Dr. Van Cauter: 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 Cauter
Largest movements
- Cash +€219,290
up €219,290 (+1,006%), from €21,803 to €241,093
mainly Net result for the year (+€180,177) and Current investments (+€103,691)
- Current investments -€103,691
down €103,691 (-12.6%), from €821,519 to €717,828
- Tangible fixed assets -€20,343
down €20,343 (-25.8%), from €78,774 to €58,431
of which Furniture and vehicles: -€18,833
- Receivables within one year -€17,631
down €17,631 (-74.6%), from €23,630 to €5,998
of which Other amounts receivable: -€16,380
- Deferred charges and accrued income +€16,543
up €16,543 (+20.9%), from €79,241 to €95,784
- Reserves +€77,876
up €77,876 (+9.0%), from €864,387 to €942,263
- Gross operating margin +€26,518
up €26,518 (+10.6%), from €249,710 to €276,228
- Taxes +€7,536
up €7,536 (+10.7%), from €70,544 to €78,080
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 | €1,024,966 | €1,119,133 | +€94,168 | +9.2% |
| Fixed assets | 21/28 | €78,774 | €58,431 | -€20,343 | -25.8% |
| Tangible fixed assets | 22/27 | €78,774 | €58,431 | -€20,343 | -25.8% |
| Plant, machinery and equipment | 23 | €450 | €279 | -€171 | -38.0% |
| Furniture and vehicles | 24 | €65,931 | €47,098 | -€18,833 | -28.6% |
| Other tangible fixed assets | 26 | €12,392 | €11,053 | -€1,339 | -10.8% |
| Current assets | 29/58 | €946,192 | €1,060,703 | +€114,511 | +12.1% |
| Amounts receivable within one year | 40/41 | €23,630 | €5,998 | -€17,631 | -74.6% |
| Trade receivables | 40 | €1,252 | €0 | -€1,252 | -100% |
| Other amounts receivable | 41 | €22,378 | €5,998 | -€16,380 | -73.2% |
| Current investments | 50/53 | €821,519 | €717,828 | -€103,691 | -12.6% |
| Cash at bank and in hand | 54/58 | €21,803 | €241,093 | +€219,290 | +1,006% |
| Deferred charges and accrued income | 490/1 | €79,241 | €95,784 | +€16,543 | +20.9% |
| Total equity and liabilities | 10/49 | €1,024,966 | €1,119,133 | +€94,168 | +9.2% |
| Equity | 10/15 | €877,001 | €954,877 | +€77,876 | +8.9% |
| Contributions | 10/11 | €12,614 | €12,614 | = | 0.0% |
| Reserves | 13 | €864,387 | €942,263 | +€77,876 | +9.0% |
| Distributable reserves | 133 | €864,387 | €942,263 | +€77,876 | +9.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €147,965 | €164,256 | +€16,291 | +11.0% |
| Amounts payable within one year | 42/48 | €147,839 | €164,222 | +€16,383 | +11.1% |
| Trade debts | 44 | €1,714 | €5,947 | +€4,232 | +247% |
| Suppliers | 440/4 | €1,714 | €5,947 | +€4,232 | +247% |
| Taxes, remuneration and social security | 45 | €14,699 | €16,084 | +€1,385 | +9.4% |
| Taxes | 450/3 | €7,699 | €9,084 | +€1,385 | +18.0% |
| Remuneration and social security | 454/9 | €7,000 | €7,000 | = | 0.0% |
| Other amounts payable | 47/48 | €131,425 | €142,191 | +€10,766 | +8.2% |
| Accrued charges and deferred income | 492/3 | €126 | €34 | -€92 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,651 | €29,477 | +€1,826 | +6.6% |
| Other operating charges | 640/8 | €1,157 | €1,126 | -€30 | -2.6% |
| Non-recurring operating charges | 66A | - | €116 | +€116 | |
| Gross operating margin | 9900 | €249,710 | €276,228 | +€26,518 | +10.6% |
| Operating profit (loss) | 9901 | €220,903 | €245,509 | +€24,606 | +11.1% |
| Financial income | 75/76B | €21,808 | €22,045 | +€237 | +1.1% |
| Recurring financial income | 75 | €21,808 | €22,045 | +€237 | +1.1% |
| Financial charges | 65/66B | €11,359 | €9,296 | -€2,063 | -18.2% |
| Recurring financial charges | 65 | €11,359 | €9,296 | -€2,063 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €231,351 | €258,258 | +€26,906 | +11.6% |
| Income taxes | 67/77 | €70,544 | €78,080 | +€7,536 | +10.7% |
| Profit (loss) for the period | 9904 | €160,807 | €180,177 | +€19,370 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €160,807 | €180,177 | +€19,370 | +12.0% |
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 16 October 2026 via checked.be.