Dr. Van Tornout Michiel: 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 Tornout Michiel
Largest movements
- Cash +€362,526
up €362,526 (+92.5%), from €391,801 to €754,327
mainly Other debts (+€707,172) and Net result for the year (+€388,503)
- Intangible fixed assets -€30,000
down €30,000 (-100%), from €30,000 to €0
- Other debts +€707,172
up €707,172 (+153%), from €461,235 to €1.2m
- Reserves -€415,940
down €415,940 (-100%), from €415,940 to €0
- Accrued charges and deferred income +€24,776
up €24,776 (+342%), from €7,246 to €32,022
- Depreciation -€30,288
down €30,288 (-48.1%), from €63,027 to €32,739
- Financial charges +€26,142
up €26,142 (+387%), from €6,762 to €32,904
- Gross operating margin +€9,687
up €9,687 (+1.7%), from €558,260 to €567,947
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 | €911,620 | €1,229,503 | +€317,883 | +34.9% |
| Fixed assets | 21/28 | €39,297 | €6,558 | -€32,739 | -83.3% |
| Intangible fixed assets | 21 | €30,000 | €0 | -€30,000 | -100% |
| Tangible fixed assets | 22/27 | €9,297 | €6,558 | -€2,739 | -29.5% |
| Land and buildings | 22 | €4,344 | €3,387 | -€958 | -22.0% |
| Furniture and vehicles | 24 | €2,338 | €1,324 | -€1,013 | -43.3% |
| Other tangible fixed assets | 26 | €2,615 | €1,847 | -€768 | -29.4% |
| Current assets | 29/58 | €872,322 | €1,222,945 | +€350,623 | +40.2% |
| Amounts receivable within one year | 40/41 | €216 | €1,200 | +€984 | +456% |
| Trade receivables | 40 | €216 | €0 | -€216 | -100% |
| Other amounts receivable | 41 | - | €1,200 | +€1,200 | |
| Current investments | 50/53 | €308,715 | €296,723 | -€11,992 | -3.9% |
| Cash at bank and in hand | 54/58 | €391,801 | €754,327 | +€362,526 | +92.5% |
| Deferred charges and accrued income | 490/1 | €171,590 | €170,696 | -€895 | -0.5% |
| Total equity and liabilities | 10/49 | €911,620 | €1,229,503 | +€317,883 | +34.9% |
| Equity | 10/15 | €434,540 | €18,600 | -€415,940 | -95.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €415,940 | €0 | -€415,940 | -100% |
| Distributable reserves | 133 | €415,940 | €0 | -€415,940 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €477,080 | €1,210,903 | +€733,824 | +154% |
| Amounts payable within one year | 42/48 | €469,834 | €1,178,882 | +€709,048 | +151% |
| Trade debts | 44 | €999 | €3,079 | +€2,080 | +208% |
| Suppliers | 440/4 | €999 | €3,079 | +€2,080 | +208% |
| Taxes, remuneration and social security | 45 | €7,600 | €7,396 | -€204 | -2.7% |
| Taxes | 450/3 | €7,600 | €7,396 | -€204 | -2.7% |
| Other amounts payable | 47/48 | €461,235 | €1,168,407 | +€707,172 | +153% |
| Accrued charges and deferred income | 492/3 | €7,246 | €32,022 | +€24,776 | +342% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,027 | €32,739 | -€30,288 | -48.1% |
| Other operating charges | 640/8 | €1,289 | €1,385 | +€96 | +7.5% |
| Gross operating margin | 9900 | €558,260 | €567,947 | +€9,687 | +1.7% |
| Operating profit (loss) | 9901 | €493,944 | €533,822 | +€39,879 | +8.1% |
| Financial income | 75/76B | €11,891 | €15,973 | +€4,082 | +34.3% |
| Recurring financial income | 75 | €11,891 | €15,973 | +€4,082 | +34.3% |
| Financial charges | 65/66B | €6,762 | €32,904 | +€26,142 | +387% |
| Recurring financial charges | 65 | €6,762 | €32,904 | +€26,142 | +387% |
| Profit (loss) for the period before taxes | 9903 | €499,072 | €516,891 | +€17,818 | +3.6% |
| Income taxes | 67/77 | €131,002 | €128,388 | -€2,614 | -2.0% |
| Profit (loss) for the period | 9904 | €368,071 | €388,503 | +€20,432 | +5.6% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €368,071 | €388,503 | +€20,432 | +5.6% |
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 24 October 2026 via checked.be.