Dr. Tanghe Ignace: what changed
Dr. Tanghe Ignace
Largest movements
- Receivables after one year +€81,000
up €81,000 (+50.0%), from €162,000 to €243,000
- Cash +€79,292
up €79,292 (+237%), from €33,524 to €112,817
mainly Net result for the year (+€216,076) and Depreciation (+€86,903)
- Tangible fixed assets -€41,917
down €41,917 (-3.4%), from €1.2m to €1.2m
of which Land and buildings: -€57,405
- Reserves +€216,076
up €216,076 (+15.3%), from €1.4m to €1.6m
- Debts after one year -€108,000
down €108,000 (-54.3%), from €199,000 to €91,000
- Tax, wage and social debts +€27,203
up €27,203 (+136%), from €20,009 to €47,211
- Gross operating margin +€49,059
up €49,059 (+13.6%), from €360,833 to €409,892
- Taxes +€26,523
up €26,523 (+35.6%), from €74,436 to €100,959
- Financial charges -€12,405
down €12,405 (-63.5%), from €19,524 to €7,119
- Depreciation -€8,653
down €8,653 (-9.1%), from €95,556 to €86,903
- Financial income +€7,129
up €7,129 (+278%), from €2,566 to €9,695
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,499,590 | €2,636,401 | +€136,811 | +5.5% |
| Fixed assets | 21/28 | €1,234,630 | €1,192,713 | -€41,917 | -3.4% |
| Tangible fixed assets | 22/27 | €1,234,630 | €1,192,713 | -€41,917 | -3.4% |
| Land and buildings | 22 | €1,125,361 | €1,067,956 | -€57,405 | -5.1% |
| Plant, machinery and equipment | 23 | €105,220 | €111,194 | +€5,975 | +5.7% |
| Furniture and vehicles | 24 | €4,049 | €13,563 | +€9,514 | +235% |
| Current assets | 29/58 | €1,264,960 | €1,443,688 | +€178,728 | +14.1% |
| Amounts receivable after more than one year | 29 | €162,000 | €243,000 | +€81,000 | +50.0% |
| Other amounts receivable | 291 | €162,000 | €243,000 | +€81,000 | +50.0% |
| Amounts receivable within one year | 40/41 | €71,330 | €92,008 | +€20,678 | +29.0% |
| Trade receivables | 40 | €18,350 | €1,387 | -€16,963 | -92.4% |
| Other amounts receivable | 41 | €52,980 | €90,621 | +€37,641 | +71.0% |
| Current investments | 50/53 | €977,653 | €985,353 | +€7,700 | +0.8% |
| Cash at bank and in hand | 54/58 | €33,524 | €112,817 | +€79,292 | +237% |
| Deferred charges and accrued income | 490/1 | €20,453 | €10,510 | -€9,942 | -48.6% |
| Total equity and liabilities | 10/49 | €2,499,590 | €2,636,401 | +€136,811 | +5.5% |
| Equity | 10/15 | €2,273,343 | €2,489,419 | +€216,076 | +9.5% |
| Contributions | 10/11 | €861,068 | €861,068 | = | 0.0% |
| Reserves | 13 | €1,412,275 | €1,628,351 | +€216,076 | +15.3% |
| Distributable reserves | 133 | €1,412,275 | €1,628,351 | +€216,076 | +15.3% |
| Amounts payable | 17/49 | €226,247 | €146,982 | -€79,265 | -35.0% |
| Amounts payable after more than one year | 17 | €199,000 | €91,000 | -€108,000 | -54.3% |
| Financial debts | 170/4 | €199,000 | €91,000 | -€108,000 | -54.3% |
| Amounts payable within one year | 42/48 | €27,247 | €55,982 | +€28,735 | +105% |
| Trade debts | 44 | €3,205 | €4,248 | +€1,043 | +32.6% |
| Suppliers | 440/4 | €3,205 | €4,248 | +€1,043 | +32.6% |
| Taxes, remuneration and social security | 45 | €20,009 | €47,211 | +€27,203 | +136% |
| Taxes | 450/3 | €20,009 | €47,211 | +€27,203 | +136% |
| Other amounts payable | 47/48 | €4,034 | €4,523 | +€489 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,556 | €86,903 | -€8,653 | -9.1% |
| Other operating charges | 640/8 | €9,882 | €8,529 | -€1,353 | -13.7% |
| Gross operating margin | 9900 | €360,833 | €409,892 | +€49,059 | +13.6% |
| Operating profit (loss) | 9901 | €255,395 | €314,460 | +€59,065 | +23.1% |
| Financial income | 75/76B | €2,566 | €9,695 | +€7,129 | +278% |
| Recurring financial income | 75 | €2,566 | €9,695 | +€7,129 | +278% |
| Financial charges | 65/66B | €19,524 | €7,119 | -€12,405 | -63.5% |
| Recurring financial charges | 65 | €19,524 | €7,119 | -€12,405 | -63.5% |
| Profit (loss) for the period before taxes | 9903 | €238,437 | €317,035 | +€78,598 | +33.0% |
| Income taxes | 67/77 | €74,436 | €100,959 | +€26,523 | +35.6% |
| Profit (loss) for the period | 9904 | €164,001 | €216,076 | +€52,076 | +31.8% |
| Profit (loss) for the period to be appropriated | 9905 | €164,001 | €216,076 | +€52,076 | +31.8% |
Next steps
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 6 November 2026 via checked.be.