DR. THIBAUT VANNESTE: 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. THIBAUT VANNESTE
Largest movements
- Current investments +€46,017
up €46,017 (+15.4%), from €299,232 to €345,249
- Cash -€15,807
down €15,807 (-9.8%), from €161,237 to €145,429
mainly Contributions, distributions and other (-€454,738) and Current investments (-€46,017)
- Tangible fixed assets -€12,096
down €12,096 (-24.3%), from €49,858 to €37,762
of which Furniture and vehicles: -€11,612
- Reserves +€21,039
up €21,039 (+4.6%), from €454,738 to €475,777
- Gross operating margin +€31,411
up €31,411 (+5.2%), from €600,004 to €631,415
- Taxes +€8,131
up €8,131 (+5.7%), from €143,817 to €151,948
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 | €527,047 | €542,034 | +€14,988 | +2.8% |
| Fixed assets | 21/28 | €49,858 | €37,762 | -€12,096 | -24.3% |
| Tangible fixed assets | 22/27 | €49,858 | €37,762 | -€12,096 | -24.3% |
| Plant, machinery and equipment | 23 | €2,010 | €1,526 | -€484 | -24.1% |
| Furniture and vehicles | 24 | €47,848 | €36,236 | -€11,612 | -24.3% |
| Current assets | 29/58 | €477,189 | €504,272 | +€27,084 | +5.7% |
| Amounts receivable within one year | 40/41 | €10,321 | €8,197 | -€2,124 | -20.6% |
| Other amounts receivable | 41 | €10,321 | €8,197 | -€2,124 | -20.6% |
| Current investments | 50/53 | €299,232 | €345,249 | +€46,017 | +15.4% |
| Cash at bank and in hand | 54/58 | €161,237 | €145,429 | -€15,807 | -9.8% |
| Deferred charges and accrued income | 490/1 | €6,399 | €5,397 | -€1,002 | -15.7% |
| Total equity and liabilities | 10/49 | €527,047 | €542,034 | +€14,988 | +2.8% |
| Equity | 10/15 | €473,338 | €494,377 | +€21,039 | +4.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €454,738 | €475,777 | +€21,039 | +4.6% |
| Distributable reserves | 133 | €454,738 | €475,777 | +€21,039 | +4.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €53,709 | €47,657 | -€6,052 | -11.3% |
| Amounts payable within one year | 42/48 | €53,709 | €47,657 | -€6,052 | -11.3% |
| Financial debts | 43 | €47,300 | €43,718 | -€3,581 | -7.6% |
| Credit institutions | 430/8 | €47,300 | €43,718 | -€3,581 | -7.6% |
| Trade debts | 44 | €1,154 | €3,939 | +€2,785 | +241% |
| Suppliers | 440/4 | €1,154 | €3,939 | +€2,785 | +241% |
| Taxes, remuneration and social security | 45 | €4,871 | €0 | -€4,871 | -100% |
| Taxes | 450/3 | €4,871 | €0 | -€4,871 | -100% |
| Other amounts payable | 47/48 | €384 | €0 | -€384 | -100% |
| Non-recurring operating income | 76A | €12,655 | €0 | -€12,655 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,622 | €12,096 | +€1,474 | +13.9% |
| Other operating charges | 640/8 | €410 | €524 | +€114 | +27.9% |
| Gross operating margin | 9900 | €600,004 | €631,415 | +€31,411 | +5.2% |
| Operating profit (loss) | 9901 | €588,972 | €618,795 | +€29,822 | +5.1% |
| Financial income | 75/76B | €13,221 | €12,925 | -€296 | -2.2% |
| Recurring financial income | 75 | €13,221 | €12,925 | -€296 | -2.2% |
| Financial charges | 65/66B | €3,639 | €3,994 | +€356 | +9.8% |
| Recurring financial charges | 65 | €3,639 | €3,994 | +€356 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €598,555 | €627,725 | +€29,170 | +4.9% |
| Income taxes | 67/77 | €143,817 | €151,948 | +€8,131 | +5.7% |
| Profit (loss) for the period | 9904 | €454,738 | €475,777 | +€21,039 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €454,738 | €475,777 | +€21,039 | +4.6% |
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 29 October 2026 via checked.be.