DR. PETER POTARGENT: 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 POTARGENT
Largest movements
- Cash +€131,222
up €131,222 (+83.9%), from €156,457 to €287,679
mainly Current investments (+€100,000) and Net result for the year (+€67,888)
- Current investments -€100,000
down €100,000 (-66.7%), from €150,000 to €50,000
- Deferred charges and accrued income -€56,903
down €56,903 (-71.0%), from €80,111 to €23,209
- Tangible fixed assets +€48,464
up €48,464 (+10.4%), from €465,196 to €513,660
of which Furniture and vehicles: +€44,228
- Reserves +€42,173
up €42,173 (+12.8%), from €330,362 to €372,535
- Other debts -€41,242
down €41,242 (-100%), from €41,242 to €0
- Current portion of long-term debt +€22,030
up €22,030 (+66.7%), from €33,035 to €55,064
- Tax, wage and social debts +€12,829
up €12,829 (+41.2%), from €31,175 to €44,004
of which Remuneration and social security: +€9,395
- Staff costs +€58,947
up €58,947 (+25.2%), from €233,906 to €292,853
- Gross operating margin +€30,600
up €30,600 (+6.7%), from €456,103 to €486,703
- Taxes -€13,565
down €13,565 (-33.6%), from €40,377 to €26,811
- Depreciation +€8,798
up €8,798 (+16.9%), from €51,957 to €60,755
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 | €870,605 | €895,042 | +€24,437 | +2.8% |
| Fixed assets | 21/28 | €465,196 | €513,660 | +€48,464 | +10.4% |
| Tangible fixed assets | 22/27 | €465,196 | €513,660 | +€48,464 | +10.4% |
| Land and buildings | 22 | €375,690 | €383,174 | +€7,484 | +2.0% |
| Plant, machinery and equipment | 23 | €30,118 | €17,625 | -€12,493 | -41.5% |
| Furniture and vehicles | 24 | €6,918 | €51,146 | +€44,228 | +639% |
| Other tangible fixed assets | 26 | €52,471 | €61,715 | +€9,245 | +17.6% |
| Current assets | 29/58 | €405,409 | €381,382 | -€24,027 | -5.9% |
| Stocks and contracts in progress | 3 | €13,150 | €6,750 | -€6,400 | -48.7% |
| Stocks | 30/36 | €13,150 | €6,750 | -€6,400 | -48.7% |
| Amounts receivable within one year | 40/41 | €5,690 | €13,744 | +€8,054 | +142% |
| Trade receivables | 40 | €245 | €1,775 | +€1,530 | +624% |
| Other amounts receivable | 41 | €5,445 | €11,969 | +€6,524 | +120% |
| Current investments | 50/53 | €150,000 | €50,000 | -€100,000 | -66.7% |
| Cash at bank and in hand | 54/58 | €156,457 | €287,679 | +€131,222 | +83.9% |
| Deferred charges and accrued income | 490/1 | €80,111 | €23,209 | -€56,903 | -71.0% |
| Total equity and liabilities | 10/49 | €870,605 | €895,042 | +€24,437 | +2.8% |
| Equity | 10/15 | €466,062 | €508,236 | +€42,173 | +9.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €330,362 | €372,535 | +€42,173 | +12.8% |
| Distributable reserves | 133 | €330,362 | €372,535 | +€42,173 | +12.8% |
| Profit (loss) carried forward | 14 | €117,109 | €117,109 | = | 0.0% |
| Amounts payable | 17/49 | €404,542 | €386,806 | -€17,736 | -4.4% |
| Amounts payable after more than one year | 17 | €266,642 | €262,457 | -€4,186 | -1.6% |
| Financial debts | 170/4 | €266,642 | €262,457 | -€4,186 | -1.6% |
| Amounts payable within one year | 42/48 | €137,900 | €124,349 | -€13,551 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €33,035 | €55,064 | +€22,030 | +66.7% |
| Trade debts | 44 | €32,448 | €25,281 | -€7,167 | -22.1% |
| Suppliers | 440/4 | €32,448 | €25,281 | -€7,167 | -22.1% |
| Taxes, remuneration and social security | 45 | €31,175 | €44,004 | +€12,829 | +41.2% |
| Taxes | 450/3 | €1,720 | €5,154 | +€3,434 | +200% |
| Remuneration and social security | 454/9 | €29,455 | €38,849 | +€9,395 | +31.9% |
| Other amounts payable | 47/48 | €41,242 | €0 | -€41,242 | -100% |
| Remuneration, social security and pensions | 62 | €233,906 | €292,853 | +€58,947 | +25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,957 | €60,755 | +€8,798 | +16.9% |
| Other operating charges | 640/8 | €5,946 | €5,525 | -€421 | -7.1% |
| Gross operating margin | 9900 | €456,103 | €486,703 | +€30,600 | +6.7% |
| Operating profit (loss) | 9901 | €164,293 | €127,569 | -€36,724 | -22.4% |
| Financial income | 75/76B | €1,613 | €879 | -€734 | -45.5% |
| Recurring financial income | 75 | €1,613 | €879 | -€734 | -45.5% |
| Financial charges | 65/66B | €32,222 | €33,749 | +€1,527 | +4.7% |
| Recurring financial charges | 65 | €32,222 | €33,749 | +€1,527 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €133,684 | €94,699 | -€38,985 | -29.2% |
| Income taxes | 67/77 | €40,377 | €26,811 | -€13,565 | -33.6% |
| Profit (loss) for the period | 9904 | €93,308 | €67,888 | -€25,420 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €93,308 | €67,888 | -€25,420 | -27.2% |
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 15 October 2026 via checked.be.