Dr Pieter Bormans: what changed
Dr Pieter Bormans
Largest movements
- Tangible fixed assets +€434,669
up €434,669 (+2,216%), from €19,618 to €454,287
of which Land and buildings: +€384,695
- Receivables within one year +€34,895
up €34,895 (+219%), from €15,939 to €50,833
of which Other amounts receivable: +€37,631
- Intangible fixed assets -€14,000
down €14,000 (-23.6%), from €59,323 to €45,323
- Cash +€7,010
up €7,010 (+8.8%), from €79,357 to €86,367
mainly Debts after one year (+€313,295) and Net result for the year (+€128,091)
- Deferred charges and accrued income -€6,687
down €6,687 (-77.8%), from €8,590 to €1,903
- Debts after one year +€313,295
up €313,295 (+542%), from €57,836 to €371,131
- Profit (loss) carried forward +€128,091
new in 2025: €128,091
- Reserves -€80,887
no longer reported in 2025 (was €80,887)
- Other debts +€67,565
up €67,565 (+6,484%), from €1,042 to €68,607
- Tax, wage and social debts +€15,173
up €15,173 (+186%), from €8,161 to €23,335
- Gross operating margin +€68,200
up €68,200 (+50.4%), from €135,245 to €203,445
- Taxes +€16,512
up €16,512 (+74.5%), from €22,161 to €38,673
- Depreciation +€4,497
up €4,497 (+14.6%), from €30,758 to €35,255
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €182,827 | €638,714 | +€455,887 | +249% |
| Fixed assets | 21/28 | €78,941 | €499,611 | +€420,669 | +533% |
| Intangible fixed assets | 21 | €59,323 | €45,323 | -€14,000 | -23.6% |
| Tangible fixed assets | 22/27 | €19,618 | €454,287 | +€434,669 | +2,216% |
| Land and buildings | 22 | - | €384,695 | +€384,695 | |
| Plant, machinery and equipment | 23 | €948 | €4,476 | +€3,528 | +372% |
| Furniture and vehicles | 24 | €18,670 | €65,116 | +€46,446 | +249% |
| Current assets | 29/58 | €103,885 | €139,104 | +€35,218 | +33.9% |
| Amounts receivable within one year | 40/41 | €15,939 | €50,833 | +€34,895 | +219% |
| Trade receivables | 40 | €10,536 | €7,800 | -€2,736 | -26.0% |
| Other amounts receivable | 41 | €5,403 | €43,033 | +€37,631 | +697% |
| Cash at bank and in hand | 54/58 | €79,357 | €86,367 | +€7,010 | +8.8% |
| Deferred charges and accrued income | 490/1 | €8,590 | €1,903 | -€6,687 | -77.8% |
| Total equity and liabilities | 10/49 | €182,827 | €638,714 | +€455,887 | +249% |
| Equity | 10/15 | €99,487 | €146,691 | +€47,204 | +47.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,887 | - | -€80,887 | |
| Distributable reserves | 133 | €80,887 | - | -€80,887 | |
| Profit (loss) carried forward | 14 | - | €128,091 | +€128,091 | |
| Amounts payable | 17/49 | €83,340 | €492,023 | +€408,683 | +490% |
| Amounts payable after more than one year | 17 | €57,836 | €371,131 | +€313,295 | +542% |
| Financial debts | 170/4 | €57,836 | €371,131 | +€313,295 | +542% |
| Amounts payable within one year | 42/48 | €25,503 | €120,892 | +€95,388 | +374% |
| Current portion of amounts payable after more than one year | 42 | €14,070 | €26,705 | +€12,636 | +89.8% |
| Trade debts | 44 | €2,230 | €2,245 | +€15 | +0.7% |
| Suppliers | 440/4 | €2,230 | €2,245 | +€15 | +0.7% |
| Taxes, remuneration and social security | 45 | €8,161 | €23,335 | +€15,173 | +186% |
| Taxes | 450/3 | €8,161 | €23,335 | +€15,173 | +186% |
| Other amounts payable | 47/48 | €1,042 | €68,607 | +€67,565 | +6,484% |
| Non-recurring operating income | 76A | - | €4,935 | +€4,935 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,758 | €35,255 | +€4,497 | +14.6% |
| Other operating charges | 640/8 | €573 | €462 | -€112 | -19.5% |
| Gross operating margin | 9900 | €135,245 | €203,445 | +€68,200 | +50.4% |
| Operating profit (loss) | 9901 | €103,914 | €167,728 | +€63,815 | +61.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €866 | €964 | +€98 | +11.3% |
| Recurring financial charges | 65 | €866 | €964 | +€98 | +11.3% |
| Profit (loss) for the period before taxes | 9903 | €103,048 | €166,765 | +€63,717 | +61.8% |
| Income taxes | 67/77 | €22,161 | €38,673 | +€16,512 | +74.5% |
| Profit (loss) for the period | 9904 | €80,887 | €128,091 | +€47,204 | +58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €80,887 | €128,091 | +€47,204 | +58.4% |
Next steps
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.