Dr. Thomas Botelberge: 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. Thomas Botelberge
Largest movements
- Receivables within one year -€179,041
down €179,041 (-51.4%), from €348,505 to €169,463
of which Other amounts receivable: -€132,529
- Cash +€92,127
up €92,127 (+2,902%), from €3,175 to €95,301
mainly Receivables within one year (+€179,041) and Net result for the year (+€170,549)
- Tangible fixed assets -€16,340
down €16,340 (-3.0%), from €543,243 to €526,904
of which Land and buildings: -€16,644
- Reserves -€137,953
down €137,953 (-15.4%), from €896,921 to €758,968
of which Distributable reserves: -€137,953
- Short-term financial debts +€31,575
up €31,575 (+58.9%), from €53,640 to €85,215
- Gross operating margin -€4,041
down €4,041 (-1.4%), from €283,924 to €279,883
- Other operating charges +€3,032
up €3,032 (+158%), from €1,917 to €4,948
- Financial charges -€2,855
down €2,855 (-45.1%), from €6,329 to €3,474
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 | €978,344 | €881,370 | -€96,973 | -9.9% |
| Fixed assets | 21/28 | €543,243 | €526,954 | -€16,290 | -3.0% |
| Tangible fixed assets | 22/27 | €543,243 | €526,904 | -€16,340 | -3.0% |
| Land and buildings | 22 | €516,735 | €500,091 | -€16,644 | -3.2% |
| Plant, machinery and equipment | 23 | €1,497 | €989 | -€508 | -33.9% |
| Furniture and vehicles | 24 | €7,162 | €7,975 | +€812 | +11.3% |
| Other tangible fixed assets | 26 | €17,849 | €17,849 | = | 0.0% |
| Financial fixed assets | 28 | - | €50 | +€50 | |
| Current assets | 29/58 | €435,100 | €354,417 | -€80,684 | -18.5% |
| Amounts receivable within one year | 40/41 | €348,505 | €169,463 | -€179,041 | -51.4% |
| Trade receivables | 40 | €146,726 | €100,214 | -€46,513 | -31.7% |
| Other amounts receivable | 41 | €201,778 | €69,250 | -€132,529 | -65.7% |
| Current investments | 50/53 | €83,421 | €89,652 | +€6,231 | +7.5% |
| Cash at bank and in hand | 54/58 | €3,175 | €95,301 | +€92,127 | +2,902% |
| Total equity and liabilities | 10/49 | €978,344 | €881,370 | -€96,973 | -9.9% |
| Equity | 10/15 | €909,321 | €771,368 | -€137,953 | -15.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €896,921 | €758,968 | -€137,953 | -15.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €895,061 | €757,108 | -€137,953 | -15.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €69,023 | €110,002 | +€40,980 | +59.4% |
| Amounts payable within one year | 42/48 | €69,023 | €110,002 | +€40,980 | +59.4% |
| Financial debts | 43 | €53,640 | €85,215 | +€31,575 | +58.9% |
| Credit institutions | 430/8 | €53,640 | €85,215 | +€31,575 | +58.9% |
| Trade debts | 44 | €508 | €2,915 | +€2,407 | +473% |
| Suppliers | 440/4 | €508 | €2,915 | +€2,407 | +473% |
| Taxes, remuneration and social security | 45 | €14,874 | €21,871 | +€6,998 | +47.0% |
| Taxes | 450/3 | €14,874 | €21,871 | +€6,998 | +47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,216 | €27,490 | +€274 | +1.0% |
| Other operating charges | 640/8 | €1,917 | €4,948 | +€3,032 | +158% |
| Gross operating margin | 9900 | €283,924 | €279,883 | -€4,041 | -1.4% |
| Operating profit (loss) | 9901 | €254,791 | €247,445 | -€7,346 | -2.9% |
| Financial income | 75/76B | €9,022 | €10,093 | +€1,071 | +11.9% |
| Recurring financial income | 75 | €9,022 | €10,093 | +€1,071 | +11.9% |
| Financial charges | 65/66B | €6,329 | €3,474 | -€2,855 | -45.1% |
| Recurring financial charges | 65 | €6,329 | €3,474 | -€2,855 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €257,485 | €254,065 | -€3,420 | -1.3% |
| Income taxes | 67/77 | €84,881 | €83,516 | -€1,365 | -1.6% |
| Profit (loss) for the period | 9904 | €172,603 | €170,549 | -€2,055 | -1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €172,603 | €170,549 | -€2,055 | -1.2% |
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 19 October 2026 via checked.be.