DR PASCAL SIENAERT: 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 SIENAERT
Largest movements
- Current investments +€72,462
up €72,462 (+18.5%), from €391,890 to €464,352
- Cash -€51,650
down €51,650 (-25.4%), from €203,663 to €152,012
mainly Current investments (-€72,462) and Contributions, distributions and other (-€67,459)
- Reserves +€29,851
up €29,851 (+4.8%), from €617,590 to €647,441
- Tax, wage and social debts -€8,442
down €8,442 (-48.3%), from €17,464 to €9,022
- Gross operating margin -€60,710
down €60,710 (-28.2%), from €215,025 to €154,315
- Taxes -€18,458
down €18,458 (-31.7%), from €58,316 to €39,858
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 | €662,283 | €682,393 | +€20,111 | +3.0% |
| Fixed assets | 21/28 | €65,112 | €63,876 | -€1,236 | -1.9% |
| Tangible fixed assets | 22/27 | €65,112 | €63,876 | -€1,236 | -1.9% |
| Plant, machinery and equipment | 23 | €1,882 | €1,308 | -€574 | -30.5% |
| Furniture and vehicles | 24 | €46,712 | €34,289 | -€12,423 | -26.6% |
| Other tangible fixed assets | 26 | €16,518 | €28,279 | +€11,761 | +71.2% |
| Current assets | 29/58 | €597,171 | €618,517 | +€21,347 | +3.6% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Current investments | 50/53 | €391,890 | €464,352 | +€72,462 | +18.5% |
| Cash at bank and in hand | 54/58 | €203,663 | €152,012 | -€51,650 | -25.4% |
| Deferred charges and accrued income | 490/1 | €1,618 | €2,153 | +€535 | +33.0% |
| Total equity and liabilities | 10/49 | €662,283 | €682,393 | +€20,111 | +3.0% |
| Equity | 10/15 | €636,268 | €666,121 | +€29,853 | +4.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €617,590 | €647,441 | +€29,851 | +4.8% |
| Distributable reserves | 133 | €617,590 | €647,441 | +€29,851 | +4.8% |
| Profit (loss) carried forward | 14 | €86 | €88 | +€2 | +2.2% |
| Amounts payable | 17/49 | €26,015 | €16,273 | -€9,742 | -37.4% |
| Amounts payable within one year | 42/48 | €24,749 | €16,206 | -€8,543 | -34.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €676 | €214 | -€462 | -68.4% |
| Suppliers | 440/4 | €676 | €214 | -€462 | -68.4% |
| Taxes, remuneration and social security | 45 | €17,464 | €9,022 | -€8,442 | -48.3% |
| Taxes | 450/3 | €17,464 | €9,022 | -€8,442 | -48.3% |
| Other amounts payable | 47/48 | €6,609 | €6,970 | +€361 | +5.5% |
| Accrued charges and deferred income | 492/3 | €1,266 | €67 | -€1,199 | -94.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,866 | €18,629 | +€763 | +4.3% |
| Other operating charges | 640/8 | €2,953 | €2,728 | -€224 | -7.6% |
| Gross operating margin | 9900 | €215,025 | €154,315 | -€60,710 | -28.2% |
| Operating profit (loss) | 9901 | €194,207 | €132,958 | -€61,248 | -31.5% |
| Financial income | 75/76B | €4,838 | €4,451 | -€386 | -8.0% |
| Recurring financial income | 75 | €4,838 | €4,451 | -€386 | -8.0% |
| Financial charges | 65/66B | €177 | €240 | +€63 | +36.0% |
| Recurring financial charges | 65 | €177 | €240 | +€63 | +36.0% |
| Profit (loss) for the period before taxes | 9903 | €198,868 | €137,170 | -€61,698 | -31.0% |
| Income taxes | 67/77 | €58,316 | €39,858 | -€18,458 | -31.7% |
| Profit (loss) for the period | 9904 | €140,552 | €97,312 | -€43,240 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €140,552 | €97,312 | -€43,240 | -30.8% |
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 8 October 2026 via checked.be.