Dr. Nino Van der 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. Nino Van der Loo
Largest movements
- Current investments +€102,400
up €102,400 (+589%), from €17,388 to €119,788
- Receivables within one year -€31,075
down €31,075 (-97.3%), from €31,940 to €865
- Cash -€28,031
down €28,031 (-28.4%), from €98,546 to €70,515
mainly Contributions, distributions and other (-€188,824) and Current investments (-€102,400)
- Other debts +€58,824
new in 2025: €58,824
- Profit (loss) carried forward -€15,305
down €15,305 (-8.0%), from €190,958 to €175,653
- Gross operating margin +€39,812
up €39,812 (+20.7%), from €192,713 to €232,524
- Taxes +€9,684
up €9,684 (+22.7%), from €42,721 to €52,405
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 | €210,070 | €253,132 | +€43,062 | +20.5% |
| Fixed assets | 21/28 | €26,725 | €28,716 | +€1,992 | +7.5% |
| Tangible fixed assets | 22/27 | €26,725 | €28,716 | +€1,992 | +7.5% |
| Land and buildings | 22 | - | €5,195 | +€5,195 | |
| Plant, machinery and equipment | 23 | €21,059 | €20,466 | -€593 | -2.8% |
| Furniture and vehicles | 24 | €5,666 | €3,056 | -€2,610 | -46.1% |
| Current assets | 29/58 | €183,345 | €224,416 | +€41,070 | +22.4% |
| Amounts receivable within one year | 40/41 | €31,940 | €865 | -€31,075 | -97.3% |
| Other amounts receivable | 41 | €31,940 | €865 | -€31,075 | -97.3% |
| Current investments | 50/53 | €17,388 | €119,788 | +€102,400 | +589% |
| Cash at bank and in hand | 54/58 | €98,546 | €70,515 | -€28,031 | -28.4% |
| Deferred charges and accrued income | 490/1 | €35,472 | €33,248 | -€2,224 | -6.3% |
| Total equity and liabilities | 10/49 | €210,070 | €253,132 | +€43,062 | +20.5% |
| Equity | 10/15 | €195,958 | €180,653 | -€15,305 | -7.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €190,958 | €175,653 | -€15,305 | -8.0% |
| Amounts payable | 17/49 | €14,112 | €72,479 | +€58,367 | +414% |
| Amounts payable within one year | 42/48 | €14,112 | €72,479 | +€58,367 | +414% |
| Taxes, remuneration and social security | 45 | €14,112 | €13,656 | -€456 | -3.2% |
| Taxes | 450/3 | €14,112 | €13,656 | -€456 | -3.2% |
| Other amounts payable | 47/48 | - | €58,824 | +€58,824 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,856 | €5,908 | +€1,053 | +21.7% |
| Other operating charges | 640/8 | €512 | €1,474 | +€962 | +188% |
| Gross operating margin | 9900 | €192,713 | €232,524 | +€39,812 | +20.7% |
| Operating profit (loss) | 9901 | €187,345 | €225,142 | +€37,797 | +20.2% |
| Financial income | 75/76B | €153 | €886 | +€733 | +478% |
| Recurring financial income | 75 | €153 | €886 | +€733 | +478% |
| Financial charges | 65/66B | €104 | €105 | +€2 | +1.4% |
| Recurring financial charges | 65 | €104 | €105 | +€2 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €187,395 | €225,923 | +€38,528 | +20.6% |
| Income taxes | 67/77 | €42,721 | €52,405 | +€9,684 | +22.7% |
| Profit (loss) for the period | 9904 | €144,674 | €173,518 | +€28,844 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €144,674 | €173,518 | +€28,844 | +19.9% |
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 1 November 2026 via checked.be.