dr. V. Fabré: 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. V. Fabré
Largest movements
- Tangible fixed assets +€69,964
up €69,964 (+118%), from €59,398 to €129,362
of which Furniture and vehicles: +€70,578
- Current investments -€21,182
down €21,182 (-7.0%), from €300,467 to €279,285
- Receivables within one year -€11,035
down €11,035 (-26.2%), from €42,166 to €31,131
of which Other amounts receivable: -€41,936
- Cash -€6,509
down €6,509 (-20.9%), from €31,111 to €24,602
mainly Contributions, distributions and other (-€162,929) and Investment in fixed assets (net) (-€104,203)
- Other debts +€82,445
up €82,445 (+88.2%), from €93,465 to €175,911
- Reserves -€47,762
down €47,762 (-16.4%), from €290,958 to €243,197
- Debts after one year -€12,346
down €12,346 (-43.3%), from €28,488 to €16,143
- Tax, wage and social debts +€6,374
new in 2025: €6,374
- Gross operating margin +€43,947
up €43,947 (+28.0%), from €157,166 to €201,113
- Taxes +€17,080
up €17,080 (+46.2%), from €36,931 to €54,011
- Depreciation +€12,940
up €12,940 (+60.8%), from €21,299 to €34,239
- Financial income +€3,974
up €3,974 (+166%), from €2,392 to €6,367
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 | €437,480 | €466,818 | +€29,339 | +6.7% |
| Fixed assets | 21/28 | €59,398 | €129,362 | +€69,964 | +118% |
| Tangible fixed assets | 22/27 | €59,398 | €129,362 | +€69,964 | +118% |
| Furniture and vehicles | 24 | €57,895 | €128,473 | +€70,578 | +122% |
| Other tangible fixed assets | 26 | €1,504 | €889 | -€614 | -40.9% |
| Current assets | 29/58 | €378,082 | €337,457 | -€40,625 | -10.7% |
| Amounts receivable within one year | 40/41 | €42,166 | €31,131 | -€11,035 | -26.2% |
| Trade receivables | 40 | €230 | €31,131 | +€30,901 | +13,409% |
| Other amounts receivable | 41 | €41,936 | - | -€41,936 | |
| Current investments | 50/53 | €300,467 | €279,285 | -€21,182 | -7.0% |
| Cash at bank and in hand | 54/58 | €31,111 | €24,602 | -€6,509 | -20.9% |
| Deferred charges and accrued income | 490/1 | €4,338 | €2,438 | -€1,900 | -43.8% |
| Total equity and liabilities | 10/49 | €437,480 | €466,818 | +€29,339 | +6.7% |
| Equity | 10/15 | €303,358 | €255,597 | -€47,762 | -15.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €290,958 | €243,197 | -€47,762 | -16.4% |
| Distributable reserves | 133 | €290,958 | €243,197 | -€47,762 | -16.4% |
| Amounts payable | 17/49 | €134,121 | €211,222 | +€77,100 | +57.5% |
| Amounts payable after more than one year | 17 | €28,488 | €16,143 | -€12,346 | -43.3% |
| Financial debts | 170/4 | €28,488 | €16,143 | -€12,346 | -43.3% |
| Amounts payable within one year | 42/48 | €105,633 | €195,079 | +€89,446 | +84.7% |
| Current portion of amounts payable after more than one year | 42 | €11,862 | €12,346 | +€484 | +4.1% |
| Trade debts | 44 | €306 | €449 | +€142 | +46.5% |
| Suppliers | 440/4 | €306 | €449 | +€142 | +46.5% |
| Taxes, remuneration and social security | 45 | - | €6,374 | +€6,374 | |
| Taxes | 450/3 | - | €6,374 | +€6,374 | |
| Other amounts payable | 47/48 | €93,465 | €175,911 | +€82,445 | +88.2% |
| Non-recurring operating income | 76A | - | €15,000 | +€15,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,299 | €34,239 | +€12,940 | +60.8% |
| Other operating charges | 640/8 | €578 | €544 | -€34 | -5.9% |
| Non-recurring operating charges | 66A | €268 | €683 | +€415 | +155% |
| Gross operating margin | 9900 | €157,166 | €201,113 | +€43,947 | +28.0% |
| Operating profit (loss) | 9901 | €135,022 | €165,647 | +€30,626 | +22.7% |
| Financial income | 75/76B | €2,392 | €6,367 | +€3,974 | +166% |
| Recurring financial income | 75 | €2,392 | €6,367 | +€3,974 | +166% |
| Financial charges | 65/66B | €3,269 | €2,836 | -€432 | -13.2% |
| Recurring financial charges | 65 | €3,269 | €2,836 | -€432 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €134,145 | €169,178 | +€35,032 | +26.1% |
| Income taxes | 67/77 | €36,931 | €54,011 | +€17,080 | +46.2% |
| Profit (loss) for the period | 9904 | €97,214 | €115,167 | +€17,953 | +18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €97,214 | €115,167 | +€17,953 | +18.5% |
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 19 October 2026 via checked.be.