DR. RAYMOND BESTMAN: 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. RAYMOND BESTMAN
Largest movements
- Cash -€82,767
down €82,767 (-48.7%), from €169,993 to €87,227
mainly Other debts (-€148,906) and Contributions, distributions and other (-€119,676)
- Current investments +€63,162
up €63,162 (+14.4%), from €439,960 to €503,122
- Tangible fixed assets -€20,421
down €20,421 (-3.3%), from €628,259 to €607,838
of which Land and buildings: -€20,083
- Reserves +€150,072
up €150,072 (+14.1%), from €1.1m to €1.2m
of which Distributable reserves: +€150,072
- Other debts -€148,906
down €148,906 (-69.5%), from €214,138 to €65,232
- Current portion of long-term debt -€42,511
down €42,511 (-79.6%), from €53,399 to €10,888
- Financial income -€84,183
down €84,183 (-86.5%), from €97,345 to €13,162
- Taxes -€34,710
down €34,710 (-22.1%), from €156,859 to €122,149
- Gross operating margin -€18,635
down €18,635 (-4.3%), from €438,047 to €419,412
- Financial charges -€6,923
down €6,923 (-31.8%), from €21,799 to €14,876
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 | €1,432,409 | €1,386,518 | -€45,891 | -3.2% |
| Fixed assets | 21/28 | €628,259 | €607,838 | -€20,421 | -3.3% |
| Tangible fixed assets | 22/27 | €628,259 | €607,838 | -€20,421 | -3.3% |
| Land and buildings | 22 | €627,921 | €607,838 | -€20,083 | -3.2% |
| Plant, machinery and equipment | 23 | €338 | €0 | -€338 | -100% |
| Current assets | 29/58 | €804,150 | €778,680 | -€25,470 | -3.2% |
| Amounts receivable within one year | 40/41 | €194,196 | €188,331 | -€5,865 | -3.0% |
| Trade receivables | 40 | €189,200 | €185,421 | -€3,780 | -2.0% |
| Other amounts receivable | 41 | €4,996 | €2,910 | -€2,085 | -41.7% |
| Current investments | 50/53 | €439,960 | €503,122 | +€63,162 | +14.4% |
| Cash at bank and in hand | 54/58 | €169,993 | €87,227 | -€82,767 | -48.7% |
| Total equity and liabilities | 10/49 | €1,432,409 | €1,386,518 | -€45,891 | -3.2% |
| Equity | 10/15 | €1,076,289 | €1,226,360 | +€150,072 | +13.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,063,889 | €1,213,960 | +€150,072 | +14.1% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €1,063,889 | €1,213,960 | +€150,072 | +14.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €356,120 | €160,157 | -€195,963 | -55.0% |
| Amounts payable after more than one year | 17 | €70,137 | €59,249 | -€10,888 | -15.5% |
| Financial debts | 170/4 | €70,137 | €59,249 | -€10,888 | -15.5% |
| Amounts payable within one year | 42/48 | €285,983 | €100,909 | -€185,074 | -64.7% |
| Current portion of amounts payable after more than one year | 42 | €53,399 | €10,888 | -€42,511 | -79.6% |
| Trade debts | 44 | €3,835 | €2,210 | -€1,625 | -42.4% |
| Suppliers | 440/4 | €3,835 | €2,210 | -€1,625 | -42.4% |
| Taxes, remuneration and social security | 45 | €14,611 | €22,578 | +€7,967 | +54.5% |
| Taxes | 450/3 | €12,061 | €22,578 | +€10,517 | +87.2% |
| Remuneration and social security | 454/9 | €2,550 | €0 | -€2,550 | -100% |
| Other amounts payable | 47/48 | €214,138 | €65,232 | -€148,906 | -69.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,861 | €22,286 | -€574 | -2.5% |
| Other operating charges | 640/8 | €3,308 | €3,514 | +€206 | +6.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €438,047 | €419,412 | -€18,635 | -4.3% |
| Operating profit (loss) | 9901 | €411,878 | €393,612 | -€18,267 | -4.4% |
| Financial income | 75/76B | €97,345 | €13,162 | -€84,183 | -86.5% |
| Recurring financial income | 75 | €97,345 | €13,162 | -€84,183 | -86.5% |
| Financial charges | 65/66B | €21,799 | €14,876 | -€6,923 | -31.8% |
| Recurring financial charges | 65 | €21,799 | €14,876 | -€6,923 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €487,424 | €391,897 | -€95,527 | -19.6% |
| Income taxes | 67/77 | €156,859 | €122,149 | -€34,710 | -22.1% |
| Profit (loss) for the period | 9904 | €330,565 | €269,748 | -€60,817 | -18.4% |
| Transfer from tax-exempt reserves | 789 | €42,100 | €0 | -€42,100 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €372,665 | €269,748 | -€102,917 | -27.6% |
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 30 October 2026 via checked.be.