Dr. PHILIPPE 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. PHILIPPE VUYLSTEKE
Largest movements
- Tangible fixed assets +€214,663
up €214,663 (+25.3%), from €848,747 to €1.1m
of which Other tangible fixed assets: +€221,250
- Receivables within one year +€128,589
up €128,589 (+87.1%), from €147,695 to €276,284
- Deferred charges and accrued income +€101,680
up €101,680 (+61.9%), from €164,375 to €266,055
- Reserves +€305,808
up €305,808 (+21.9%), from €1.4m to €1.7m
of which Distributable reserves: +€318,438
- Tax, wage and social debts +€52,008
up €52,008 (+123%), from €42,384 to €94,392
- Debts after one year +€51,172
up €51,172 (+99.8%), from €51,251 to €102,423
- Current portion of long-term debt +€33,269
up €33,269 (+146%), from €22,764 to €56,033
- Gross operating margin +€302,091
up €302,091 (+71.4%), from €423,336 to €725,427
- Taxes +€87,486
up €87,486 (+71.8%), from €121,906 to €209,392
- Financial charges +€21,181
up €21,181 (+315%), from €6,718 to €27,898
of which Non-recurring financial charges: +€22,193
- Other operating charges +€13,302
up €13,302 (+327%), from €4,072 to €17,374
- Depreciation -€12,650
down €12,650 (-24.6%), from €51,463 to €38,813
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 | €1,793,842 | €2,233,803 | +€439,960 | +24.5% |
| Fixed assets | 21/28 | €848,747 | €1,063,410 | +€214,663 | +25.3% |
| Tangible fixed assets | 22/27 | €848,747 | €1,063,410 | +€214,663 | +25.3% |
| Land and buildings | 22 | €631,516 | €670,979 | +€39,463 | +6.2% |
| Plant, machinery and equipment | 23 | €15,904 | €12,601 | -€3,304 | -20.8% |
| Furniture and vehicles | 24 | €72,327 | €29,580 | -€42,746 | -59.1% |
| Other tangible fixed assets | 26 | €129,000 | €350,250 | +€221,250 | +172% |
| Current assets | 29/58 | €945,095 | €1,170,393 | +€225,297 | +23.8% |
| Amounts receivable after more than one year | 29 | €578,000 | €578,000 | = | 0.0% |
| Other amounts receivable | 291 | €578,000 | €578,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €147,695 | €276,284 | +€128,589 | +87.1% |
| Other amounts receivable | 41 | €147,695 | €276,284 | +€128,589 | +87.1% |
| Cash at bank and in hand | 54/58 | €55,025 | €50,054 | -€4,971 | -9.0% |
| Deferred charges and accrued income | 490/1 | €164,375 | €266,055 | +€101,680 | +61.9% |
| Total equity and liabilities | 10/49 | €1,793,842 | €2,233,803 | +€439,960 | +24.5% |
| Equity | 10/15 | €1,563,679 | €1,869,488 | +€305,808 | +19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,395,164 | €1,700,972 | +€305,808 | +21.9% |
| Non-distributable reserves | 130/1 | €9,060 | €9,060 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,060 | €9,060 | = | 0.0% |
| Tax-exempt reserves | 132 | €168,400 | €155,770 | -€12,630 | -7.5% |
| Distributable reserves | 133 | €1,217,704 | €1,536,142 | +€318,438 | +26.2% |
| Profit (loss) carried forward | 14 | €149,916 | €149,916 | = | 0.0% |
| Provisions and deferred taxes | 16 | €70,443 | €70,443 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €70,443 | €70,443 | = | 0.0% |
| Pensions and similar obligations | 160 | €70,443 | €70,443 | = | 0.0% |
| Amounts payable | 17/49 | €159,720 | €293,872 | +€134,152 | +84.0% |
| Amounts payable after more than one year | 17 | €51,251 | €102,423 | +€51,172 | +99.8% |
| Financial debts | 170/4 | €51,251 | €102,423 | +€51,172 | +99.8% |
| Amounts payable within one year | 42/48 | €108,469 | €191,449 | +€82,980 | +76.5% |
| Current portion of amounts payable after more than one year | 42 | €22,764 | €56,033 | +€33,269 | +146% |
| Financial debts | 43 | €26,667 | €30,000 | +€3,333 | +12.5% |
| Credit institutions | 430/8 | €26,667 | €30,000 | +€3,333 | +12.5% |
| Trade debts | 44 | €16,654 | €11,024 | -€5,631 | -33.8% |
| Suppliers | 440/4 | €16,654 | €11,024 | -€5,631 | -33.8% |
| Taxes, remuneration and social security | 45 | €42,384 | €94,392 | +€52,008 | +123% |
| Taxes | 450/3 | €42,384 | €94,392 | +€52,008 | +123% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,463 | €38,813 | -€12,650 | -24.6% |
| Other operating charges | 640/8 | €4,072 | €17,374 | +€13,302 | +327% |
| Gross operating margin | 9900 | €423,336 | €725,427 | +€302,091 | +71.4% |
| Operating profit (loss) | 9901 | €367,801 | €669,240 | +€301,439 | +82.0% |
| Financial income | 75/76B | €28,029 | €27,093 | -€935 | -3.3% |
| Recurring financial income | 75 | €28,029 | €27,093 | -€935 | -3.3% |
| Financial charges | 65/66B | €6,718 | €27,898 | +€21,181 | +315% |
| Recurring financial charges | 65 | €6,718 | €5,705 | -€1,012 | -15.1% |
| Non-recurring financial charges | 66B | - | €22,193 | +€22,193 | |
| Profit (loss) for the period before taxes | 9903 | €389,112 | €668,435 | +€279,323 | +71.8% |
| Income taxes | 67/77 | €121,906 | €209,392 | +€87,486 | +71.8% |
| Profit (loss) for the period | 9904 | €267,206 | €459,043 | +€191,837 | +71.8% |
| Transfer from tax-exempt reserves | 789 | - | €117,880 | +€117,880 | |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €267,206 | €471,673 | +€204,467 | +76.5% |
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 24 October 2026 via checked.be.