DR. PIETER VANDERSCHAEVE: 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. PIETER VANDERSCHAEVE
Largest movements
- Current investments +€94,479
up €94,479 (+50.3%), from €187,962 to €282,442
- Receivables within one year -€38,601
down €38,601 (-81.6%), from €47,300 to €8,699
- Cash -€37,399
down €37,399 (-26.1%), from €143,499 to €106,100
mainly Current investments (-€94,479) and Other debts (-€32,437)
- Tangible fixed assets -€9,096
down €9,096 (-25.6%), from €35,501 to €26,405
- Reserves +€36,790
up €36,790 (+10.6%), from €346,050 to €382,840
of which Distributable reserves: +€36,790
- Other debts -€32,437
down €32,437 (-68.0%), from €47,705 to €15,268
- Gross operating margin +€26,107
up €26,107 (+43.5%), from €60,012 to €86,119
- Taxes +€10,285
up €10,285 (+67.5%), from €15,235 to €25,520
- Financial income +€4,105
up €4,105 (+62.1%), from €6,614 to €10,719
- Financial charges +€3,981
up €3,981 (+207%), from €1,920 to €5,900
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 | €418,290 | €428,772 | +€10,482 | +2.5% |
| Fixed assets | 21/28 | €35,501 | €26,405 | -€9,096 | -25.6% |
| Tangible fixed assets | 22/27 | €35,501 | €26,405 | -€9,096 | -25.6% |
| Land and buildings | 22 | €15,854 | €11,951 | -€3,903 | -24.6% |
| Plant, machinery and equipment | 23 | €4,178 | €2,086 | -€2,092 | -50.1% |
| Furniture and vehicles | 24 | €15,469 | €12,368 | -€3,101 | -20.0% |
| Current assets | 29/58 | €382,789 | €402,367 | +€19,578 | +5.1% |
| Amounts receivable within one year | 40/41 | €47,300 | €8,699 | -€38,601 | -81.6% |
| Other amounts receivable | 41 | €47,300 | €8,699 | -€38,601 | -81.6% |
| Current investments | 50/53 | €187,962 | €282,442 | +€94,479 | +50.3% |
| Cash at bank and in hand | 54/58 | €143,499 | €106,100 | -€37,399 | -26.1% |
| Deferred charges and accrued income | 490/1 | €4,028 | €5,127 | +€1,099 | +27.3% |
| Total equity and liabilities | 10/49 | €418,290 | €428,772 | +€10,482 | +2.5% |
| Equity | 10/15 | €358,450 | €395,240 | +€36,790 | +10.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €346,050 | €382,840 | +€36,790 | +10.6% |
| Tax-exempt reserves | 132 | €802 | €802 | = | 0.0% |
| Distributable reserves | 133 | €345,248 | €382,038 | +€36,790 | +10.7% |
| Amounts payable | 17/49 | €59,840 | €33,532 | -€26,308 | -44.0% |
| Amounts payable within one year | 42/48 | €53,971 | €27,488 | -€26,484 | -49.1% |
| Trade debts | 44 | €420 | €3,674 | +€3,254 | +775% |
| Suppliers | 440/4 | €420 | €3,674 | +€3,254 | +775% |
| Taxes, remuneration and social security | 45 | €5,847 | €8,546 | +€2,699 | +46.2% |
| Taxes | 450/3 | €5,847 | €8,546 | +€2,699 | +46.2% |
| Other amounts payable | 47/48 | €47,705 | €15,268 | -€32,437 | -68.0% |
| Accrued charges and deferred income | 492/3 | €5,869 | €6,044 | +€175 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,906 | €11,405 | +€499 | +4.6% |
| Other operating charges | 640/8 | €1,098 | €1,011 | -€87 | -7.9% |
| Gross operating margin | 9900 | €60,012 | €86,119 | +€26,107 | +43.5% |
| Operating profit (loss) | 9901 | €48,008 | €73,703 | +€25,695 | +53.5% |
| Financial income | 75/76B | €6,614 | €10,719 | +€4,105 | +62.1% |
| Recurring financial income | 75 | €6,614 | €10,719 | +€4,105 | +62.1% |
| Financial charges | 65/66B | €1,920 | €5,900 | +€3,981 | +207% |
| Recurring financial charges | 65 | €1,920 | €5,900 | +€3,981 | +207% |
| Profit (loss) for the period before taxes | 9903 | €52,702 | €78,521 | +€25,819 | +49.0% |
| Income taxes | 67/77 | €15,235 | €25,520 | +€10,285 | +67.5% |
| Profit (loss) for the period | 9904 | €37,467 | €53,001 | +€15,534 | +41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,467 | €53,001 | +€15,534 | +41.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.