Dr. Rob Korstanje: 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. Rob Korstanje
Largest movements
- Receivables after one year +€112,250
new in 2025: €112,250
- Cash -€38,283
down €38,283 (-39.0%), from €98,131 to €59,848
mainly Receivables after one year (-€112,250) and Other debts (-€28,067)
- Financial fixed assets +€15,134
up €15,134 (+20.0%), from €75,668 to €90,801
- Deferred charges and accrued income +€6,119
up €6,119 (+167%), from €3,656 to €9,775
- Tangible fixed assets +€2,987
up €2,987 (+151%), from €1,974 to €4,962
of which Plant, machinery and equipment: +€4,407
- Reserves +€75,000
up €75,000 (+56.5%), from €132,855 to €207,855
of which Distributable reserves: +€75,000
- Debts after one year +€33,463
new in 2025: €33,463
- Other debts -€28,067
down €28,067 (-84.0%), from €33,422 to €5,354
- Current portion of long-term debt +€14,670
new in 2025: €14,670
- Tax, wage and social debts +€6,147
up €6,147 (+126%), from €4,875 to €11,022
- Gross operating margin +€11,895
up €11,895 (+12.5%), from €95,119 to €107,014
- Financial income +€6,047
up €6,047 (+1,328%), from €455 to €6,502
- Taxes +€4,129
up €4,129 (+21.6%), from €19,086 to €23,215
- Financial charges +€2,120
up €2,120 (+782%), from €271 to €2,391
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 | €194,392 | €293,729 | +€99,337 | +51.1% |
| Fixed assets | 21/28 | €77,642 | €95,763 | +€18,121 | +23.3% |
| Tangible fixed assets | 22/27 | €1,974 | €4,962 | +€2,987 | +151% |
| Plant, machinery and equipment | 23 | - | €4,407 | +€4,407 | |
| Furniture and vehicles | 24 | €1,974 | €554 | -€1,420 | -71.9% |
| Financial fixed assets | 28 | €75,668 | €90,801 | +€15,134 | +20.0% |
| Current assets | 29/58 | €116,751 | €197,966 | +€81,216 | +69.6% |
| Amounts receivable after more than one year | 29 | - | €112,250 | +€112,250 | |
| Other amounts receivable | 291 | - | €112,250 | +€112,250 | |
| Amounts receivable within one year | 40/41 | €14,963 | €16,093 | +€1,130 | +7.5% |
| Trade receivables | 40 | €13,274 | €13,744 | +€470 | +3.5% |
| Other amounts receivable | 41 | €1,689 | €2,349 | +€660 | +39.1% |
| Cash at bank and in hand | 54/58 | €98,131 | €59,848 | -€38,283 | -39.0% |
| Deferred charges and accrued income | 490/1 | €3,656 | €9,775 | +€6,119 | +167% |
| Total equity and liabilities | 10/49 | €194,392 | €293,729 | +€99,337 | +51.1% |
| Equity | 10/15 | €151,988 | €227,280 | +€75,292 | +49.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €132,855 | €207,855 | +€75,000 | +56.5% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €131,000 | €206,000 | +€75,000 | +57.3% |
| Profit (loss) carried forward | 14 | €583 | €875 | +€292 | +50.2% |
| Amounts payable | 17/49 | €42,405 | €66,449 | +€24,044 | +56.7% |
| Amounts payable after more than one year | 17 | - | €33,463 | +€33,463 | |
| Financial debts | 170/4 | - | €33,463 | +€33,463 | |
| Amounts payable within one year | 42/48 | €42,005 | €32,986 | -€9,019 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | - | €14,670 | +€14,670 | |
| Financial debts | 43 | - | €200 | +€200 | |
| Credit institutions | 430/8 | - | €200 | +€200 | |
| Trade debts | 44 | €3,708 | €1,740 | -€1,969 | -53.1% |
| Suppliers | 440/4 | €3,708 | €1,740 | -€1,969 | -53.1% |
| Taxes, remuneration and social security | 45 | €4,875 | €11,022 | +€6,147 | +126% |
| Taxes | 450/3 | €4,875 | €11,022 | +€6,147 | +126% |
| Other amounts payable | 47/48 | €33,422 | €5,354 | -€28,067 | -84.0% |
| Accrued charges and deferred income | 492/3 | €400 | - | -€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,140 | €2,226 | +€86 | +4.0% |
| Other operating charges | 640/8 | €1,187 | €392 | -€795 | -67.0% |
| Gross operating margin | 9900 | €95,119 | €107,014 | +€11,895 | +12.5% |
| Operating profit (loss) | 9901 | €91,792 | €104,396 | +€12,604 | +13.7% |
| Financial income | 75/76B | €455 | €6,502 | +€6,047 | +1,328% |
| Recurring financial income | 75 | €455 | €6,502 | +€6,047 | +1,328% |
| Financial charges | 65/66B | €271 | €2,391 | +€2,120 | +782% |
| Recurring financial charges | 65 | €271 | €2,391 | +€2,120 | +782% |
| Profit (loss) for the period before taxes | 9903 | €91,976 | €108,507 | +€16,531 | +18.0% |
| Income taxes | 67/77 | €19,086 | €23,215 | +€4,129 | +21.6% |
| Profit (loss) for the period | 9904 | €72,891 | €85,292 | +€12,402 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,891 | €85,292 | +€12,402 | +17.0% |
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 29 October 2026 via checked.be.