DR. R. BLINDER: 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. R. BLINDER
Largest movements
- Tangible fixed assets +€204,151
up €204,151 (+88.4%), from €230,913 to €435,064
of which Land and buildings: +€170,476
- Current investments -€195,518
down €195,518 (-39.2%), from €498,243 to €302,725
- Cash +€68,895
up €68,895 (+124%), from €55,580 to €124,475
mainly Current investments (+€195,518) and Net result for the year (+€146,776)
- Receivables within one year +€55,549
up €55,549 (+400%), from €13,876 to €69,425
of which Trade receivables: +€60,480
- Reserves +€146,776
up €146,776 (+14.6%), from €1.0m to €1.2m
of which Distributable reserves: +€148,636
- Short-term financial debts -€30,000
down €30,000 (-100%), from €30,000 to €0
- Other debts +€22,954
up €22,954 (+13.0%), from €176,879 to €199,833
- Tax, wage and social debts -€21,129
down €21,129 (-76.5%), from €27,604 to €6,475
of which Taxes: -€19,588
- Depreciation +€35,278
up €35,278 (+72.2%), from €48,890 to €84,168
- Gross operating margin +€25,821
up €25,821 (+9.7%), from €266,758 to €292,579
- Taxes -€14,142
down €14,142 (-17.5%), from €80,593 to €66,451
- Financial income +€9,912
up €9,912 (+49.9%), from €19,868 to €29,779
- Financial charges +€8,057
up €8,057 (+148%), from €5,452 to €13,509
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 | €1,718,955 | €1,837,990 | +€119,035 | +6.9% |
| Fixed assets | 21/28 | €230,913 | €435,064 | +€204,151 | +88.4% |
| Tangible fixed assets | 22/27 | €230,913 | €435,064 | +€204,151 | +88.4% |
| Land and buildings | 22 | €203,345 | €373,821 | +€170,476 | +83.8% |
| Plant, machinery and equipment | 23 | €8,793 | €9,162 | +€369 | +4.2% |
| Furniture and vehicles | 24 | €3,985 | €2,381 | -€1,603 | -40.2% |
| Leasing and similar rights | 25 | €14,791 | €49,700 | +€34,909 | +236% |
| Current assets | 29/58 | €1,488,041 | €1,402,926 | -€85,116 | -5.7% |
| Amounts receivable after more than one year | 29 | €899,231 | €899,231 | = | 0.0% |
| Other amounts receivable | 291 | €899,231 | €899,231 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,876 | €69,425 | +€55,549 | +400% |
| Trade receivables | 40 | €7,528 | €68,008 | +€60,480 | +803% |
| Other amounts receivable | 41 | €6,348 | €1,417 | -€4,932 | -77.7% |
| Current investments | 50/53 | €498,243 | €302,725 | -€195,518 | -39.2% |
| Cash at bank and in hand | 54/58 | €55,580 | €124,475 | +€68,895 | +124% |
| Deferred charges and accrued income | 490/1 | €21,112 | €7,069 | -€14,042 | -66.5% |
| Total equity and liabilities | 10/49 | €1,718,955 | €1,837,990 | +€119,035 | +6.9% |
| Equity | 10/15 | €1,362,880 | €1,509,656 | +€146,776 | +10.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,008,617 | €1,155,393 | +€146,776 | +14.6% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €22,795 | €22,795 | = | 0.0% |
| Distributable reserves | 133 | €983,963 | €1,132,598 | +€148,636 | +15.1% |
| Profit (loss) carried forward | 14 | €348,063 | €348,063 | = | 0.0% |
| Amounts payable | 17/49 | €356,075 | €328,334 | -€27,740 | -7.8% |
| Amounts payable after more than one year | 17 | €45,531 | €46,628 | +€1,096 | +2.4% |
| Financial debts | 170/4 | €42,906 | €41,746 | -€1,161 | -2.7% |
| Other amounts payable | 178/9 | €2,625 | €4,882 | +€2,257 | +86.0% |
| Amounts payable within one year | 42/48 | €303,343 | €277,745 | -€25,598 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €46,252 | €60,352 | +€14,100 | +30.5% |
| Financial debts | 43 | €30,000 | €0 | -€30,000 | -100% |
| Credit institutions | 430/8 | €30,000 | €0 | -€30,000 | -100% |
| Trade debts | 44 | €6,871 | €961 | -€5,910 | -86.0% |
| Suppliers | 440/4 | €6,871 | €961 | -€5,910 | -86.0% |
| Advances received on contracts in progress | 46 | €15,737 | €10,124 | -€5,613 | -35.7% |
| Taxes, remuneration and social security | 45 | €27,604 | €6,475 | -€21,129 | -76.5% |
| Taxes | 450/3 | €26,063 | €6,475 | -€19,588 | -75.2% |
| Remuneration and social security | 454/9 | €1,541 | €0 | -€1,541 | -100% |
| Other amounts payable | 47/48 | €176,879 | €199,833 | +€22,954 | +13.0% |
| Accrued charges and deferred income | 492/3 | €7,201 | €3,962 | -€3,239 | -45.0% |
| Non-recurring operating income | 76A | €1,171 | €0 | -€1,171 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,890 | €84,168 | +€35,278 | +72.2% |
| Other operating charges | 640/8 | €12,754 | €11,455 | -€1,299 | -10.2% |
| Gross operating margin | 9900 | €266,758 | €292,579 | +€25,821 | +9.7% |
| Operating profit (loss) | 9901 | €205,114 | €196,956 | -€8,158 | -4.0% |
| Financial income | 75/76B | €19,868 | €29,779 | +€9,912 | +49.9% |
| Recurring financial income | 75 | €19,868 | €29,779 | +€9,912 | +49.9% |
| Financial charges | 65/66B | €5,452 | €13,509 | +€8,057 | +148% |
| Recurring financial charges | 65 | €5,452 | €13,509 | +€8,057 | +148% |
| Profit (loss) for the period before taxes | 9903 | €219,530 | €213,227 | -€6,303 | -2.9% |
| Income taxes | 67/77 | €80,593 | €66,451 | -€14,142 | -17.5% |
| Profit (loss) for the period | 9904 | €138,937 | €146,776 | +€7,839 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €138,937 | €146,776 | +€7,839 | +5.6% |
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 19 October 2026 via checked.be.