DR. POLITIS: 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. POLITIS
Largest movements
- Tangible fixed assets +€54,256
up €54,256 (+193%), from €28,057 to €82,313
of which Furniture and vehicles: +€48,381
- Cash -€23,705
down €23,705 (-6.6%), from €359,617 to €335,913
mainly Investment in fixed assets (net) (-€67,538) and Receivables within one year (-€21,284)
- Receivables within one year +€21,284
up €21,284 (+168%), from €12,702 to €33,986
of which Trade receivables: +€22,072
- Reserves +€39,841
up €39,841 (+6.1%), from €648,190 to €688,031
of which Non-distributable reserves: +€39,841
- Financial income +€16,545
up €16,545 (+1,654%), from €1,000 to €17,546
of which Non-recurring financial income: +€9,083
- Depreciation +€10,437
up €10,437 (+367%), from €2,845 to €13,281
- Gross operating margin +€9,391
up €9,391 (+15.8%), from €59,434 to €68,825
- Other operating charges +€4,628
up €4,628 (+65.2%), from €7,098 to €11,725
- Staff costs -€4,180
no longer reported in 2025 (was €4,180)
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 | €688,940 | €739,913 | +€50,973 | +7.4% |
| Fixed assets | 21/28 | €313,479 | €367,735 | +€54,256 | +17.3% |
| Tangible fixed assets | 22/27 | €28,057 | €82,313 | +€54,256 | +193% |
| Land and buildings | 22 | €9,199 | €4,762 | -€4,437 | -48.2% |
| Plant, machinery and equipment | 23 | €1,306 | €11,618 | +€10,312 | +790% |
| Furniture and vehicles | 24 | €17,552 | €65,933 | +€48,381 | +276% |
| Financial fixed assets | 28 | €285,422 | €285,422 | = | 0.0% |
| Current assets | 29/58 | €375,461 | €372,178 | -€3,283 | -0.9% |
| Amounts receivable within one year | 40/41 | €12,702 | €33,986 | +€21,284 | +168% |
| Trade receivables | 40 | €4,640 | €26,712 | +€22,072 | +476% |
| Other amounts receivable | 41 | €8,062 | €7,274 | -€788 | -9.8% |
| Cash at bank and in hand | 54/58 | €359,617 | €335,913 | -€23,705 | -6.6% |
| Deferred charges and accrued income | 490/1 | €3,142 | €2,280 | -€862 | -27.4% |
| Total equity and liabilities | 10/49 | €688,940 | €739,913 | +€50,973 | +7.4% |
| Equity | 10/15 | €675,455 | €715,296 | +€39,841 | +5.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €648,190 | €688,031 | +€39,841 | +6.1% |
| Non-distributable reserves | 130/1 | €414,110 | €453,951 | +€39,841 | +9.6% |
| Other | 1319 | €414,110 | €453,951 | +€39,841 | +9.6% |
| Tax-exempt reserves | 132 | €616 | €616 | = | 0.0% |
| Distributable reserves | 133 | €233,464 | €233,464 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,266 | €7,266 | = | 0.0% |
| Amounts payable | 17/49 | €13,485 | €24,617 | +€11,132 | +82.6% |
| Amounts payable within one year | 42/48 | €11,443 | €17,867 | +€6,424 | +56.1% |
| Trade debts | 44 | €2,717 | €1,217 | -€1,499 | -55.2% |
| Suppliers | 440/4 | €2,717 | €1,217 | -€1,499 | -55.2% |
| Taxes, remuneration and social security | 45 | €8,727 | €12,965 | +€4,238 | +48.6% |
| Taxes | 450/3 | €8,727 | €12,965 | +€4,238 | +48.6% |
| Other amounts payable | 47/48 | - | €3,685 | +€3,685 | |
| Accrued charges and deferred income | 492/3 | €2,041 | €6,750 | +€4,709 | +231% |
| Remuneration, social security and pensions | 62 | €4,180 | - | -€4,180 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,845 | €13,281 | +€10,437 | +367% |
| Other operating charges | 640/8 | €7,098 | €11,725 | +€4,628 | +65.2% |
| Gross operating margin | 9900 | €59,434 | €68,825 | +€9,391 | +15.8% |
| Operating profit (loss) | 9901 | €45,313 | €43,819 | -€1,494 | -3.3% |
| Financial income | 75/76B | €1,000 | €17,546 | +€16,545 | +1,654% |
| Recurring financial income | 75 | €1,000 | €8,463 | +€7,463 | +746% |
| Non-recurring financial income | 76B | - | €9,083 | +€9,083 | |
| Financial charges | 65/66B | €267 | €2,283 | +€2,016 | +755% |
| Recurring financial charges | 65 | €267 | €261 | -€6 | -2.2% |
| Non-recurring financial charges | 66B | - | €2,022 | +€2,022 | |
| Profit (loss) for the period before taxes | 9903 | €46,046 | €59,082 | +€13,036 | +28.3% |
| Income taxes | 67/77 | €16,076 | €19,241 | +€3,165 | +19.7% |
| Profit (loss) for the period | 9904 | €29,970 | €39,841 | +€9,871 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,970 | €39,841 | +€9,871 | +32.9% |
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.