DR. PETER VANACKER: what changed
Two fiscal 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 VANACKER
Largest movements
- Current investments -€335,162
down €335,162 (-87.0%), from €385,162 to €50,000
- Receivables within one year -€43,170
down €43,170 (-100.0%), from €43,170 to €0
- Intangible fixed assets -€35,000
down €35,000 (-22.2%), from €157,500 to €122,500
- Deferred charges and accrued income -€28,750
down €28,750 (-14.8%), from €194,384 to €165,635
- Cash -€16,735
down €16,735 (-19.1%), from €87,466 to €70,731
mainly Contributions, distributions and other (-€859,800) and Debts after one year (-€34,285)
- Reserves -€574,905
down €574,905 (-99.7%), from €576,428 to €1,523
- Other debts +€155,723
up €155,723 (+91.6%), from €170,000 to €325,723
- Debts after one year -€34,285
down €34,285 (-100.0%), from €34,285 to €0
- Current portion of long-term debt -€16,761
down €16,761 (-32.8%), from €51,046 to €34,285
- Gross operating margin +€8,960
up €8,960 (+2.3%), from €385,439 to €394,400
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €898,661 | €436,803 | -€461,858 | -51.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €188,479 | €150,438 | -€38,041 | -20.2% |
| Intangible fixed assets | 21 | €157,500 | €122,500 | -€35,000 | -22.2% |
| Tangible fixed assets | 22/27 | €30,979 | €27,938 | -€3,041 | -9.8% |
| Plant, machinery and equipment | 23 | €15,369 | €13,975 | -€1,394 | -9.1% |
| Furniture and vehicles | 24 | €9,110 | €8,556 | -€553 | -6.1% |
| Other tangible fixed assets | 26 | €6,500 | €5,406 | -€1,095 | -16.8% |
| Current assets | 29/58 | €710,182 | €286,366 | -€423,816 | -59.7% |
| Amounts receivable within one year | 40/41 | €43,170 | €0 | -€43,170 | -100.0% |
| Other amounts receivable | 41 | €43,170 | €0 | -€43,170 | -100.0% |
| Current investments | 50/53 | €385,162 | €50,000 | -€335,162 | -87.0% |
| Cash at bank and in hand | 54/58 | €87,466 | €70,731 | -€16,735 | -19.1% |
| Deferred charges and accrued income | 490/1 | €194,384 | €165,635 | -€28,750 | -14.8% |
| Total equity and liabilities | 10/49 | €898,661 | €436,803 | -€461,858 | -51.4% |
| Equity | 10/15 | €581,428 | €6,523 | -€574,905 | -98.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €576,428 | €1,523 | -€574,905 | -99.7% |
| Distributable reserves | 133 | €576,428 | €1,523 | -€574,905 | -99.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €317,233 | €430,280 | +€113,047 | +35.6% |
| Amounts payable after more than one year | 17 | €34,285 | €0 | -€34,285 | -100.0% |
| Financial debts | 170/4 | €34,285 | €0 | -€34,285 | -100.0% |
| Amounts payable within one year | 42/48 | €271,209 | €412,465 | +€141,256 | +52.1% |
| Current portion of amounts payable after more than one year | 42 | €51,046 | €34,285 | -€16,761 | -32.8% |
| Trade debts | 44 | €3,104 | €1,702 | -€1,402 | -45.2% |
| Suppliers | 440/4 | €3,104 | €1,702 | -€1,402 | -45.2% |
| Taxes, remuneration and social security | 45 | €47,060 | €50,755 | +€3,696 | +7.9% |
| Taxes | 450/3 | €47,060 | €50,755 | +€3,696 | +7.9% |
| Other amounts payable | 47/48 | €170,000 | €325,723 | +€155,723 | +91.6% |
| Accrued charges and deferred income | 492/3 | €11,738 | €17,815 | +€6,076 | +51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,643 | €43,489 | +€1,846 | +4.4% |
| Other operating charges | 640/8 | €1,567 | €1,278 | -€289 | -18.5% |
| Gross operating margin | 9900 | €385,439 | €394,400 | +€8,960 | +2.3% |
| Operating profit (loss) | 9901 | €342,229 | €349,633 | +€7,404 | +2.2% |
| Financial income | 75/76B | €25,010 | €24,380 | -€629 | -2.5% |
| Recurring financial income | 75 | €25,010 | €24,380 | -€629 | -2.5% |
| Financial charges | 65/66B | €1,235 | €667 | -€568 | -46.0% |
| Recurring financial charges | 65 | €1,235 | €667 | -€568 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €366,003 | €373,345 | +€7,342 | +2.0% |
| Income taxes | 67/77 | €87,364 | €88,450 | +€1,087 | +1.2% |
| Profit (loss) for the period | 9904 | €278,639 | €284,895 | +€6,256 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €278,639 | €284,895 | +€6,256 | +2.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.