Dr Ponchon: 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 Ponchon
Largest movements
- Cash +€31,383
up €31,383 (+14.4%), from €217,605 to €248,987
mainly Net result for the year (+€110,605) and Depreciation (+€30,646)
- Tangible fixed assets -€29,918
down €29,918 (-4.2%), from €705,156 to €675,238
of which Land and buildings: -€21,109
- Reserves +€77,810
up €77,810 (+42.5%), from €183,232 to €261,041
- Debts after one year -€52,418
down €52,418 (-11.3%), from €461,903 to €409,485
- Other debts -€23,532
down €23,532 (-15.4%), from €153,074 to €129,543
- Gross operating margin +€29,937
up €29,937 (+14.0%), from €213,514 to €243,452
- Provisions -€14,833
down €14,833, from €11,960 to -€2,873
- Financial charges +€10,527
up €10,527 (+22.8%), from €46,164 to €56,691
- Taxes +€3,019
up €3,019 (+6.9%), from €43,660 to €46,679
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 | €963,192 | €956,938 | -€6,255 | -0.6% |
| Fixed assets | 21/28 | €705,156 | €675,238 | -€29,918 | -4.2% |
| Tangible fixed assets | 22/27 | €705,156 | €675,238 | -€29,918 | -4.2% |
| Land and buildings | 22 | €665,153 | €644,044 | -€21,109 | -3.2% |
| Furniture and vehicles | 24 | €4,694 | €3,274 | -€1,420 | -30.3% |
| Other tangible fixed assets | 26 | €35,309 | €27,920 | -€7,389 | -20.9% |
| Current assets | 29/58 | €258,036 | €281,700 | +€23,664 | +9.2% |
| Amounts receivable within one year | 40/41 | €821 | €2,321 | +€1,501 | +183% |
| Other amounts receivable | 41 | €821 | €2,321 | +€1,501 | +183% |
| Current investments | 50/53 | €25,975 | €25,696 | -€280 | -1.1% |
| Cash at bank and in hand | 54/58 | €217,605 | €248,987 | +€31,383 | +14.4% |
| Deferred charges and accrued income | 490/1 | €13,636 | €4,695 | -€8,940 | -65.6% |
| Total equity and liabilities | 10/49 | €963,192 | €956,938 | -€6,255 | -0.6% |
| Equity | 10/15 | €218,997 | €296,807 | +€77,810 | +35.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €183,232 | €261,041 | +€77,810 | +42.5% |
| Distributable reserves | 133 | €183,232 | €261,041 | +€77,810 | +42.5% |
| Profit (loss) carried forward | 14 | €23,366 | €23,366 | = | 0.0% |
| Provisions and deferred taxes | 16 | €66,811 | €63,938 | -€2,873 | -4.3% |
| Provisions for liabilities and charges | 160/5 | €66,811 | €63,938 | -€2,873 | -4.3% |
| Other liabilities and charges | 164/5 | €66,811 | €63,938 | -€2,873 | -4.3% |
| Amounts payable | 17/49 | €677,384 | €596,192 | -€81,192 | -12.0% |
| Amounts payable after more than one year | 17 | €461,903 | €409,485 | -€52,418 | -11.3% |
| Financial debts | 170/4 | €461,903 | €409,485 | -€52,418 | -11.3% |
| Amounts payable within one year | 42/48 | €215,481 | €186,707 | -€28,773 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €51,655 | €52,418 | +€764 | +1.5% |
| Financial debts | 43 | €1,449 | - | -€1,449 | |
| Credit institutions | 430/8 | €1,449 | - | -€1,449 | |
| Trade debts | 44 | €1,846 | €714 | -€1,132 | -61.3% |
| Suppliers | 440/4 | €1,846 | €714 | -€1,132 | -61.3% |
| Taxes, remuneration and social security | 45 | €7,457 | €4,032 | -€3,424 | -45.9% |
| Taxes | 450/3 | €5,457 | €4,032 | -€1,424 | -26.1% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €153,074 | €129,543 | -€23,532 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,771 | €30,646 | -€125 | -0.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €11,960 | -€2,873 | -€14,833 | |
| Other operating charges | 640/8 | €3,303 | €3,516 | +€213 | +6.4% |
| Non-recurring operating charges | 66A | €207 | - | -€207 | |
| Gross operating margin | 9900 | €213,514 | €243,452 | +€29,937 | +14.0% |
| Operating profit (loss) | 9901 | €167,273 | €212,162 | +€44,890 | +26.8% |
| Financial income | 75/76B | €3,701 | €1,812 | -€1,888 | -51.0% |
| Recurring financial income | 75 | €3,701 | €1,812 | -€1,888 | -51.0% |
| Financial charges | 65/66B | €46,164 | €56,691 | +€10,527 | +22.8% |
| Recurring financial charges | 65 | €46,164 | €56,691 | +€10,527 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €124,809 | €157,284 | +€32,475 | +26.0% |
| Income taxes | 67/77 | €43,660 | €46,679 | +€3,019 | +6.9% |
| Profit (loss) for the period | 9904 | €81,149 | €110,605 | +€29,456 | +36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €81,149 | €110,605 | +€29,456 | +36.3% |
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 26 October 2026 via checked.be.