Dr. Stijn Torbeyns: 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. Stijn Torbeyns
Largest movements
- Current investments -€26,503
down €26,503 (-8.2%), from €321,665 to €295,163
- Cash +€18,784
up €18,784 (+13.5%), from €139,166 to €157,951
mainly Net result for the year (+€33,140) and Current investments (+€26,503)
- Deferred charges and accrued income +€11,398
up €11,398 (+279%), from €4,083 to €15,481
- Reserves +€33,140
up €33,140 (+8.2%), from €405,074 to €438,214
- Other debts -€18,198
no longer reported in 2025 (was €18,198)
- Accrued charges and deferred income -€5,599
down €5,599 (-77.8%), from €7,198 to €1,599
- Financial charges +€26,738
up €26,738 (+876%), from €3,053 to €29,791
- Financial income -€15,408
down €15,408 (-67.8%), from €22,740 to €7,332
- Taxes -€5,615
down €5,615 (-15.2%), from €36,951 to €31,336
- Gross operating margin +€2,263
up €2,263 (+2.6%), from €88,507 to €90,770
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 | €474,157 | €480,763 | +€6,605 | +1.4% |
| Fixed assets | 21/28 | €9,243 | €8,106 | -€1,137 | -12.3% |
| Tangible fixed assets | 22/27 | €9,218 | €8,081 | -€1,137 | -12.3% |
| Land and buildings | 22 | €1,056 | €1,056 | = | 0.0% |
| Plant, machinery and equipment | 23 | €5,784 | €5,866 | +€82 | +1.4% |
| Other tangible fixed assets | 26 | €2,378 | €1,159 | -€1,218 | -51.2% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €464,914 | €472,656 | +€7,742 | +1.7% |
| Amounts receivable within one year | 40/41 | - | €4,062 | +€4,062 | |
| Other amounts receivable | 41 | - | €4,062 | +€4,062 | |
| Current investments | 50/53 | €321,665 | €295,163 | -€26,503 | -8.2% |
| Cash at bank and in hand | 54/58 | €139,166 | €157,951 | +€18,784 | +13.5% |
| Deferred charges and accrued income | 490/1 | €4,083 | €15,481 | +€11,398 | +279% |
| Total equity and liabilities | 10/49 | €474,157 | €480,763 | +€6,605 | +1.4% |
| Equity | 10/15 | €417,474 | €450,614 | +€33,140 | +7.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €405,074 | €438,214 | +€33,140 | +8.2% |
| Distributable reserves | 133 | €405,074 | €438,214 | +€33,140 | +8.2% |
| Amounts payable | 17/49 | €56,683 | €30,148 | -€26,535 | -46.8% |
| Amounts payable within one year | 42/48 | €49,485 | €28,549 | -€20,936 | -42.3% |
| Financial debts | 43 | €8,452 | €8,412 | -€41 | -0.5% |
| Other loans | 439 | €8,452 | €8,412 | -€41 | -0.5% |
| Trade debts | 44 | €7,762 | €6,439 | -€1,323 | -17.0% |
| Suppliers | 440/4 | €7,762 | €6,439 | -€1,323 | -17.0% |
| Taxes, remuneration and social security | 45 | €15,072 | €13,698 | -€1,374 | -9.1% |
| Taxes | 450/3 | €15,072 | €9,506 | -€5,566 | -36.9% |
| Remuneration and social security | 454/9 | - | €4,192 | +€4,192 | |
| Other amounts payable | 47/48 | €18,198 | - | -€18,198 | |
| Accrued charges and deferred income | 492/3 | €7,198 | €1,599 | -€5,599 | -77.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,081 | €3,703 | +€622 | +20.2% |
| Other operating charges | 640/8 | €513 | €132 | -€381 | -74.3% |
| Gross operating margin | 9900 | €88,507 | €90,770 | +€2,263 | +2.6% |
| Operating profit (loss) | 9901 | €84,913 | €86,935 | +€2,022 | +2.4% |
| Financial income | 75/76B | €22,740 | €7,332 | -€15,408 | -67.8% |
| Recurring financial income | 75 | €22,740 | €7,332 | -€15,408 | -67.8% |
| Financial charges | 65/66B | €3,053 | €29,791 | +€26,738 | +876% |
| Recurring financial charges | 65 | €3,053 | €29,791 | +€26,738 | +876% |
| Profit (loss) for the period before taxes | 9903 | €104,600 | €64,476 | -€40,124 | -38.4% |
| Income taxes | 67/77 | €36,951 | €31,336 | -€5,615 | -15.2% |
| Profit (loss) for the period | 9904 | €67,649 | €33,140 | -€34,509 | -51.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,649 | €33,140 | -€34,509 | -51.0% |
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 23 October 2026 via checked.be.