Dr. S. CASTERMANS: 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. S. CASTERMANS
Largest movements
- Current investments +€280,000
new in 2025: €280,000
- Cash -€215,083
down €215,083 (-69.7%), from €308,580 to €93,497
mainly Current investments (-€280,000) and Contributions, distributions and other (-€77,712)
- Tangible fixed assets -€39,829
down €39,829 (-10.2%), from €390,592 to €350,763
of which Furniture and vehicles: -€27,062
- Receivables after one year -€22,970
down €22,970 (-100%), from €22,970 to €0
- Receivables within one year -€20,250
down €20,250 (-34.9%), from €57,960 to €37,709
of which Other amounts receivable: -€21,278
- Debts after one year -€37,127
down €37,127 (-13.3%), from €280,117 to €242,989
- Other debts +€32,372
up €32,372 (+1,071%), from €3,022 to €35,394
- Reserves -€24,093
down €24,093 (-5.1%), from €468,483 to €444,390
of which Distributable reserves: -€24,093
- Gross operating margin +€16,374
up €16,374 (+13.6%), from €120,470 to €136,845
- Taxes +€6,898
up €6,898 (+42.5%), from €16,218 to €23,116
- Staff costs -€4,538
down €4,538 (-58.5%), from €7,763 to €3,224
- Financial income +€2,064
up €2,064 (+60.0%), from €3,439 to €5,504
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 | €799,603 | €772,578 | -€27,025 | -3.4% |
| Fixed assets | 21/28 | €390,592 | €350,763 | -€39,829 | -10.2% |
| Tangible fixed assets | 22/27 | €390,592 | €350,763 | -€39,829 | -10.2% |
| Land and buildings | 22 | €303,898 | €291,131 | -€12,767 | -4.2% |
| Furniture and vehicles | 24 | €86,693 | €59,632 | -€27,062 | -31.2% |
| Current assets | 29/58 | €409,012 | €421,816 | +€12,804 | +3.1% |
| Amounts receivable after more than one year | 29 | €22,970 | €0 | -€22,970 | -100% |
| Other amounts receivable | 291 | €22,970 | €0 | -€22,970 | -100% |
| Amounts receivable within one year | 40/41 | €57,960 | €37,709 | -€20,250 | -34.9% |
| Trade receivables | 40 | €223 | €1,250 | +€1,027 | +461% |
| Other amounts receivable | 41 | €57,737 | €36,459 | -€21,278 | -36.9% |
| Current investments | 50/53 | - | €280,000 | +€280,000 | |
| Cash at bank and in hand | 54/58 | €308,580 | €93,497 | -€215,083 | -69.7% |
| Deferred charges and accrued income | 490/1 | €19,502 | €10,609 | -€8,893 | -45.6% |
| Total equity and liabilities | 10/49 | €799,603 | €772,578 | -€27,025 | -3.4% |
| Equity | 10/15 | €480,883 | €456,790 | -€24,093 | -5.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €468,483 | €444,390 | -€24,093 | -5.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €468,483 | €444,390 | -€24,093 | -5.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €318,720 | €315,788 | -€2,932 | -0.9% |
| Amounts payable after more than one year | 17 | €280,117 | €242,989 | -€37,127 | -13.3% |
| Financial debts | 170/4 | €280,117 | €242,989 | -€37,127 | -13.3% |
| Amounts payable within one year | 42/48 | €38,604 | €72,799 | +€34,195 | +88.6% |
| Current portion of amounts payable after more than one year | 42 | €35,582 | €37,127 | +€1,546 | +4.3% |
| Trade debts | 44 | - | €278 | +€278 | |
| Suppliers | 440/4 | - | €278 | +€278 | |
| Other amounts payable | 47/48 | €3,022 | €35,394 | +€32,372 | +1,071% |
| Non-recurring operating income | 76A | €68 | €0 | -€68 | -100% |
| Remuneration, social security and pensions | 62 | €7,763 | €3,224 | -€4,538 | -58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,694 | €42,075 | -€620 | -1.5% |
| Other operating charges | 640/8 | €6,421 | €6,298 | -€123 | -1.9% |
| Gross operating margin | 9900 | €120,470 | €136,845 | +€16,374 | +13.6% |
| Operating profit (loss) | 9901 | €63,592 | €85,247 | +€21,655 | +34.1% |
| Financial income | 75/76B | €3,439 | €5,504 | +€2,064 | +60.0% |
| Recurring financial income | 75 | €3,439 | €5,504 | +€2,064 | +60.0% |
| Financial charges | 65/66B | €15,069 | €14,016 | -€1,053 | -7.0% |
| Recurring financial charges | 65 | €15,069 | €14,016 | -€1,053 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €51,963 | €76,735 | +€24,772 | +47.7% |
| Income taxes | 67/77 | €16,218 | €23,116 | +€6,898 | +42.5% |
| Profit (loss) for the period | 9904 | €35,745 | €53,619 | +€17,874 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,745 | €53,619 | +€17,874 | +50.0% |
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 19 October 2026 via checked.be.