Dr Stéphane BUTS: 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 Stéphane BUTS
Largest movements
- Tangible fixed assets +€128,579
up €128,579 (+51.1%), from €251,459 to €380,038
of which Furniture and vehicles: +€75,912
- Receivables within one year -€14,991
down €14,991 (-63.5%), from €23,618 to €8,627
of which Other amounts receivable: -€14,287
- Debts after one year +€72,308
up €72,308 (+45.8%), from €157,766 to €230,074
- Current portion of long-term debt +€16,758
up €16,758 (+75.2%), from €22,292 to €39,050
- Reserves +€13,751
up €13,751 (+9.4%), from €145,591 to €159,342
- Other debts +€11,918
up €11,918 (+42.3%), from €28,150 to €40,068
- Gross operating margin -€98,983
down €98,983 (-48.3%), from €204,765 to €105,783
- Taxes -€18,368
down €18,368 (-46.3%), from €39,673 to €21,305
- Financial charges -€13,377
down €13,377 (-81.6%), from €16,397 to €3,020
- Depreciation -€5,865
down €5,865 (-20.2%), from €29,062 to €23,198
- Other operating charges -€4,073
down €4,073 (-67.0%), from €6,082 to €2,010
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 | €399,449 | €515,289 | +€115,839 | +29.0% |
| Fixed assets | 21/28 | €251,814 | €380,038 | +€128,224 | +50.9% |
| Tangible fixed assets | 22/27 | €251,459 | €380,038 | +€128,579 | +51.1% |
| Land and buildings | 22 | €238,057 | €261,520 | +€23,463 | +9.9% |
| Plant, machinery and equipment | 23 | €5,116 | €32,820 | +€27,704 | +542% |
| Furniture and vehicles | 24 | €8,286 | €84,198 | +€75,912 | +916% |
| Assets under construction and advance payments | 27 | - | €1,500 | +€1,500 | |
| Financial fixed assets | 28 | €355 | - | -€355 | |
| Current assets | 29/58 | €147,635 | €135,250 | -€12,385 | -8.4% |
| Amounts receivable within one year | 40/41 | €23,618 | €8,627 | -€14,991 | -63.5% |
| Trade receivables | 40 | €1,288 | €584 | -€704 | -54.7% |
| Other amounts receivable | 41 | €22,330 | €8,043 | -€14,287 | -64.0% |
| Cash at bank and in hand | 54/58 | €51,205 | €51,975 | +€770 | +1.5% |
| Deferred charges and accrued income | 490/1 | €72,812 | €74,649 | +€1,837 | +2.5% |
| Total equity and liabilities | 10/49 | €399,449 | €515,289 | +€115,839 | +29.0% |
| Equity | 10/15 | €157,991 | €171,742 | +€13,751 | +8.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €145,591 | €159,342 | +€13,751 | +9.4% |
| Distributable reserves | 133 | €145,591 | €159,342 | +€13,751 | +9.4% |
| Amounts payable | 17/49 | €241,458 | €343,546 | +€102,088 | +42.3% |
| Amounts payable after more than one year | 17 | €157,766 | €230,074 | +€72,308 | +45.8% |
| Financial debts | 170/4 | €157,766 | €230,074 | +€72,308 | +45.8% |
| Amounts payable within one year | 42/48 | €81,841 | €113,472 | +€31,632 | +38.7% |
| Current portion of amounts payable after more than one year | 42 | €22,292 | €39,050 | +€16,758 | +75.2% |
| Trade debts | 44 | - | €2,734 | +€2,734 | |
| Suppliers | 440/4 | - | €2,734 | +€2,734 | |
| Taxes, remuneration and social security | 45 | €31,399 | €31,621 | +€222 | +0.7% |
| Taxes | 450/3 | €31,399 | €31,621 | +€222 | +0.7% |
| Other amounts payable | 47/48 | €28,150 | €40,068 | +€11,918 | +42.3% |
| Accrued charges and deferred income | 492/3 | €1,851 | - | -€1,851 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,062 | €23,198 | -€5,865 | -20.2% |
| Other operating charges | 640/8 | €6,082 | €2,010 | -€4,073 | -67.0% |
| Gross operating margin | 9900 | €204,765 | €105,783 | -€98,983 | -48.3% |
| Operating profit (loss) | 9901 | €169,621 | €80,575 | -€89,045 | -52.5% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €16,397 | €3,020 | -€13,377 | -81.6% |
| Recurring financial charges | 65 | €16,397 | €3,020 | -€13,377 | -81.6% |
| Profit (loss) for the period before taxes | 9903 | €153,227 | €77,556 | -€75,671 | -49.4% |
| Income taxes | 67/77 | €39,673 | €21,305 | -€18,368 | -46.3% |
| Profit (loss) for the period | 9904 | €113,553 | €56,251 | -€57,303 | -50.5% |
| Profit (loss) for the period to be appropriated | 9905 | €113,553 | €56,251 | -€57,303 | -50.5% |
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 1 November 2026 via checked.be.