DR. POL COLPAERT: 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. POL COLPAERT
Largest movements
- Cash +€66,408
up €66,408 (+34.6%), from €192,152 to €258,560
mainly Net result for the year (+€128,419) and Contributions, distributions and other (+€41,553)
- Current investments +€56,726
up €56,726 (+22.3%), from €254,545 to €311,271
- Financial fixed assets +€51,151
new in 2025: €51,151
- Tangible fixed assets -€21,411
down €21,411 (-29.0%), from €73,941 to €52,529
of which Land and buildings: -€11,692
- Reserves +€163,776
up €163,776 (+31.9%), from €514,031 to €677,807
- Other debts -€33,034
down €33,034 (-80.3%), from €41,118 to €8,084
- Tax, wage and social debts +€23,168
up €23,168 (+460%), from €5,038 to €28,206
- Debts after one year -€12,000
down €12,000 (-50.0%), from €24,000 to €12,000
- Gross operating margin +€39,524
up €39,524 (+29.1%), from €135,920 to €175,444
- Taxes +€22,528
up €22,528 (+126%), from €17,835 to €40,362
- Financial income +€15,096
up €15,096 (+175%), from €8,618 to €23,714
- Depreciation -€9,530
down €9,530 (-38.2%), from €24,963 to €15,432
- Financial charges +€5,813
up €5,813 (+79.6%), from €7,302 to €13,115
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 | €617,386 | €759,755 | +€142,369 | +23.1% |
| Fixed assets | 21/28 | €73,941 | €103,680 | +€29,739 | +40.2% |
| Tangible fixed assets | 22/27 | €73,941 | €52,529 | -€21,411 | -29.0% |
| Land and buildings | 22 | €58,462 | €46,769 | -€11,692 | -20.0% |
| Plant, machinery and equipment | 23 | €334 | €0 | -€334 | -100% |
| Furniture and vehicles | 24 | €13,407 | €4,086 | -€9,321 | -69.5% |
| Other tangible fixed assets | 26 | €1,738 | €1,674 | -€65 | -3.7% |
| Financial fixed assets | 28 | - | €51,151 | +€51,151 | |
| Current assets | 29/58 | €543,445 | €656,075 | +€112,630 | +20.7% |
| Amounts receivable within one year | 40/41 | €57,591 | €52,977 | -€4,615 | -8.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €57,591 | €52,977 | -€4,615 | -8.0% |
| Current investments | 50/53 | €254,545 | €311,271 | +€56,726 | +22.3% |
| Cash at bank and in hand | 54/58 | €192,152 | €258,560 | +€66,408 | +34.6% |
| Deferred charges and accrued income | 490/1 | €39,157 | €33,268 | -€5,890 | -15.0% |
| Total equity and liabilities | 10/49 | €617,386 | €759,755 | +€142,369 | +23.1% |
| Equity | 10/15 | €526,435 | €696,407 | +€169,972 | +32.3% |
| Contributions | 10/11 | €12,404 | €18,600 | +€6,196 | +50.0% |
| Reserves | 13 | €514,031 | €677,807 | +€163,776 | +31.9% |
| Distributable reserves | 133 | €514,031 | €677,807 | +€163,776 | +31.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €90,951 | €63,348 | -€27,603 | -30.3% |
| Amounts payable after more than one year | 17 | €24,000 | €12,000 | -€12,000 | -50.0% |
| Financial debts | 170/4 | €24,000 | €12,000 | -€12,000 | -50.0% |
| Amounts payable within one year | 42/48 | €66,603 | €51,348 | -€15,255 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €13,494 | €12,000 | -€1,494 | -11.1% |
| Trade debts | 44 | €6,952 | €3,058 | -€3,894 | -56.0% |
| Suppliers | 440/4 | €6,952 | €3,058 | -€3,894 | -56.0% |
| Taxes, remuneration and social security | 45 | €5,038 | €28,206 | +€23,168 | +460% |
| Taxes | 450/3 | €5,038 | €28,206 | +€23,168 | +460% |
| Other amounts payable | 47/48 | €41,118 | €8,084 | -€33,034 | -80.3% |
| Accrued charges and deferred income | 492/3 | €348 | €0 | -€348 | -100% |
| Non-recurring operating income | 76A | - | €4,021 | +€4,021 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,963 | €15,432 | -€9,530 | -38.2% |
| Other operating charges | 640/8 | €1,592 | €1,829 | +€237 | +14.9% |
| Gross operating margin | 9900 | €135,920 | €175,444 | +€39,524 | +29.1% |
| Operating profit (loss) | 9901 | €109,365 | €158,183 | +€48,817 | +44.6% |
| Financial income | 75/76B | €8,618 | €23,714 | +€15,096 | +175% |
| Recurring financial income | 75 | €8,618 | €23,714 | +€15,096 | +175% |
| Financial charges | 65/66B | €7,302 | €13,115 | +€5,813 | +79.6% |
| Recurring financial charges | 65 | €7,302 | €13,115 | +€5,813 | +79.6% |
| Profit (loss) for the period before taxes | 9903 | €110,681 | €168,781 | +€58,100 | +52.5% |
| Income taxes | 67/77 | €17,835 | €40,362 | +€22,528 | +126% |
| Profit (loss) for the period | 9904 | €92,846 | €128,419 | +€35,573 | +38.3% |
| Profit (loss) for the period to be appropriated | 9905 | €92,846 | €128,419 | +€35,573 | +38.3% |
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 23 October 2026 via checked.be.