fixed assets -€13,976
down €13,976 (-25.7%), from €54,414 to €40,438
- Reserves -€239,896
down €239,896 (-72.7%), from €329,969 to €90,073
of which Distributable reserves: -€281,996
- Other debts +€94,295
up €94,295 (+5,034%), from €1,873 to €96,168
- Tax, wage and social debts -€32,289
down €32,289 (-64.2%), from €50,312 to €18,023
- Gross operating margin +€61,587
up €61,587 (+41.8%), from €147,394 to €208,981
- Taxes +€15,900
up €15,900 (+53.9%), from €29,514 to €45,415
- Financial income +€3,113
up €3,113 (+112%), from €2,768 to €5,881
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 | €385,523 | €206,764 | -€178,759 | -46.4% |
| Fixed assets | 21/28 | €54,414 | €40,438 | -€13,976 | -25.7% |
| Tangible fixed assets | 22/27 | €54,414 | €40,438 | -€13,976 | -25.7% |
| Furniture and vehicles | 24 | €54,414 | €40,438 | -€13,976 | -25.7% |
| Current assets | 29/58 | €331,109 | €166,326 | -€164,783 | -49.8% |
| Current investments | 50/53 | €216,000 | €28,000 | -€188,000 | -87.0% |
| Cash at bank and in hand | 54/58 | €114,803 | €136,396 | +€21,593 | +18.8% |
| Deferred charges and accrued income | 490/1 | €306 | €1,930 | +€1,624 | +531% |
| Total equity and liabilities | 10/49 | €385,523 | €206,764 | -€178,759 | -46.4% |
| Equity | 10/15 | €332,469 | €92,573 | -€239,896 | -72.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €329,969 | €90,073 | -€239,896 | -72.7% |
| Tax-exempt reserves | 132 | €42,100 | €84,200 | +€42,100 | +100% |
| Distributable reserves | 133 | €287,869 | €5,873 | -€281,996 | -98.0% |
| Amounts payable | 17/49 | €53,054 | €114,191 | +€61,137 | +115% |
| Amounts payable within one year | 42/48 | €53,054 | €114,191 | +€61,137 | +115% |
| Trade debts | 44 | €869 | - | -€869 | |
| Suppliers | 440/4 | €869 | - | -€869 | |
| Taxes, remuneration and social security | 45 | €50,312 | €18,023 | -€32,289 | -64.2% |
| Taxes | 450/3 | €50,312 | €18,023 | -€32,289 | -64.2% |
| Other amounts payable | 47/48 | €1,873 | €96,168 | +€94,295 | +5,034% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,510 | €13,976 | +€1,466 | +11.7% |
| Other operating charges | 640/8 | €687 | €293 | -€394 | -57.4% |
| Gross operating margin | 9900 | €147,394 | €208,981 | +€61,587 | +41.8% |
| Operating profit (loss) | 9901 | €134,197 | €194,712 | +€60,516 | +45.1% |
| Financial income | 75/76B | €2,768 | €5,881 | +€3,113 | +112% |
| Recurring financial income | 75 | €2,768 | €5,881 | +€3,113 | +112% |
| Financial charges | 65/66B | €79 | €75 | -€4 | -4.5% |
| Recurring financial charges | 65 | €79 | €75 | -€4 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €136,886 | €200,519 | +€63,633 | +46.5% |
| Income taxes | 67/77 | €29,514 | €45,415 | +€15,900 | +53.9% |
| Profit (loss) for the period | 9904 | €107,372 | €155,104 | +€47,732 | +44.5% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €107,372 | €113,004 | +€5,632 | +5.2% |
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 30 October 2026 via checked.be.