Dr. Peter Vuylsteke: 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 Vuylsteke
Largest movements
- Cash +€131,163
up €131,163 (+325.7%), from €40,268 to €171,431
mainly Net result for the year (+€106,794) and Tax, wage and social debts (+€34,391)
- Tangible fixed assets -€8,138
down €8,138 (-26.2%), from €31,081 to €22,943
- Reserves +€106,794
up €106,794 (+398.7%), from €26,786 to €133,581
- Tax, wage and social debts +€34,391
up €34,391 (+343.2%), from €10,020 to €44,411
- Other debts -€29,520
down €29,520 (-97.0%), from €30,438 to €918
- Trade debts +€10,281
up €10,281 (+5597.2%), from €184 to €10,465
- Gross operating margin +€121,860
up €121,860 (+318.4%), from €38,278 to €160,139
- Taxes +€34,391
up €34,391 (+343.2%), from €10,020 to €44,411
- Depreciation +€6,666
up €6,666 (+452.6%), from €1,473 to €8,138
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.
Cash bridge derived
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 | €72,427 | €194,374 | +€121,946 | +168.4% |
| Fixed assets | 21/28 | €31,081 | €22,943 | -€8,138 | -26.2% |
| Tangible fixed assets | 22/27 | €31,081 | €22,943 | -€8,138 | -26.2% |
| Furniture and vehicles | 24 | €31,081 | €22,943 | -€8,138 | -26.2% |
| Current assets | 29/58 | €41,346 | €171,431 | +€130,085 | +314.6% |
| Cash at bank and in hand | 54/58 | €40,268 | €171,431 | +€131,163 | +325.7% |
| Deferred charges and accrued income | 490/1 | €1,079 | - | -€1,079 | |
| Total equity and liabilities | 10/49 | €72,427 | €194,374 | +€121,946 | +168.4% |
| Equity | 10/15 | €31,786 | €138,581 | +€106,794 | +336.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €26,786 | €133,581 | +€106,794 | +398.7% |
| Distributable reserves | 133 | €26,786 | €133,581 | +€106,794 | +398.7% |
| Amounts payable | 17/49 | €40,641 | €55,793 | +€15,152 | +37.3% |
| Amounts payable within one year | 42/48 | €40,641 | €55,793 | +€15,152 | +37.3% |
| Trade debts | 44 | €184 | €10,465 | +€10,281 | +5597.2% |
| Suppliers | 440/4 | €184 | €10,465 | +€10,281 | +5597.2% |
| Taxes, remuneration and social security | 45 | €10,020 | €44,411 | +€34,391 | +343.2% |
| Taxes | 450/3 | €10,020 | €44,411 | +€34,391 | +343.2% |
| Other amounts payable | 47/48 | €30,438 | €918 | -€29,520 | -97.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,473 | €8,138 | +€6,666 | +452.6% |
| Other operating charges | 640/8 | - | €795 | +€795 | |
| Gross operating margin | 9900 | €38,278 | €160,139 | +€121,860 | +318.4% |
| Operating profit (loss) | 9901 | €36,806 | €151,205 | +€114,399 | +310.8% |
| Profit (loss) for the period before taxes | 9903 | €36,806 | €151,205 | +€114,399 | +310.8% |
| Income taxes | 67/77 | €10,020 | €44,411 | +€34,391 | +343.2% |
| Profit (loss) for the period | 9904 | €26,786 | €106,794 | +€80,008 | +298.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,786 | €106,794 | +€80,008 | +298.7% |
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 11 October 2026 via checked.be.