DR. VIK CORSTJENS: 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. VIK CORSTJENS
Largest movements
- Tangible fixed assets +€398,091
up €398,091 (+2,386%), from €16,687 to €414,778
of which Land and buildings: +€402,002
- Cash -€85,650
down €85,650 (-34.6%), from €247,521 to €161,871
mainly Investment in fixed assets (net) (-€412,218) and Contributions, distributions and other (-€168,457)
- Receivables within one year +€47,372
up €47,372 (+36.5%), from €129,818 to €177,190
of which Other amounts receivable: +€43,007
- Current investments +€13,959
up €13,959 (+2.9%), from €484,447 to €498,407
- Debts after one year +€329,100
new in 2025: €329,100
- Other debts +€70,044
up €70,044 (+71.2%), from €98,412 to €168,457
- Gross operating margin +€57,537
up €57,537 (+19.7%), from €292,502 to €350,039
- Other operating charges +€46,379
up €46,379 (+3,747%), from €1,238 to €47,617
- Staff costs +€37,301
up €37,301 (+85.3%), from €43,746 to €81,048
- Financial income +€24,507
up €24,507 (+369%), from €6,643 to €31,149
- Depreciation +€10,285
up €10,285 (+268%), from €3,842 to €14,127
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 | €974,124 | €1,353,550 | +€379,425 | +39.0% |
| Fixed assets | 21/28 | €107,187 | €505,278 | +€398,091 | +371% |
| Tangible fixed assets | 22/27 | €16,687 | €414,778 | +€398,091 | +2,386% |
| Land and buildings | 22 | - | €402,002 | +€402,002 | |
| Plant, machinery and equipment | 23 | €875 | €0 | -€875 | -100% |
| Furniture and vehicles | 24 | €15,812 | €12,776 | -€3,036 | -19.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €90,500 | €90,500 | = | 0.0% |
| Current assets | 29/58 | €866,937 | €848,272 | -€18,666 | -2.2% |
| Amounts receivable within one year | 40/41 | €129,818 | €177,190 | +€47,372 | +36.5% |
| Trade receivables | 40 | €13,666 | €18,030 | +€4,365 | +31.9% |
| Other amounts receivable | 41 | €116,153 | €159,160 | +€43,007 | +37.0% |
| Current investments | 50/53 | €484,447 | €498,407 | +€13,959 | +2.9% |
| Cash at bank and in hand | 54/58 | €247,521 | €161,871 | -€85,650 | -34.6% |
| Deferred charges and accrued income | 490/1 | €5,151 | €10,804 | +€5,653 | +110% |
| Total equity and liabilities | 10/49 | €974,124 | €1,353,550 | +€379,425 | +39.0% |
| Equity | 10/15 | €826,676 | €817,344 | -€9,332 | -1.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €806,676 | €797,344 | -€9,332 | -1.2% |
| Distributable reserves | 133 | €806,676 | €797,344 | -€9,332 | -1.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €147,449 | €536,206 | +€388,757 | +264% |
| Amounts payable after more than one year | 17 | - | €329,100 | +€329,100 | |
| Financial debts | 170/4 | - | €329,100 | +€329,100 | |
| Amounts payable within one year | 42/48 | €145,435 | €207,106 | +€61,671 | +42.4% |
| Current portion of amounts payable after more than one year | 42 | - | €13,120 | +€13,120 | |
| Trade debts | 44 | €10,997 | €133 | -€10,864 | -98.8% |
| Suppliers | 440/4 | €10,997 | €133 | -€10,864 | -98.8% |
| Taxes, remuneration and social security | 45 | €36,025 | €25,396 | -€10,629 | -29.5% |
| Taxes | 450/3 | €24,745 | €11,996 | -€12,749 | -51.5% |
| Remuneration and social security | 454/9 | €11,280 | €13,400 | +€2,120 | +18.8% |
| Other amounts payable | 47/48 | €98,412 | €168,457 | +€70,044 | +71.2% |
| Accrued charges and deferred income | 492/3 | €2,014 | €0 | -€2,014 | -100% |
| Remuneration, social security and pensions | 62 | €43,746 | €81,048 | +€37,301 | +85.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,842 | €14,127 | +€10,285 | +268% |
| Other operating charges | 640/8 | €1,238 | €47,617 | +€46,379 | +3,747% |
| Gross operating margin | 9900 | €292,502 | €350,039 | +€57,537 | +19.7% |
| Operating profit (loss) | 9901 | €243,676 | €207,247 | -€36,429 | -14.9% |
| Financial income | 75/76B | €6,643 | €31,149 | +€24,507 | +369% |
| Recurring financial income | 75 | €6,643 | €31,149 | +€24,507 | +369% |
| Financial charges | 65/66B | €12,662 | €10,149 | -€2,513 | -19.8% |
| Recurring financial charges | 65 | €12,662 | €10,149 | -€2,513 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €237,656 | €228,247 | -€9,409 | -4.0% |
| Income taxes | 67/77 | €79,250 | €69,122 | -€10,128 | -12.8% |
| Profit (loss) for the period | 9904 | €158,406 | €159,125 | +€720 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €158,406 | €159,125 | +€720 | +0.5% |
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 30 October 2026 via checked.be.