DR. PETER BOLLARS: 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. PETER BOLLARS
Largest movements
- Tangible fixed assets +€885,783
up €885,783 (+70.6%), from €1.3m to €2.1m
of which Land and buildings: +€877,279
- Receivables after one year -€240,500
down €240,500 (-22.2%), from €1.1m to €841,500
- Receivables within one year -€95,484
down €95,484 (-27.2%), from €351,268 to €255,784
of which Other amounts receivable: -€52,801
- Current investments +€64,201
up €64,201 (+15.9%), from €403,638 to €467,840
- Debts after one year +€739,135
up €739,135 (+160%), from €461,668 to €1.2m
- Reserves -€232,753
down €232,753 (-9.7%), from €2.4m to €2.2m
- Taxes +€225,120
up €225,120 (+70.7%), from €318,244 to €543,365
- Gross operating margin -€37,465
down €37,465 (-3.2%), from €1.2m to €1.1m
- Other operating charges +€23,289
up €23,289 (+330%), from €7,051 to €30,340
- Financial charges +€20,559
up €20,559 (+127%), from €16,173 to €36,732
- Depreciation +€13,917
up €13,917 (+19.3%), from €72,166 to €86,083
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 | €3,266,729 | €3,826,687 | +€559,958 | +17.1% |
| Fixed assets | 21/28 | €1,254,667 | €2,140,451 | +€885,783 | +70.6% |
| Tangible fixed assets | 22/27 | €1,254,667 | €2,140,451 | +€885,783 | +70.6% |
| Land and buildings | 22 | €1,158,289 | €2,035,568 | +€877,279 | +75.7% |
| Plant, machinery and equipment | 23 | €2,756 | €5,115 | +€2,359 | +85.6% |
| Furniture and vehicles | 24 | €93,622 | €60,487 | -€33,135 | -35.4% |
| Other tangible fixed assets | 26 | - | €39,280 | +€39,280 | |
| Current assets | 29/58 | €2,012,062 | €1,686,236 | -€325,826 | -16.2% |
| Amounts receivable after more than one year | 29 | €1,082,000 | €841,500 | -€240,500 | -22.2% |
| Other amounts receivable | 291 | €1,082,000 | €841,500 | -€240,500 | -22.2% |
| Stocks and contracts in progress | 3 | €32,620 | €3,498 | -€29,122 | -89.3% |
| Stocks | 30/36 | €32,620 | €3,498 | -€29,122 | -89.3% |
| Amounts receivable within one year | 40/41 | €351,268 | €255,784 | -€95,484 | -27.2% |
| Trade receivables | 40 | €287,624 | €244,942 | -€42,682 | -14.8% |
| Other amounts receivable | 41 | €63,644 | €10,843 | -€52,801 | -83.0% |
| Current investments | 50/53 | €403,638 | €467,840 | +€64,201 | +15.9% |
| Cash at bank and in hand | 54/58 | €141,896 | €117,614 | -€24,283 | -17.1% |
| Deferred charges and accrued income | 490/1 | €639 | - | -€639 | |
| Total equity and liabilities | 10/49 | €3,266,729 | €3,826,687 | +€559,958 | +17.1% |
| Equity | 10/15 | €2,412,458 | €2,179,705 | -€232,753 | -9.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,394,947 | €2,162,194 | -€232,753 | -9.7% |
| Distributable reserves | 133 | €2,394,947 | €2,162,194 | -€232,753 | -9.7% |
| Profit (loss) carried forward | 14 | €5,111 | €5,111 | = | 0.0% |
| Amounts payable | 17/49 | €854,271 | €1,646,982 | +€792,711 | +92.8% |
| Amounts payable after more than one year | 17 | €461,668 | €1,200,803 | +€739,135 | +160% |
| Financial debts | 170/4 | €461,668 | €1,200,803 | +€739,135 | +160% |
| Amounts payable within one year | 42/48 | €389,137 | €443,180 | +€54,043 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €303,397 | €300,758 | -€2,640 | -0.9% |
| Trade debts | 44 | - | €21,398 | +€21,398 | |
| Suppliers | 440/4 | - | €21,398 | +€21,398 | |
| Taxes, remuneration and social security | 45 | €83,828 | €95,488 | +€11,659 | +13.9% |
| Taxes | 450/3 | €68,576 | €79,911 | +€11,335 | +16.5% |
| Remuneration and social security | 454/9 | €15,253 | €15,576 | +€324 | +2.1% |
| Other amounts payable | 47/48 | €1,911 | €25,536 | +€23,625 | +1,236% |
| Accrued charges and deferred income | 492/3 | €3,467 | €2,999 | -€467 | -13.5% |
| Remuneration, social security and pensions | 62 | €93,208 | €95,294 | +€2,086 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,166 | €86,083 | +€13,917 | +19.3% |
| Other operating charges | 640/8 | €7,051 | €30,340 | +€23,289 | +330% |
| Gross operating margin | 9900 | €1,157,536 | €1,120,071 | -€37,465 | -3.2% |
| Operating profit (loss) | 9901 | €985,111 | €908,354 | -€76,758 | -7.8% |
| Financial income | 75/76B | €35,066 | €40,552 | +€5,487 | +15.6% |
| Recurring financial income | 75 | €35,066 | €40,552 | +€5,487 | +15.6% |
| Financial charges | 65/66B | €16,173 | €36,732 | +€20,559 | +127% |
| Recurring financial charges | 65 | €16,173 | €36,732 | +€20,559 | +127% |
| Profit (loss) for the period before taxes | 9903 | €1,004,004 | €912,174 | -€91,830 | -9.1% |
| Income taxes | 67/77 | €318,244 | €543,365 | +€225,120 | +70.7% |
| Profit (loss) for the period | 9904 | €685,759 | €368,809 | -€316,950 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €685,759 | €368,809 | -€316,950 | -46.2% |
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 21 October 2026 via checked.be.