Dr. Thomas Maselis: 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 Maselis
Largest movements
- Cash +€278,313
up €278,313 (+79.0%), from €352,494 to €630,808
mainly Net result for the year (+€162,798) and Current investments (+€110,579)
- Current investments -€110,579
down €110,579 (-16.3%), from €676,400 to €565,821
- Tangible fixed assets -€36,626
down €36,626 (-10.9%), from €337,235 to €300,609
of which Land and buildings: -€28,566
- Receivables within one year -€15,662
down €15,662 (-44.5%), from €35,195 to €19,533
- Reserves +€162,798
up €162,798 (+18.6%), from €876,112 to €1.0m
- Other debts -€48,202
down €48,202 (-10.0%), from €482,866 to €434,664
- Gross operating margin -€65,440
down €65,440 (-15.8%), from €415,248 to €349,808
- Taxes -€17,832
down €17,832 (-18.8%), from €94,847 to €77,015
- Financial income +€13,234
up €13,234 (+515%), from €2,570 to €15,804
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 | €1,402,466 | €1,519,490 | +€117,024 | +8.3% |
| Fixed assets | 21/28 | €337,911 | €301,285 | -€36,626 | -10.8% |
| Tangible fixed assets | 22/27 | €337,235 | €300,609 | -€36,626 | -10.9% |
| Land and buildings | 22 | €304,267 | €275,700 | -€28,566 | -9.4% |
| Plant, machinery and equipment | 23 | €4,323 | €14,797 | +€10,474 | +242% |
| Furniture and vehicles | 24 | €17,330 | €431 | -€16,899 | -97.5% |
| Other tangible fixed assets | 26 | €11,315 | €9,681 | -€1,634 | -14.4% |
| Financial fixed assets | 28 | €676 | €676 | = | 0.0% |
| Current assets | 29/58 | €1,064,555 | €1,218,204 | +€153,649 | +14.4% |
| Amounts receivable within one year | 40/41 | €35,195 | €19,533 | -€15,662 | -44.5% |
| Other amounts receivable | 41 | €35,195 | €19,533 | -€15,662 | -44.5% |
| Current investments | 50/53 | €676,400 | €565,821 | -€110,579 | -16.3% |
| Cash at bank and in hand | 54/58 | €352,494 | €630,808 | +€278,313 | +79.0% |
| Deferred charges and accrued income | 490/1 | €465 | €2,043 | +€1,578 | +339% |
| Total equity and liabilities | 10/49 | €1,402,466 | €1,519,490 | +€117,024 | +8.3% |
| Equity | 10/15 | €894,704 | €1,057,502 | +€162,798 | +18.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €876,112 | €1,038,910 | +€162,798 | +18.6% |
| Distributable reserves | 133 | €876,112 | €1,038,910 | +€162,798 | +18.6% |
| Amounts payable | 17/49 | €507,761 | €461,987 | -€45,774 | -9.0% |
| Amounts payable after more than one year | 17 | €1,650 | €1,650 | = | 0.0% |
| Other amounts payable | 178/9 | €1,650 | €1,650 | = | 0.0% |
| Amounts payable within one year | 42/48 | €505,809 | €460,337 | -€45,472 | -9.0% |
| Financial debts | 43 | €10,341 | €9,441 | -€900 | -8.7% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €10,341 | €9,441 | -€900 | -8.7% |
| Trade debts | 44 | €2,310 | €5,403 | +€3,094 | +134% |
| Suppliers | 440/4 | €2,310 | €5,403 | +€3,094 | +134% |
| Taxes, remuneration and social security | 45 | €10,292 | €10,829 | +€537 | +5.2% |
| Taxes | 450/3 | €1,476 | €2,371 | +€894 | +60.6% |
| Remuneration and social security | 454/9 | €8,816 | €8,459 | -€357 | -4.0% |
| Other amounts payable | 47/48 | €482,866 | €434,664 | -€48,202 | -10.0% |
| Accrued charges and deferred income | 492/3 | €303 | €0 | -€303 | -100% |
| Remuneration, social security and pensions | 62 | €58,302 | €60,315 | +€2,013 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,826 | €55,738 | +€912 | +1.7% |
| Other operating charges | 640/8 | €6,139 | €7,879 | +€1,740 | +28.3% |
| Gross operating margin | 9900 | €415,248 | €349,808 | -€65,440 | -15.8% |
| Operating profit (loss) | 9901 | €295,982 | €225,877 | -€70,105 | -23.7% |
| Financial income | 75/76B | €2,570 | €15,804 | +€13,234 | +515% |
| Recurring financial income | 75 | €2,570 | €15,804 | +€13,234 | +515% |
| Financial charges | 65/66B | €1,684 | €1,868 | +€184 | +11.0% |
| Recurring financial charges | 65 | €1,684 | €1,868 | +€184 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €296,868 | €239,813 | -€57,055 | -19.2% |
| Income taxes | 67/77 | €94,847 | €77,015 | -€17,832 | -18.8% |
| Profit (loss) for the period | 9904 | €202,022 | €162,798 | -€39,223 | -19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €202,022 | €162,798 | -€39,223 | -19.4% |
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.