Dr. Philippe Vanhove: 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. Philippe Vanhove
Largest movements
- Cash +€56,829
up €56,829 (+35.7%), from €159,134 to €215,963
mainly Net result for the year (+€154,665) and Other debts (+€53,927)
- Current investments +€31,268
up €31,268 (+3.9%), from €811,032 to €842,300
- Deferred charges and accrued income -€15,854
down €15,854 (-44.2%), from €35,829 to €19,975
- Tangible fixed assets -€13,321
down €13,321 (-25.0%), from €53,219 to €39,898
of which Furniture and vehicles: -€13,086
- Other debts +€53,927
up €53,927 (+39.3%), from €137,360 to €191,287
- Reserves +€13,923
up €13,923 (+1.6%), from €868,861 to €882,784
- Gross operating margin -€18,344
down €18,344 (-7.5%), from €243,387 to €225,043
- Financial income -€9,154
down €9,154 (-38.0%), from €24,110 to €14,955
- Taxes -€6,026
down €6,026 (-8.3%), from €72,209 to €66,183
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 | €1,059,814 | €1,118,736 | +€58,922 | +5.6% |
| Fixed assets | 21/28 | €53,819 | €40,498 | -€13,321 | -24.8% |
| Tangible fixed assets | 22/27 | €53,219 | €39,898 | -€13,321 | -25.0% |
| Plant, machinery and equipment | 23 | €2,207 | €1,972 | -€234 | -10.6% |
| Furniture and vehicles | 24 | €51,012 | €37,925 | -€13,086 | -25.7% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €1,005,995 | €1,078,238 | +€72,243 | +7.2% |
| Current investments | 50/53 | €811,032 | €842,300 | +€31,268 | +3.9% |
| Cash at bank and in hand | 54/58 | €159,134 | €215,963 | +€56,829 | +35.7% |
| Deferred charges and accrued income | 490/1 | €35,829 | €19,975 | -€15,854 | -44.2% |
| Total equity and liabilities | 10/49 | €1,059,814 | €1,118,736 | +€58,922 | +5.6% |
| Equity | 10/15 | €881,261 | €895,184 | +€13,923 | +1.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €868,861 | €882,784 | +€13,923 | +1.6% |
| Distributable reserves | 133 | €868,861 | €882,784 | +€13,923 | +1.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €178,552 | €223,552 | +€44,999 | +25.2% |
| Amounts payable within one year | 42/48 | €174,508 | €219,944 | +€45,436 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €20,313 | €20,000 | -€313 | -1.5% |
| Trade debts | 44 | €5,082 | €4,673 | -€409 | -8.1% |
| Suppliers | 440/4 | €5,082 | €4,673 | -€409 | -8.1% |
| Taxes, remuneration and social security | 45 | €11,753 | €3,984 | -€7,769 | -66.1% |
| Taxes | 450/3 | €11,753 | €3,984 | -€7,769 | -66.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €137,360 | €191,287 | +€53,927 | +39.3% |
| Accrued charges and deferred income | 492/3 | €4,045 | €3,608 | -€437 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,223 | €13,321 | +€97 | +0.7% |
| Other operating charges | 640/8 | €321 | €336 | +€15 | +4.6% |
| Gross operating margin | 9900 | €243,387 | €225,043 | -€18,344 | -7.5% |
| Operating profit (loss) | 9901 | €229,842 | €211,386 | -€18,456 | -8.0% |
| Financial income | 75/76B | €24,110 | €14,955 | -€9,154 | -38.0% |
| Recurring financial income | 75 | €24,110 | €14,955 | -€9,154 | -38.0% |
| Financial charges | 65/66B | €6,532 | €5,493 | -€1,039 | -15.9% |
| Recurring financial charges | 65 | €6,532 | €5,493 | -€1,039 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €247,420 | €220,848 | -€26,572 | -10.7% |
| Income taxes | 67/77 | €72,209 | €66,183 | -€6,026 | -8.3% |
| Profit (loss) for the period | 9904 | €175,211 | €154,665 | -€20,546 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €175,211 | €154,665 | -€20,546 | -11.7% |
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 1 November 2026 via checked.be.