Dr. Marijke Aerts: 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. Marijke Aerts
Largest movements
- Tangible fixed assets +€638,981
up €638,981 (+233%), from €274,116 to €913,097
of which Land and buildings: +€654,194
- Cash +€68,187
up €68,187 (+35.5%), from €192,303 to €260,490
mainly Debts after one year (+€465,219) and Net result for the year (+€212,159)
- Receivables within one year -€15,319
down €15,319 (-49.1%), from €31,214 to €15,895
of which Other amounts receivable: -€28,514
- Debts after one year +€465,219
up €465,219 (+391%), from €118,899 to €584,118
- Reserves +€149,698
up €149,698 (+50.1%), from €298,895 to €448,593
of which Distributable reserves: +€149,698
- Current portion of long-term debt +€33,859
up €33,859 (+85.1%), from €39,796 to €73,655
- Other debts +€22,196
new in 2025: €22,196
- Tax, wage and social debts +€21,216
up €21,216 (+89.4%), from €23,744 to €44,960
- Gross operating margin +€167,533
up €167,533 (+65.6%), from €255,445 to €422,978
- Taxes +€34,200
up €34,200 (+55.8%), from €61,244 to €95,444
- Financial charges +€8,461
up €8,461 (+91.5%), from €9,251 to €17,712
- Depreciation +€7,824
up €7,824 (+23.4%), from €33,373 to €41,197
- Other operating charges +€6,401
up €6,401 (+39.9%), from €16,038 to €22,440
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 | €497,632 | €1,189,481 | +€691,849 | +139% |
| Fixed assets | 21/28 | €274,116 | €913,097 | +€638,981 | +233% |
| Tangible fixed assets | 22/27 | €274,116 | €913,097 | +€638,981 | +233% |
| Land and buildings | 22 | €156,347 | €810,542 | +€654,194 | +418% |
| Plant, machinery and equipment | 23 | €116,620 | €93,915 | -€22,705 | -19.5% |
| Furniture and vehicles | 24 | €1,149 | €8,640 | +€7,491 | +652% |
| Current assets | 29/58 | €223,517 | €276,385 | +€52,868 | +23.7% |
| Amounts receivable within one year | 40/41 | €31,214 | €15,895 | -€15,319 | -49.1% |
| Trade receivables | 40 | €0 | €13,195 | +€13,195 | |
| Other amounts receivable | 41 | €31,214 | €2,700 | -€28,514 | -91.4% |
| Cash at bank and in hand | 54/58 | €192,303 | €260,490 | +€68,187 | +35.5% |
| Total equity and liabilities | 10/49 | €497,632 | €1,189,481 | +€691,849 | +139% |
| Equity | 10/15 | €311,295 | €460,993 | +€149,698 | +48.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €298,895 | €448,593 | +€149,698 | +50.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €298,895 | €448,593 | +€149,698 | +50.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €186,337 | €728,489 | +€542,151 | +291% |
| Amounts payable after more than one year | 17 | €118,899 | €584,118 | +€465,219 | +391% |
| Financial debts | 170/4 | €118,899 | €584,118 | +€465,219 | +391% |
| Amounts payable within one year | 42/48 | €67,439 | €144,370 | +€76,932 | +114% |
| Current portion of amounts payable after more than one year | 42 | €39,796 | €73,655 | +€33,859 | +85.1% |
| Trade debts | 44 | €3,898 | €3,559 | -€339 | -8.7% |
| Suppliers | 440/4 | €3,898 | €3,559 | -€339 | -8.7% |
| Taxes, remuneration and social security | 45 | €23,744 | €44,960 | +€21,216 | +89.4% |
| Taxes | 450/3 | €23,744 | €44,960 | +€21,216 | +89.4% |
| Other amounts payable | 47/48 | - | €22,196 | +€22,196 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,373 | €41,197 | +€7,824 | +23.4% |
| Other operating charges | 640/8 | €16,038 | €22,440 | +€6,401 | +39.9% |
| Non-recurring operating charges | 66A | - | €35,981 | +€35,981 | |
| Gross operating margin | 9900 | €255,445 | €422,978 | +€167,533 | +65.6% |
| Operating profit (loss) | 9901 | €206,034 | €323,360 | +€117,326 | +56.9% |
| Financial income | 75/76B | €2,191 | €1,955 | -€236 | -10.8% |
| Recurring financial income | 75 | €2,191 | €1,955 | -€236 | -10.8% |
| Financial charges | 65/66B | €9,251 | €17,712 | +€8,461 | +91.5% |
| Recurring financial charges | 65 | €9,251 | €17,712 | +€8,461 | +91.5% |
| Profit (loss) for the period before taxes | 9903 | €198,974 | €307,603 | +€108,630 | +54.6% |
| Income taxes | 67/77 | €61,244 | €95,444 | +€34,200 | +55.8% |
| Profit (loss) for the period | 9904 | €137,729 | €212,159 | +€74,430 | +54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €137,729 | €212,159 | +€74,430 | +54.0% |
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 30 October 2026 via checked.be.