DR. MARC SCHOUTEDEN: 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. MARC SCHOUTEDEN
Largest movements
- Current investments +€317,500
up €317,500, from €0 to €317,500
- Cash -€99,898
down €99,898 (-20.5%), from €488,353 to €388,456
mainly Current investments (-€317,500) and Contributions, distributions and other (-€81,339)
- Tangible fixed assets -€14,039
down €14,039 (-3.8%), from €369,341 to €355,302
of which Land and buildings: -€52,626
- Reserves +€125,058
up €125,058 (+18.7%), from €669,006 to €794,064
of which Distributable reserves: +€125,211
- Other debts +€75,807
up €75,807 (+50.8%), from €149,272 to €225,078
- Gross operating margin +€25,125
up €25,125 (+7.6%), from €329,566 to €354,692
- Financial income -€15,898
down €15,898 (-78.8%), from €20,182 to €4,284
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 | €865,467 | €1,065,940 | +€200,473 | +23.2% |
| Fixed assets | 21/28 | €369,341 | €355,302 | -€14,039 | -3.8% |
| Tangible fixed assets | 22/27 | €369,341 | €355,302 | -€14,039 | -3.8% |
| Land and buildings | 22 | €361,344 | €308,718 | -€52,626 | -14.6% |
| Plant, machinery and equipment | 23 | €6,791 | €5,416 | -€1,375 | -20.2% |
| Furniture and vehicles | 24 | €1,206 | €41,168 | +€39,962 | +3,314% |
| Current assets | 29/58 | €496,127 | €710,638 | +€214,511 | +43.2% |
| Amounts receivable within one year | 40/41 | €7,575 | €3,909 | -€3,667 | -48.4% |
| Trade receivables | 40 | €2,158 | €3,909 | +€1,750 | +81.1% |
| Other amounts receivable | 41 | €5,417 | €0 | -€5,417 | -100% |
| Current investments | 50/53 | €0 | €317,500 | +€317,500 | |
| Cash at bank and in hand | 54/58 | €488,353 | €388,456 | -€99,898 | -20.5% |
| Deferred charges and accrued income | 490/1 | €198 | €774 | +€576 | +291% |
| Total equity and liabilities | 10/49 | €865,467 | €1,065,940 | +€200,473 | +23.2% |
| Equity | 10/15 | €670,006 | €795,064 | +€125,058 | +18.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €669,006 | €794,064 | +€125,058 | +18.7% |
| Tax-exempt reserves | 132 | €153 | €0 | -€153 | -100% |
| Distributable reserves | 133 | €668,853 | €794,064 | +€125,211 | +18.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €195,461 | €270,875 | +€75,414 | +38.6% |
| Amounts payable within one year | 42/48 | €195,461 | €270,875 | +€75,414 | +38.6% |
| Trade debts | 44 | €5,575 | €4,259 | -€1,316 | -23.6% |
| Suppliers | 440/4 | €5,575 | €4,259 | -€1,316 | -23.6% |
| Advances received on contracts in progress | 46 | €55 | €0 | -€55 | -100% |
| Taxes, remuneration and social security | 45 | €40,559 | €41,538 | +€979 | +2.4% |
| Taxes | 450/3 | €38,259 | €39,238 | +€979 | +2.6% |
| Remuneration and social security | 454/9 | €2,300 | €2,300 | = | 0.0% |
| Other amounts payable | 47/48 | €149,272 | €225,078 | +€75,807 | +50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,094 | €55,334 | +€1,240 | +2.3% |
| Other operating charges | 640/8 | €3,765 | €4,241 | +€476 | +12.7% |
| Gross operating margin | 9900 | €329,566 | €354,692 | +€25,125 | +7.6% |
| Operating profit (loss) | 9901 | €271,708 | €295,117 | +€23,409 | +8.6% |
| Financial income | 75/76B | €20,182 | €4,284 | -€15,898 | -78.8% |
| Recurring financial income | 75 | €20,182 | €4,284 | -€15,898 | -78.8% |
| Financial charges | 65/66B | €163 | €362 | +€199 | +122% |
| Recurring financial charges | 65 | €163 | €362 | +€199 | +122% |
| Profit (loss) for the period before taxes | 9903 | €291,728 | €299,039 | +€7,312 | +2.5% |
| Income taxes | 67/77 | €90,402 | €92,642 | +€2,240 | +2.5% |
| Profit (loss) for the period | 9904 | €201,326 | €206,397 | +€5,071 | +2.5% |
| Transfer from tax-exempt reserves | 789 | - | €153 | +€153 | |
| Profit (loss) for the period to be appropriated | 9905 | €201,326 | €206,550 | +€5,224 | +2.6% |
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 26 October 2026 via checked.be.