Dr. Mathias Van Borsel: 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. Mathias Van Borsel
Largest movements
- Deferred charges and accrued income +€212,831
up €212,831 (+129%), from €165,011 to €377,843
- Cash -€184,104
down €184,104 (-64.6%), from €285,070 to €100,966
mainly Contributions, distributions and other (-€396,106) and Deferred charges and accrued income (-€212,831)
- Receivables within one year +€14,742
new in 2025: €14,742
- Tangible fixed assets +€11,574
up €11,574 (+61.8%), from €18,726 to €30,301
of which Plant, machinery and equipment: +€11,206
- Reserves +€67,270
up €67,270 (+17.0%), from €396,106 to €463,375
- Tax, wage and social debts -€18,340
down €18,340 (-49.7%), from €36,903 to €18,563
of which Taxes: -€12,890
- Accrued charges and deferred income +€9,036
up €9,036 (+513%), from €1,760 to €10,796
- Gross operating margin +€104,376
up €104,376 (+19.9%), from €525,332 to €629,708
- Taxes +€21,061
up €21,061 (+16.3%), from €129,197 to €150,258
- Financial charges +€11,940
up €11,940 (+2,466%), from €484 to €12,424
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 | €468,808 | €523,852 | +€55,044 | +11.7% |
| Fixed assets | 21/28 | €18,726 | €30,301 | +€11,574 | +61.8% |
| Tangible fixed assets | 22/27 | €18,726 | €30,301 | +€11,574 | +61.8% |
| Plant, machinery and equipment | 23 | €348 | €11,554 | +€11,206 | +3,224% |
| Furniture and vehicles | 24 | €3,469 | €2,755 | -€713 | -20.6% |
| Other tangible fixed assets | 26 | €14,910 | €15,992 | +€1,082 | +7.3% |
| Current assets | 29/58 | €450,082 | €493,551 | +€43,469 | +9.7% |
| Amounts receivable within one year | 40/41 | - | €14,742 | +€14,742 | |
| Other amounts receivable | 41 | - | €14,742 | +€14,742 | |
| Cash at bank and in hand | 54/58 | €285,070 | €100,966 | -€184,104 | -64.6% |
| Deferred charges and accrued income | 490/1 | €165,011 | €377,843 | +€212,831 | +129% |
| Total equity and liabilities | 10/49 | €468,808 | €523,852 | +€55,044 | +11.7% |
| Equity | 10/15 | €414,706 | €481,975 | +€67,270 | +16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €396,106 | €463,375 | +€67,270 | +17.0% |
| Distributable reserves | 133 | €396,106 | €463,375 | +€67,270 | +17.0% |
| Amounts payable | 17/49 | €54,102 | €41,876 | -€12,226 | -22.6% |
| Amounts payable within one year | 42/48 | €52,342 | €31,080 | -€21,262 | -40.6% |
| Trade debts | 44 | €8,419 | €8,013 | -€406 | -4.8% |
| Suppliers | 440/4 | €8,419 | €8,013 | -€406 | -4.8% |
| Taxes, remuneration and social security | 45 | €36,903 | €18,563 | -€18,340 | -49.7% |
| Taxes | 450/3 | €31,453 | €18,563 | -€12,890 | -41.0% |
| Remuneration and social security | 454/9 | €5,450 | - | -€5,450 | |
| Other amounts payable | 47/48 | €7,020 | €4,504 | -€2,516 | -35.8% |
| Accrued charges and deferred income | 492/3 | €1,760 | €10,796 | +€9,036 | +513% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,280 | €3,523 | +€2,243 | +175% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €525,332 | €629,708 | +€104,376 | +19.9% |
| Operating profit (loss) | 9901 | €523,926 | €626,057 | +€102,131 | +19.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €484 | €12,424 | +€11,940 | +2,466% |
| Recurring financial charges | 65 | €484 | €12,424 | +€11,940 | +2,466% |
| Profit (loss) for the period before taxes | 9903 | €523,442 | €613,633 | +€90,191 | +17.2% |
| Income taxes | 67/77 | €129,197 | €150,258 | +€21,061 | +16.3% |
| Profit (loss) for the period | 9904 | €394,246 | €463,375 | +€69,130 | +17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €394,246 | €463,375 | +€69,130 | +17.5% |
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 26 October 2026 via checked.be.