Dr. Van Mencxel: 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 Mencxel
Largest movements
- Current investments +€48,972
up €48,972 (+11.5%), from €424,285 to €473,257
- Tangible fixed assets +€23,156
up €23,156 (+263%), from €8,820 to €31,976
of which Furniture and vehicles: +€22,556
- Receivables within one year -€15,483
down €15,483 (-45.3%), from €34,194 to €18,711
of which Other amounts receivable: -€13,343
- Cash -€9,364
down €9,364 (-3.2%), from €296,025 to €286,661
mainly Other debts (-€88,623) and Current investments (-€48,972)
- Reserves +€122,272
up €122,272 (+23.3%), from €525,496 to €647,768
- Other debts -€88,623
down €88,623 (-56.2%), from €157,667 to €69,044
- Tax, wage and social debts +€17,164
up €17,164 (+78.0%), from €22,012 to €39,176
of which Taxes: +€19,932
- Gross operating margin -€9,358
down €9,358 (-5.2%), from €179,280 to €169,922
- Financial income +€7,354
up €7,354 (+68.7%), from €10,704 to €18,058
- Financial charges +€4,846
up €4,846, from -€1,175 to €3,672
- Depreciation -€2,086
down €2,086 (-18.1%), from €11,528 to €9,442
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 | €763,324 | €811,967 | +€48,643 | +6.4% |
| Fixed assets | 21/28 | €8,820 | €31,976 | +€23,156 | +263% |
| Tangible fixed assets | 22/27 | €8,820 | €31,976 | +€23,156 | +263% |
| Land and buildings | 22 | - | €600 | +€600 | |
| Furniture and vehicles | 24 | €8,820 | €31,376 | +€22,556 | +256% |
| Current assets | 29/58 | €754,504 | €779,991 | +€25,488 | +3.4% |
| Amounts receivable within one year | 40/41 | €34,194 | €18,711 | -€15,483 | -45.3% |
| Trade receivables | 40 | €2,140 | €0 | -€2,140 | -100% |
| Other amounts receivable | 41 | €32,054 | €18,711 | -€13,343 | -41.6% |
| Current investments | 50/53 | €424,285 | €473,257 | +€48,972 | +11.5% |
| Cash at bank and in hand | 54/58 | €296,025 | €286,661 | -€9,364 | -3.2% |
| Deferred charges and accrued income | 490/1 | €0 | €1,363 | +€1,363 | |
| Total equity and liabilities | 10/49 | €763,324 | €811,967 | +€48,643 | +6.4% |
| Equity | 10/15 | €581,296 | €703,568 | +€122,272 | +21.0% |
| Contributions | 10/11 | €55,800 | €55,800 | = | 0.0% |
| Reserves | 13 | €525,496 | €647,768 | +€122,272 | +23.3% |
| Distributable reserves | 133 | €525,496 | €647,768 | +€122,272 | +23.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €182,028 | €108,399 | -€73,629 | -40.4% |
| Amounts payable within one year | 42/48 | €179,840 | €108,399 | -€71,441 | -39.7% |
| Financial debts | 43 | €60 | €60 | -€0 | 0.0% |
| Credit institutions | 430/8 | €60 | €60 | -€0 | 0.0% |
| Trade debts | 44 | €102 | €119 | +€17 | +17.1% |
| Suppliers | 440/4 | €102 | €119 | +€17 | +17.1% |
| Taxes, remuneration and social security | 45 | €22,012 | €39,176 | +€17,164 | +78.0% |
| Taxes | 450/3 | €19,244 | €39,176 | +€19,932 | +104% |
| Remuneration and social security | 454/9 | €2,768 | €0 | -€2,768 | -100% |
| Other amounts payable | 47/48 | €157,667 | €69,044 | -€88,623 | -56.2% |
| Accrued charges and deferred income | 492/3 | €2,188 | €0 | -€2,188 | -100% |
| Remuneration, social security and pensions | 62 | €589 | €540 | -€49 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,528 | €9,442 | -€2,086 | -18.1% |
| Other operating charges | 640/8 | €451 | €465 | +€14 | +3.0% |
| Gross operating margin | 9900 | €179,280 | €169,922 | -€9,358 | -5.2% |
| Operating profit (loss) | 9901 | €166,712 | €159,476 | -€7,236 | -4.3% |
| Financial income | 75/76B | €10,704 | €18,058 | +€7,354 | +68.7% |
| Recurring financial income | 75 | €10,704 | €18,058 | +€7,354 | +68.7% |
| Financial charges | 65/66B | -€1,175 | €3,672 | +€4,846 | |
| Recurring financial charges | 65 | -€1,175 | €3,672 | +€4,846 | |
| Profit (loss) for the period before taxes | 9903 | €178,591 | €173,863 | -€4,729 | -2.6% |
| Income taxes | 67/77 | €52,789 | €51,590 | -€1,199 | -2.3% |
| Profit (loss) for the period | 9904 | €125,802 | €122,272 | -€3,530 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €125,802 | €122,272 | -€3,530 | -2.8% |
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 18 October 2026 via checked.be.