DR. OLIVIA VANDEPUT: what changed
DR. OLIVIA VANDEPUT
Largest movements
- Receivables within one year +€27,535
up €27,535 (+110%), from €25,036 to €52,571
of which Other amounts receivable: +€23,129
- Cash -€23,148
down €23,148 (-21.3%), from €108,739 to €85,591
mainly Receivables within one year (-€27,535) and Debts after one year (-€22,044)
- Current investments +€18,500
new in 2025: €18,500
- Tangible fixed assets -€12,140
down €12,140 (-4.6%), from €262,787 to €250,647
of which Leasing and similar rights: -€10,027
- Deferred charges and accrued income +€8,402
up €8,402 (+346%), from €2,428 to €10,830
- Reserves +€47,324
up €47,324 (+18.4%), from €256,498 to €303,822
- Debts after one year -€22,044
down €22,044 (-23.4%), from €94,367 to €72,323
- Other debts -€6,149
no longer reported in 2025 (was €6,149)
- Gross operating margin -€20,979
down €20,979 (-16.7%), from €125,277 to €104,299
- Depreciation -€8,694
down €8,694 (-21.4%), from €40,618 to €31,924
- Taxes -€2,941
down €2,941 (-13.4%), from €21,983 to €19,043
- Financial charges -€2,552
down €2,552 (-43.3%), from €5,895 to €3,343
Change in the result, 31-03-2025 to 31-12-2025
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 31-03-2025 and 31-12-2025 balance sheets and the 31-12-2025 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 | 31-03-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €398,989 | €418,139 | +€19,150 | +4.8% |
| Fixed assets | 21/28 | €262,787 | €250,647 | -€12,140 | -4.6% |
| Tangible fixed assets | 22/27 | €262,787 | €250,647 | -€12,140 | -4.6% |
| Land and buildings | 22 | €67,627 | €63,550 | -€4,077 | -6.0% |
| Plant, machinery and equipment | 23 | €13,859 | €14,485 | +€626 | +4.5% |
| Furniture and vehicles | 24 | €20,459 | €18,293 | -€2,165 | -10.6% |
| Leasing and similar rights | 25 | €49,165 | €39,138 | -€10,027 | -20.4% |
| Other tangible fixed assets | 26 | €111,678 | €115,181 | +€3,503 | +3.1% |
| Current assets | 29/58 | €136,203 | €167,492 | +€31,290 | +23.0% |
| Amounts receivable within one year | 40/41 | €25,036 | €52,571 | +€27,535 | +110% |
| Trade receivables | 40 | €7,522 | €11,928 | +€4,406 | +58.6% |
| Other amounts receivable | 41 | €17,514 | €40,643 | +€23,129 | +132% |
| Current investments | 50/53 | - | €18,500 | +€18,500 | |
| Cash at bank and in hand | 54/58 | €108,739 | €85,591 | -€23,148 | -21.3% |
| Deferred charges and accrued income | 490/1 | €2,428 | €10,830 | +€8,402 | +346% |
| Total equity and liabilities | 10/49 | €398,989 | €418,139 | +€19,150 | +4.8% |
| Equity | 10/15 | €256,498 | €303,822 | +€47,324 | +18.4% |
| Reserves | 13 | €256,498 | €303,822 | +€47,324 | +18.4% |
| Distributable reserves | 133 | €256,498 | €303,822 | +€47,324 | +18.4% |
| Amounts payable | 17/49 | €142,491 | €114,317 | -€28,174 | -19.8% |
| Amounts payable after more than one year | 17 | €94,367 | €72,323 | -€22,044 | -23.4% |
| Financial debts | 170/4 | €94,367 | €72,323 | -€22,044 | -23.4% |
| Amounts payable within one year | 42/48 | €48,124 | €41,995 | -€6,130 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €30,708 | €29,814 | -€894 | -2.9% |
| Trade debts | 44 | €597 | €2,884 | +€2,287 | +383% |
| Suppliers | 440/4 | €597 | €2,884 | +€2,287 | +383% |
| Taxes, remuneration and social security | 45 | €10,670 | €9,297 | -€1,373 | -12.9% |
| Taxes | 450/3 | €10,670 | €9,297 | -€1,373 | -12.9% |
| Other amounts payable | 47/48 | €6,149 | - | -€6,149 | |
| Remuneration, social security and pensions | 62 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,618 | €31,924 | -€8,694 | -21.4% |
| Other operating charges | 640/8 | €3,350 | €2,305 | -€1,046 | -31.2% |
| Gross operating margin | 9900 | €125,277 | €104,299 | -€20,979 | -16.7% |
| Operating profit (loss) | 9901 | €81,309 | €69,670 | -€11,639 | -14.3% |
| Financial income | 75/76B | - | €39 | +€39 | |
| Recurring financial income | 75 | - | €39 | +€39 | |
| Financial charges | 65/66B | €5,895 | €3,343 | -€2,552 | -43.3% |
| Recurring financial charges | 65 | €5,895 | €3,343 | -€2,552 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | €75,415 | €66,366 | -€9,048 | -12.0% |
| Income taxes | 67/77 | €21,983 | €19,043 | -€2,941 | -13.4% |
| Profit (loss) for the period | 9904 | €53,431 | €47,324 | -€6,108 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €53,431 | €47,324 | -€6,108 | -11.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.