DR. PUTSEYS ANN: what changed
Two fiscal 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. PUTSEYS ANN
Largest movements
- Current investments +€200,000
up €200,000 (+44.0%), from €454,222 to €654,222
- Tangible fixed assets -€27,156
down €27,156 (-4.2%), from €652,492 to €625,336
of which Land and buildings: -€31,210
- Reserves +€190,417
up €190,417 (+13.4%), from €1.4m to €1.6m
of which Distributable reserves: +€192,277
- Gross operating margin -€4,777
down €4,777 (-1.5%), from €314,310 to €309,533
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.
Cash bridge derived
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 | €1,457,561 | €1,649,866 | +€192,305 | +13.2% |
| Fixed assets | 21/28 | €652,492 | €625,336 | -€27,156 | -4.2% |
| Tangible fixed assets | 22/27 | €652,492 | €625,336 | -€27,156 | -4.2% |
| Land and buildings | 22 | €631,947 | €600,738 | -€31,210 | -4.9% |
| Plant, machinery and equipment | 23 | €7,176 | €11,701 | +€4,525 | +63.1% |
| Furniture and vehicles | 24 | €13,353 | €12,897 | -€456 | -3.4% |
| Other tangible fixed assets | 26 | €16 | - | -€16 | |
| Current assets | 29/58 | €805,069 | €1,024,530 | +€219,461 | +27.3% |
| Amounts receivable within one year | 40/41 | €819 | €4,269 | +€3,450 | +421.1% |
| Trade receivables | 40 | - | €60 | +€60 | |
| Other amounts receivable | 41 | €819 | €4,209 | +€3,390 | +413.8% |
| Current investments | 50/53 | €454,222 | €654,222 | +€200,000 | +44.0% |
| Cash at bank and in hand | 54/58 | €350,027 | €366,039 | +€16,011 | +4.6% |
| Total equity and liabilities | 10/49 | €1,457,561 | €1,649,866 | +€192,305 | +13.2% |
| Equity | 10/15 | €1,433,776 | €1,624,193 | +€190,417 | +13.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,420,826 | €1,611,243 | +€190,417 | +13.4% |
| Non-distributable reserves | 130/1 | €40,560 | €38,700 | -€1,860 | -4.6% |
| Reserves not available under the articles | 1311 | €40,560 | €38,700 | -€1,860 | -4.6% |
| Distributable reserves | 133 | €1,380,266 | €1,572,543 | +€192,277 | +13.9% |
| Profit (loss) carried forward | 14 | €550 | €550 | = | 0.0% |
| Amounts payable | 17/49 | €23,785 | €25,673 | +€1,888 | +7.9% |
| Amounts payable within one year | 42/48 | €23,785 | €25,673 | +€1,888 | +7.9% |
| Trade debts | 44 | - | €1,431 | +€1,431 | |
| Suppliers | 440/4 | - | €1,431 | +€1,431 | |
| Taxes, remuneration and social security | 45 | €8,230 | - | -€8,230 | |
| Remuneration and social security | 454/9 | €8,230 | - | -€8,230 | |
| Other amounts payable | 47/48 | €15,555 | €24,242 | +€8,687 | +55.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,046 | €37,749 | +€2,703 | +7.7% |
| Other operating charges | 640/8 | €6,713 | €3,821 | -€2,892 | -43.1% |
| Gross operating margin | 9900 | €314,310 | €309,533 | -€4,777 | -1.5% |
| Operating profit (loss) | 9901 | €272,550 | €267,963 | -€4,587 | -1.7% |
| Financial income | 75/76B | €7,639 | €7,785 | +€146 | +1.9% |
| Recurring financial income | 75 | €7,639 | €7,785 | +€146 | +1.9% |
| Financial charges | 65/66B | €633 | €1,367 | +€734 | +115.9% |
| Recurring financial charges | 65 | €633 | €1,367 | +€734 | +115.9% |
| Profit (loss) for the period before taxes | 9903 | €279,556 | €274,381 | -€5,175 | -1.9% |
| Income taxes | 67/77 | €85,195 | €83,964 | -€1,231 | -1.4% |
| Profit (loss) for the period | 9904 | €194,361 | €190,417 | -€3,944 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €194,361 | €190,417 | -€3,944 | -2.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.