dr. Marc Vandenberghe: 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 Vandenberghe
Largest movements
- Cash +€243,368
up €243,368 (+75.4%), from €322,714 to €566,082
mainly Net result for the year (+€216,114) and Depreciation (+€38,118)
- Receivables within one year -€34,253
down €34,253 (-16.1%), from €213,168 to €178,915
of which Trade receivables: -€36,662
- Reserves +€164,789
up €164,789 (+28.6%), from €575,340 to €740,129
- Trade debts +€30,461
up €30,461 (+25.7%), from €118,565 to €149,026
- Debts after one year -€21,783
down €21,783 (-23.8%), from €91,533 to €69,750
- Tax, wage and social debts +€20,073
up €20,073 (+46.4%), from €43,271 to €63,343
of which Taxes: +€19,767
- Gross operating margin +€103,895
up €103,895 (+39.9%), from €260,232 to €364,127
- Taxes +€34,928
up €34,928 (+54.7%), from €63,820 to €98,749
- Depreciation -€5,047
down €5,047 (-11.7%), from €43,166 to €38,118
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 | €989,738 | €1,197,927 | +€208,189 | +21.0% |
| Fixed assets | 21/28 | €302,304 | €300,706 | -€1,597 | -0.5% |
| Tangible fixed assets | 22/27 | €302,304 | €300,706 | -€1,597 | -0.5% |
| Land and buildings | 22 | €246,456 | €233,605 | -€12,851 | -5.2% |
| Plant, machinery and equipment | 23 | €0 | €11,560 | +€11,560 | |
| Furniture and vehicles | 24 | €55,847 | €55,541 | -€306 | -0.5% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €687,435 | €897,221 | +€209,786 | +30.5% |
| Stocks and contracts in progress | 3 | €46,952 | €45,350 | -€1,601 | -3.4% |
| Stocks | 30/36 | €46,952 | €45,350 | -€1,601 | -3.4% |
| Amounts receivable within one year | 40/41 | €213,168 | €178,915 | -€34,253 | -16.1% |
| Trade receivables | 40 | €213,168 | €176,506 | -€36,662 | -17.2% |
| Other amounts receivable | 41 | €0 | €2,409 | +€2,409 | |
| Current investments | 50/53 | €103,213 | €106,490 | +€3,277 | +3.2% |
| Cash at bank and in hand | 54/58 | €322,714 | €566,082 | +€243,368 | +75.4% |
| Deferred charges and accrued income | 490/1 | €1,388 | €384 | -€1,004 | -72.3% |
| Total equity and liabilities | 10/49 | €989,738 | €1,197,927 | +€208,189 | +21.0% |
| Equity | 10/15 | €593,940 | €758,729 | +€164,789 | +27.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €575,340 | €740,129 | +€164,789 | +28.6% |
| Distributable reserves | 133 | €575,340 | €740,129 | +€164,789 | +28.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €395,798 | €439,198 | +€43,400 | +11.0% |
| Amounts payable after more than one year | 17 | €91,533 | €69,750 | -€21,783 | -23.8% |
| Financial debts | 170/4 | €91,533 | €69,750 | -€21,783 | -23.8% |
| Amounts payable within one year | 42/48 | €304,265 | €369,371 | +€65,106 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €21,089 | €21,783 | +€694 | +3.3% |
| Financial debts | 43 | €6,250 | €10,000 | +€3,750 | +60.0% |
| Credit institutions | 430/8 | €6,250 | €10,000 | +€3,750 | +60.0% |
| Trade debts | 44 | €118,565 | €149,026 | +€30,461 | +25.7% |
| Suppliers | 440/4 | €118,565 | €149,026 | +€30,461 | +25.7% |
| Taxes, remuneration and social security | 45 | €43,271 | €63,343 | +€20,073 | +46.4% |
| Taxes | 450/3 | €41,082 | €60,849 | +€19,767 | +48.1% |
| Remuneration and social security | 454/9 | €2,189 | €2,494 | +€305 | +14.0% |
| Other amounts payable | 47/48 | €115,091 | €125,219 | +€10,128 | +8.8% |
| Accrued charges and deferred income | 492/3 | - | €77 | +€77 | |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,166 | €38,118 | -€5,047 | -11.7% |
| Other operating charges | 640/8 | €2,319 | €2,567 | +€248 | +10.7% |
| Non-recurring operating charges | 66A | - | €1,882 | +€1,882 | |
| Gross operating margin | 9900 | €260,232 | €364,127 | +€103,895 | +39.9% |
| Operating profit (loss) | 9901 | €214,748 | €321,561 | +€106,813 | +49.7% |
| Financial income | 75/76B | €3,214 | €3,398 | +€184 | +5.7% |
| Recurring financial income | 75 | €3,214 | €3,398 | +€184 | +5.7% |
| Financial charges | 65/66B | €10,201 | €10,096 | -€105 | -1.0% |
| Recurring financial charges | 65 | €10,201 | €10,096 | -€105 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €207,761 | €314,863 | +€107,102 | +51.6% |
| Income taxes | 67/77 | €63,820 | €98,749 | +€34,928 | +54.7% |
| Profit (loss) for the period | 9904 | €143,940 | €216,114 | +€72,174 | +50.1% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €143,940 | €216,114 | +€72,174 | +50.1% |
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 27 October 2026 via checked.be.