Dr. P. Vande Putte: 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. P. Vande Putte
Largest movements
- Receivables within one year -€163,975
down €163,975 (-84.1%), from €194,996 to €31,021
of which Other amounts receivable: -€99,676
- Cash -€35,510
down €35,510 (-50.7%), from €70,062 to €34,553
mainly Contributions, distributions and other (-€386,851) and Investment in fixed assets (net) (-€24,861)
- Intangible fixed assets -€35,000
down €35,000 (-16.7%), from €210,000 to €175,000
- Tangible fixed assets +€12,417
up €12,417 (+13.3%), from €93,345 to €105,761
of which Other tangible fixed assets: +€14,182
- Reserves -€321,832
down €321,832 (-72.2%), from €445,791 to €123,959
of which Distributable reserves: -€262,892
- Other debts +€133,928
new in 2025: €133,928
- Debts after one year -€21,894
down €21,894 (-100%), from €21,894 to €0
- Current portion of long-term debt -€20,596
down €20,596 (-48.5%), from €42,489 to €21,894
- Tax, wage and social debts +€9,285
up €9,285 (+18.3%), from €50,656 to €59,941
of which Taxes: +€9,285
- Gross operating margin -€51,505
down €51,505 (-27.2%), from €189,638 to €138,133
- Taxes -€12,683
down €12,683 (-35.9%), from €35,378 to €22,694
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 | €569,408 | €348,336 | -€221,072 | -38.8% |
| Fixed assets | 21/28 | €303,345 | €281,961 | -€21,383 | -7.0% |
| Intangible fixed assets | 21 | €210,000 | €175,000 | -€35,000 | -16.7% |
| Tangible fixed assets | 22/27 | €93,345 | €105,761 | +€12,417 | +13.3% |
| Land and buildings | 22 | €11,466 | €10,086 | -€1,380 | -12.0% |
| Plant, machinery and equipment | 23 | €1,138 | €726 | -€412 | -36.2% |
| Furniture and vehicles | 24 | €12,543 | €12,569 | +€27 | +0.2% |
| Other tangible fixed assets | 26 | €68,199 | €82,380 | +€14,182 | +20.8% |
| Financial fixed assets | 28 | - | €1,200 | +€1,200 | |
| Current assets | 29/58 | €266,063 | €66,374 | -€199,689 | -75.1% |
| Amounts receivable within one year | 40/41 | €194,996 | €31,021 | -€163,975 | -84.1% |
| Trade receivables | 40 | €95,320 | €31,021 | -€64,299 | -67.5% |
| Other amounts receivable | 41 | €99,676 | €0 | -€99,676 | -100% |
| Cash at bank and in hand | 54/58 | €70,062 | €34,553 | -€35,510 | -50.7% |
| Deferred charges and accrued income | 490/1 | €1,005 | €801 | -€204 | -20.3% |
| Total equity and liabilities | 10/49 | €569,408 | €348,336 | -€221,072 | -38.8% |
| Equity | 10/15 | €450,791 | €128,959 | -€321,832 | -71.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €445,791 | €123,959 | -€321,832 | -72.2% |
| Tax-exempt reserves | 132 | €58,940 | €0 | -€58,940 | -100% |
| Distributable reserves | 133 | €386,851 | €123,959 | -€262,892 | -68.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €118,617 | €219,377 | +€100,760 | +84.9% |
| Amounts payable after more than one year | 17 | €21,894 | €0 | -€21,894 | -100% |
| Financial debts | 170/4 | €21,894 | €0 | -€21,894 | -100% |
| Amounts payable within one year | 42/48 | €96,723 | €219,377 | +€122,654 | +127% |
| Current portion of amounts payable after more than one year | 42 | €42,489 | €21,894 | -€20,596 | -48.5% |
| Trade debts | 44 | €3,578 | €3,613 | +€36 | +1.0% |
| Suppliers | 440/4 | €3,578 | €3,613 | +€36 | +1.0% |
| Taxes, remuneration and social security | 45 | €50,656 | €59,941 | +€9,285 | +18.3% |
| Taxes | 450/3 | €50,656 | €59,941 | +€9,285 | +18.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €133,928 | +€133,928 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,128 | €46,245 | +€1,117 | +2.5% |
| Other operating charges | 640/8 | €1,426 | €1,879 | +€453 | +31.8% |
| Gross operating margin | 9900 | €189,638 | €138,133 | -€51,505 | -27.2% |
| Operating profit (loss) | 9901 | €143,083 | €90,009 | -€53,074 | -37.1% |
| Financial income | 75/76B | €970 | €0 | -€970 | -100.0% |
| Recurring financial income | 75 | €970 | €0 | -€970 | -100.0% |
| Financial charges | 65/66B | €3,966 | €2,296 | -€1,670 | -42.1% |
| Recurring financial charges | 65 | €3,966 | €2,296 | -€1,670 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €140,087 | €87,713 | -€52,374 | -37.4% |
| Income taxes | 67/77 | €35,378 | €22,694 | -€12,683 | -35.9% |
| Profit (loss) for the period | 9904 | €104,710 | €65,019 | -€39,691 | -37.9% |
| Transfer from tax-exempt reserves | 789 | - | €58,940 | +€58,940 | |
| Profit (loss) for the period to be appropriated | 9905 | €104,710 | €123,959 | +€19,249 | +18.4% |
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 19 October 2026 via checked.be.