DR. PETER SAUWENS: 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 SAUWENS
Largest movements
- Current investments +€47,701
up €47,701 (+4.4%), from €1.1m to €1.1m
- Cash -€28,549
down €28,549 (-58.6%), from €48,746 to €20,197
mainly Current investments (-€47,701) and Other debts (-€5,134)
- Reserves +€18,540
up €18,540 (+1.7%), from €1.1m to €1.1m
- Financial income -€47,473
down €47,473 (-74.2%), from €63,950 to €16,477
- Taxes -€21,221
down €21,221 (-68.7%), from €30,887 to €9,666
- Gross operating margin -€15,799
down €15,799 (-52.6%), from €30,056 to €14,257
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 | €1,150,620 | €1,164,042 | +€13,422 | +1.2% |
| Current assets | 29/58 | €1,150,620 | €1,164,042 | +€13,422 | +1.2% |
| Amounts receivable within one year | 40/41 | €7,129 | €1,720 | -€5,409 | -75.9% |
| Other amounts receivable | 41 | €7,129 | €1,720 | -€5,409 | -75.9% |
| Current investments | 50/53 | €1,088,369 | €1,136,070 | +€47,701 | +4.4% |
| Cash at bank and in hand | 54/58 | €48,746 | €20,197 | -€28,549 | -58.6% |
| Deferred charges and accrued income | 490/1 | €6,376 | €6,055 | -€322 | -5.0% |
| Total equity and liabilities | 10/49 | €1,150,620 | €1,164,042 | +€13,422 | +1.2% |
| Equity | 10/15 | €1,126,475 | €1,145,016 | +€18,540 | +1.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,106,475 | €1,125,016 | +€18,540 | +1.7% |
| Distributable reserves | 133 | €1,106,475 | €1,125,016 | +€18,540 | +1.7% |
| Amounts payable | 17/49 | €24,145 | €19,026 | -€5,119 | -21.2% |
| Amounts payable within one year | 42/48 | €24,145 | €19,026 | -€5,119 | -21.2% |
| Trade debts | 44 | €24 | €39 | +€16 | +65.0% |
| Suppliers | 440/4 | €24 | €39 | +€16 | +65.0% |
| Taxes, remuneration and social security | 45 | €18,987 | €18,987 | = | 0.0% |
| Taxes | 450/3 | €18,987 | €18,987 | = | 0.0% |
| Other amounts payable | 47/48 | €5,134 | - | -€5,134 | |
| Other operating charges | 640/8 | €1,621 | €1,718 | +€97 | +6.0% |
| Gross operating margin | 9900 | €30,056 | €14,257 | -€15,799 | -52.6% |
| Operating profit (loss) | 9901 | €28,435 | €12,539 | -€15,895 | -55.9% |
| Financial income | 75/76B | €63,950 | €16,477 | -€47,473 | -74.2% |
| Recurring financial income | 75 | €63,950 | €16,477 | -€47,473 | -74.2% |
| Financial charges | 65/66B | €1,000 | €810 | -€190 | -19.0% |
| Recurring financial charges | 65 | €1,000 | €810 | -€190 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €91,385 | €28,206 | -€63,179 | -69.1% |
| Income taxes | 67/77 | €30,887 | €9,666 | -€21,221 | -68.7% |
| Profit (loss) for the period | 9904 | €60,498 | €18,540 | -€41,957 | -69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €60,498 | €18,540 | -€41,957 | -69.4% |
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 22 October 2026 via checked.be.