DR. STEFAN VANKRUNKELSVEN: what changed
DR. STEFAN VANKRUNKELSVEN
Largest movements
- Cash -€130,750
down €130,750 (-78.0%), from €167,697 to €36,947
mainly Contributions, distributions and other (-€300,209) and Current investments (-€47,030)
- Receivables within one year -€93,771
down €93,771 (-29.9%), from €314,110 to €220,339
of which Other amounts receivable: -€94,043
- Current investments +€47,030
up €47,030 (+31.4%), from €150,000 to €197,030
- Receivables after one year -€19,500
down €19,500 (-50.0%), from €39,000 to €19,500
- Tangible fixed assets -€14,938
down €14,938 (-30.4%), from €49,217 to €34,278
of which Furniture and vehicles: -€14,895
- Reserves -€183,422
down €183,422 (-27.3%), from €671,948 to €488,526
of which Distributable reserves: -€183,422
- Current portion of long-term debt -€15,375
no longer reported in 2025 (was €15,375)
- Tax, wage and social debts -€14,947
down €14,947 (-52.9%), from €28,260 to €13,313
- Gross operating margin -€34,594
down €34,594 (-16.5%), from €209,610 to €175,016
- Staff costs -€9,080
down €9,080, from €8,989 to -€91
- Taxes -€8,403
down €8,403 (-12.9%), from €65,113 to €56,710
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €728,141 | €514,643 | -€213,498 | -29.3% |
| Fixed assets | 21/28 | €49,217 | €34,278 | -€14,938 | -30.4% |
| Tangible fixed assets | 22/27 | €49,217 | €34,278 | -€14,938 | -30.4% |
| Land and buildings | 22 | €15,848 | €13,007 | -€2,841 | -17.9% |
| Plant, machinery and equipment | 23 | €472 | €3,270 | +€2,798 | +592% |
| Furniture and vehicles | 24 | €32,896 | €18,001 | -€14,895 | -45.3% |
| Current assets | 29/58 | €678,924 | €480,365 | -€198,560 | -29.2% |
| Amounts receivable after more than one year | 29 | €39,000 | €19,500 | -€19,500 | -50.0% |
| Other amounts receivable | 291 | €39,000 | €19,500 | -€19,500 | -50.0% |
| Amounts receivable within one year | 40/41 | €314,110 | €220,339 | -€93,771 | -29.9% |
| Trade receivables | 40 | €126 | €398 | +€272 | +216% |
| Other amounts receivable | 41 | €313,984 | €219,941 | -€94,043 | -30.0% |
| Current investments | 50/53 | €150,000 | €197,030 | +€47,030 | +31.4% |
| Cash at bank and in hand | 54/58 | €167,697 | €36,947 | -€130,750 | -78.0% |
| Deferred charges and accrued income | 490/1 | €8,117 | €6,549 | -€1,568 | -19.3% |
| Total equity and liabilities | 10/49 | €728,141 | €514,643 | -€213,498 | -29.3% |
| Equity | 10/15 | €684,348 | €500,926 | -€183,422 | -26.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €671,948 | €488,526 | -€183,422 | -27.3% |
| Tax-exempt reserves | 132 | €21,585 | €21,585 | = | 0.0% |
| Distributable reserves | 133 | €650,363 | €466,941 | -€183,422 | -28.2% |
| Amounts payable | 17/49 | €43,793 | €13,717 | -€30,076 | -68.7% |
| Amounts payable within one year | 42/48 | €43,635 | €13,457 | -€30,178 | -69.2% |
| Current portion of amounts payable after more than one year | 42 | €15,375 | - | -€15,375 | |
| Trade debts | 44 | - | €144 | +€144 | |
| Suppliers | 440/4 | - | €144 | +€144 | |
| Taxes, remuneration and social security | 45 | €28,260 | €13,313 | -€14,947 | -52.9% |
| Taxes | 450/3 | €28,260 | €13,313 | -€14,947 | -52.9% |
| Accrued charges and deferred income | 492/3 | €158 | €260 | +€102 | +64.8% |
| Remuneration, social security and pensions | 62 | €8,989 | -€91 | -€9,080 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,226 | €20,799 | +€573 | +2.8% |
| Other operating charges | 640/8 | €1,381 | €1,303 | -€78 | -5.6% |
| Gross operating margin | 9900 | €209,610 | €175,016 | -€34,594 | -16.5% |
| Operating profit (loss) | 9901 | €179,013 | €153,004 | -€26,009 | -14.5% |
| Financial income | 75/76B | €21,564 | €21,650 | +€85 | +0.4% |
| Recurring financial income | 75 | €21,564 | €21,650 | +€85 | +0.4% |
| Financial charges | 65/66B | €375 | €1,157 | +€782 | +209% |
| Recurring financial charges | 65 | €375 | €1,157 | +€782 | +209% |
| Profit (loss) for the period before taxes | 9903 | €200,203 | €173,497 | -€26,706 | -13.3% |
| Income taxes | 67/77 | €65,113 | €56,710 | -€8,403 | -12.9% |
| Profit (loss) for the period | 9904 | €135,090 | €116,787 | -€18,303 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €135,090 | €116,787 | -€18,303 | -13.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.