DR. REYNDERS: 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. REYNDERS
Largest movements
- Current investments +€180,488
up €180,488 (+12.9%), from €1.4m to €1.6m
- Cash +€49,983
up €49,983 (+53.9%), from €92,706 to €142,689
mainly Other debts (+€196,851) and Net result for the year (+€98,218)
- Receivables within one year +€36,698
up €36,698 (+376.7%), from €9,743 to €46,441
of which Other amounts receivable: +€36,220
- Other debts +€196,851
up €196,851 (+62.6%), from €314,395 to €511,246
- Reserves +€98,210
up €98,210 (+7.0%), from €1.4m to €1.5m
of which Distributable reserves: +€98,210
- Tax, wage and social debts -€24,949
down €24,949 (-80.6%), from €30,948 to €5,999
of which Taxes: -€21,099
- Gross operating margin -€84,616
down €84,616 (-39.9%), from €211,917 to €127,301
- Financial income +€34,652
up €34,652 (+1090.2%), from €3,179 to €37,830
- Taxes -€17,225
down €17,225 (-28.0%), from €61,415 to €44,190
- Financial charges +€2,574
up €2,574 (+2453.7%), from €105 to €2,679
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.
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 | €1,760,924 | €2,031,083 | +€270,158 | +15.3% |
| Fixed assets | 21/28 | €61,041 | €47,026 | -€14,015 | -23.0% |
| Tangible fixed assets | 22/27 | €60,941 | €46,926 | -€14,015 | -23.0% |
| Plant, machinery and equipment | 23 | €4,600 | €6,077 | +€1,477 | +32.1% |
| Furniture and vehicles | 24 | €56,341 | €40,849 | -€15,492 | -27.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €1,699,884 | €1,984,057 | +€284,173 | +16.7% |
| Amounts receivable within one year | 40/41 | €9,743 | €46,441 | +€36,698 | +376.7% |
| Trade receivables | 40 | €204 | €682 | +€478 | +234.3% |
| Other amounts receivable | 41 | €9,539 | €45,759 | +€36,220 | +379.7% |
| Current investments | 50/53 | €1,394,597 | €1,575,084 | +€180,488 | +12.9% |
| Cash at bank and in hand | 54/58 | €92,706 | €142,689 | +€49,983 | +53.9% |
| Deferred charges and accrued income | 490/1 | €202,839 | €219,843 | +€17,004 | +8.4% |
| Total equity and liabilities | 10/49 | €1,760,924 | €2,031,083 | +€270,158 | +15.3% |
| Equity | 10/15 | €1,415,540 | €1,513,758 | +€98,218 | +6.9% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,409,342 | €1,507,552 | +€98,210 | +7.0% |
| Tax-exempt reserves | 132 | €20,665 | €20,665 | = | 0.0% |
| Distributable reserves | 133 | €1,388,677 | €1,486,887 | +€98,210 | +7.1% |
| Profit (loss) carried forward | 14 | €1 | €9 | +€8 | +1401.7% |
| Amounts payable | 17/49 | €345,385 | €517,324 | +€171,940 | +49.8% |
| Amounts payable within one year | 42/48 | €345,385 | €517,324 | +€171,940 | +49.8% |
| Trade debts | 44 | €42 | €80 | +€38 | +89.1% |
| Suppliers | 440/4 | €42 | €80 | +€38 | +89.1% |
| Taxes, remuneration and social security | 45 | €30,948 | €5,999 | -€24,949 | -80.6% |
| Taxes | 450/3 | €21,598 | €499 | -€21,099 | -97.7% |
| Remuneration and social security | 454/9 | €9,350 | €5,500 | -€3,850 | -41.2% |
| Other amounts payable | 47/48 | €314,395 | €511,246 | +€196,851 | +62.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,422 | €18,805 | -€617 | -3.2% |
| Other operating charges | 640/8 | €1,204 | €1,238 | +€35 | +2.9% |
| Gross operating margin | 9900 | €211,917 | €127,301 | -€84,616 | -39.9% |
| Operating profit (loss) | 9901 | €191,291 | €107,257 | -€84,034 | -43.9% |
| Financial income | 75/76B | €3,179 | €37,830 | +€34,652 | +1090.2% |
| Recurring financial income | 75 | €3,179 | €37,830 | +€34,652 | +1090.2% |
| Financial charges | 65/66B | €105 | €2,679 | +€2,574 | +2453.7% |
| Recurring financial charges | 65 | €105 | €2,679 | +€2,574 | +2453.7% |
| Profit (loss) for the period before taxes | 9903 | €194,365 | €142,408 | -€51,956 | -26.7% |
| Income taxes | 67/77 | €61,415 | €44,190 | -€17,225 | -28.0% |
| Profit (loss) for the period | 9904 | €132,950 | €98,218 | -€34,732 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €132,950 | €98,218 | -€34,732 | -26.1% |
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 11 October 2026 via checked.be.