DR. VAN STRUBARQ: 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 STRUBARQ
Largest movements
- Cash -€12,667
down €12,667 (-6.4%), from €196,934 to €184,267
mainly Contributions, distributions and other (-€151,761) and Current portion of long-term debt (-€8,333)
- Tangible fixed assets -€7,941
down €7,941 (-61.7%), from €12,880 to €4,939
of which Land and buildings: -€11,254
- Reserves -€18,082
down €18,082 (-6.7%), from €270,666 to €252,584
of which Distributable reserves: -€18,082
- Current portion of long-term debt -€8,333
down €8,333 (-75.0%), from €11,111 to €2,778
- Tax, wage and social debts +€4,168
up €4,168 (+15.0%), from €27,732 to €31,900
- Gross operating margin -€37,766
down €37,766 (-16.2%), from €232,872 to €195,106
- Taxes -€15,594
down €15,594 (-26.5%), from €58,917 to €43,323
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 | €337,494 | €315,940 | -€21,554 | -6.4% |
| Fixed assets | 21/28 | €12,880 | €4,939 | -€7,941 | -61.7% |
| Tangible fixed assets | 22/27 | €12,880 | €4,939 | -€7,941 | -61.7% |
| Land and buildings | 22 | €12,360 | €1,106 | -€11,254 | -91.1% |
| Plant, machinery and equipment | 23 | €520 | €3,833 | +€3,313 | +637% |
| Current assets | 29/58 | €324,614 | €311,001 | -€13,613 | -4.2% |
| Amounts receivable within one year | 40/41 | - | €1,960 | +€1,960 | |
| Other amounts receivable | 41 | - | €1,960 | +€1,960 | |
| Current investments | 50/53 | €30,000 | €30,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €196,934 | €184,267 | -€12,667 | -6.4% |
| Deferred charges and accrued income | 490/1 | €97,680 | €94,774 | -€2,906 | -3.0% |
| Total equity and liabilities | 10/49 | €337,494 | €315,940 | -€21,554 | -6.4% |
| Equity | 10/15 | €283,066 | €264,984 | -€18,082 | -6.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €270,666 | €252,584 | -€18,082 | -6.7% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €268,766 | €250,684 | -€18,082 | -6.7% |
| Amounts payable | 17/49 | €54,428 | €50,956 | -€3,472 | -6.4% |
| Amounts payable after more than one year | 17 | €2,778 | - | -€2,778 | |
| Financial debts | 170/4 | €2,778 | - | -€2,778 | |
| Amounts payable within one year | 42/48 | €51,650 | €50,956 | -€694 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €11,111 | €2,778 | -€8,333 | -75.0% |
| Financial debts | 43 | €7,654 | €7,500 | -€154 | -2.0% |
| Credit institutions | 430/8 | €7,654 | €7,500 | -€154 | -2.0% |
| Trade debts | 44 | €4,941 | €6,402 | +€1,461 | +29.6% |
| Suppliers | 440/4 | €4,941 | €6,402 | +€1,461 | +29.6% |
| Taxes, remuneration and social security | 45 | €27,732 | €31,900 | +€4,168 | +15.0% |
| Taxes | 450/3 | €27,732 | €31,900 | +€4,168 | +15.0% |
| Other amounts payable | 47/48 | €212 | €2,376 | +€2,164 | +1,021% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,539 | €11,635 | -€904 | -7.2% |
| Other operating charges | 640/8 | €3,484 | €3,613 | +€129 | +3.7% |
| Gross operating margin | 9900 | €232,872 | €195,106 | -€37,766 | -16.2% |
| Operating profit (loss) | 9901 | €216,849 | €179,858 | -€36,991 | -17.1% |
| Financial income | 75/76B | €1,523 | €1,925 | +€402 | +26.4% |
| Recurring financial income | 75 | €1,523 | €1,925 | +€402 | +26.4% |
| Financial charges | 65/66B | €5,159 | €4,781 | -€378 | -7.3% |
| Recurring financial charges | 65 | €5,159 | €4,781 | -€378 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €213,213 | €177,002 | -€36,211 | -17.0% |
| Income taxes | 67/77 | €58,917 | €43,323 | -€15,594 | -26.5% |
| Profit (loss) for the period | 9904 | €154,296 | €133,679 | -€20,617 | -13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €154,296 | €133,679 | -€20,617 | -13.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.