Dr. Van Ginderachter Pascal: 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 Ginderachter Pascal
Largest movements
- Receivables after one year -€306,600
down €306,600 (-37.5%), from €816,600 to €510,000
- Current investments +€286,951
up €286,951 (+635%), from €45,186 to €332,137
- Cash -€225,604
down €225,604 (-47.0%), from €479,966 to €254,362
mainly Contributions, distributions and other (-€321,000) and Current investments (-€286,951)
- Tangible fixed assets +€43,403
up €43,403 (+80.7%), from €53,751 to €97,153
of which Furniture and vehicles: +€46,627
- Deferred charges and accrued income -€17,745
down €17,745 (-20.6%), from €86,035 to €68,290
- Reserves -€223,423
down €223,423 (-15.9%), from €1.4m to €1.2m
- Gross operating margin +€76,809
up €76,809 (+68.9%), from €111,544 to €188,353
- Financial charges +€32,465
up €32,465 (+337%), from €9,622 to €42,087
of which Financial charges: +€32,465
- Taxes +€19,074
up €19,074 (+43.2%), from €44,112 to €63,186
- Financial income -€4,803
down €4,803 (-8.8%), from €54,649 to €49,846
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 | €1,503,941 | €1,284,435 | -€219,505 | -14.6% |
| Fixed assets | 21/28 | €53,751 | €97,153 | +€43,403 | +80.7% |
| Tangible fixed assets | 22/27 | €53,751 | €97,153 | +€43,403 | +80.7% |
| Plant, machinery and equipment | 23 | €12,034 | €9,068 | -€2,966 | -24.6% |
| Furniture and vehicles | 24 | €39,424 | €86,051 | +€46,627 | +118% |
| Other tangible fixed assets | 26 | €2,293 | €2,034 | -€258 | -11.3% |
| Current assets | 29/58 | €1,450,190 | €1,187,282 | -€262,908 | -18.1% |
| Amounts receivable after more than one year | 29 | €816,600 | €510,000 | -€306,600 | -37.5% |
| Other amounts receivable | 291 | €816,600 | €510,000 | -€306,600 | -37.5% |
| Amounts receivable within one year | 40/41 | €22,403 | €22,493 | +€90 | +0.4% |
| Trade receivables | 40 | €21,521 | €22,493 | +€973 | +4.5% |
| Other amounts receivable | 41 | €883 | €0 | -€883 | -100% |
| Current investments | 50/53 | €45,186 | €332,137 | +€286,951 | +635% |
| Cash at bank and in hand | 54/58 | €479,966 | €254,362 | -€225,604 | -47.0% |
| Deferred charges and accrued income | 490/1 | €86,035 | €68,290 | -€17,745 | -20.6% |
| Total equity and liabilities | 10/49 | €1,503,941 | €1,284,435 | -€219,505 | -14.6% |
| Equity | 10/15 | €1,420,437 | €1,197,014 | -€223,423 | -15.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,408,037 | €1,184,614 | -€223,423 | -15.9% |
| Distributable reserves | 133 | €1,408,037 | €1,184,614 | -€223,423 | -15.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €83,504 | €87,421 | +€3,917 | +4.7% |
| Amounts payable within one year | 42/48 | €81,103 | €83,423 | +€2,320 | +2.9% |
| Trade debts | 44 | €5,229 | €1,325 | -€3,905 | -74.7% |
| Suppliers | 440/4 | €5,229 | €1,325 | -€3,905 | -74.7% |
| Taxes, remuneration and social security | 45 | €24,004 | €35,843 | +€11,839 | +49.3% |
| Taxes | 450/3 | €24,004 | €35,843 | +€11,839 | +49.3% |
| Other amounts payable | 47/48 | €51,870 | €46,256 | -€5,614 | -10.8% |
| Accrued charges and deferred income | 492/3 | €2,400 | €3,998 | +€1,597 | +66.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,604 | €32,376 | +€773 | +2.4% |
| Other operating charges | 640/8 | €2,979 | €2,973 | -€6 | -0.2% |
| Gross operating margin | 9900 | €111,544 | €188,353 | +€76,809 | +68.9% |
| Operating profit (loss) | 9901 | €76,962 | €153,004 | +€76,042 | +98.8% |
| Financial income | 75/76B | €54,649 | €49,846 | -€4,803 | -8.8% |
| Recurring financial income | 75 | €54,649 | €49,846 | -€4,803 | -8.8% |
| Financial charges | 65/66B | €9,622 | €42,087 | +€32,465 | +337% |
| Recurring financial charges | 65 | €9,622 | €42,087 | +€32,465 | +337% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €121,989 | €160,763 | +€38,774 | +31.8% |
| Income taxes | 67/77 | €44,112 | €63,186 | +€19,074 | +43.2% |
| Profit (loss) for the period | 9904 | €77,877 | €97,577 | +€19,700 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,877 | €97,577 | +€19,700 | +25.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.