Dr. Philip Vulsteke: what changed
What changed
Dr. Philip Vulsteke
NACE 86.210, General medical practice
filed annual accounts (NBB)
Net result for the year
€21,413
2024 · €55,097-€33,684
Equity
€18,600
2024 · €151,023-€132,423
Cash
€15,762
2024 · €53,494-€37,732
Balance sheet total
€841,374
2024 · €897,340-€55,966
Largest movements
Assets
- Tangible fixed assets -€65,412
down €65,412 (-8.1%), from €804,559 to €739,147
of which Land and buildings: -€37,445
- Cash -€37,732
down €37,732 (-70.5%), from €53,494 to €15,762
mainly Contributions, distributions and other (-€153,837) and Debts after one year (-€47,799)
- Current investments +€25,000
new in 2025: €25,000
- Receivables within one year +€21,927
up €21,927 (+60.6%), from €36,180 to €58,106
of which Other amounts receivable: +€22,576
Equity and liabilities
- Reserves -€132,423
down €132,423 (-100%), from €132,423 to €0
- Other debts +€122,394
up €122,394 (+274%), from €44,683 to €167,077
- Debts after one year -€47,799
down €47,799 (-7.4%), from €647,125 to €599,325
Income statement
- Gross operating margin -€33,165
down €33,165 (-24.3%), from €136,327 to €103,162
- Financial charges -€3,285
down €3,285 (-35.2%), from €9,328 to €6,043
- Taxes +€2,544
up €2,544 (+71.5%), from €3,560 to €6,104
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€55,097
Gross operating margin
-€33,165
Staff costs
-€157
Depreciation
-€1,154
Other operating charges
-€142
Financial income
+€193
Financial charges
+€3,285
Taxes
-€2,544
Result 2025
€21,413
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€190,547
Investment
-€27,057
Financing
-€201,222
Cash 2024
€53,494
From operations (derived)
+€190,547
Net result for the year
+€21,413
Depreciation
+€68,025
Receivables within one year
-€21,927
Deferred charges and accrued income
-€807
Trade debts
+€1,861
Tax, wage and social debts
-€592
Other debts
+€122,394
Accrued charges and deferred income
+€180
Investment (derived)
-€27,057
Investment in fixed assets (net)
-€2,057
Current investments
-€25,000
Financing
-€201,222
Debts after one year
-€47,799
Current portion of long-term debt
+€414
Contributions, distributions and other
-€153,837
Cash 2025
€15,762
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €897,340 | €841,374 | -€55,966 | -6.2% |
| Fixed assets | 21/28 | €805,923 | €739,955 | -€65,968 | -8.2% |
| Intangible fixed assets | 21 | €1,365 | €808 | -€557 | -40.8% |
| Tangible fixed assets | 22/27 | €804,559 | €739,147 | -€65,412 | -8.1% |
| Land and buildings | 22 | €720,950 | €683,505 | -€37,445 | -5.2% |
| Plant, machinery and equipment | 23 | €16,575 | €10,239 | -€6,336 | -38.2% |
| Furniture and vehicles | 24 | €67,034 | €45,403 | -€21,631 | -32.3% |
| Current assets | 29/58 | €91,417 | €101,418 | +€10,002 | +10.9% |
| Amounts receivable within one year | 40/41 | €36,180 | €58,106 | +€21,927 | +60.6% |
| Trade receivables | 40 | €649 | €0 | -€649 | -100% |
| Other amounts receivable | 41 | €35,531 | €58,106 | +€22,576 | +63.5% |
| Current investments | 50/53 | - | €25,000 | +€25,000 | |
| Cash at bank and in hand | 54/58 | €53,494 | €15,762 | -€37,732 | -70.5% |
| Deferred charges and accrued income | 490/1 | €1,743 | €2,550 | +€807 | +46.3% |
| Total equity and liabilities | 10/49 | €897,340 | €841,374 | -€55,966 | -6.2% |
| Equity | 10/15 | €151,023 | €18,600 | -€132,423 | -87.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €132,423 | €0 | -€132,423 | -100% |
| Distributable reserves | 133 | €132,423 | €0 | -€132,423 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €746,317 | €822,774 | +€76,457 | +10.2% |
| Amounts payable after more than one year | 17 | €647,125 | €599,325 | -€47,799 | -7.4% |
| Financial debts | 170/4 | €647,125 | €599,325 | -€47,799 | -7.4% |
| Amounts payable within one year | 42/48 | €97,257 | €221,333 | +€124,076 | +128% |
| Current portion of amounts payable after more than one year | 42 | €45,843 | €46,257 | +€414 | +0.9% |
| Trade debts | 44 | €3,425 | €5,286 | +€1,861 | +54.3% |
| Suppliers | 440/4 | €3,425 | €5,286 | +€1,861 | +54.3% |
| Taxes, remuneration and social security | 45 | €3,306 | €2,714 | -€592 | -17.9% |
| Taxes | 450/3 | €606 | €0 | -€606 | -100% |
| Remuneration and social security | 454/9 | €2,700 | €2,714 | +€14 | +0.5% |
| Other amounts payable | 47/48 | €44,683 | €167,077 | +€122,394 | +274% |
| Accrued charges and deferred income | 492/3 | €1,935 | €2,115 | +€180 | +9.3% |
| Remuneration, social security and pensions | 62 | - | €157 | +€157 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,872 | €68,025 | +€1,154 | +1.7% |
| Other operating charges | 640/8 | €1,476 | €1,619 | +€142 | +9.6% |
| Gross operating margin | 9900 | €136,327 | €103,162 | -€33,165 | -24.3% |
| Operating profit (loss) | 9901 | €67,979 | €33,361 | -€34,618 | -50.9% |
| Financial income | 75/76B | €6 | €199 | +€193 | +3,198% |
| Recurring financial income | 75 | €6 | €199 | +€193 | +3,198% |
| Financial charges | 65/66B | €9,328 | €6,043 | -€3,285 | -35.2% |
| Recurring financial charges | 65 | €9,328 | €6,043 | -€3,285 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €58,657 | €27,518 | -€31,140 | -53.1% |
| Income taxes | 67/77 | €3,560 | €6,104 | +€2,544 | +71.5% |
| Profit (loss) for the period | 9904 | €55,097 | €21,413 | -€33,684 | -61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €55,097 | €21,413 | -€33,684 | -61.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.