Dr. Stijn Schapmans: what changed
What changed
Dr. Stijn Schapmans
filed annual accounts (NBB)
Net result for the year
€105,393
2024 · €115,153-€9,760
Equity
€1.2m
2024 · €1.1m+€97,893
Cash
€171,403
2024 · €146,303+€25,100
Balance sheet total
€1.2m
2024 · €1.1m+€100,739
Largest movements
Assets
- Current investments +€64,230
up €64,230 (+7.8%), from €818,455 to €882,685
- Cash +€25,100
up €25,100 (+17.2%), from €146,303 to €171,403
mainly Net result for the year (+€105,393) and Depreciation (+€13,998)
Equity and liabilities
- Reserves +€97,893
up €97,893 (+9.2%), from €1.1m to €1.2m
Income statement
- Gross operating margin +€48,349
up €48,349 (+45.6%), from €105,914 to €154,263
- Financial income -€40,679
down €40,679 (-67.7%), from €60,127 to €19,448
- Taxes +€7,491
up €7,491 (+21.2%), from €35,305 to €42,796
- Depreciation +€4,117
up €4,117 (+41.7%), from €9,881 to €13,998
- Financial charges +€2,818
up €2,818 (+77.8%), from €3,624 to €6,442
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.
Result 2024
€115,153
Gross operating margin
+€48,349
Depreciation
-€4,117
Other operating charges
+€96
Other operating items
-€3,100
Financial income
-€40,679
Financial charges
-€2,818
Taxes
-€7,491
Result 2025
€105,393
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€120,183
Investment
-€87,583
Financing
-€7,500
Cash 2024
€146,303
From operations (derived)
+€120,183
Net result for the year
+€105,393
Depreciation
+€13,998
Receivables within one year
+€4,230
Deferred charges and accrued income
-€6,284
Trade debts
-€375
Tax, wage and social debts
+€7,237
Other debts
-€4,017
Investment (derived)
-€87,583
Investment in fixed assets (net)
-€23,353
Current investments
-€64,230
Financing
-€7,500
Contributions, distributions and other
-€7,500
Cash 2025
€171,403
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,088,631 | €1,189,369 | +€100,739 | +9.3% |
| Fixed assets | 21/28 | €36,440 | €45,795 | +€9,355 | +25.7% |
| Tangible fixed assets | 22/27 | €34,890 | €44,245 | +€9,355 | +26.8% |
| Plant, machinery and equipment | 23 | €1,784 | €768 | -€1,017 | -57.0% |
| Furniture and vehicles | 24 | €20,327 | €27,231 | +€6,903 | +34.0% |
| Other tangible fixed assets | 26 | €12,778 | €16,246 | +€3,468 | +27.1% |
| Financial fixed assets | 28 | €1,550 | €1,550 | = | 0.0% |
| Current assets | 29/58 | €1,052,191 | €1,143,575 | +€91,384 | +8.7% |
| Amounts receivable within one year | 40/41 | €83,542 | €79,311 | -€4,230 | -5.1% |
| Other amounts receivable | 41 | €83,542 | €79,311 | -€4,230 | -5.1% |
| Current investments | 50/53 | €818,455 | €882,685 | +€64,230 | +7.8% |
| Cash at bank and in hand | 54/58 | €146,303 | €171,403 | +€25,100 | +17.2% |
| Deferred charges and accrued income | 490/1 | €3,891 | €10,175 | +€6,284 | +161% |
| Total equity and liabilities | 10/49 | €1,088,631 | €1,189,369 | +€100,739 | +9.3% |
| Equity | 10/15 | €1,074,624 | €1,172,516 | +€97,893 | +9.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,062,224 | €1,160,116 | +€97,893 | +9.2% |
| Distributable reserves | 133 | €1,062,224 | €1,160,116 | +€97,893 | +9.2% |
| Amounts payable | 17/49 | €14,007 | €16,853 | +€2,846 | +20.3% |
| Amounts payable within one year | 42/48 | €14,007 | €16,853 | +€2,846 | +20.3% |
| Trade debts | 44 | €518 | €143 | -€375 | -72.4% |
| Suppliers | 440/4 | €518 | €143 | -€375 | -72.4% |
| Taxes, remuneration and social security | 45 | €1,973 | €9,210 | +€7,237 | +367% |
| Taxes | 450/3 | - | €7,230 | +€7,230 | |
| Remuneration and social security | 454/9 | €1,973 | €1,980 | +€8 | +0.4% |
| Other amounts payable | 47/48 | €11,517 | €7,500 | -€4,017 | -34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,881 | €13,998 | +€4,117 | +41.7% |
| Other operating charges | 640/8 | €2,078 | €1,982 | -€96 | -4.6% |
| Non-recurring operating charges | 66A | - | €3,100 | +€3,100 | |
| Gross operating margin | 9900 | €105,914 | €154,263 | +€48,349 | +45.6% |
| Operating profit (loss) | 9901 | €93,955 | €135,183 | +€41,228 | +43.9% |
| Financial income | 75/76B | €60,127 | €19,448 | -€40,679 | -67.7% |
| Recurring financial income | 75 | €60,127 | €19,448 | -€40,679 | -67.7% |
| Financial charges | 65/66B | €3,624 | €6,442 | +€2,818 | +77.8% |
| Recurring financial charges | 65 | €3,624 | €6,442 | +€2,818 | +77.8% |
| Profit (loss) for the period before taxes | 9903 | €150,458 | €148,189 | -€2,269 | -1.5% |
| Income taxes | 67/77 | €35,305 | €42,796 | +€7,491 | +21.2% |
| Profit (loss) for the period | 9904 | €115,153 | €105,393 | -€9,760 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €115,153 | €105,393 | -€9,760 | -8.5% |
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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 7 November 2026 via checked.be.