Dr. Vanheste & Dr. Braeye: 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. Vanheste & Dr. Braeye
Largest movements
- Current investments +€233,850
up €233,850 (+19.0%), from €1.2m to €1.5m
- Tangible fixed assets -€217,823
down €217,823 (-5.3%), from €4.1m to €3.9m
of which Land and buildings: -€224,501
- Receivables after one year +€128,000
up €128,000 (+6.2%), from €2.1m to €2.2m
- Deferred charges and accrued income +€118,269
up €118,269 (+44.0%), from €268,880 to €387,149
- Cash +€101,937
up €101,937 (+74.4%), from €137,060 to €238,997
mainly Net result for the year (+€562,705) and Short-term financial debts (+€500,000)
- Short-term financial debts +€500,000
up €500,000 (+38.5%), from €1.3m to €1.8m
- Other debts -€309,873
down €309,873 (-48.9%), from €633,148 to €323,276
- Reserves +€298,120
up €298,120 (+13.5%), from €2.2m to €2.5m
of which Distributable reserves: +€310,614
- Debts after one year -€178,557
down €178,557 (-5.6%), from €3.2m to €3.0m
- Tax, wage and social debts +€122,570
up €122,570 (+148%), from €83,005 to €205,575
- Gross operating margin +€181,053
up €181,053 (+18.2%), from €993,614 to €1.2m
- Taxes +€53,322
up €53,322 (+25.1%), from €212,036 to €265,357
- Financial charges +€47,955
up €47,955 (+54.8%), from €87,567 to €135,522
- Depreciation -€16,370
down €16,370 (-6.4%), from €255,822 to €239,452
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 | €7,779,902 | €8,141,253 | +€361,350 | +4.6% |
| Fixed assets | 21/28 | €4,081,088 | €3,863,315 | -€217,773 | -5.3% |
| Tangible fixed assets | 22/27 | €4,081,088 | €3,863,265 | -€217,823 | -5.3% |
| Land and buildings | 22 | €3,938,737 | €3,714,236 | -€224,501 | -5.7% |
| Plant, machinery and equipment | 23 | €110,981 | €100,658 | -€10,323 | -9.3% |
| Furniture and vehicles | 24 | €6,866 | €7,531 | +€664 | +9.7% |
| Other tangible fixed assets | 26 | €24,503 | €40,840 | +€16,336 | +66.7% |
| Financial fixed assets | 28 | - | €50 | +€50 | |
| Current assets | 29/58 | €3,698,815 | €4,277,938 | +€579,123 | +15.7% |
| Amounts receivable after more than one year | 29 | €2,059,000 | €2,187,000 | +€128,000 | +6.2% |
| Other amounts receivable | 291 | €2,059,000 | €2,187,000 | +€128,000 | +6.2% |
| Amounts receivable within one year | 40/41 | €5,447 | €2,514 | -€2,933 | -53.8% |
| Trade receivables | 40 | €3,847 | €2,514 | -€1,333 | -34.6% |
| Other amounts receivable | 41 | €1,600 | - | -€1,600 | |
| Current investments | 50/53 | €1,228,428 | €1,462,278 | +€233,850 | +19.0% |
| Cash at bank and in hand | 54/58 | €137,060 | €238,997 | +€101,937 | +74.4% |
| Deferred charges and accrued income | 490/1 | €268,880 | €387,149 | +€118,269 | +44.0% |
| Total equity and liabilities | 10/49 | €7,779,902 | €8,141,253 | +€361,350 | +4.6% |
| Equity | 10/15 | €2,217,851 | €2,515,971 | +€298,120 | +13.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,205,451 | €2,503,571 | +€298,120 | +13.5% |
| Tax-exempt reserves | 132 | €269,411 | €256,917 | -€12,494 | -4.6% |
| Distributable reserves | 133 | €1,936,040 | €2,246,654 | +€310,614 | +16.0% |
| Provisions and deferred taxes | 16 | €86,594 | €82,429 | -€4,165 | -4.8% |
| Deferred taxes | 168 | €86,594 | €82,429 | -€4,165 | -4.8% |
| Amounts payable | 17/49 | €5,475,457 | €5,542,852 | +€67,395 | +1.2% |
| Amounts payable after more than one year | 17 | €3,180,146 | €3,001,589 | -€178,557 | -5.6% |
| Financial debts | 170/4 | €3,180,146 | €3,001,589 | -€178,557 | -5.6% |
| Amounts payable within one year | 42/48 | €2,284,340 | €2,526,095 | +€241,756 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €219,393 | €178,557 | -€40,836 | -18.6% |
| Financial debts | 43 | €1,300,000 | €1,800,000 | +€500,000 | +38.5% |
| Credit institutions | 430/8 | €1,300,000 | €1,800,000 | +€500,000 | +38.5% |
| Trade debts | 44 | €48,793 | €18,688 | -€30,105 | -61.7% |
| Suppliers | 440/4 | €48,793 | €18,688 | -€30,105 | -61.7% |
| Taxes, remuneration and social security | 45 | €83,005 | €205,575 | +€122,570 | +148% |
| Taxes | 450/3 | €83,005 | €205,575 | +€122,570 | +148% |
| Other amounts payable | 47/48 | €633,148 | €323,276 | -€309,873 | -48.9% |
| Accrued charges and deferred income | 492/3 | €10,972 | €15,168 | +€4,196 | +38.2% |
| Non-recurring operating income | 76A | - | €22,681 | +€22,681 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €255,822 | €239,452 | -€16,370 | -6.4% |
| Other operating charges | 640/8 | €15,034 | €16,339 | +€1,306 | +8.7% |
| Gross operating margin | 9900 | €993,614 | €1,174,667 | +€181,053 | +18.2% |
| Operating profit (loss) | 9901 | €722,758 | €918,876 | +€196,118 | +27.1% |
| Financial income | 75/76B | €41,023 | €40,543 | -€480 | -1.2% |
| Recurring financial income | 75 | €41,023 | €40,543 | -€480 | -1.2% |
| Financial charges | 65/66B | €87,567 | €135,522 | +€47,955 | +54.8% |
| Recurring financial charges | 65 | €87,567 | €135,522 | +€47,955 | +54.8% |
| Profit (loss) for the period before taxes | 9903 | €676,214 | €823,897 | +€147,683 | +21.8% |
| Transfer from deferred taxes | 780 | €4,165 | €4,165 | -€0 | 0.0% |
| Income taxes | 67/77 | €212,036 | €265,357 | +€53,322 | +25.1% |
| Profit (loss) for the period | 9904 | €468,343 | €562,705 | +€94,362 | +20.1% |
| Transfer from tax-exempt reserves | 789 | €12,494 | €12,494 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €480,837 | €575,199 | +€94,362 | +19.6% |
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 29 October 2026 via checked.be.