Dr. Mathieu Spaas: 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. Mathieu Spaas
Largest movements
- Current investments +€250,000
new in 2025: €250,000
- Cash +€28,386
up €28,386 (+13.8%), from €205,198 to €233,584
mainly Net result for the year (+€279,473) and Tax, wage and social debts (+€17,194)
- Deferred charges and accrued income +€15,566
up €15,566 (+16.1%), from €96,862 to €112,429
- Reserves +€279,473
up €279,473 (+123%), from €227,210 to €506,682
- Tax, wage and social debts +€17,194
up €17,194 (+24.5%), from €70,226 to €87,420
- Gross operating margin +€65,728
up €65,728 (+21.8%), from €302,006 to €367,735
- Taxes +€17,376
up €17,376 (+24.8%), from €70,044 to €87,420
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 | €303,731 | €600,346 | +€296,614 | +97.7% |
| Fixed assets | 21/28 | - | €3,468 | +€3,468 | |
| Tangible fixed assets | 22/27 | - | €3,468 | +€3,468 | |
| Plant, machinery and equipment | 23 | - | €3,468 | +€3,468 | |
| Current assets | 29/58 | €303,731 | €596,877 | +€293,146 | +96.5% |
| Amounts receivable within one year | 40/41 | €1,671 | €864 | -€807 | -48.3% |
| Other amounts receivable | 41 | €1,671 | €864 | -€807 | -48.3% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €205,198 | €233,584 | +€28,386 | +13.8% |
| Deferred charges and accrued income | 490/1 | €96,862 | €112,429 | +€15,566 | +16.1% |
| Total equity and liabilities | 10/49 | €303,731 | €600,346 | +€296,614 | +97.7% |
| Equity | 10/15 | €230,710 | €510,182 | +€279,473 | +121% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €227,210 | €506,682 | +€279,473 | +123% |
| Distributable reserves | 133 | €227,210 | €506,682 | +€279,473 | +123% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €73,022 | €90,163 | +€17,142 | +23.5% |
| Amounts payable within one year | 42/48 | €73,022 | €90,096 | +€17,075 | +23.4% |
| Trade debts | 44 | €2,236 | €2,677 | +€441 | +19.7% |
| Suppliers | 440/4 | €2,236 | €2,677 | +€441 | +19.7% |
| Taxes, remuneration and social security | 45 | €70,226 | €87,420 | +€17,194 | +24.5% |
| Taxes | 450/3 | €70,226 | €87,420 | +€17,194 | +24.5% |
| Other amounts payable | 47/48 | €560 | €0 | -€560 | -100% |
| Accrued charges and deferred income | 492/3 | - | €67 | +€67 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,249 | €258 | -€2,991 | -92.0% |
| Other operating charges | 640/8 | - | €126 | +€126 | |
| Gross operating margin | 9900 | €302,006 | €367,735 | +€65,728 | +21.8% |
| Operating profit (loss) | 9901 | €298,757 | €367,350 | +€68,593 | +23.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €704 | €458 | -€246 | -34.9% |
| Recurring financial charges | 65 | €704 | €458 | -€246 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €298,053 | €366,892 | +€68,839 | +23.1% |
| Income taxes | 67/77 | €70,044 | €87,420 | +€17,376 | +24.8% |
| Profit (loss) for the period | 9904 | €228,010 | €279,473 | +€51,463 | +22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €228,010 | €279,473 | +€51,463 | +22.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.