DR. NEIL RAYYAN: 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. NEIL RAYYAN
Largest movements
- Current investments +€40,000
up €40,000 (+40.0%), from €100,000 to €140,000
- Cash -€13,230
down €13,230 (-55.1%), from €24,031 to €10,801
mainly Contributions, distributions and other (-€172,039) and Current investments (-€40,000)
- Tangible fixed assets -€8,373
down €8,373 (-56.3%), from €14,863 to €6,490
of which Furniture and vehicles: -€7,921
- Deferred charges and accrued income +€3,451
up €3,451 (+10.9%), from €31,764 to €35,214
- Other debts +€32,795
up €32,795 (+25.6%), from €128,038 to €160,833
- Profit (loss) carried forward -€15,242
down €15,242 (-100%), from €15,242 to €0
- Tax, wage and social debts +€3,761
up €3,761 (+17.4%), from €21,568 to €25,329
- Gross operating margin +€18,790
up €18,790 (+9.8%), from €191,956 to €210,746
- Taxes +€3,436
up €3,436 (+8.0%), from €42,862 to €46,298
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 | €170,657 | €192,505 | +€21,848 | +12.8% |
| Fixed assets | 21/28 | €14,863 | €6,490 | -€8,373 | -56.3% |
| Tangible fixed assets | 22/27 | €14,863 | €6,490 | -€8,373 | -56.3% |
| Furniture and vehicles | 24 | €13,833 | €5,913 | -€7,921 | -57.3% |
| Other tangible fixed assets | 26 | €1,029 | €577 | -€452 | -43.9% |
| Current assets | 29/58 | €155,794 | €186,015 | +€30,221 | +19.4% |
| Current investments | 50/53 | €100,000 | €140,000 | +€40,000 | +40.0% |
| Cash at bank and in hand | 54/58 | €24,031 | €10,801 | -€13,230 | -55.1% |
| Deferred charges and accrued income | 490/1 | €31,764 | €35,214 | +€3,451 | +10.9% |
| Total equity and liabilities | 10/49 | €170,657 | €192,505 | +€21,848 | +12.8% |
| Equity | 10/15 | €18,242 | €3,000 | -€15,242 | -83.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,242 | €0 | -€15,242 | -100% |
| Amounts payable | 17/49 | €152,415 | €189,505 | +€37,090 | +24.3% |
| Amounts payable within one year | 42/48 | €152,415 | €189,505 | +€37,090 | +24.3% |
| Trade debts | 44 | €2,810 | €3,343 | +€533 | +19.0% |
| Suppliers | 440/4 | €2,810 | €3,343 | +€533 | +19.0% |
| Taxes, remuneration and social security | 45 | €21,568 | €25,329 | +€3,761 | +17.4% |
| Taxes | 450/3 | €21,568 | €25,329 | +€3,761 | +17.4% |
| Other amounts payable | 47/48 | €128,038 | €160,833 | +€32,795 | +25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,017 | €8,373 | -€644 | -7.1% |
| Other operating charges | 640/8 | €619 | €597 | -€23 | -3.7% |
| Gross operating margin | 9900 | €191,956 | €210,746 | +€18,790 | +9.8% |
| Operating profit (loss) | 9901 | €182,320 | €201,777 | +€19,457 | +10.7% |
| Financial income | 75/76B | €831 | €1,791 | +€960 | +115% |
| Recurring financial income | 75 | €831 | €1,791 | +€960 | +115% |
| Financial charges | 65/66B | €48 | €471 | +€423 | +882% |
| Recurring financial charges | 65 | €48 | €471 | +€423 | +882% |
| Profit (loss) for the period before taxes | 9903 | €183,103 | €203,096 | +€19,993 | +10.9% |
| Income taxes | 67/77 | €42,862 | €46,298 | +€3,436 | +8.0% |
| Profit (loss) for the period | 9904 | €140,242 | €156,798 | +€16,556 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €140,242 | €156,798 | +€16,556 | +11.8% |
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 24 October 2026 via checked.be.