DR. SIMON VANHOUTTE: 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. SIMON VANHOUTTE
Largest movements
- Cash +€27,992
up €27,992 (+27.7%), from €100,995 to €128,987
mainly Net result for the year (+€166,151) and Depreciation (+€7,961)
- Intangible fixed assets -€6,434
down €6,434 (-29.2%), from €22,033 to €15,599
- Receivables within one year -€5,967
down €5,967 (-53.6%), from €11,133 to €5,166
- Reserves +€18,213
up €18,213 (+12.3%), from €147,939 to €166,151
- Other debts -€4,318
down €4,318 (-70.3%), from €6,144 to €1,826
- Tax, wage and social debts +€1,930
up €1,930 (+1703.4%), from €113 to €2,043
- Gross operating margin +€27,722
up €27,722 (+13.5%), from €205,280 to €233,001
- Taxes +€13,648
up €13,648 (+31.5%), from €43,275 to €56,923
- Depreciation -€7,341
down €7,341 (-48.0%), from €15,302 to €7,961
- Financial income -€3,164
down €3,164 (-82.9%), from €3,817 to €653
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 | €176,720 | €191,635 | +€14,916 | +8.4% |
| Fixed assets | 21/28 | €62,196 | €54,235 | -€7,961 | -12.8% |
| Intangible fixed assets | 21 | €22,033 | €15,599 | -€6,434 | -29.2% |
| Tangible fixed assets | 22/27 | €40,163 | €38,636 | -€1,527 | -3.8% |
| Land and buildings | 22 | €39,294 | €38,405 | -€889 | -2.3% |
| Plant, machinery and equipment | 23 | €869 | €231 | -€638 | -73.4% |
| Current assets | 29/58 | €114,523 | €137,400 | +€22,877 | +20.0% |
| Amounts receivable within one year | 40/41 | €11,133 | €5,166 | -€5,967 | -53.6% |
| Other amounts receivable | 41 | €11,133 | €5,166 | -€5,967 | -53.6% |
| Cash at bank and in hand | 54/58 | €100,995 | €128,987 | +€27,992 | +27.7% |
| Deferred charges and accrued income | 490/1 | €2,395 | €3,247 | +€851 | +35.5% |
| Total equity and liabilities | 10/49 | €176,720 | €191,635 | +€14,916 | +8.4% |
| Equity | 10/15 | €166,539 | €184,751 | +€18,213 | +10.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €147,939 | €166,151 | +€18,213 | +12.3% |
| Distributable reserves | 133 | €147,939 | €166,151 | +€18,213 | +12.3% |
| Amounts payable | 17/49 | €10,181 | €6,884 | -€3,297 | -32.4% |
| Amounts payable within one year | 42/48 | €8,908 | €5,876 | -€3,033 | -34.0% |
| Trade debts | 44 | €2,651 | €2,006 | -€644 | -24.3% |
| Suppliers | 440/4 | €2,651 | €2,006 | -€644 | -24.3% |
| Taxes, remuneration and social security | 45 | €113 | €2,043 | +€1,930 | +1703.4% |
| Taxes | 450/3 | €113 | €2,043 | +€1,930 | +1703.4% |
| Other amounts payable | 47/48 | €6,144 | €1,826 | -€4,318 | -70.3% |
| Accrued charges and deferred income | 492/3 | €1,272 | €1,008 | -€264 | -20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,302 | €7,961 | -€7,341 | -48.0% |
| Other operating charges | 640/8 | €553 | €532 | -€21 | -3.8% |
| Gross operating margin | 9900 | €205,280 | €233,001 | +€27,722 | +13.5% |
| Operating profit (loss) | 9901 | €189,425 | €224,508 | +€35,083 | +18.5% |
| Financial income | 75/76B | €3,817 | €653 | -€3,164 | -82.9% |
| Recurring financial income | 75 | €3,817 | €653 | -€3,164 | -82.9% |
| Financial charges | 65/66B | €2,028 | €2,087 | +€59 | +2.9% |
| Recurring financial charges | 65 | €2,028 | €2,087 | +€59 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €191,214 | €223,074 | +€31,861 | +16.7% |
| Income taxes | 67/77 | €43,275 | €56,923 | +€13,648 | +31.5% |
| Profit (loss) for the period | 9904 | €147,939 | €166,151 | +€18,213 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €147,939 | €166,151 | +€18,213 | +12.3% |
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 10 October 2026 via checked.be.