Dr. Vincent Catry: 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. Vincent Catry
Largest movements
- Cash +€122,755
up €122,755 (+22.3%), from €550,693 to €673,448
mainly Net result for the year (+€371,147) and Depreciation (+€50,106)
- Current investments +€95,420
up €95,420 (+6.0%), from €1.6m to €1.7m
- Tangible fixed assets -€48,507
down €48,507 (-20.3%), from €238,746 to €190,239
of which Furniture and vehicles: -€30,380
- Receivables within one year -€47,257
down €47,257 (-46.4%), from €101,857 to €54,599
of which Other amounts receivable: -€45,209
- Deferred charges and accrued income -€32,115
down €32,115 (-33.6%), from €95,676 to €63,561
- Reserves +€97,868
up €97,868 (+4.1%), from €2.4m to €2.5m
of which Distributable reserves: +€97,868
- Financial income +€23,513
up €23,513 (+420%), from €5,601 to €29,114
- Financial charges +€19,584
up €19,584 (+156%), from €12,525 to €32,109
- Gross operating margin -€17,764
down €17,764 (-2.8%), from €628,169 to €610,405
- Other operating charges +€10,498
up €10,498 (+283%), from €3,707 to €14,205
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 | €2,581,175 | €2,671,471 | +€90,295 | +3.5% |
| Fixed assets | 21/28 | €238,746 | €190,239 | -€48,507 | -20.3% |
| Tangible fixed assets | 22/27 | €238,746 | €190,239 | -€48,507 | -20.3% |
| Land and buildings | 22 | €47,826 | €38,261 | -€9,565 | -20.0% |
| Plant, machinery and equipment | 23 | €2,830 | €1,928 | -€902 | -31.9% |
| Furniture and vehicles | 24 | €121,350 | €90,970 | -€30,380 | -25.0% |
| Other tangible fixed assets | 26 | €66,740 | €59,080 | -€7,660 | -11.5% |
| Current assets | 29/58 | €2,342,430 | €2,481,232 | +€138,802 | +5.9% |
| Amounts receivable within one year | 40/41 | €101,857 | €54,599 | -€47,257 | -46.4% |
| Trade receivables | 40 | €2,048 | €0 | -€2,048 | -100% |
| Other amounts receivable | 41 | €99,808 | €54,599 | -€45,209 | -45.3% |
| Current investments | 50/53 | €1,594,204 | €1,689,623 | +€95,420 | +6.0% |
| Cash at bank and in hand | 54/58 | €550,693 | €673,448 | +€122,755 | +22.3% |
| Deferred charges and accrued income | 490/1 | €95,676 | €63,561 | -€32,115 | -33.6% |
| Total equity and liabilities | 10/49 | €2,581,175 | €2,671,471 | +€90,295 | +3.5% |
| Equity | 10/15 | €2,425,530 | €2,523,398 | +€97,868 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,406,930 | €2,504,798 | +€97,868 | +4.1% |
| Non-distributable reserves | 130/1 | €20,868 | €20,868 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,868 | €20,868 | = | 0.0% |
| Distributable reserves | 133 | €2,386,062 | €2,483,930 | +€97,868 | +4.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €155,646 | €148,073 | -€7,573 | -4.9% |
| Amounts payable within one year | 42/48 | €146,980 | €139,971 | -€7,009 | -4.8% |
| Trade debts | 44 | €9,003 | €11,610 | +€2,606 | +28.9% |
| Suppliers | 440/4 | €9,003 | €11,610 | +€2,606 | +28.9% |
| Taxes, remuneration and social security | 45 | €30,818 | €13,886 | -€16,931 | -54.9% |
| Taxes | 450/3 | €26,821 | €9,603 | -€17,217 | -64.2% |
| Remuneration and social security | 454/9 | €3,997 | €4,283 | +€286 | +7.2% |
| Other amounts payable | 47/48 | €107,159 | €114,475 | +€7,316 | +6.8% |
| Accrued charges and deferred income | 492/3 | €8,666 | €8,102 | -€564 | -6.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,342 | €50,106 | -€236 | -0.5% |
| Other operating charges | 640/8 | €3,707 | €14,205 | +€10,498 | +283% |
| Gross operating margin | 9900 | €628,169 | €610,405 | -€17,764 | -2.8% |
| Operating profit (loss) | 9901 | €574,120 | €546,094 | -€28,026 | -4.9% |
| Financial income | 75/76B | €5,601 | €29,114 | +€23,513 | +420% |
| Recurring financial income | 75 | €5,601 | €29,114 | +€23,513 | +420% |
| Financial charges | 65/66B | €12,525 | €32,109 | +€19,584 | +156% |
| Recurring financial charges | 65 | €12,525 | €32,109 | +€19,584 | +156% |
| Profit (loss) for the period before taxes | 9903 | €567,195 | €543,098 | -€24,097 | -4.2% |
| Income taxes | 67/77 | €176,179 | €171,951 | -€4,228 | -2.4% |
| Profit (loss) for the period | 9904 | €391,016 | €371,147 | -€19,869 | -5.1% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €391,016 | €371,147 | -€19,869 | -5.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.