Dr. Tillemans Bart: 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. Tillemans Bart
Largest movements
- Current investments -€218,359
down €218,359 (-67.2%), from €325,044 to €106,685
- Cash +€49,413
up €49,413 (+220%), from €22,499 to €71,912
mainly Net result for the year (+€231,955) and Current investments (+€218,359)
- Deferred charges and accrued income +€8,789
up €8,789 (+9.1%), from €96,523 to €105,313
- Receivables within one year +€4,577
new in 2025: €4,577
- Other debts -€151,826
down €151,826 (-36.5%), from €415,406 to €263,580
- Tax, wage and social debts -€6,354
down €6,354 (-100%), from €6,354 to €0
- Gross operating margin +€27,246
up €27,246 (+9.8%), from €277,944 to €305,189
- Financial income -€6,091
down €6,091 (-38.6%), from €15,789 to €9,698
- Financial charges -€5,923
down €5,923 (-47.1%), from €12,588 to €6,665
- Taxes +€4,230
up €4,230 (+6.1%), from €69,093 to €73,323
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 | €448,226 | €290,428 | -€157,798 | -35.2% |
| Fixed assets | 21/28 | €4,160 | €1,942 | -€2,219 | -53.3% |
| Tangible fixed assets | 22/27 | €4,160 | €1,942 | -€2,219 | -53.3% |
| Furniture and vehicles | 24 | €4,160 | €1,942 | -€2,219 | -53.3% |
| Current assets | 29/58 | €444,066 | €288,486 | -€155,580 | -35.0% |
| Amounts receivable within one year | 40/41 | - | €4,577 | +€4,577 | |
| Other amounts receivable | 41 | - | €4,577 | +€4,577 | |
| Current investments | 50/53 | €325,044 | €106,685 | -€218,359 | -67.2% |
| Cash at bank and in hand | 54/58 | €22,499 | €71,912 | +€49,413 | +220% |
| Deferred charges and accrued income | 490/1 | €96,523 | €105,313 | +€8,789 | +9.1% |
| Total equity and liabilities | 10/49 | €448,226 | €290,428 | -€157,798 | -35.2% |
| Equity | 10/15 | €21,591 | €24,231 | +€2,640 | +12.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €685 | +€685 | |
| Reserves | 13 | €2,988 | €4,942 | +€1,955 | +65.4% |
| Distributable reserves | 133 | €2,988 | €4,942 | +€1,955 | +65.4% |
| Profit (loss) carried forward | 14 | €3 | €3 | = | 0.0% |
| Amounts payable | 17/49 | €426,635 | €266,197 | -€160,438 | -37.6% |
| Amounts payable within one year | 42/48 | €426,635 | €266,197 | -€160,438 | -37.6% |
| Trade debts | 44 | €4,875 | €2,617 | -€2,258 | -46.3% |
| Suppliers | 440/4 | €4,875 | €2,617 | -€2,258 | -46.3% |
| Taxes, remuneration and social security | 45 | €6,354 | €0 | -€6,354 | -100% |
| Taxes | 450/3 | €6,354 | €0 | -€6,354 | -100% |
| Other amounts payable | 47/48 | €415,406 | €263,580 | -€151,826 | -36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,198 | €2,219 | +€21 | +1.0% |
| Other operating charges | 640/8 | €899 | €726 | -€173 | -19.2% |
| Gross operating margin | 9900 | €277,944 | €305,189 | +€27,246 | +9.8% |
| Operating profit (loss) | 9901 | €274,847 | €302,245 | +€27,398 | +10.0% |
| Financial income | 75/76B | €15,789 | €9,698 | -€6,091 | -38.6% |
| Recurring financial income | 75 | €15,789 | €9,698 | -€6,091 | -38.6% |
| Financial charges | 65/66B | €12,588 | €6,665 | -€5,923 | -47.1% |
| Recurring financial charges | 65 | €12,588 | €6,665 | -€5,923 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | €278,048 | €305,277 | +€27,229 | +9.8% |
| Income taxes | 67/77 | €69,093 | €73,323 | +€4,230 | +6.1% |
| Profit (loss) for the period | 9904 | €208,955 | €231,955 | +€22,999 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €208,955 | €231,955 | +€22,999 | +11.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.