DR. MAYKEN GORISSEN: 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. MAYKEN GORISSEN
Largest movements
- Cash +€225,805
up €225,805 (+135%), from €166,671 to €392,476
mainly Net result for the year (+€305,808) and Debts after one year (+€175,000)
- Current investments +€87,885
up €87,885 (+5.0%), from €1.7m to €1.8m
- Debts after one year +€175,000
up €175,000 (+54.7%), from €320,000 to €495,000
- Reserves +€102,226
up €102,226 (+6.6%), from €1.5m to €1.7m
of which Distributable reserves: +€102,226
- Financial income +€34,797
up €34,797 (+97.3%), from €35,773 to €70,569
- Financial charges +€25,982
up €25,982 (+121%), from €21,430 to €47,412
- Gross operating margin -€17,057
down €17,057 (-3.8%), from €447,917 to €430,861
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 | €2,017,979 | €2,328,135 | +€310,156 | +15.4% |
| Fixed assets | 21/28 | €15,475 | €18,718 | +€3,243 | +21.0% |
| Tangible fixed assets | 22/27 | €15,475 | €18,718 | +€3,243 | +21.0% |
| Plant, machinery and equipment | 23 | €11,765 | €10,836 | -€929 | -7.9% |
| Furniture and vehicles | 24 | €3,710 | €7,882 | +€4,172 | +112% |
| Current assets | 29/58 | €2,002,504 | €2,309,417 | +€306,913 | +15.3% |
| Amounts receivable within one year | 40/41 | €87,294 | €82,356 | -€4,939 | -5.7% |
| Other amounts receivable | 41 | €87,294 | €82,356 | -€4,939 | -5.7% |
| Current investments | 50/53 | €1,746,701 | €1,834,586 | +€87,885 | +5.0% |
| Cash at bank and in hand | 54/58 | €166,671 | €392,476 | +€225,805 | +135% |
| Deferred charges and accrued income | 490/1 | €1,838 | €0 | -€1,838 | -100% |
| Total equity and liabilities | 10/49 | €2,017,979 | €2,328,135 | +€310,156 | +15.4% |
| Equity | 10/15 | €1,629,799 | €1,732,025 | +€102,226 | +6.3% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €1,549,799 | €1,652,025 | +€102,226 | +6.6% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,000 | €8,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,374 | €15,374 | = | 0.0% |
| Distributable reserves | 133 | €1,526,425 | €1,628,651 | +€102,226 | +6.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €388,180 | €596,110 | +€207,930 | +53.6% |
| Amounts payable after more than one year | 17 | €320,000 | €495,000 | +€175,000 | +54.7% |
| Financial debts | 170/4 | €320,000 | €495,000 | +€175,000 | +54.7% |
| Amounts payable within one year | 42/48 | €47,810 | €69,544 | +€21,733 | +45.5% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €41,095 | €63,504 | +€22,409 | +54.5% |
| Taxes | 450/3 | €41,095 | €63,504 | +€22,409 | +54.5% |
| Other amounts payable | 47/48 | €6,716 | €6,039 | -€676 | -10.1% |
| Accrued charges and deferred income | 492/3 | €20,369 | €31,566 | +€11,197 | +55.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,638 | €3,438 | +€800 | +30.3% |
| Other operating charges | 640/8 | €1,217 | €1,191 | -€25 | -2.1% |
| Gross operating margin | 9900 | €447,917 | €430,861 | -€17,057 | -3.8% |
| Operating profit (loss) | 9901 | €444,063 | €426,231 | -€17,832 | -4.0% |
| Financial income | 75/76B | €35,773 | €70,569 | +€34,797 | +97.3% |
| Recurring financial income | 75 | €35,773 | €70,569 | +€34,797 | +97.3% |
| Financial charges | 65/66B | €21,430 | €47,412 | +€25,982 | +121% |
| Recurring financial charges | 65 | €21,430 | €47,412 | +€25,982 | +121% |
| Profit (loss) for the period before taxes | 9903 | €458,405 | €449,388 | -€9,017 | -2.0% |
| Income taxes | 67/77 | €147,227 | €143,580 | -€3,646 | -2.5% |
| Profit (loss) for the period | 9904 | €311,178 | €305,808 | -€5,370 | -1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €311,178 | €305,808 | -€5,370 | -1.7% |
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 31 October 2026 via checked.be.