Dr. Tine Sabbe: what changed
Dr. Tine Sabbe
Largest movements
- Tangible fixed assets +€396,218
up €396,218 (+9,202%), from €4,306 to €400,524
of which Land and buildings: +€396,670
- Cash -€84,202
down €84,202 (-56.8%), from €148,127 to €63,925
mainly Investment in fixed assets (net) (-€455,119) and Contributions, distributions and other (-€73,171)
- Receivables after one year -€15,000
down €15,000 (-6.1%), from €245,000 to €230,000
- Receivables within one year +€12,847
up €12,847 (+364%), from €3,525 to €16,373
of which Other amounts receivable: +€7,413
- Debts after one year +€291,188
new in 2026: €291,188
- Reserves -€45,352
down €45,352 (-12.8%), from €354,393 to €309,041
- Other debts +€43,441
up €43,441 (+86.7%), from €50,096 to €93,537
- Current portion of long-term debt +€17,461
new in 2026: €17,461
- Depreciation +€53,646
up €53,646 (+1,021%), from €5,255 to €58,901
- Gross operating margin +€35,240
up €35,240 (+59.7%), from €59,007 to €94,247
- Financial charges +€7,553
up €7,553 (+522%), from €1,448 to €9,001
- Taxes -€4,558
down €4,558 (-37.5%), from €12,168 to €7,610
- Financial income +€3,643
up €3,643 (+58.1%), from €6,273 to €9,916
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €424,056 | €733,595 | +€309,539 | +73.0% |
| Fixed assets | 21/28 | €4,306 | €400,524 | +€396,218 | +9,202% |
| Tangible fixed assets | 22/27 | €4,306 | €400,524 | +€396,218 | +9,202% |
| Land and buildings | 22 | €3,330 | €400,000 | +€396,670 | +11,911% |
| Plant, machinery and equipment | 23 | €976 | €524 | -€452 | -46.3% |
| Current assets | 29/58 | €419,751 | €333,071 | -€86,679 | -20.7% |
| Amounts receivable after more than one year | 29 | €245,000 | €230,000 | -€15,000 | -6.1% |
| Other amounts receivable | 291 | €245,000 | €230,000 | -€15,000 | -6.1% |
| Amounts receivable within one year | 40/41 | €3,525 | €16,373 | +€12,847 | +364% |
| Trade receivables | 40 | - | €5,434 | +€5,434 | |
| Other amounts receivable | 41 | €3,525 | €10,938 | +€7,413 | +210% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €148,127 | €63,925 | -€84,202 | -56.8% |
| Deferred charges and accrued income | 490/1 | €23,099 | €22,774 | -€325 | -1.4% |
| Total equity and liabilities | 10/49 | €424,056 | €733,595 | +€309,539 | +73.0% |
| Equity | 10/15 | €372,993 | €327,641 | -€45,352 | -12.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €354,393 | €309,041 | -€45,352 | -12.8% |
| Distributable reserves | 133 | €354,393 | €309,041 | -€45,352 | -12.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €51,064 | €405,954 | +€354,891 | +695% |
| Amounts payable after more than one year | 17 | - | €291,188 | +€291,188 | |
| Financial debts | 170/4 | - | €291,188 | +€291,188 | |
| Amounts payable within one year | 42/48 | €51,064 | €114,766 | +€63,702 | +125% |
| Current portion of amounts payable after more than one year | 42 | - | €17,461 | +€17,461 | |
| Trade debts | 44 | €968 | €2,307 | +€1,339 | +138% |
| Suppliers | 440/4 | €968 | €2,307 | +€1,339 | +138% |
| Taxes, remuneration and social security | 45 | - | €1,461 | +€1,461 | |
| Taxes | 450/3 | - | €1,461 | +€1,461 | |
| Other amounts payable | 47/48 | €50,096 | €93,537 | +€43,441 | +86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,255 | €58,901 | +€53,646 | +1,021% |
| Other operating charges | 640/8 | €1,116 | €832 | -€284 | -25.5% |
| Gross operating margin | 9900 | €59,007 | €94,247 | +€35,240 | +59.7% |
| Operating profit (loss) | 9901 | €52,636 | €34,514 | -€18,122 | -34.4% |
| Financial income | 75/76B | €6,273 | €9,916 | +€3,643 | +58.1% |
| Recurring financial income | 75 | €6,273 | €9,916 | +€3,643 | +58.1% |
| Financial charges | 65/66B | €1,448 | €9,001 | +€7,553 | +522% |
| Recurring financial charges | 65 | €1,448 | €9,001 | +€7,553 | +522% |
| Profit (loss) for the period before taxes | 9903 | €57,462 | €35,429 | -€22,033 | -38.3% |
| Income taxes | 67/77 | €12,168 | €7,610 | -€4,558 | -37.5% |
| Profit (loss) for the period | 9904 | €45,294 | €27,819 | -€17,475 | -38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €45,294 | €27,819 | -€17,475 | -38.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.