Dr. Steven Speecke: 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. Steven Speecke
Largest movements
- Receivables within one year -€90,677
down €90,677 (-42.4%), from €213,643 to €122,966
of which Other amounts receivable: -€90,677
- Cash +€64,238
up €64,238 (+93.5%), from €68,694 to €132,933
mainly Receivables within one year (+€90,677) and Net result for the year (+€84,563)
- Current investments +€43,447
up €43,447 (+26.2%), from €165,677 to €209,124
- Reserves -€78,778
down €78,778 (-9.8%), from €807,070 to €728,291
- Other debts +€44,514
up €44,514 (+37.5%), from €118,828 to €163,342
- Current portion of long-term debt +€33,214
up €33,214 (+489%), from €6,786 to €40,000
- Gross operating margin -€76,926
down €76,926 (-27.1%), from €283,506 to €206,580
- Taxes -€27,421
down €27,421 (-43.9%), from €62,425 to €35,004
- Staff costs +€6,680
up €6,680 (+9.6%), from €69,608 to €76,288
- Financial income -€3,244
down €3,244 (-38.9%), from €8,339 to €5,095
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 | €1,037,997 | €1,041,225 | +€3,228 | +0.3% |
| Fixed assets | 21/28 | €575,224 | €566,586 | -€8,638 | -1.5% |
| Tangible fixed assets | 22/27 | €573,386 | €564,748 | -€8,638 | -1.5% |
| Land and buildings | 22 | €106,459 | €98,407 | -€8,052 | -7.6% |
| Furniture and vehicles | 24 | €466,927 | €466,341 | -€586 | -0.1% |
| Financial fixed assets | 28 | €1,838 | €1,838 | = | 0.0% |
| Current assets | 29/58 | €462,774 | €474,640 | +€11,866 | +2.6% |
| Amounts receivable within one year | 40/41 | €213,643 | €122,966 | -€90,677 | -42.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €213,643 | €122,966 | -€90,677 | -42.4% |
| Current investments | 50/53 | €165,677 | €209,124 | +€43,447 | +26.2% |
| Cash at bank and in hand | 54/58 | €68,694 | €132,933 | +€64,238 | +93.5% |
| Deferred charges and accrued income | 490/1 | €14,759 | €9,616 | -€5,142 | -34.8% |
| Total equity and liabilities | 10/49 | €1,037,997 | €1,041,225 | +€3,228 | +0.3% |
| Equity | 10/15 | €869,070 | €790,291 | -€78,778 | -9.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €807,070 | €728,291 | -€78,778 | -9.8% |
| Distributable reserves | 133 | €807,070 | €728,291 | -€78,778 | -9.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €168,928 | €250,934 | +€82,006 | +48.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €166,481 | €250,914 | +€84,433 | +50.7% |
| Current portion of amounts payable after more than one year | 42 | €6,786 | €40,000 | +€33,214 | +489% |
| Financial debts | 43 | €19 | €0 | -€19 | -100% |
| Credit institutions | 430/8 | €19 | €0 | -€19 | -100% |
| Trade debts | 44 | €2,081 | €10,810 | +€8,729 | +420% |
| Suppliers | 440/4 | €2,081 | €10,810 | +€8,729 | +420% |
| Taxes, remuneration and social security | 45 | €38,767 | €36,762 | -€2,005 | -5.2% |
| Taxes | 450/3 | €24,540 | €29,851 | +€5,311 | +21.6% |
| Remuneration and social security | 454/9 | €14,227 | €6,912 | -€7,316 | -51.4% |
| Other amounts payable | 47/48 | €118,828 | €163,342 | +€44,514 | +37.5% |
| Accrued charges and deferred income | 492/3 | €2,447 | €20 | -€2,427 | -99.2% |
| Remuneration, social security and pensions | 62 | €69,608 | €76,288 | +€6,680 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,758 | €8,638 | -€120 | -1.4% |
| Other operating charges | 640/8 | €3,622 | €3,148 | -€474 | -13.1% |
| Gross operating margin | 9900 | €283,506 | €206,580 | -€76,926 | -27.1% |
| Operating profit (loss) | 9901 | €201,518 | €118,506 | -€83,012 | -41.2% |
| Financial income | 75/76B | €8,339 | €5,095 | -€3,244 | -38.9% |
| Recurring financial income | 75 | €8,339 | €5,095 | -€3,244 | -38.9% |
| Financial charges | 65/66B | €1,813 | €4,034 | +€2,221 | +123% |
| Recurring financial charges | 65 | €1,813 | €4,034 | +€2,221 | +123% |
| Profit (loss) for the period before taxes | 9903 | €208,044 | €119,567 | -€88,476 | -42.5% |
| Income taxes | 67/77 | €62,425 | €35,004 | -€27,421 | -43.9% |
| Profit (loss) for the period | 9904 | €145,619 | €84,563 | -€61,055 | -41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €145,619 | €84,563 | -€61,055 | -41.9% |
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 24 October 2026 via checked.be.