DR. MICHEL BOTTU: what changed
DR. MICHEL BOTTU
Largest movements
- Current investments +€59,663
up €59,663 (+21.6%), from €276,520 to €336,183
- Tangible fixed assets -€19,590
down €19,590 (-24.0%), from €81,498 to €61,908
of which Furniture and vehicles: -€18,026
- Reserves +€111,195
up €111,195 (+16.2%), from €686,455 to €797,650
of which Distributable reserves: +€109,317
- Other debts -€63,132
down €63,132 (-72.9%), from €86,577 to €23,446
- Tax, wage and social debts -€13,798
no longer reported in 2025 (was €13,798)
- Gross operating margin +€16,487
up €16,487 (+10.2%), from €161,189 to €177,676
- Taxes +€9,046
up €9,046 (+22.7%), from €39,820 to €48,866
- Financial charges +€8,368
up €8,368, from -€7,176 to €1,192
- Depreciation -€6,245
down €6,245 (-22.4%), from €27,857 to €21,612
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 | €807,573 | €841,753 | +€34,180 | +4.2% |
| Fixed assets | 21/28 | €81,498 | €61,908 | -€19,590 | -24.0% |
| Tangible fixed assets | 22/27 | €81,498 | €61,908 | -€19,590 | -24.0% |
| Land and buildings | 22 | €16,732 | €13,867 | -€2,865 | -17.1% |
| Plant, machinery and equipment | 23 | €2,852 | €4,153 | +€1,301 | +45.6% |
| Furniture and vehicles | 24 | €61,915 | €43,888 | -€18,026 | -29.1% |
| Current assets | 29/58 | €726,075 | €779,845 | +€53,770 | +7.4% |
| Amounts receivable within one year | 40/41 | €22,586 | €20,197 | -€2,389 | -10.6% |
| Other amounts receivable | 41 | €22,586 | €20,197 | -€2,389 | -10.6% |
| Current investments | 50/53 | €276,520 | €336,183 | +€59,663 | +21.6% |
| Cash at bank and in hand | 54/58 | €426,969 | €423,464 | -€3,505 | -0.8% |
| Total equity and liabilities | 10/49 | €807,573 | €841,753 | +€34,180 | +4.2% |
| Equity | 10/15 | €705,055 | €816,250 | +€111,195 | +15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €686,455 | €797,650 | +€111,195 | +16.2% |
| Non-distributable reserves | 130/1 | - | €1,878 | +€1,878 | |
| Legal reserve | 130 | - | €1,878 | +€1,878 | |
| Distributable reserves | 133 | €686,455 | €795,773 | +€109,317 | +15.9% |
| Amounts payable | 17/49 | €102,518 | €25,502 | -€77,015 | -75.1% |
| Amounts payable within one year | 42/48 | €102,518 | €25,502 | -€77,015 | -75.1% |
| Trade debts | 44 | €2,142 | €2,057 | -€86 | -4.0% |
| Suppliers | 440/4 | €2,142 | €2,057 | -€86 | -4.0% |
| Taxes, remuneration and social security | 45 | €13,798 | - | -€13,798 | |
| Taxes | 450/3 | €13,798 | - | -€13,798 | |
| Other amounts payable | 47/48 | €86,577 | €23,446 | -€63,132 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,857 | €21,612 | -€6,245 | -22.4% |
| Other operating charges | 640/8 | €2,028 | €1,464 | -€563 | -27.8% |
| Gross operating margin | 9900 | €161,189 | €177,676 | +€16,487 | +10.2% |
| Operating profit (loss) | 9901 | €131,305 | €154,600 | +€23,295 | +17.7% |
| Financial income | 75/76B | €6,350 | €6,654 | +€304 | +4.8% |
| Recurring financial income | 75 | €6,350 | €6,654 | +€304 | +4.8% |
| Financial charges | 65/66B | -€7,176 | €1,192 | +€8,368 | |
| Recurring financial charges | 65 | -€7,176 | €1,192 | +€8,368 | |
| Profit (loss) for the period before taxes | 9903 | €144,831 | €160,061 | +€15,230 | +10.5% |
| Income taxes | 67/77 | €39,820 | €48,866 | +€9,046 | +22.7% |
| Profit (loss) for the period | 9904 | €105,011 | €111,195 | +€6,184 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €105,011 | €111,195 | +€6,184 | +5.9% |
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 4 November 2026 via checked.be.