DR. VAN MIEGHEM ANN: 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 MIEGHEM ANN
Largest movements
- Cash +€410,867
up €410,867 (+151%), from €272,515 to €683,382
mainly Net result for the year (+€387,061) and Tax, wage and social debts (+€31,052)
- Current investments +€38,898
up €38,898 (+1.9%), from €2.0m to €2.0m
- Reserves +€387,061
up €387,061 (+15.1%), from €2.6m to €2.9m
- Tax, wage and social debts +€31,052
up €31,052 (+136%), from €22,782 to €53,833
of which Taxes: +€31,052
- Financial income +€17,810
up €17,810 (+133%), from €13,366 to €31,176
- Financial charges +€9,065
up €9,065, from -€8,923 to €142
- Gross operating margin -€7,076
down €7,076 (-1.3%), from €565,329 to €558,253
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 | €2,603,419 | €3,027,070 | +€423,652 | +16.3% |
| Fixed assets | 21/28 | €94,416 | €78,525 | -€15,891 | -16.8% |
| Tangible fixed assets | 22/27 | €91,316 | €75,425 | -€15,891 | -17.4% |
| Furniture and vehicles | 24 | €90,842 | €75,109 | -€15,733 | -17.3% |
| Other tangible fixed assets | 26 | €473 | €316 | -€158 | -33.3% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €2,509,003 | €2,948,546 | +€439,543 | +17.5% |
| Current investments | 50/53 | €2,000,860 | €2,039,758 | +€38,898 | +1.9% |
| Cash at bank and in hand | 54/58 | €272,515 | €683,382 | +€410,867 | +151% |
| Deferred charges and accrued income | 490/1 | €235,629 | €225,406 | -€10,223 | -4.3% |
| Total equity and liabilities | 10/49 | €2,603,419 | €3,027,070 | +€423,652 | +16.3% |
| Equity | 10/15 | €2,570,831 | €2,957,892 | +€387,061 | +15.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,558,431 | €2,945,492 | +€387,061 | +15.1% |
| Distributable reserves | 133 | €2,558,431 | €2,945,492 | +€387,061 | +15.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €32,588 | €69,178 | +€36,591 | +112% |
| Amounts payable within one year | 42/48 | €31,980 | €69,178 | +€37,198 | +116% |
| Trade debts | 44 | €2,337 | €319 | -€2,018 | -86.4% |
| Suppliers | 440/4 | €2,337 | €319 | -€2,018 | -86.4% |
| Taxes, remuneration and social security | 45 | €22,782 | €53,833 | +€31,052 | +136% |
| Taxes | 450/3 | €20,132 | €51,183 | +€31,052 | +154% |
| Remuneration and social security | 454/9 | €2,650 | €2,650 | = | 0.0% |
| Other amounts payable | 47/48 | €6,862 | €15,026 | +€8,164 | +119% |
| Accrued charges and deferred income | 492/3 | €607 | €0 | -€607 | -100% |
| Non-recurring operating income | 76A | €53 | - | -€53 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,596 | €23,482 | +€3,886 | +19.8% |
| Other operating charges | 640/8 | €1,629 | €1,911 | +€281 | +17.3% |
| Gross operating margin | 9900 | €565,329 | €558,253 | -€7,076 | -1.3% |
| Operating profit (loss) | 9901 | €544,104 | €532,860 | -€11,244 | -2.1% |
| Financial income | 75/76B | €13,366 | €31,176 | +€17,810 | +133% |
| Recurring financial income | 75 | €13,366 | €31,176 | +€17,810 | +133% |
| Financial charges | 65/66B | -€8,923 | €142 | +€9,065 | |
| Recurring financial charges | 65 | -€8,923 | €142 | +€9,065 | |
| Profit (loss) for the period before taxes | 9903 | €566,393 | €563,895 | -€2,499 | -0.4% |
| Income taxes | 67/77 | €171,730 | €176,834 | +€5,103 | +3.0% |
| Profit (loss) for the period | 9904 | €394,663 | €387,061 | -€7,602 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €394,663 | €387,061 | -€7,602 | -1.9% |
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 20 October 2026 via checked.be.