DR. PETER SANSEN: 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 SANSEN
Largest movements
- Tangible fixed assets -€50,287
down €50,287 (-6.4%), from €791,172 to €740,885
- Cash +€42,214
up €42,214 (+90.0%), from €46,883 to €89,097
mainly Depreciation (+€62,086) and Net result for the year (+€42,816)
- Receivables within one year +€16,951
up €16,951 (+147%), from €11,566 to €28,517
of which Other amounts receivable: +€9,525
- Debts after one year -€53,959
down €53,959 (-9.1%), from €593,995 to €540,036
- Reserves +€42,816
up €42,816 (+19.1%), from €223,921 to €266,737
- Gross operating margin +€41,110
up €41,110 (+23.4%), from €175,677 to €216,787
- Depreciation +€10,454
up €10,454 (+20.2%), from €51,631 to €62,086
- Staff costs -€8,300
down €8,300 (-20.4%), from €40,630 to €32,330
- Taxes +€5,361
up €5,361 (+45.3%), from €11,836 to €17,197
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 | €970,369 | €970,327 | -€42 | 0.0% |
| Fixed assets | 21/28 | €791,974 | €741,097 | -€50,877 | -6.4% |
| Intangible fixed assets | 21 | €803 | €212 | -€590 | -73.6% |
| Tangible fixed assets | 22/27 | €791,172 | €740,885 | -€50,287 | -6.4% |
| Land and buildings | 22 | €652,283 | €631,383 | -€20,899 | -3.2% |
| Plant, machinery and equipment | 23 | €99,094 | €98,245 | -€849 | -0.9% |
| Furniture and vehicles | 24 | €18,314 | €11,257 | -€7,057 | -38.5% |
| Other tangible fixed assets | 26 | €21,481 | - | -€21,481 | |
| Current assets | 29/58 | €178,395 | €229,230 | +€50,835 | +28.5% |
| Amounts receivable within one year | 40/41 | €11,566 | €28,517 | +€16,951 | +147% |
| Trade receivables | 40 | €6,756 | €14,183 | +€7,427 | +110% |
| Other amounts receivable | 41 | €4,810 | €14,334 | +€9,525 | +198% |
| Cash at bank and in hand | 54/58 | €46,883 | €89,097 | +€42,214 | +90.0% |
| Deferred charges and accrued income | 490/1 | €119,946 | €111,616 | -€8,330 | -6.9% |
| Total equity and liabilities | 10/49 | €970,369 | €970,327 | -€42 | 0.0% |
| Equity | 10/15 | €273,921 | €316,737 | +€42,816 | +15.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €223,921 | €266,737 | +€42,816 | +19.1% |
| Distributable reserves | 133 | €223,921 | €266,737 | +€42,816 | +19.1% |
| Amounts payable | 17/49 | €696,448 | €653,590 | -€42,858 | -6.2% |
| Amounts payable after more than one year | 17 | €593,995 | €540,036 | -€53,959 | -9.1% |
| Financial debts | 170/4 | €593,995 | €540,036 | -€53,959 | -9.1% |
| Amounts payable within one year | 42/48 | €101,410 | €113,554 | +€12,145 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €52,559 | €53,959 | +€1,400 | +2.7% |
| Financial debts | 43 | €8,825 | €15,000 | +€6,175 | +70.0% |
| Credit institutions | 430/8 | €8,825 | €15,000 | +€6,175 | +70.0% |
| Trade debts | 44 | €14,526 | €21,862 | +€7,336 | +50.5% |
| Suppliers | 440/4 | €14,526 | €21,862 | +€7,336 | +50.5% |
| Taxes, remuneration and social security | 45 | €11,631 | €12,484 | +€853 | +7.3% |
| Taxes | 450/3 | €1,863 | €2,257 | +€394 | +21.1% |
| Remuneration and social security | 454/9 | €9,768 | €10,227 | +€459 | +4.7% |
| Other amounts payable | 47/48 | €13,869 | €10,249 | -€3,620 | -26.1% |
| Accrued charges and deferred income | 492/3 | €1,043 | - | -€1,043 | |
| Remuneration, social security and pensions | 62 | €40,630 | €32,330 | -€8,300 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,631 | €62,086 | +€10,454 | +20.2% |
| Other operating charges | 640/8 | €18,110 | €20,064 | +€1,954 | +10.8% |
| Non-recurring operating charges | 66A | - | €21,481 | +€21,481 | |
| Gross operating margin | 9900 | €175,677 | €216,787 | +€41,110 | +23.4% |
| Operating profit (loss) | 9901 | €65,305 | €80,826 | +€15,521 | +23.8% |
| Financial income | 75/76B | €110 | €0 | -€110 | -99.8% |
| Recurring financial income | 75 | €110 | €0 | -€110 | -99.8% |
| Financial charges | 65/66B | €21,785 | €20,814 | -€971 | -4.5% |
| Recurring financial charges | 65 | €21,785 | €20,814 | -€971 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €43,630 | €60,013 | +€16,382 | +37.5% |
| Income taxes | 67/77 | €11,836 | €17,197 | +€5,361 | +45.3% |
| Profit (loss) for the period | 9904 | €31,794 | €42,816 | +€11,022 | +34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,794 | €42,816 | +€11,022 | +34.7% |
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.