Dr. Marc VUYLSTEKE: what changed
Dr. Marc VUYLSTEKE
Largest movements
- Tangible fixed assets -€50,198
down €50,198 (-35.9%), from €139,860 to €89,662
of which Land and buildings: -€38,434
- Cash +€45,169
up €45,169 (+257%), from €17,588 to €62,757
mainly Depreciation (+€55,461) and Receivables within one year (+€39,415)
- Receivables within one year -€39,415
down €39,415 (-60.6%), from €65,026 to €25,611
of which Trade receivables: -€64,624
- Debts after one year -€20,295
down €20,295 (-80.1%), from €25,335 to €5,040
- Reserves -€14,260
down €14,260 (-13.6%), from €104,603 to €90,343
of which Distributable reserves: -€12,400
- Other debts -€11,322
down €11,322 (-21.8%), from €51,931 to €40,609
- Current portion of long-term debt -€5,591
down €5,591 (-21.6%), from €25,886 to €20,295
- Trade debts +€3,661
up €3,661 (+158%), from €2,320 to €5,981
- Gross operating margin -€96,701
down €96,701 (-66.9%), from €144,505 to €47,805
- Taxes -€20,200
down €20,200 (-98.8%), from €20,437 to €236
- Financial charges -€2,121
down €2,121 (-39.6%), from €5,350 to €3,229
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €222,474 | €178,030 | -€44,444 | -20.0% |
| Fixed assets | 21/28 | €139,860 | €89,662 | -€50,198 | -35.9% |
| Tangible fixed assets | 22/27 | €139,860 | €89,662 | -€50,198 | -35.9% |
| Land and buildings | 22 | €81,428 | €42,994 | -€38,434 | -47.2% |
| Plant, machinery and equipment | 23 | €9,200 | €5,769 | -€3,431 | -37.3% |
| Furniture and vehicles | 24 | €39,952 | €31,619 | -€8,333 | -20.9% |
| Other tangible fixed assets | 26 | €9,280 | €9,280 | = | 0.0% |
| Current assets | 29/58 | €82,614 | €88,368 | +€5,754 | +7.0% |
| Amounts receivable within one year | 40/41 | €65,026 | €25,611 | -€39,415 | -60.6% |
| Trade receivables | 40 | €64,809 | €186 | -€64,624 | -99.7% |
| Other amounts receivable | 41 | €216 | €25,426 | +€25,209 | +11,646% |
| Cash at bank and in hand | 54/58 | €17,588 | €62,757 | +€45,169 | +257% |
| Total equity and liabilities | 10/49 | €222,474 | €178,030 | -€44,444 | -20.0% |
| Equity | 10/15 | €117,003 | €102,743 | -€14,260 | -12.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €104,603 | €90,343 | -€14,260 | -13.6% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €28,976 | €28,976 | = | 0.0% |
| Distributable reserves | 133 | €73,767 | €61,367 | -€12,400 | -16.8% |
| Amounts payable | 17/49 | €105,471 | €75,287 | -€30,184 | -28.6% |
| Amounts payable after more than one year | 17 | €25,335 | €5,040 | -€20,295 | -80.1% |
| Financial debts | 170/4 | €25,335 | €5,040 | -€20,295 | -80.1% |
| Amounts payable within one year | 42/48 | €80,137 | €70,247 | -€9,889 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €25,886 | €20,295 | -€5,591 | -21.6% |
| Financial debts | 43 | - | €3,363 | +€3,363 | |
| Other loans | 439 | - | €3,363 | +€3,363 | |
| Trade debts | 44 | €2,320 | €5,981 | +€3,661 | +158% |
| Suppliers | 440/4 | €2,320 | €5,981 | +€3,661 | +158% |
| Other amounts payable | 47/48 | €51,931 | €40,609 | -€11,322 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,289 | €55,461 | +€172 | +0.3% |
| Other operating charges | 640/8 | €3,025 | €3,138 | +€113 | +3.7% |
| Gross operating margin | 9900 | €144,505 | €47,805 | -€96,701 | -66.9% |
| Operating profit (loss) | 9901 | €86,192 | -€10,795 | -€96,986 | |
| Financial income | 75/76B | €25 | - | -€25 | |
| Recurring financial income | 75 | €25 | - | -€25 | |
| Financial charges | 65/66B | €5,350 | €3,229 | -€2,121 | -39.6% |
| Recurring financial charges | 65 | €5,350 | €3,229 | -€2,121 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €80,867 | -€14,024 | -€94,890 | |
| Income taxes | 67/77 | €20,437 | €236 | -€20,200 | -98.8% |
| Profit (loss) for the period | 9904 | €60,430 | -€14,260 | -€74,690 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,430 | -€14,260 | -€74,690 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.