Dr. PASCAL VRANCKX: 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 VRANCKX
Largest movements
- Cash +€529,983
up €529,983 (+563.6%), from €94,039 to €624,022
mainly Net result for the year (+€310,793) and Receivables after one year (+€301,000)
- Receivables after one year -€301,000
down €301,000 (-100.0%), from €301,000 to €0
- Current investments -€175,000
down €175,000 (-100.0%), from €175,000 to €0
- Tangible fixed assets -€48,375
down €48,375 (-17.0%), from €284,796 to €236,422
of which Land and buildings: -€31,033
- Reserves -€186,658
down €186,658 (-17.3%), from €1.1m to €894,951
- Other debts +€171,135
up €171,135 (+20733.5%), from €825 to €171,960
- Tax, wage and social debts +€31,123
up €31,123 (+149.4%), from €20,835 to €51,958
- Debts after one year -€18,333
down €18,333 (-18.8%), from €97,778 to €79,444
- Gross operating margin +€81,246
up €81,246 (+19.2%), from €423,312 to €504,559
- Taxes +€27,679
up €27,679 (+23.8%), from €116,223 to €143,902
- Depreciation -€5,690
down €5,690 (-10.2%), from €55,811 to €50,122
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 | €1,225,965 | €1,229,125 | +€3,160 | +0.3% |
| Fixed assets | 21/28 | €287,026 | €238,652 | -€48,375 | -16.9% |
| Tangible fixed assets | 22/27 | €284,796 | €236,422 | -€48,375 | -17.0% |
| Land and buildings | 22 | €239,604 | €208,571 | -€31,033 | -13.0% |
| Furniture and vehicles | 24 | €45,193 | €27,851 | -€17,342 | -38.4% |
| Financial fixed assets | 28 | €2,230 | €2,230 | = | 0.0% |
| Current assets | 29/58 | €938,938 | €990,473 | +€51,535 | +5.5% |
| Amounts receivable after more than one year | 29 | €301,000 | €0 | -€301,000 | -100.0% |
| Other amounts receivable | 291 | €301,000 | €0 | -€301,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €350,626 | €353,966 | +€3,340 | +1.0% |
| Trade receivables | 40 | €348,685 | €353,966 | +€5,281 | +1.5% |
| Other amounts receivable | 41 | €1,941 | €0 | -€1,941 | -100.0% |
| Current investments | 50/53 | €175,000 | €0 | -€175,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €94,039 | €624,022 | +€529,983 | +563.6% |
| Deferred charges and accrued income | 490/1 | €18,274 | €12,485 | -€5,788 | -31.7% |
| Total equity and liabilities | 10/49 | €1,225,965 | €1,229,125 | +€3,160 | +0.3% |
| Equity | 10/15 | €1,081,609 | €894,951 | -€186,658 | -17.3% |
| Reserves | 13 | €1,081,609 | €894,951 | -€186,658 | -17.3% |
| Distributable reserves | 133 | €1,081,609 | €894,951 | -€186,658 | -17.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €144,355 | €334,174 | +€189,818 | +131.5% |
| Amounts payable after more than one year | 17 | €97,778 | €79,444 | -€18,333 | -18.8% |
| Financial debts | 170/4 | €97,778 | €79,444 | -€18,333 | -18.8% |
| Amounts payable within one year | 42/48 | €46,578 | €248,613 | +€202,035 | +433.8% |
| Current portion of amounts payable after more than one year | 42 | €18,333 | €18,333 | = | 0.0% |
| Trade debts | 44 | €6,584 | €6,362 | -€223 | -3.4% |
| Suppliers | 440/4 | €6,584 | €6,362 | -€223 | -3.4% |
| Taxes, remuneration and social security | 45 | €20,835 | €51,958 | +€31,123 | +149.4% |
| Taxes | 450/3 | €20,835 | €51,958 | +€31,123 | +149.4% |
| Other amounts payable | 47/48 | €825 | €171,960 | +€171,135 | +20733.5% |
| Accrued charges and deferred income | 492/3 | - | €6,117 | +€6,117 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,811 | €50,122 | -€5,690 | -10.2% |
| Other operating charges | 640/8 | €3,911 | €3,098 | -€813 | -20.8% |
| Gross operating margin | 9900 | €423,312 | €504,559 | +€81,246 | +19.2% |
| Operating profit (loss) | 9901 | €363,590 | €451,339 | +€87,749 | +24.1% |
| Financial income | 75/76B | €13,596 | €13,375 | -€221 | -1.6% |
| Recurring financial income | 75 | €13,596 | €13,375 | -€221 | -1.6% |
| Financial charges | 65/66B | €6,187 | €10,019 | +€3,832 | +61.9% |
| Recurring financial charges | 65 | €6,187 | €10,019 | +€3,832 | +61.9% |
| Profit (loss) for the period before taxes | 9903 | €370,999 | €454,694 | +€83,695 | +22.6% |
| Income taxes | 67/77 | €116,223 | €143,902 | +€27,679 | +23.8% |
| Profit (loss) for the period | 9904 | €254,776 | €310,793 | +€56,017 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €254,776 | €310,793 | +€56,017 | +22.0% |
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.