DR. MARC VANHAUWE: 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 VANHAUWE
Largest movements
- Financial fixed assets -€60,040
down €60,040 (-19.3%), from €311,617 to €251,577
- Tangible fixed assets -€26,631
down €26,631 (-6.7%), from €399,339 to €372,708
of which Land and buildings: -€15,163
- Reserves -€69,497
down €69,497 (-9.8%), from €711,771 to €642,274
- Other debts -€22,184
down €22,184 (-21.5%), from €103,220 to €81,036
- Depreciation +€3,093
up €3,093 (+11.0%), from €28,064 to €31,157
- Financial income +€1,495
up €1,495 (+30.5%), from €4,900 to €6,395
of which Non-recurring financial income: +€1,036
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 | €846,815 | €759,001 | -€87,815 | -10.4% |
| Fixed assets | 21/28 | €710,956 | €624,286 | -€86,670 | -12.2% |
| Tangible fixed assets | 22/27 | €399,339 | €372,708 | -€26,631 | -6.7% |
| Land and buildings | 22 | €328,019 | €312,856 | -€15,163 | -4.6% |
| Plant, machinery and equipment | 23 | €29,428 | €28,157 | -€1,271 | -4.3% |
| Furniture and vehicles | 24 | €41,892 | €31,695 | -€10,196 | -24.3% |
| Financial fixed assets | 28 | €311,617 | €251,577 | -€60,040 | -19.3% |
| Current assets | 29/58 | €135,859 | €134,715 | -€1,144 | -0.8% |
| Amounts receivable within one year | 40/41 | €10,579 | €5,865 | -€4,714 | -44.6% |
| Trade receivables | 40 | €6,599 | €5,865 | -€734 | -11.1% |
| Other amounts receivable | 41 | €3,980 | - | -€3,980 | |
| Current investments | 50/53 | €104,368 | €111,142 | +€6,774 | +6.5% |
| Cash at bank and in hand | 54/58 | €18,845 | €15,964 | -€2,880 | -15.3% |
| Deferred charges and accrued income | 490/1 | €2,068 | €1,744 | -€324 | -15.7% |
| Total equity and liabilities | 10/49 | €846,815 | €759,001 | -€87,815 | -10.4% |
| Equity | 10/15 | €724,171 | €654,674 | -€69,497 | -9.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €711,771 | €642,274 | -€69,497 | -9.8% |
| Distributable reserves | 133 | €711,771 | €642,274 | -€69,497 | -9.8% |
| Amounts payable | 17/49 | €122,644 | €104,326 | -€18,317 | -14.9% |
| Amounts payable within one year | 42/48 | €121,106 | €103,432 | -€17,673 | -14.6% |
| Financial debts | 43 | €8,108 | €8,086 | -€22 | -0.3% |
| Credit institutions | 430/8 | €8,108 | €8,086 | -€22 | -0.3% |
| Taxes, remuneration and social security | 45 | €9,777 | €14,310 | +€4,533 | +46.4% |
| Taxes | 450/3 | €9,777 | €14,310 | +€4,533 | +46.4% |
| Other amounts payable | 47/48 | €103,220 | €81,036 | -€22,184 | -21.5% |
| Accrued charges and deferred income | 492/3 | €1,538 | €894 | -€644 | -41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,064 | €31,157 | +€3,093 | +11.0% |
| Other operating charges | 640/8 | €7,444 | €7,232 | -€212 | -2.8% |
| Gross operating margin | 9900 | €119,467 | €118,840 | -€626 | -0.5% |
| Operating profit (loss) | 9901 | €83,959 | €80,452 | -€3,507 | -4.2% |
| Financial income | 75/76B | €4,900 | €6,395 | +€1,495 | +30.5% |
| Recurring financial income | 75 | €4,900 | €5,359 | +€459 | +9.4% |
| Non-recurring financial income | 76B | - | €1,036 | +€1,036 | |
| Financial charges | 65/66B | €864 | €1,082 | +€218 | +25.2% |
| Recurring financial charges | 65 | €864 | €1,082 | +€218 | +25.2% |
| Profit (loss) for the period before taxes | 9903 | €87,995 | €85,764 | -€2,230 | -2.5% |
| Income taxes | 67/77 | €28,642 | €28,261 | -€381 | -1.3% |
| Profit (loss) for the period | 9904 | €59,352 | €57,503 | -€1,849 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €59,352 | €57,503 | -€1,849 | -3.1% |
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.