Dr. Ph. Catry: 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. Ph. Catry
Largest movements
- Tangible fixed assets -€35,062
down €35,062 (-4.8%), from €737,098 to €702,035
of which Land and buildings: -€26,022
- Cash +€29,860
up €29,860 (+27.9%), from €107,210 to €137,069
mainly Net result for the year (+€195,843) and Depreciation (+€40,991)
- Receivables within one year +€20,348
up €20,348 (+4560.0%), from €446 to €20,795
of which Other amounts receivable: +€20,282
- Deferred charges and accrued income -€18,883
down €18,883 (-35.7%), from €52,852 to €33,969
- Reserves +€88,550
up €88,550 (+9.8%), from €907,860 to €996,410
- Other debts -€42,553
down €42,553 (-27.4%), from €155,549 to €112,997
- Debts after one year -€31,327
down €31,327 (-8.3%), from €376,994 to €345,666
- Financial income -€151,508
down €151,508 (-88.3%), from €171,492 to €19,983
- Taxes -€51,042
down €51,042 (-37.3%), from €136,671 to €85,629
- Gross operating margin -€16,842
down €16,842 (-4.9%), from €345,571 to €328,729
- Financial charges +€5,647
up €5,647 (+58.2%), from €9,697 to €15,344
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 | €1,598,324 | €1,607,202 | +€8,878 | +0.6% |
| Fixed assets | 21/28 | €737,098 | €702,035 | -€35,062 | -4.8% |
| Tangible fixed assets | 22/27 | €737,098 | €702,035 | -€35,062 | -4.8% |
| Land and buildings | 22 | €684,718 | €658,696 | -€26,022 | -3.8% |
| Plant, machinery and equipment | 23 | €4,515 | €273 | -€4,242 | -94.0% |
| Furniture and vehicles | 24 | €8,500 | €14,014 | +€5,514 | +64.9% |
| Leasing and similar rights | 25 | €39,365 | €29,053 | -€10,313 | -26.2% |
| Current assets | 29/58 | €861,226 | €905,167 | +€43,940 | +5.1% |
| Amounts receivable within one year | 40/41 | €446 | €20,795 | +€20,348 | +4560.0% |
| Trade receivables | 40 | €446 | €513 | +€66 | +14.9% |
| Other amounts receivable | 41 | - | €20,282 | +€20,282 | |
| Current investments | 50/53 | €700,719 | €713,334 | +€12,616 | +1.8% |
| Cash at bank and in hand | 54/58 | €107,210 | €137,069 | +€29,860 | +27.9% |
| Deferred charges and accrued income | 490/1 | €52,852 | €33,969 | -€18,883 | -35.7% |
| Total equity and liabilities | 10/49 | €1,598,324 | €1,607,202 | +€8,878 | +0.6% |
| Equity | 10/15 | €921,488 | €1,010,082 | +€88,593 | +9.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €907,860 | €996,410 | +€88,550 | +9.8% |
| Distributable reserves | 133 | €907,860 | €996,410 | +€88,550 | +9.8% |
| Profit (loss) carried forward | 14 | €1,228 | €1,272 | +€43 | +3.5% |
| Amounts payable | 17/49 | €676,835 | €597,120 | -€79,715 | -11.8% |
| Amounts payable after more than one year | 17 | €376,994 | €345,666 | -€31,327 | -8.3% |
| Financial debts | 170/4 | €376,994 | €345,666 | -€31,327 | -8.3% |
| Amounts payable within one year | 42/48 | €299,841 | €251,454 | -€48,388 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €57,915 | €61,689 | +€3,775 | +6.5% |
| Trade debts | 44 | €14,046 | €8,364 | -€5,681 | -40.4% |
| Suppliers | 440/4 | €14,046 | €8,364 | -€5,681 | -40.4% |
| Taxes, remuneration and social security | 45 | €72,332 | €68,404 | -€3,928 | -5.4% |
| Taxes | 450/3 | €72,332 | €68,404 | -€3,928 | -5.4% |
| Other amounts payable | 47/48 | €155,549 | €112,997 | -€42,553 | -27.4% |
| Non-recurring operating income | 76A | - | €6,800 | +€6,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,759 | €40,991 | +€1,232 | +3.1% |
| Other operating charges | 640/8 | €9,514 | €10,906 | +€1,392 | +14.6% |
| Gross operating margin | 9900 | €345,571 | €328,729 | -€16,842 | -4.9% |
| Operating profit (loss) | 9901 | €296,298 | €276,832 | -€19,466 | -6.6% |
| Financial income | 75/76B | €171,492 | €19,983 | -€151,508 | -88.3% |
| Recurring financial income | 75 | €171,492 | €19,983 | -€151,508 | -88.3% |
| Financial charges | 65/66B | €9,697 | €15,344 | +€5,647 | +58.2% |
| Recurring financial charges | 65 | €9,697 | €15,344 | +€5,647 | +58.2% |
| Profit (loss) for the period before taxes | 9903 | €458,093 | €281,472 | -€176,621 | -38.6% |
| Income taxes | 67/77 | €136,671 | €85,629 | -€51,042 | -37.3% |
| Profit (loss) for the period | 9904 | €321,422 | €195,843 | -€125,579 | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €321,422 | €195,843 | -€125,579 | -39.1% |
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 10 October 2026 via checked.be.