Dr. P. Staels: what changed
Two fiscal 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. P. Staels
Largest movements
- Tangible fixed assets -€34,066
down €34,066 (-12.1%), from €281,339 to €247,273
- Receivables within one year -€5,587
down €5,587 (-7.0%), from €79,305 to €73,718
of which Trade receivables: -€12,291
- Other debts +€73,119
up €73,119 (+432.2%), from €16,918 to €90,037
- Reserves -€70,709
down €70,709 (-41.0%), from €172,500 to €101,791
of which Distributable reserves: -€70,709
- Trade debts -€19,911
down €19,911 (-90.7%), from €21,949 to €2,038
- Current portion of long-term debt -€17,772
down €17,772 (-51.3%), from €34,619 to €16,847
- Debts after one year -€13,262
down €13,262 (-47.4%), from €27,959 to €14,697
- Gross operating margin +€17,664
up €17,664 (+28.5%), from €61,985 to €79,648
- Taxes +€11,828
up €11,828 (+195.6%), from €6,048 to €17,877
- Other operating charges -€1,569
down €1,569 (-30.8%), from €5,095 to €3,526
- Financial charges -€1,546
down €1,546 (-18.5%), from €8,361 to €6,815
- Financial income +€978
up €978 (+99.3%), from €985 to €1,963
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.
Cash bridge derived
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 | €380,347 | €337,057 | -€43,291 | -11.4% |
| Fixed assets | 21/28 | €282,839 | €248,773 | -€34,066 | -12.0% |
| Tangible fixed assets | 22/27 | €281,339 | €247,273 | -€34,066 | -12.1% |
| Land and buildings | 22 | €195,612 | €186,761 | -€8,851 | -4.5% |
| Plant, machinery and equipment | 23 | €27,010 | €17,345 | -€9,665 | -35.8% |
| Furniture and vehicles | 24 | €7,802 | €6,002 | -€1,800 | -23.1% |
| Leasing and similar rights | 25 | €7,841 | €3,920 | -€3,920 | -50.0% |
| Other tangible fixed assets | 26 | €43,074 | €33,245 | -€9,830 | -22.8% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €97,508 | €88,283 | -€9,225 | -9.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €79,305 | €73,718 | -€5,587 | -7.0% |
| Trade receivables | 40 | €15,273 | €2,982 | -€12,291 | -80.5% |
| Other amounts receivable | 41 | €64,031 | €70,735 | +€6,704 | +10.5% |
| Current investments | 50/53 | €67 | €67 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,160 | €1,255 | -€1,905 | -60.3% |
| Deferred charges and accrued income | 490/1 | €14,977 | €13,244 | -€1,733 | -11.6% |
| Total equity and liabilities | 10/49 | €380,347 | €337,057 | -€43,291 | -11.4% |
| Equity | 10/15 | €191,100 | €120,391 | -€70,709 | -37.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €172,500 | €101,791 | -€70,709 | -41.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €170,640 | €99,931 | -€70,709 | -41.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €189,247 | €216,665 | +€27,418 | +14.5% |
| Amounts payable after more than one year | 17 | €27,959 | €14,697 | -€13,262 | -47.4% |
| Financial debts | 170/4 | €27,959 | €14,697 | -€13,262 | -47.4% |
| Amounts payable within one year | 42/48 | €161,288 | €201,968 | +€40,680 | +25.2% |
| Current portion of amounts payable after more than one year | 42 | €34,619 | €16,847 | -€17,772 | -51.3% |
| Financial debts | 43 | €75,000 | €75,000 | = | 0.0% |
| Credit institutions | 430/8 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 44 | €21,949 | €2,038 | -€19,911 | -90.7% |
| Suppliers | 440/4 | €21,949 | €2,038 | -€19,911 | -90.7% |
| Taxes, remuneration and social security | 45 | €12,802 | €18,047 | +€5,245 | +41.0% |
| Taxes | 450/3 | €12,802 | €18,047 | +€5,245 | +41.0% |
| Other amounts payable | 47/48 | €16,918 | €90,037 | +€73,119 | +432.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,510 | €34,066 | -€444 | -1.3% |
| Other operating charges | 640/8 | €5,095 | €3,526 | -€1,569 | -30.8% |
| Gross operating margin | 9900 | €61,985 | €79,648 | +€17,664 | +28.5% |
| Operating profit (loss) | 9901 | €22,380 | €42,057 | +€19,677 | +87.9% |
| Financial income | 75/76B | €985 | €1,963 | +€978 | +99.3% |
| Recurring financial income | 75 | €985 | €1,963 | +€978 | +99.3% |
| Financial charges | 65/66B | €8,361 | €6,815 | -€1,546 | -18.5% |
| Recurring financial charges | 65 | €8,361 | €6,815 | -€1,546 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €15,004 | €37,205 | +€22,200 | +148.0% |
| Income taxes | 67/77 | €6,048 | €17,877 | +€11,828 | +195.6% |
| Profit (loss) for the period | 9904 | €8,956 | €19,328 | +€10,372 | +115.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,956 | €19,328 | +€10,372 | +115.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.