Dr. Noorman van der Dussen: 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. Noorman van der Dussen
Largest movements
- Current investments +€74,693
up €74,693 (+22.8%), from €327,304 to €401,997
- Receivables within one year +€61,438
new in 2025: €61,438
- Cash -€56,732
down €56,732 (-9.1%), from €621,371 to €564,639
mainly Other debts (-€105,132) and Current investments (-€74,693)
- Reserves +€145,116
up €145,116 (+8.9%), from €1.6m to €1.8m
of which Distributable reserves: +€281,975
- Other debts -€105,132
no longer reported in 2025 (was €105,132)
- Tax, wage and social debts +€21,977
up €21,977 (+132%), from €16,602 to €38,579
- Gross operating margin -€173,299
down €173,299 (-54.9%), from €315,802 to €142,502
- Financial income +€78,550
up €78,550 (+3,624%), from €2,168 to €80,718
- Taxes -€27,913
down €27,913 (-27.4%), from €102,031 to €74,118
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 | €1,762,774 | €1,837,798 | +€75,024 | +4.3% |
| Fixed assets | 21/28 | €807,449 | €805,579 | -€1,871 | -0.2% |
| Tangible fixed assets | 22/27 | €807,449 | €805,579 | -€1,871 | -0.2% |
| Land and buildings | 22 | €51,082 | €51,082 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,642 | €2,009 | -€1,633 | -44.8% |
| Furniture and vehicles | 24 | €752,405 | €752,405 | = | 0.0% |
| Other tangible fixed assets | 26 | €320 | €82 | -€238 | -74.3% |
| Current assets | 29/58 | €955,325 | €1,032,220 | +€76,895 | +8.0% |
| Amounts receivable within one year | 40/41 | - | €61,438 | +€61,438 | |
| Other amounts receivable | 41 | - | €61,438 | +€61,438 | |
| Current investments | 50/53 | €327,304 | €401,997 | +€74,693 | +22.8% |
| Cash at bank and in hand | 54/58 | €621,371 | €564,639 | -€56,732 | -9.1% |
| Deferred charges and accrued income | 490/1 | €6,650 | €4,147 | -€2,504 | -37.6% |
| Total equity and liabilities | 10/49 | €1,762,774 | €1,837,798 | +€75,024 | +4.3% |
| Equity | 10/15 | €1,634,535 | €1,779,651 | +€145,116 | +8.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,626,111 | €1,771,227 | +€145,116 | +8.9% |
| Non-distributable reserves | 130/1 | €136,859 | - | -€136,859 | |
| Reserves not available under the articles | 1311 | €136,859 | - | -€136,859 | |
| Distributable reserves | 133 | €1,489,252 | €1,771,227 | +€281,975 | +18.9% |
| Profit (loss) carried forward | 14 | €2,224 | €2,224 | = | 0.0% |
| Amounts payable | 17/49 | €128,239 | €58,148 | -€70,092 | -54.7% |
| Amounts payable within one year | 42/48 | €128,239 | €46,468 | -€81,772 | -63.8% |
| Trade debts | 44 | €6,505 | €7,889 | +€1,383 | +21.3% |
| Suppliers | 440/4 | €6,505 | €7,889 | +€1,383 | +21.3% |
| Taxes, remuneration and social security | 45 | €16,602 | €38,579 | +€21,977 | +132% |
| Taxes | 450/3 | €16,602 | €38,579 | +€21,977 | +132% |
| Other amounts payable | 47/48 | €105,132 | - | -€105,132 | |
| Accrued charges and deferred income | 492/3 | - | €11,680 | +€11,680 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,871 | €1,871 | = | 0.0% |
| Other operating charges | 640/8 | €1,607 | €1,755 | +€149 | +9.3% |
| Gross operating margin | 9900 | €315,802 | €142,502 | -€173,299 | -54.9% |
| Operating profit (loss) | 9901 | €312,324 | €138,876 | -€173,448 | -55.5% |
| Financial income | 75/76B | €2,168 | €80,718 | +€78,550 | +3,624% |
| Recurring financial income | 75 | €2,168 | €80,718 | +€78,550 | +3,624% |
| Financial charges | 65/66B | €558 | €360 | -€198 | -35.5% |
| Recurring financial charges | 65 | €558 | €360 | -€198 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €313,933 | €219,234 | -€94,700 | -30.2% |
| Income taxes | 67/77 | €102,031 | €74,118 | -€27,913 | -27.4% |
| Profit (loss) for the period | 9904 | €211,902 | €145,116 | -€66,787 | -31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €211,902 | €145,116 | -€66,787 | -31.5% |
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 27 October 2026 via checked.be.