Dr. Tine Vanlancker: 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. Tine Vanlancker
Largest movements
- Cash +€228,436
up €228,436 (+191%), from €119,561 to €347,997
mainly Current investments (+€200,000) and Other debts (+€199,374)
- Current investments -€200,000
no longer reported in 2026 (was €200,000)
- Deferred charges and accrued income +€6,295
up €6,295 (+16.8%), from €37,501 to €43,796
- Other debts +€199,374
up €199,374 (+3,482%), from €5,726 to €205,101
- Reserves -€152,955
down €152,955 (-48.0%), from €318,962 to €166,007
- Tax, wage and social debts -€18,404
down €18,404 (-56.4%), from €32,645 to €14,241
- Accrued charges and deferred income +€4,725
up €4,725 (+13,367%), from €35 to €4,760
- Gross operating margin +€74,745
up €74,745 (+49.6%), from €150,639 to €225,384
- Taxes +€17,088
up €17,088 (+51.0%), from €33,524 to €50,612
- Financial charges +€5,983
up €5,983 (+318%), from €1,879 to €7,861
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €360,717 | €393,360 | +€32,643 | +9.0% |
| Fixed assets | 21/28 | €3,655 | €1,567 | -€2,088 | -57.1% |
| Tangible fixed assets | 22/27 | €3,655 | €1,567 | -€2,088 | -57.1% |
| Plant, machinery and equipment | 23 | €2,447 | €1,461 | -€986 | -40.3% |
| Furniture and vehicles | 24 | €1,208 | €105 | -€1,102 | -91.3% |
| Current assets | 29/58 | €357,062 | €391,793 | +€34,731 | +9.7% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €119,561 | €347,997 | +€228,436 | +191% |
| Deferred charges and accrued income | 490/1 | €37,501 | €43,796 | +€6,295 | +16.8% |
| Total equity and liabilities | 10/49 | €360,717 | €393,360 | +€32,643 | +9.0% |
| Equity | 10/15 | €319,962 | €167,007 | -€152,955 | -47.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €318,962 | €166,007 | -€152,955 | -48.0% |
| Distributable reserves | 133 | €318,962 | €166,007 | -€152,955 | -48.0% |
| Amounts payable | 17/49 | €40,755 | €226,352 | +€185,598 | +455% |
| Amounts payable within one year | 42/48 | €40,719 | €221,592 | +€180,873 | +444% |
| Trade debts | 44 | €2,348 | €2,250 | -€98 | -4.2% |
| Suppliers | 440/4 | €2,348 | €2,250 | -€98 | -4.2% |
| Taxes, remuneration and social security | 45 | €32,645 | €14,241 | -€18,404 | -56.4% |
| Taxes | 450/3 | €32,645 | €14,241 | -€18,404 | -56.4% |
| Other amounts payable | 47/48 | €5,726 | €205,101 | +€199,374 | +3,482% |
| Accrued charges and deferred income | 492/3 | €35 | €4,760 | +€4,725 | +13,367% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,612 | €2,088 | +€476 | +29.5% |
| Other operating charges | 640/8 | €260 | €187 | -€74 | -28.3% |
| Gross operating margin | 9900 | €150,639 | €225,384 | +€74,745 | +49.6% |
| Operating profit (loss) | 9901 | €148,767 | €223,109 | +€74,343 | +50.0% |
| Financial income | 75/76B | €3,419 | €1,371 | -€2,047 | -59.9% |
| Recurring financial income | 75 | €3,419 | €1,371 | -€2,047 | -59.9% |
| Financial charges | 65/66B | €1,879 | €7,861 | +€5,983 | +318% |
| Recurring financial charges | 65 | €1,879 | €7,861 | +€5,983 | +318% |
| Profit (loss) for the period before taxes | 9903 | €150,306 | €216,619 | +€66,313 | +44.1% |
| Income taxes | 67/77 | €33,524 | €50,612 | +€17,088 | +51.0% |
| Profit (loss) for the period | 9904 | €116,782 | €166,007 | +€49,225 | +42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €116,782 | €166,007 | +€49,225 | +42.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.