Dr. MARC VANDIJCK: 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 VANDIJCK
Largest movements
- Receivables within one year -€79,048
down €79,048 (-76.5%), from €103,392 to €24,344
of which Other amounts receivable: -€78,811
- Tangible fixed assets -€14,886
down €14,886 (-6.8%), from €219,439 to €204,553
of which Land and buildings: -€13,817
- Cash -€6,161
down €6,161 (-4.6%), from €135,068 to €128,907
mainly Contributions, distributions and other (-€191,745) and Investment in fixed assets (net) (-€2,650)
- Reserves -€119,075
down €119,075 (-26.6%), from €447,642 to €328,567
- Accrued charges and deferred income +€13,216
up €13,216 (+150%), from €8,790 to €22,006
- Gross operating margin -€25,796
down €25,796 (-17.6%), from €146,743 to €120,947
- Taxes -€9,699
down €9,699 (-25.5%), from €38,096 to €28,397
- Depreciation +€3,024
up €3,024 (+20.8%), from €14,512 to €17,536
- Financial income -€2,387
down €2,387 (-41.6%), from €5,738 to €3,351
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 | €475,024 | €372,905 | -€102,119 | -21.5% |
| Fixed assets | 21/28 | €219,439 | €204,553 | -€14,886 | -6.8% |
| Tangible fixed assets | 22/27 | €219,439 | €204,553 | -€14,886 | -6.8% |
| Land and buildings | 22 | €193,068 | €179,252 | -€13,817 | -7.2% |
| Plant, machinery and equipment | 23 | €24,085 | €21,881 | -€2,204 | -9.1% |
| Furniture and vehicles | 24 | €2,286 | €3,421 | +€1,135 | +49.6% |
| Current assets | 29/58 | €255,584 | €168,352 | -€87,233 | -34.1% |
| Amounts receivable within one year | 40/41 | €103,392 | €24,344 | -€79,048 | -76.5% |
| Trade receivables | 40 | €237 | €0 | -€237 | -100% |
| Other amounts receivable | 41 | €103,155 | €24,344 | -€78,811 | -76.4% |
| Cash at bank and in hand | 54/58 | €135,068 | €128,907 | -€6,161 | -4.6% |
| Deferred charges and accrued income | 490/1 | €17,124 | €15,101 | -€2,023 | -11.8% |
| Total equity and liabilities | 10/49 | €475,024 | €372,905 | -€102,119 | -21.5% |
| Equity | 10/15 | €466,234 | €347,159 | -€119,075 | -25.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €447,642 | €328,567 | -€119,075 | -26.6% |
| Distributable reserves | 133 | €447,642 | €328,567 | -€119,075 | -26.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €8,790 | €25,746 | +€16,956 | +193% |
| Amounts payable within one year | 42/48 | €0 | €3,740 | +€3,740 | |
| Trade debts | 44 | €0 | €3,740 | +€3,740 | |
| Suppliers | 440/4 | €0 | €3,740 | +€3,740 | |
| Accrued charges and deferred income | 492/3 | €8,790 | €22,006 | +€13,216 | +150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,512 | €17,536 | +€3,024 | +20.8% |
| Other operating charges | 640/8 | €2,448 | €2,610 | +€162 | +6.6% |
| Gross operating margin | 9900 | €146,743 | €120,947 | -€25,796 | -17.6% |
| Operating profit (loss) | 9901 | €129,783 | €100,801 | -€28,982 | -22.3% |
| Financial income | 75/76B | €5,738 | €3,351 | -€2,387 | -41.6% |
| Recurring financial income | 75 | €5,738 | €3,351 | -€2,387 | -41.6% |
| Financial charges | 65/66B | €3,091 | €3,085 | -€6 | -0.2% |
| Recurring financial charges | 65 | €3,091 | €3,085 | -€6 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €132,430 | €101,067 | -€31,362 | -23.7% |
| Income taxes | 67/77 | €38,096 | €28,397 | -€9,699 | -25.5% |
| Profit (loss) for the period | 9904 | €94,333 | €72,670 | -€21,664 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €94,333 | €72,670 | -€21,664 | -23.0% |
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 31 October 2026 via checked.be.