Dr. Van Ballaer: 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. Van Ballaer
Largest movements
- Current investments +€19,773
up €19,773 (+11.8%), from €166,959 to €186,732
- Tangible fixed assets -€12,295
down €12,295 (-32.4%), from €37,949 to €25,654
of which Furniture and vehicles: -€11,405
- Profit (loss) carried forward +€10,249
up €10,249 (+49.4%), from -€20,733 to -€10,484
- Gross operating margin -€7,596
down €7,596 (-8.8%), from €85,872 to €78,276
- Financial charges +€4,052
up €4,052 (+349%), from €1,162 to €5,214
- Staff costs +€1,928
up €1,928 (+3.7%), from €51,434 to €53,363
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 | €410,522 | €422,324 | +€11,803 | +2.9% |
| Fixed assets | 21/28 | €37,949 | €25,654 | -€12,295 | -32.4% |
| Tangible fixed assets | 22/27 | €37,949 | €25,654 | -€12,295 | -32.4% |
| Plant, machinery and equipment | 23 | €2,816 | €1,925 | -€891 | -31.6% |
| Furniture and vehicles | 24 | €35,134 | €23,729 | -€11,405 | -32.5% |
| Current assets | 29/58 | €372,572 | €396,670 | +€24,098 | +6.5% |
| Amounts receivable within one year | 40/41 | €72,220 | €75,221 | +€3,001 | +4.2% |
| Trade receivables | 40 | €61,388 | €68,341 | +€6,953 | +11.3% |
| Other amounts receivable | 41 | €10,832 | €6,880 | -€3,952 | -36.5% |
| Current investments | 50/53 | €166,959 | €186,732 | +€19,773 | +11.8% |
| Cash at bank and in hand | 54/58 | €133,394 | €131,551 | -€1,843 | -1.4% |
| Deferred charges and accrued income | 490/1 | - | €3,166 | +€3,166 | |
| Total equity and liabilities | 10/49 | €410,522 | €422,324 | +€11,803 | +2.9% |
| Equity | 10/15 | €374,313 | €384,562 | +€10,249 | +2.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €375,046 | €375,046 | = | 0.0% |
| Non-distributable reserves | 130/1 | €56,000 | €56,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €56,000 | €56,000 | = | 0.0% |
| Distributable reserves | 133 | €319,046 | €319,046 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,733 | -€10,484 | +€10,249 | +49.4% |
| Amounts payable | 17/49 | €36,209 | €37,762 | +€1,553 | +4.3% |
| Amounts payable within one year | 42/48 | €36,209 | €37,762 | +€1,553 | +4.3% |
| Trade debts | 44 | €388 | €429 | +€40 | +10.4% |
| Suppliers | 440/4 | €388 | €429 | +€40 | +10.4% |
| Taxes, remuneration and social security | 45 | €14,547 | €14,552 | +€5 | 0.0% |
| Taxes | 450/3 | €3,702 | €5,061 | +€1,358 | +36.7% |
| Remuneration and social security | 454/9 | €10,845 | €9,491 | -€1,353 | -12.5% |
| Other amounts payable | 47/48 | €21,274 | €22,782 | +€1,508 | +7.1% |
| Remuneration, social security and pensions | 62 | €51,434 | €53,363 | +€1,928 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,141 | €12,295 | +€155 | +1.3% |
| Other operating charges | 640/8 | €1,020 | €874 | -€145 | -14.3% |
| Gross operating margin | 9900 | €85,872 | €78,276 | -€7,596 | -8.8% |
| Operating profit (loss) | 9901 | €21,277 | €11,744 | -€9,534 | -44.8% |
| Financial income | 75/76B | €3,333 | €3,853 | +€520 | +15.6% |
| Recurring financial income | 75 | €3,333 | €3,853 | +€520 | +15.6% |
| Financial charges | 65/66B | €1,162 | €5,214 | +€4,052 | +349% |
| Recurring financial charges | 65 | €1,162 | €5,214 | +€4,052 | +349% |
| Profit (loss) for the period before taxes | 9903 | €23,448 | €10,383 | -€13,065 | -55.7% |
| Income taxes | 67/77 | €143 | €133 | -€9 | -6.4% |
| Profit (loss) for the period | 9904 | €23,305 | €10,249 | -€13,056 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,305 | €10,249 | -€13,056 | -56.0% |
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 19 October 2026 via checked.be.