DR. STEFAN BOURGEOIS: 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. STEFAN BOURGEOIS
Largest movements
- Receivables within one year +€126,262
up €126,262 (+294%), from €42,891 to €169,153
of which Other amounts receivable: +€126,074
- Current investments -€121,234
down €121,234 (-19.6%), from €620,119 to €498,886
- Cash -€22,409
down €22,409 (-16.2%), from €138,374 to €115,965
mainly Contributions, distributions and other (-€142,106) and Receivables within one year (-€126,262)
- Deferred charges and accrued income -€11,885
down €11,885 (-79.1%), from €15,028 to €3,143
- Reserves -€18,440
down €18,440 (-2.3%), from €794,324 to €775,884
of which Tax-exempt reserves: -€21,050
- Debts after one year -€14,199
down €14,199 (-49.0%), from €28,979 to €14,780
- Gross operating margin +€8,440
up €8,440 (+4.3%), from €198,005 to €206,445
- Taxes +€6,093
up €6,093 (+12.4%), from €49,272 to €55,365
- Depreciation +€5,271
up €5,271 (+20.3%), from €25,955 to €31,226
- Financial charges -€3,853
down €3,853 (-52.4%), from €7,350 to €3,497
- Other operating charges +€2,975
up €2,975 (+85.0%), from €3,500 to €6,475
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 | €871,565 | €847,029 | -€24,537 | -2.8% |
| Fixed assets | 21/28 | €55,154 | €59,882 | +€4,728 | +8.6% |
| Tangible fixed assets | 22/27 | €55,154 | €59,832 | +€4,678 | +8.5% |
| Land and buildings | 22 | €25,505 | €30,469 | +€4,963 | +19.5% |
| Plant, machinery and equipment | 23 | €1,162 | €3,207 | +€2,045 | +176% |
| Furniture and vehicles | 24 | €28,486 | €26,156 | -€2,330 | -8.2% |
| Financial fixed assets | 28 | - | €50 | +€50 | |
| Current assets | 29/58 | €816,412 | €787,146 | -€29,265 | -3.6% |
| Amounts receivable within one year | 40/41 | €42,891 | €169,153 | +€126,262 | +294% |
| Trade receivables | 40 | €6,740 | €6,929 | +€189 | +2.8% |
| Other amounts receivable | 41 | €36,151 | €162,225 | +€126,074 | +349% |
| Current investments | 50/53 | €620,119 | €498,886 | -€121,234 | -19.6% |
| Cash at bank and in hand | 54/58 | €138,374 | €115,965 | -€22,409 | -16.2% |
| Deferred charges and accrued income | 490/1 | €15,028 | €3,143 | -€11,885 | -79.1% |
| Total equity and liabilities | 10/49 | €871,565 | €847,029 | -€24,537 | -2.8% |
| Equity | 10/15 | €806,724 | €788,284 | -€18,440 | -2.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €794,324 | €775,884 | -€18,440 | -2.3% |
| Tax-exempt reserves | 132 | €126,300 | €105,250 | -€21,050 | -16.7% |
| Distributable reserves | 133 | €668,024 | €670,634 | +€2,610 | +0.4% |
| Amounts payable | 17/49 | €64,841 | €58,745 | -€6,096 | -9.4% |
| Amounts payable after more than one year | 17 | €28,979 | €14,780 | -€14,199 | -49.0% |
| Financial debts | 170/4 | €28,979 | €14,780 | -€14,199 | -49.0% |
| Amounts payable within one year | 42/48 | €17,087 | €22,350 | +€5,263 | +30.8% |
| Current portion of amounts payable after more than one year | 42 | €13,642 | €14,199 | +€558 | +4.1% |
| Trade debts | 44 | €3,446 | €882 | -€2,564 | -74.4% |
| Suppliers | 440/4 | €3,446 | €882 | -€2,564 | -74.4% |
| Taxes, remuneration and social security | 45 | - | €7,270 | +€7,270 | |
| Taxes | 450/3 | - | €7,270 | +€7,270 | |
| Accrued charges and deferred income | 492/3 | €18,775 | €21,615 | +€2,840 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,955 | €31,226 | +€5,271 | +20.3% |
| Other operating charges | 640/8 | €3,500 | €6,475 | +€2,975 | +85.0% |
| Gross operating margin | 9900 | €198,005 | €206,445 | +€8,440 | +4.3% |
| Operating profit (loss) | 9901 | €168,550 | €168,743 | +€193 | +0.1% |
| Financial income | 75/76B | €15,764 | €13,785 | -€1,980 | -12.6% |
| Recurring financial income | 75 | €15,764 | €13,785 | -€1,980 | -12.6% |
| Financial charges | 65/66B | €7,350 | €3,497 | -€3,853 | -52.4% |
| Recurring financial charges | 65 | €7,350 | €3,497 | -€3,853 | -52.4% |
| Profit (loss) for the period before taxes | 9903 | €176,964 | €179,031 | +€2,066 | +1.2% |
| Income taxes | 67/77 | €49,272 | €55,365 | +€6,093 | +12.4% |
| Profit (loss) for the period | 9904 | €127,692 | €123,666 | -€4,026 | -3.2% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Transfer to tax-exempt reserves | 689 | €42,100 | €63,150 | +€21,050 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €85,592 | €144,716 | +€59,124 | +69.1% |
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 29 October 2026 via checked.be.