Dr. Thomas Muyldermans: 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 Muyldermans
Largest movements
- Current investments +€274,740
up €274,740 (+49.1%), from €559,180 to €833,920
- Tangible fixed assets +€235,375
up €235,375 (+33.7%), from €698,276 to €933,651
of which Furniture and vehicles: +€177,528
- Deferred charges and accrued income -€86,343
down €86,343 (-48.2%), from €179,256 to €92,912
- Receivables within one year -€59,326
down €59,326 (-69.0%), from €85,930 to €26,604
of which Trade receivables: -€63,361
- Cash -€23,626
down €23,626 (-7.8%), from €301,872 to €278,245
mainly Contributions, distributions and other (-€1.3m) and Investment in fixed assets (net) (-€303,553)
- Other debts +€1.0m
up €1.0m (+230%), from €450,092 to €1.5m
- Reserves -€702,212
no longer reported in 2025 (was €702,212)
of which Distributable reserves: -€533,812
- Trade debts -€47,891
down €47,891 (-42.2%), from €113,470 to €65,579
- Debts after one year +€37,427
up €37,427 (+7.9%), from €471,383 to €508,811
- Financial income +€110,770
up €110,770 (+2,142,552%), from €5 to €110,775
- Gross operating margin -€51,138
down €51,138 (-6.4%), from €795,006 to €743,868
- Taxes -€35,740
down €35,740 (-17.7%), from €201,705 to €165,965
- Depreciation +€18,545
up €18,545 (+37.4%), from €49,632 to €68,177
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 | €1,824,513 | €2,165,333 | +€340,820 | +18.7% |
| Fixed assets | 21/28 | €698,276 | €933,651 | +€235,375 | +33.7% |
| Tangible fixed assets | 22/27 | €698,276 | €933,651 | +€235,375 | +33.7% |
| Land and buildings | 22 | €616,121 | €621,716 | +€5,594 | +0.9% |
| Plant, machinery and equipment | 23 | €12,940 | €65,193 | +€52,253 | +404% |
| Furniture and vehicles | 24 | €69,214 | €246,742 | +€177,528 | +256% |
| Current assets | 29/58 | €1,126,237 | €1,231,682 | +€105,445 | +9.4% |
| Amounts receivable within one year | 40/41 | €85,930 | €26,604 | -€59,326 | -69.0% |
| Trade receivables | 40 | €85,930 | €22,569 | -€63,361 | -73.7% |
| Other amounts receivable | 41 | - | €4,035 | +€4,035 | |
| Current investments | 50/53 | €559,180 | €833,920 | +€274,740 | +49.1% |
| Cash at bank and in hand | 54/58 | €301,872 | €278,245 | -€23,626 | -7.8% |
| Deferred charges and accrued income | 490/1 | €179,256 | €92,912 | -€86,343 | -48.2% |
| Total equity and liabilities | 10/49 | €1,824,513 | €2,165,333 | +€340,820 | +18.7% |
| Equity | 10/15 | €720,812 | €18,600 | -€702,212 | -97.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €702,212 | - | -€702,212 | |
| Tax-exempt reserves | 132 | €168,400 | - | -€168,400 | |
| Distributable reserves | 133 | €533,812 | - | -€533,812 | |
| Amounts payable | 17/49 | €1,103,701 | €2,146,733 | +€1.0m | +94.5% |
| Amounts payable after more than one year | 17 | €471,383 | €508,811 | +€37,427 | +7.9% |
| Financial debts | 170/4 | €471,383 | €508,811 | +€37,427 | +7.9% |
| Amounts payable within one year | 42/48 | €632,318 | €1,637,923 | +€1.0m | +159% |
| Current portion of amounts payable after more than one year | 42 | €51,469 | €69,291 | +€17,822 | +34.6% |
| Trade debts | 44 | €113,470 | €65,579 | -€47,891 | -42.2% |
| Suppliers | 440/4 | €113,470 | €65,579 | -€47,891 | -42.2% |
| Taxes, remuneration and social security | 45 | €17,287 | €16,431 | -€857 | -5.0% |
| Taxes | 450/3 | €17,287 | €16,431 | -€857 | -5.0% |
| Other amounts payable | 47/48 | €450,092 | €1,486,622 | +€1.0m | +230% |
| Non-recurring operating income | 76A | - | €13,500 | +€13,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,632 | €68,177 | +€18,545 | +37.4% |
| Other operating charges | 640/8 | €4,054 | €1,939 | -€2,115 | -52.2% |
| Gross operating margin | 9900 | €795,006 | €743,868 | -€51,138 | -6.4% |
| Operating profit (loss) | 9901 | €741,319 | €673,751 | -€67,568 | -9.1% |
| Financial income | 75/76B | €5 | €110,775 | +€110,770 | +2,142,552% |
| Recurring financial income | 75 | €5 | €110,775 | +€110,770 | +2,142,552% |
| Financial charges | 65/66B | €5,807 | €7,752 | +€1,945 | +33.5% |
| Recurring financial charges | 65 | €5,807 | €7,752 | +€1,945 | +33.5% |
| Profit (loss) for the period before taxes | 9903 | €735,517 | €776,774 | +€41,257 | +5.6% |
| Income taxes | 67/77 | €201,705 | €165,965 | -€35,740 | -17.7% |
| Profit (loss) for the period | 9904 | €533,812 | €610,809 | +€76,997 | +14.4% |
| Transfer from tax-exempt reserves | 789 | - | €168,400 | +€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €533,812 | €779,209 | +€245,397 | +46.0% |
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 30 October 2026 via checked.be.