DR. PASCAL WERNAERS: 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. PASCAL WERNAERS
Largest movements
- Cash +€114,402
up €114,402 (+25.6%), from €446,867 to €561,269
mainly Net result for the year (+€149,254) and Receivables within one year (+€89,971)
- Receivables within one year -€89,971
down €89,971 (-98.3%), from €91,540 to €1,570
of which Other amounts receivable: -€89,971
- Tangible fixed assets +€17,974
up €17,974 (+8.0%), from €224,312 to €242,285
of which Land and buildings: +€14,433
- Reserves +€55,749
up €55,749 (+9.0%), from €616,029 to €671,778
- Other debts -€19,104
down €19,104 (-16.0%), from €119,223 to €100,119
- Gross operating margin +€23,291
up €23,291 (+11.2%), from €208,618 to €231,909
- Taxes +€7,011
up €7,011 (+11.9%), from €58,823 to €65,834
- Depreciation -€5,029
down €5,029 (-24.3%), from €20,688 to €15,659
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 | €768,031 | €808,962 | +€40,931 | +5.3% |
| Fixed assets | 21/28 | €224,705 | €242,678 | +€17,974 | +8.0% |
| Tangible fixed assets | 22/27 | €224,312 | €242,285 | +€17,974 | +8.0% |
| Land and buildings | 22 | €219,924 | €234,356 | +€14,433 | +6.6% |
| Furniture and vehicles | 24 | €1,918 | €5,745 | +€3,827 | +200% |
| Other tangible fixed assets | 26 | €2,470 | €2,184 | -€286 | -11.6% |
| Financial fixed assets | 28 | €393 | €393 | = | 0.0% |
| Current assets | 29/58 | €543,326 | €566,284 | +€22,958 | +4.2% |
| Amounts receivable within one year | 40/41 | €91,540 | €1,570 | -€89,971 | -98.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €91,540 | €1,570 | -€89,971 | -98.3% |
| Cash at bank and in hand | 54/58 | €446,867 | €561,269 | +€114,402 | +25.6% |
| Deferred charges and accrued income | 490/1 | €4,919 | €3,445 | -€1,473 | -30.0% |
| Total equity and liabilities | 10/49 | €768,031 | €808,962 | +€40,931 | +5.3% |
| Equity | 10/15 | €643,324 | €698,215 | +€54,890 | +8.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €616,029 | €671,778 | +€55,749 | +9.0% |
| Distributable reserves | 133 | €616,029 | €671,778 | +€55,749 | +9.0% |
| Profit (loss) carried forward | 14 | €14,895 | €14,036 | -€859 | -5.8% |
| Amounts payable | 17/49 | €124,706 | €110,748 | -€13,959 | -11.2% |
| Amounts payable within one year | 42/48 | €124,706 | €109,901 | -€14,805 | -11.9% |
| Financial debts | 43 | €1,463 | €12 | -€1,451 | -99.2% |
| Credit institutions | 430/8 | €1,463 | €12 | -€1,451 | -99.2% |
| Trade debts | 44 | €338 | €4,316 | +€3,978 | +1,178% |
| Suppliers | 440/4 | €338 | €4,316 | +€3,978 | +1,178% |
| Taxes, remuneration and social security | 45 | €3,683 | €5,455 | +€1,772 | +48.1% |
| Taxes | 450/3 | €3,683 | €5,455 | +€1,772 | +48.1% |
| Other amounts payable | 47/48 | €119,223 | €100,119 | -€19,104 | -16.0% |
| Accrued charges and deferred income | 492/3 | €0 | €846 | +€846 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,688 | €15,659 | -€5,029 | -24.3% |
| Other operating charges | 640/8 | €1,586 | €1,636 | +€50 | +3.2% |
| Gross operating margin | 9900 | €208,618 | €231,909 | +€23,291 | +11.2% |
| Operating profit (loss) | 9901 | €186,343 | €214,614 | +€28,270 | +15.2% |
| Financial income | 75/76B | €3,358 | €1,484 | -€1,874 | -55.8% |
| Recurring financial income | 75 | €3,358 | €1,484 | -€1,874 | -55.8% |
| Financial charges | 65/66B | €125 | €1,010 | +€885 | +711% |
| Recurring financial charges | 65 | €125 | €1,010 | +€885 | +711% |
| Profit (loss) for the period before taxes | 9903 | €189,577 | €215,088 | +€25,511 | +13.5% |
| Income taxes | 67/77 | €58,823 | €65,834 | +€7,011 | +11.9% |
| Profit (loss) for the period | 9904 | €130,754 | €149,254 | +€18,500 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €130,754 | €149,254 | +€18,500 | +14.1% |
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 17 October 2026 via checked.be.