Dr. Marion Valkenburg: what changed
Dr. Marion Valkenburg
Largest movements
- Current investments +€251,219
up €251,219 (+31.5%), from €797,549 to €1.0m
- Deferred charges and accrued income +€61,298
up €61,298 (+59.8%), from €102,545 to €163,843
- Receivables within one year -€50,336
down €50,336 (-50.3%), from €100,000 to €49,664
- Tangible fixed assets +€36,078
up €36,078 (+37.7%), from €95,750 to €131,828
of which Other tangible fixed assets: +€47,682
- Cash -€35,375
down €35,375 (-38.2%), from €92,605 to €57,230
mainly Current investments (-€251,219) and Contributions, distributions and other (-€149,540)
- Reserves +€199,308
up €199,308 (+16.1%), from €1.2m to €1.4m
- Tax, wage and social debts +€46,497
up €46,497 (+153%), from €30,403 to €76,900
of which Taxes: +€42,227
- Gross operating margin +€204,173
up €204,173 (+48.3%), from €423,076 to €627,249
- Financial income -€72,970
down €72,970 (-88.8%), from €82,218 to €9,249
- Staff costs +€51,201
up €51,201 (+396%), from €12,925 to €64,126
- Taxes +€41,937
up €41,937 (+32.2%), from €130,290 to €172,227
- Financial charges +€16,068
up €16,068 (+283%), from €5,680 to €21,748
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 | €1,321,011 | €1,562,419 | +€241,408 | +18.3% |
| Fixed assets | 21/28 | €228,312 | €242,914 | +€14,602 | +6.4% |
| Tangible fixed assets | 22/27 | €95,750 | €131,828 | +€36,078 | +37.7% |
| Land and buildings | 22 | €3,684 | €3,231 | -€453 | -12.3% |
| Plant, machinery and equipment | 23 | €12,957 | €10,139 | -€2,818 | -21.7% |
| Furniture and vehicles | 24 | €43,632 | €35,298 | -€8,334 | -19.1% |
| Other tangible fixed assets | 26 | €35,477 | €83,160 | +€47,682 | +134% |
| Financial fixed assets | 28 | €132,562 | €111,086 | -€21,476 | -16.2% |
| Current assets | 29/58 | €1,092,700 | €1,319,505 | +€226,805 | +20.8% |
| Amounts receivable within one year | 40/41 | €100,000 | €49,664 | -€50,336 | -50.3% |
| Other amounts receivable | 41 | €100,000 | €49,664 | -€50,336 | -50.3% |
| Current investments | 50/53 | €797,549 | €1,048,768 | +€251,219 | +31.5% |
| Cash at bank and in hand | 54/58 | €92,605 | €57,230 | -€35,375 | -38.2% |
| Deferred charges and accrued income | 490/1 | €102,545 | €163,843 | +€61,298 | +59.8% |
| Total equity and liabilities | 10/49 | €1,321,011 | €1,562,419 | +€241,408 | +18.3% |
| Equity | 10/15 | €1,259,584 | €1,458,893 | +€199,308 | +15.8% |
| Contributions | 10/11 | €24,335 | €24,335 | = | 0.0% |
| Reserves | 13 | €1,235,249 | €1,434,558 | +€199,308 | +16.1% |
| Distributable reserves | 133 | €1,235,249 | €1,434,558 | +€199,308 | +16.1% |
| Amounts payable | 17/49 | €61,427 | €103,526 | +€42,099 | +68.5% |
| Amounts payable within one year | 42/48 | €58,177 | €95,526 | +€37,349 | +64.2% |
| Financial debts | 43 | €86 | - | -€86 | |
| Credit institutions | 430/8 | €86 | - | -€86 | |
| Trade debts | 44 | €17,937 | €18,626 | +€689 | +3.8% |
| Suppliers | 440/4 | €17,937 | €18,626 | +€689 | +3.8% |
| Taxes, remuneration and social security | 45 | €30,403 | €76,900 | +€46,497 | +153% |
| Taxes | 450/3 | €29,619 | €71,846 | +€42,227 | +143% |
| Remuneration and social security | 454/9 | €784 | €5,054 | +€4,270 | +545% |
| Other amounts payable | 47/48 | €9,751 | - | -€9,751 | |
| Accrued charges and deferred income | 492/3 | €3,250 | €8,000 | +€4,750 | +146% |
| Remuneration, social security and pensions | 62 | €12,925 | €64,126 | +€51,201 | +396% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,652 | €29,172 | -€4,480 | -13.3% |
| Other operating charges | 640/8 | €266 | €377 | +€111 | +41.6% |
| Gross operating margin | 9900 | €423,076 | €627,249 | +€204,173 | +48.3% |
| Operating profit (loss) | 9901 | €376,233 | €533,575 | +€157,341 | +41.8% |
| Financial income | 75/76B | €82,218 | €9,249 | -€72,970 | -88.8% |
| Recurring financial income | 75 | €82,218 | €9,249 | -€72,970 | -88.8% |
| Financial charges | 65/66B | €5,680 | €21,748 | +€16,068 | +283% |
| Recurring financial charges | 65 | €5,680 | €21,748 | +€16,068 | +283% |
| Profit (loss) for the period before taxes | 9903 | €452,772 | €521,075 | +€68,303 | +15.1% |
| Income taxes | 67/77 | €130,290 | €172,227 | +€41,937 | +32.2% |
| Profit (loss) for the period | 9904 | €322,482 | €348,848 | +€26,367 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €322,482 | €348,848 | +€26,367 | +8.2% |
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 3 November 2026 via checked.be.