Dr. W. Van Spaendonck: 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. W. Van Spaendonck
Largest movements
- Receivables within one year +€175,461
up €175,461 (+31.5%), from €556,552 to €732,013
of which Other amounts receivable: +€186,928
- Cash -€43,394
down €43,394 (-8.3%), from €519,776 to €476,381
mainly Receivables within one year (-€175,461) and Contributions, distributions and other (-€100,032)
- Tangible fixed assets -€30,226
down €30,226 (-31.9%), from €94,753 to €64,527
of which Furniture and vehicles: -€15,652
- Reserves +€99,030
up €99,030 (+8.5%), from €1.2m to €1.3m
- Gross operating margin -€82,820
down €82,820 (-20.8%), from €397,526 to €314,706
- Taxes -€26,416
down €26,416 (-23.2%), from €113,690 to €87,274
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 | €1,208,663 | €1,310,504 | +€101,840 | +8.4% |
| Fixed assets | 21/28 | €94,753 | €64,527 | -€30,226 | -31.9% |
| Tangible fixed assets | 22/27 | €94,753 | €64,527 | -€30,226 | -31.9% |
| Land and buildings | 22 | €8,777 | €0 | -€8,777 | -100% |
| Plant, machinery and equipment | 23 | €25,522 | €20,850 | -€4,673 | -18.3% |
| Furniture and vehicles | 24 | €53,053 | €37,401 | -€15,652 | -29.5% |
| Other tangible fixed assets | 26 | €7,400 | €6,277 | -€1,124 | -15.2% |
| Current assets | 29/58 | €1,113,911 | €1,245,977 | +€132,066 | +11.9% |
| Amounts receivable after more than one year | 29 | €26,500 | €26,500 | = | 0.0% |
| Other amounts receivable | 291 | €26,500 | €26,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €556,552 | €732,013 | +€175,461 | +31.5% |
| Trade receivables | 40 | €20,077 | €8,610 | -€11,467 | -57.1% |
| Other amounts receivable | 41 | €536,475 | €723,403 | +€186,928 | +34.8% |
| Cash at bank and in hand | 54/58 | €519,776 | €476,381 | -€43,394 | -8.3% |
| Deferred charges and accrued income | 490/1 | €11,083 | €11,083 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,208,663 | €1,310,504 | +€101,840 | +8.4% |
| Equity | 10/15 | €1,172,269 | €1,271,299 | +€99,030 | +8.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,159,869 | €1,258,899 | +€99,030 | +8.5% |
| Distributable reserves | 133 | €1,159,869 | €1,258,899 | +€99,030 | +8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €36,394 | €39,204 | +€2,810 | +7.7% |
| Amounts payable within one year | 42/48 | €36,394 | €37,327 | +€933 | +2.6% |
| Financial debts | 43 | €27,080 | €33,692 | +€6,612 | +24.4% |
| Credit institutions | 430/8 | €27,080 | €33,692 | +€6,612 | +24.4% |
| Trade debts | 44 | €873 | €779 | -€94 | -10.8% |
| Suppliers | 440/4 | €873 | €779 | -€94 | -10.8% |
| Taxes, remuneration and social security | 45 | €8,441 | €856 | -€7,585 | -89.9% |
| Taxes | 450/3 | €7,318 | €0 | -€7,318 | -100% |
| Remuneration and social security | 454/9 | €1,123 | €856 | -€267 | -23.8% |
| Other amounts payable | 47/48 | - | €2,000 | +€2,000 | |
| Accrued charges and deferred income | 492/3 | - | €1,877 | +€1,877 | |
| Non-recurring operating income | 76A | - | €223 | +€223 | |
| Remuneration, social security and pensions | 62 | €9,517 | €7,079 | -€2,438 | -25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,762 | €24,200 | -€2,561 | -9.6% |
| Other operating charges | 640/8 | €564 | €3,049 | +€2,485 | +441% |
| Gross operating margin | 9900 | €397,526 | €314,706 | -€82,820 | -20.8% |
| Operating profit (loss) | 9901 | €360,683 | €280,378 | -€80,305 | -22.3% |
| Financial income | 75/76B | €9,071 | €8,906 | -€165 | -1.8% |
| Recurring financial income | 75 | €9,071 | €8,906 | -€165 | -1.8% |
| Financial charges | 65/66B | €3,108 | €2,948 | -€160 | -5.2% |
| Recurring financial charges | 65 | €3,108 | €2,948 | -€160 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €366,646 | €286,336 | -€80,310 | -21.9% |
| Income taxes | 67/77 | €113,690 | €87,274 | -€26,416 | -23.2% |
| Profit (loss) for the period | 9904 | €252,956 | €199,062 | -€53,894 | -21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €252,956 | €199,062 | -€53,894 | -21.3% |
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.