DR. MICHEL VAN LOO: 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. MICHEL VAN LOO
Largest movements
- Current investments +€1.1m
up €1.1m (+494%), from €225,125 to €1.3m
- Cash -€400,105
down €400,105 (-53.2%), from €752,274 to €352,169
mainly Current investments (-€1.1m) and Contributions, distributions and other (-€70,037)
- Tangible fixed assets -€151,857
down €151,857 (-19.5%), from €779,583 to €627,726
of which Land and buildings: -€104,806
- Deferred charges and accrued income +€39,345
up €39,345 (+443%), from €8,888 to €48,233
- Reserves +€595,789
up €595,789 (+34.4%), from €1.7m to €2.3m
of which Distributable reserves: +€406,339
- Other debts +€44,835
up €44,835 (+27,249%), from €165 to €45,000
- Debts after one year -€42,023
down €42,023 (-23.6%), from €178,169 to €136,146
of which Financial debts: -€46,463
- Current portion of long-term debt -€29,071
down €29,071 (-38.5%), from €75,534 to €46,463
- Gross operating margin +€192,942
up €192,942 (+18.9%), from €1.0m to €1.2m
- Taxes +€69,128
up €69,128 (+32.3%), from €213,948 to €283,076
- Write-downs -€61,341
down €61,341, from €60,189 to -€1,152
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 | €2,094,782 | €2,693,467 | +€598,685 | +28.6% |
| Fixed assets | 21/28 | €779,583 | €627,726 | -€151,857 | -19.5% |
| Tangible fixed assets | 22/27 | €779,583 | €627,726 | -€151,857 | -19.5% |
| Land and buildings | 22 | €622,689 | €517,883 | -€104,806 | -16.8% |
| Plant, machinery and equipment | 23 | €9,095 | €5,379 | -€3,717 | -40.9% |
| Furniture and vehicles | 24 | €147,798 | €104,464 | -€43,333 | -29.3% |
| Current assets | 29/58 | €1,315,200 | €2,065,741 | +€750,541 | +57.1% |
| Amounts receivable after more than one year | 29 | €82,000 | €82,000 | = | 0.0% |
| Other amounts receivable | 291 | €82,000 | €82,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €246,913 | €246,144 | -€770 | -0.3% |
| Trade receivables | 40 | €201,240 | €190,437 | -€10,804 | -5.4% |
| Other amounts receivable | 41 | €45,673 | €55,707 | +€10,034 | +22.0% |
| Current investments | 50/53 | €225,125 | €1,337,196 | +€1.1m | +494% |
| Cash at bank and in hand | 54/58 | €752,274 | €352,169 | -€400,105 | -53.2% |
| Deferred charges and accrued income | 490/1 | €8,888 | €48,233 | +€39,345 | +443% |
| Total equity and liabilities | 10/49 | €2,094,782 | €2,693,467 | +€598,685 | +28.6% |
| Equity | 10/15 | €1,746,928 | €2,342,717 | +€595,789 | +34.1% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €1,732,668 | €2,328,457 | +€595,789 | +34.4% |
| Tax-exempt reserves | 132 | €126,300 | €315,750 | +€189,450 | +150% |
| Distributable reserves | 133 | €1,606,368 | €2,012,707 | +€406,339 | +25.3% |
| Amounts payable | 17/49 | €347,854 | €350,750 | +€2,895 | +0.8% |
| Amounts payable after more than one year | 17 | €178,169 | €136,146 | -€42,023 | -23.6% |
| Financial debts | 170/4 | €174,801 | €128,338 | -€46,463 | -26.6% |
| Other amounts payable | 178/9 | €3,368 | €7,808 | +€4,440 | +132% |
| Amounts payable within one year | 42/48 | €169,685 | €205,112 | +€35,427 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €75,534 | €46,463 | -€29,071 | -38.5% |
| Trade debts | 44 | €2,240 | €15,152 | +€12,913 | +576% |
| Suppliers | 440/4 | €2,240 | €15,152 | +€12,913 | +576% |
| Taxes, remuneration and social security | 45 | €91,746 | €98,497 | +€6,751 | +7.4% |
| Taxes | 450/3 | €77,734 | €84,061 | +€6,327 | +8.1% |
| Remuneration and social security | 454/9 | €14,012 | €14,436 | +€424 | +3.0% |
| Other amounts payable | 47/48 | €165 | €45,000 | +€44,835 | +27,249% |
| Accrued charges and deferred income | 492/3 | - | €9,491 | +€9,491 | |
| Remuneration, social security and pensions | 62 | €118,053 | €111,571 | -€6,482 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,369 | €159,437 | -€1,932 | -1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €60,189 | -€1,152 | -€61,341 | |
| Other operating charges | 640/8 | €13,664 | €16,290 | +€2,627 | +19.2% |
| Non-recurring operating charges | 66A | - | €901 | +€901 | |
| Gross operating margin | 9900 | €1,019,546 | €1,212,488 | +€192,942 | +18.9% |
| Operating profit (loss) | 9901 | €666,272 | €925,442 | +€259,169 | +38.9% |
| Financial income | 75/76B | €20,555 | €30,976 | +€10,421 | +50.7% |
| Recurring financial income | 75 | €20,555 | €30,976 | +€10,421 | +50.7% |
| Financial charges | 65/66B | €7,874 | €7,515 | -€358 | -4.6% |
| Recurring financial charges | 65 | €7,874 | €7,515 | -€358 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €678,953 | €948,902 | +€269,949 | +39.8% |
| Income taxes | 67/77 | €213,948 | €283,076 | +€69,128 | +32.3% |
| Profit (loss) for the period | 9904 | €465,005 | €665,826 | +€200,821 | +43.2% |
| Transfer to tax-exempt reserves | 689 | - | €189,450 | +€189,450 | |
| Profit (loss) for the period to be appropriated | 9905 | €465,005 | €476,376 | +€11,371 | +2.4% |
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 18 October 2026 via checked.be.