DR. STEFANIE REMANS: 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. STEFANIE REMANS
Largest movements
- Tangible fixed assets +€634,140
up €634,140 (+150%), from €424,027 to €1.1m
of which Land and buildings: +€629,477
- Cash +€46,704
up €46,704 (+19.0%), from €245,583 to €292,287
mainly Debts after one year (+€603,380) and Other debts (+€289,657)
- Debts after one year +€603,380
up €603,380 (+168%), from €358,653 to €962,033
- Reserves -€295,328
down €295,328 (-100.0%), from €295,404 to €76
- Other debts +€289,657
up €289,657 (+25,585%), from €1,132 to €290,789
- Trade debts +€66,253
up €66,253 (+9,242%), from €717 to €66,970
- Current portion of long-term debt +€25,755
up €25,755 (+189%), from €13,640 to €39,395
- Gross operating margin +€68,695
up €68,695 (+58.6%), from €117,161 to €185,856
- Depreciation -€21,865
down €21,865 (-35.5%), from €61,595 to €39,730
- Financial charges +€18,746
up €18,746 (+329%), from €5,703 to €24,449
- Taxes -€3,248
down €3,248 (-31.1%), from €10,453 to €7,204
- Other operating charges +€2,284
up €2,284 (+107%), from €2,140 to €4,424
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 | €695,058 | €1,379,544 | +€684,486 | +98.5% |
| Fixed assets | 21/28 | €424,027 | €1,058,166 | +€634,140 | +150% |
| Tangible fixed assets | 22/27 | €424,027 | €1,058,166 | +€634,140 | +150% |
| Land and buildings | 22 | €386,307 | €1,015,784 | +€629,477 | +163% |
| Furniture and vehicles | 24 | €16,339 | €26,483 | +€10,144 | +62.1% |
| Other tangible fixed assets | 26 | €21,380 | €15,899 | -€5,481 | -25.6% |
| Current assets | 29/58 | €271,032 | €321,378 | +€50,347 | +18.6% |
| Amounts receivable within one year | 40/41 | €9,547 | - | -€9,547 | |
| Other amounts receivable | 41 | €9,547 | - | -€9,547 | |
| Cash at bank and in hand | 54/58 | €245,583 | €292,287 | +€46,704 | +19.0% |
| Deferred charges and accrued income | 490/1 | €15,902 | €29,091 | +€13,189 | +82.9% |
| Total equity and liabilities | 10/49 | €695,058 | €1,379,544 | +€684,486 | +98.5% |
| Equity | 10/15 | €300,404 | €5,076 | -€295,328 | -98.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €295,404 | €76 | -€295,328 | -100.0% |
| Distributable reserves | 133 | €295,404 | €76 | -€295,328 | -100.0% |
| Amounts payable | 17/49 | €394,654 | €1,374,468 | +€979,814 | +248% |
| Amounts payable after more than one year | 17 | €358,653 | €962,033 | +€603,380 | +168% |
| Financial debts | 170/4 | €358,653 | €962,033 | +€603,380 | +168% |
| Amounts payable within one year | 42/48 | €24,090 | €407,635 | +€383,544 | +1,592% |
| Current portion of amounts payable after more than one year | 42 | €13,640 | €39,395 | +€25,755 | +189% |
| Trade debts | 44 | €717 | €66,970 | +€66,253 | +9,242% |
| Suppliers | 440/4 | €717 | €66,970 | +€66,253 | +9,242% |
| Taxes, remuneration and social security | 45 | €8,601 | €10,481 | +€1,879 | +21.8% |
| Taxes | 450/3 | €7,901 | €10,481 | +€2,579 | +32.6% |
| Remuneration and social security | 454/9 | €700 | - | -€700 | |
| Other amounts payable | 47/48 | €1,132 | €290,789 | +€289,657 | +25,585% |
| Accrued charges and deferred income | 492/3 | €11,911 | €4,800 | -€7,111 | -59.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,595 | €39,730 | -€21,865 | -35.5% |
| Other operating charges | 640/8 | €2,140 | €4,424 | +€2,284 | +107% |
| Gross operating margin | 9900 | €117,161 | €185,856 | +€68,695 | +58.6% |
| Operating profit (loss) | 9901 | €53,426 | €141,702 | +€88,276 | +165% |
| Financial income | 75/76B | €999 | €27 | -€971 | -97.3% |
| Recurring financial income | 75 | €999 | €27 | -€971 | -97.3% |
| Financial charges | 65/66B | €5,703 | €24,449 | +€18,746 | +329% |
| Recurring financial charges | 65 | €5,703 | €24,449 | +€18,746 | +329% |
| Profit (loss) for the period before taxes | 9903 | €48,722 | €117,281 | +€68,559 | +141% |
| Income taxes | 67/77 | €10,453 | €7,204 | -€3,248 | -31.1% |
| Profit (loss) for the period | 9904 | €38,269 | €110,076 | +€71,808 | +188% |
| Profit (loss) for the period to be appropriated | 9905 | €38,269 | €110,076 | +€71,808 | +188% |
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 22 October 2026 via checked.be.