Emmanuel Plasschaert: 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.
Emmanuel Plasschaert
Largest movements
- Tangible fixed assets +€87,189
up €87,189 (+41.3%), from €211,066 to €298,254
of which Land and buildings: +€68,464
- Receivables within one year -€55,488
down €55,488 (-72.3%), from €76,740 to €21,252
of which Other amounts receivable: -€56,093
- Cash -€50,679
down €50,679 (-19.4%), from €261,443 to €210,764
mainly Contributions, distributions and other (-€170,909) and Investment in fixed assets (net) (-€109,893)
- Receivables after one year -€8,547
down €8,547 (-36.7%), from €23,258 to €14,712
- Reserves -€52,320
down €52,320 (-12.2%), from €428,603 to €376,283
- Debts after one year +€51,826
up €51,826 (+102%), from €50,577 to €102,403
- Trade debts -€16,326
down €16,326 (-67.5%), from €24,186 to €7,859
- Tax, wage and social debts -€15,704
down €15,704 (-37.3%), from €42,117 to €26,413
- Depreciation +€8,439
up €8,439 (+59.2%), from €14,266 to €22,704
- Gross operating margin +€7,085
up €7,085 (+3.6%), from €194,971 to €202,056
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 | €574,398 | €547,232 | -€27,166 | -4.7% |
| Fixed assets | 21/28 | €211,127 | €298,315 | +€87,189 | +41.3% |
| Tangible fixed assets | 22/27 | €211,066 | €298,254 | +€87,189 | +41.3% |
| Land and buildings | 22 | €85,659 | €154,124 | +€68,464 | +79.9% |
| Furniture and vehicles | 24 | €125,407 | €144,131 | +€18,724 | +14.9% |
| Financial fixed assets | 28 | €61 | €61 | = | 0.0% |
| Current assets | 29/58 | €363,271 | €248,916 | -€114,355 | -31.5% |
| Amounts receivable after more than one year | 29 | €23,258 | €14,712 | -€8,547 | -36.7% |
| Other amounts receivable | 291 | €23,258 | €14,712 | -€8,547 | -36.7% |
| Amounts receivable within one year | 40/41 | €76,740 | €21,252 | -€55,488 | -72.3% |
| Trade receivables | 40 | - | €605 | +€605 | |
| Other amounts receivable | 41 | €76,740 | €20,647 | -€56,093 | -73.1% |
| Cash at bank and in hand | 54/58 | €261,443 | €210,764 | -€50,679 | -19.4% |
| Deferred charges and accrued income | 490/1 | €1,829 | €2,189 | +€359 | +19.6% |
| Total equity and liabilities | 10/49 | €574,398 | €547,232 | -€27,166 | -4.7% |
| Equity | 10/15 | €441,003 | €388,683 | -€52,320 | -11.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €428,603 | €376,283 | -€52,320 | -12.2% |
| Distributable reserves | 133 | €428,603 | €376,283 | -€52,320 | -12.2% |
| Amounts payable | 17/49 | €133,394 | €158,548 | +€25,154 | +18.9% |
| Amounts payable after more than one year | 17 | €50,577 | €102,403 | +€51,826 | +102% |
| Financial debts | 170/4 | €50,577 | €102,403 | +€51,826 | +102% |
| Amounts payable within one year | 42/48 | €79,461 | €52,789 | -€26,673 | -33.6% |
| Current portion of amounts payable after more than one year | 42 | €13,159 | €18,516 | +€5,357 | +40.7% |
| Trade debts | 44 | €24,186 | €7,859 | -€16,326 | -67.5% |
| Suppliers | 440/4 | €24,186 | €7,859 | -€16,326 | -67.5% |
| Taxes, remuneration and social security | 45 | €42,117 | €26,413 | -€15,704 | -37.3% |
| Taxes | 450/3 | €42,117 | €26,413 | -€15,704 | -37.3% |
| Accrued charges and deferred income | 492/3 | €3,356 | €3,357 | +€1 | 0.0% |
| Non-recurring operating income | 76A | €3,978 | €199 | -€3,779 | -95.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,266 | €22,704 | +€8,439 | +59.2% |
| Other operating charges | 640/8 | €2,294 | €2,481 | +€187 | +8.1% |
| Gross operating margin | 9900 | €194,971 | €202,056 | +€7,085 | +3.6% |
| Operating profit (loss) | 9901 | €178,411 | €176,871 | -€1,540 | -0.9% |
| Financial income | 75/76B | €877 | €711 | -€166 | -19.0% |
| Recurring financial income | 75 | €877 | €711 | -€166 | -19.0% |
| Financial charges | 65/66B | €2,703 | €4,208 | +€1,506 | +55.7% |
| Recurring financial charges | 65 | €2,703 | €4,208 | +€1,506 | +55.7% |
| Profit (loss) for the period before taxes | 9903 | €176,585 | €173,373 | -€3,212 | -1.8% |
| Income taxes | 67/77 | €55,069 | €54,784 | -€285 | -0.5% |
| Profit (loss) for the period | 9904 | €121,515 | €118,589 | -€2,927 | -2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €121,515 | €118,589 | -€2,927 | -2.4% |
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 23 October 2026 via checked.be.