Dr. Matthias Desmet - Dr. Sofie Decock: what changed
Dr. Matthias Desmet - Dr. Sofie Decock
Largest movements
- Current investments +€390,853
up €390,853 (+26.9%), from €1.5m to €1.8m
- Tangible fixed assets -€322,057
down €322,057 (-96.9%), from €332,378 to €10,321
of which Land and buildings: -€315,075
- Cash -€45,858
down €45,858 (-24.7%), from €185,573 to €139,715
mainly Contributions, distributions and other (-€836,340) and Current investments (-€390,853)
- Receivables within one year -€26,871
down €26,871 (-98.2%), from €27,371 to €500
of which Other amounts receivable: -€27,371
- Other debts +€328,084
new in 2025: €328,084
- Reserves -€326,923
down €326,923 (-15.0%), from €2.2m to €1.9m
of which Distributable reserves: -€221,673
- Short-term financial debts -€33,826
down €33,826 (-100%), from €33,826 to €0
- Gross operating margin +€62,127
up €62,127 (+8.9%), from €697,847 to €759,974
- Taxes +€27,760
up €27,760 (+12.7%), from €219,306 to €247,066
- Financial charges +€19,479
up €19,479, from -€14,465 to €5,014
- Financial income -€9,692
down €9,692 (-33.1%), from €29,308 to €19,616
- Depreciation -€9,457
down €9,457 (-37.1%), from €25,513 to €16,056
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 | €2,291,241 | €2,281,932 | -€9,309 | -0.4% |
| Fixed assets | 21/28 | €332,378 | €10,321 | -€322,057 | -96.9% |
| Tangible fixed assets | 22/27 | €332,378 | €10,321 | -€322,057 | -96.9% |
| Land and buildings | 22 | €315,075 | €0 | -€315,075 | -100% |
| Plant, machinery and equipment | 23 | €45 | €0 | -€45 | -100% |
| Furniture and vehicles | 24 | €16,769 | €9,831 | -€6,937 | -41.4% |
| Other tangible fixed assets | 26 | €490 | €490 | = | 0.0% |
| Current assets | 29/58 | €1,958,863 | €2,271,611 | +€312,749 | +16.0% |
| Amounts receivable within one year | 40/41 | €27,371 | €500 | -€26,871 | -98.2% |
| Trade receivables | 40 | €0 | €500 | +€500 | |
| Other amounts receivable | 41 | €27,371 | €0 | -€27,371 | -100% |
| Current investments | 50/53 | €1,452,511 | €1,843,364 | +€390,853 | +26.9% |
| Cash at bank and in hand | 54/58 | €185,573 | €139,715 | -€45,858 | -24.7% |
| Deferred charges and accrued income | 490/1 | €293,407 | €288,032 | -€5,376 | -1.8% |
| Total equity and liabilities | 10/49 | €2,291,241 | €2,281,932 | -€9,309 | -0.4% |
| Equity | 10/15 | €2,190,490 | €1,863,567 | -€326,923 | -14.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,184,290 | €1,857,367 | -€326,923 | -15.0% |
| Tax-exempt reserves | 132 | €210,728 | €105,478 | -€105,250 | -49.9% |
| Distributable reserves | 133 | €1,973,562 | €1,751,889 | -€221,673 | -11.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €100,751 | €418,365 | +€317,614 | +315% |
| Amounts payable within one year | 42/48 | €92,377 | €407,889 | +€315,512 | +342% |
| Financial debts | 43 | €33,826 | €0 | -€33,826 | -100% |
| Credit institutions | 430/8 | €33,826 | €0 | -€33,826 | -100% |
| Trade debts | 44 | €6,101 | €11,112 | +€5,011 | +82.1% |
| Suppliers | 440/4 | €6,101 | €11,112 | +€5,011 | +82.1% |
| Taxes, remuneration and social security | 45 | €52,450 | €68,693 | +€16,243 | +31.0% |
| Taxes | 450/3 | €52,450 | €68,693 | +€16,243 | +31.0% |
| Other amounts payable | 47/48 | - | €328,084 | +€328,084 | |
| Accrued charges and deferred income | 492/3 | €8,374 | €10,476 | +€2,103 | +25.1% |
| Non-recurring operating income | 76A | - | €73,630 | +€73,630 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,513 | €16,056 | -€9,457 | -37.1% |
| Other operating charges | 640/8 | €2,193 | €2,037 | -€156 | -7.1% |
| Gross operating margin | 9900 | €697,847 | €759,974 | +€62,127 | +8.9% |
| Operating profit (loss) | 9901 | €670,141 | €741,881 | +€71,740 | +10.7% |
| Financial income | 75/76B | €29,308 | €19,616 | -€9,692 | -33.1% |
| Recurring financial income | 75 | €29,308 | €19,616 | -€9,692 | -33.1% |
| Financial charges | 65/66B | -€14,465 | €5,014 | +€19,479 | |
| Recurring financial charges | 65 | -€14,465 | €5,014 | +€19,479 | |
| Profit (loss) for the period before taxes | 9903 | €713,913 | €756,483 | +€42,569 | +6.0% |
| Income taxes | 67/77 | €219,306 | €247,066 | +€27,760 | +12.7% |
| Profit (loss) for the period | 9904 | €494,607 | €509,417 | +€14,810 | +3.0% |
| Transfer from tax-exempt reserves | 789 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €494,607 | €614,667 | +€120,060 | +24.3% |
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 7 November 2026 via checked.be.