DR. PASCAL SCHROEIJERS: 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. PASCAL SCHROEIJERS
Largest movements
- Cash +€129,195
up €129,195 (+159.8%), from €80,829 to €210,023
mainly Depreciation (+€79,032) and Net result for the year (+€69,720)
- Tangible fixed assets -€79,032
down €79,032 (-8.1%), from €976,240 to €897,208
of which Land and buildings: -€75,925
- Deferred charges and accrued income -€20,027
down €20,027 (-26.7%), from €74,911 to €54,885
- Reserves +€69,720
up €69,720 (+7.1%), from €984,055 to €1.1m
of which Distributable reserves: +€69,720
- Current portion of long-term debt -€50,000
no longer reported in 2025 (was €50,000)
- Gross operating margin -€58,571
down €58,571 (-17.8%), from €328,435 to €269,864
- Financial charges -€44,545
down €44,545 (-39.5%), from €112,757 to €68,212
of which Non-recurring financial charges: -€107,148
- Provisions +€23,135
up €23,135, from -€13,109 to €10,026
- Taxes -€7,654
down €7,654 (-17.4%), from €44,099 to €36,445
- Depreciation -€7,259
down €7,259 (-8.4%), from €86,291 to €79,032
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 | €1,136,116 | €1,175,735 | +€39,619 | +3.5% |
| Fixed assets | 21/28 | €976,290 | €897,208 | -€79,082 | -8.1% |
| Tangible fixed assets | 22/27 | €976,240 | €897,208 | -€79,032 | -8.1% |
| Land and buildings | 22 | €971,632 | €895,708 | -€75,925 | -7.8% |
| Plant, machinery and equipment | 23 | €4,607 | €1,500 | -€3,107 | -67.4% |
| Financial fixed assets | 28 | €50 | - | -€50 | |
| Current assets | 29/58 | €159,827 | €278,527 | +€118,701 | +74.3% |
| Amounts receivable within one year | 40/41 | €4,086 | €13,619 | +€9,533 | +233.3% |
| Trade receivables | 40 | - | €8,001 | +€8,001 | |
| Other amounts receivable | 41 | €4,086 | €5,618 | +€1,532 | +37.5% |
| Cash at bank and in hand | 54/58 | €80,829 | €210,023 | +€129,195 | +159.8% |
| Deferred charges and accrued income | 490/1 | €74,911 | €54,885 | -€20,027 | -26.7% |
| Total equity and liabilities | 10/49 | €1,136,116 | €1,175,735 | +€39,619 | +3.5% |
| Equity | 10/15 | €996,455 | €1,066,175 | +€69,720 | +7.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €984,055 | €1,053,775 | +€69,720 | +7.1% |
| Tax-exempt reserves | 132 | €28,359 | €28,359 | = | 0.0% |
| Distributable reserves | 133 | €955,697 | €1,025,417 | +€69,720 | +7.3% |
| Provisions and deferred taxes | 16 | €68,796 | €78,822 | +€10,026 | +14.6% |
| Provisions for liabilities and charges | 160/5 | €68,796 | €78,822 | +€10,026 | +14.6% |
| Other liabilities and charges | 164/5 | €68,796 | €78,822 | +€10,026 | +14.6% |
| Amounts payable | 17/49 | €70,865 | €30,738 | -€40,127 | -56.6% |
| Amounts payable within one year | 42/48 | €70,865 | €30,738 | -€40,127 | -56.6% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | - | €7,634 | +€7,634 | |
| Suppliers | 440/4 | - | €7,634 | +€7,634 | |
| Taxes, remuneration and social security | 45 | €20,865 | €23,104 | +€2,239 | +10.7% |
| Taxes | 450/3 | €20,865 | €23,104 | +€2,239 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,291 | €79,032 | -€7,259 | -8.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€13,109 | €10,026 | +€23,135 | |
| Other operating charges | 640/8 | €10,303 | €7,044 | -€3,259 | -31.6% |
| Gross operating margin | 9900 | €328,435 | €269,864 | -€58,571 | -17.8% |
| Operating profit (loss) | 9901 | €244,950 | €173,761 | -€71,189 | -29.1% |
| Financial income | 75/76B | €118 | €616 | +€498 | +424.1% |
| Recurring financial income | 75 | €118 | €616 | +€498 | +424.1% |
| Financial charges | 65/66B | €112,757 | €68,212 | -€44,545 | -39.5% |
| Recurring financial charges | 65 | €5,609 | €68,212 | +€62,603 | +1116.2% |
| Non-recurring financial charges | 66B | €107,148 | - | -€107,148 | |
| Profit (loss) for the period before taxes | 9903 | €132,310 | €106,165 | -€26,145 | -19.8% |
| Income taxes | 67/77 | €44,099 | €36,445 | -€7,654 | -17.4% |
| Profit (loss) for the period | 9904 | €88,211 | €69,720 | -€18,491 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,211 | €69,720 | -€18,491 | -21.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.