DR. T. SLANGEN: 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. T. SLANGEN
Largest movements
- Tangible fixed assets -€96,160
down €96,160 (-86.6%), from €110,997 to €14,836
of which Other tangible fixed assets: -€52,840
- Receivables within one year +€69,727
up €69,727 (+121%), from €57,835 to €127,562
of which Trade receivables: +€40,105
- Deferred charges and accrued income -€9,991
down €9,991 (-55.0%), from €18,157 to €8,166
- Cash -€7,862
down €7,862 (-68.4%), from €11,489 to €3,626
mainly Debts after one year (-€115,671) and Receivables within one year (-€69,727)
- Debts after one year -€115,671
down €115,671 (-100%), from €115,671 to €0
- Other debts +€90,219
up €90,219 (+1,433%), from €6,294 to €96,513
- Current portion of long-term debt -€49,620
down €49,620 (-93.6%), from €53,009 to €3,389
- Reserves +€46,464
up €46,464 (+43.2%), from €107,610 to €154,074
- Accrued charges and deferred income -€24,098
down €24,098 (-63.3%), from €38,047 to €13,949
- Gross operating margin +€24,790
up €24,790 (+40.5%), from €61,159 to €85,949
- Depreciation -€22,812
down €22,812 (-92.4%), from €24,689 to €1,877
- Taxes +€15,505
up €15,505 (+169%), from €9,152 to €24,656
- Financial charges -€6,028
down €6,028 (-64.7%), from €9,314 to €3,286
- Financial income +€1,872
up €1,872 (+29.7%), from €6,301 to €8,172
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 | €350,302 | €306,016 | -€44,287 | -12.6% |
| Fixed assets | 21/28 | €112,822 | €16,661 | -€96,160 | -85.2% |
| Tangible fixed assets | 22/27 | €110,997 | €14,836 | -€96,160 | -86.6% |
| Furniture and vehicles | 24 | €2,504 | €8,624 | +€6,120 | +244% |
| Leasing and similar rights | 25 | €49,439 | €0 | -€49,439 | -100% |
| Other tangible fixed assets | 26 | €59,053 | €6,213 | -€52,840 | -89.5% |
| Financial fixed assets | 28 | €1,825 | €1,825 | = | 0.0% |
| Current assets | 29/58 | €237,481 | €289,354 | +€51,873 | +21.8% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 291 | €150,000 | €150,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €57,835 | €127,562 | +€69,727 | +121% |
| Trade receivables | 40 | €750 | €40,855 | +€40,105 | +5,346% |
| Other amounts receivable | 41 | €57,085 | €86,706 | +€29,622 | +51.9% |
| Cash at bank and in hand | 54/58 | €11,489 | €3,626 | -€7,862 | -68.4% |
| Deferred charges and accrued income | 490/1 | €18,157 | €8,166 | -€9,991 | -55.0% |
| Total equity and liabilities | 10/49 | €350,302 | €306,016 | -€44,287 | -12.6% |
| Equity | 10/15 | €120,010 | €166,474 | +€46,464 | +38.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €107,610 | €154,074 | +€46,464 | +43.2% |
| Distributable reserves | 133 | €107,610 | €154,074 | +€46,464 | +43.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €230,293 | €139,542 | -€90,751 | -39.4% |
| Amounts payable after more than one year | 17 | €115,671 | €0 | -€115,671 | -100% |
| Financial debts | 170/4 | €115,671 | €0 | -€115,671 | -100% |
| Amounts payable within one year | 42/48 | €76,575 | €125,593 | +€49,018 | +64.0% |
| Current portion of amounts payable after more than one year | 42 | €53,009 | €3,389 | -€49,620 | -93.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €8,120 | €1,883 | -€6,238 | -76.8% |
| Suppliers | 440/4 | €8,120 | €1,883 | -€6,238 | -76.8% |
| Taxes, remuneration and social security | 45 | €9,152 | €23,808 | +€14,656 | +160% |
| Taxes | 450/3 | €9,152 | €23,808 | +€14,656 | +160% |
| Other amounts payable | 47/48 | €6,294 | €96,513 | +€90,219 | +1,433% |
| Accrued charges and deferred income | 492/3 | €38,047 | €13,949 | -€24,098 | -63.3% |
| Non-recurring operating income | 76A | €734 | €55,587 | +€54,854 | +7,477% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,689 | €1,877 | -€22,812 | -92.4% |
| Other operating charges | 640/8 | €2,168 | €2,651 | +€483 | +22.3% |
| Non-recurring operating charges | 66A | - | €15,187 | +€15,187 | |
| Gross operating margin | 9900 | €61,159 | €85,949 | +€24,790 | +40.5% |
| Operating profit (loss) | 9901 | €34,303 | €66,234 | +€31,932 | +93.1% |
| Financial income | 75/76B | €6,301 | €8,172 | +€1,872 | +29.7% |
| Recurring financial income | 75 | €6,301 | €8,172 | +€1,872 | +29.7% |
| Financial charges | 65/66B | €9,314 | €3,286 | -€6,028 | -64.7% |
| Recurring financial charges | 65 | €9,314 | €3,286 | -€6,028 | -64.7% |
| Profit (loss) for the period before taxes | 9903 | €31,289 | €71,120 | +€39,831 | +127% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €9,152 | €24,656 | +€15,505 | +169% |
| Profit (loss) for the period | 9904 | €22,137 | €46,464 | +€24,327 | +110% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €22,137 | €46,464 | +€24,327 | +110% |
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 28 October 2026 via checked.be.