Filip Van Assche: 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.
Filip Van Assche
Largest movements
- Current investments +€425,000
up €425,000 (+567%), from €75,000 to €500,000
- Cash -€248,208
down €248,208 (-48.4%), from €512,624 to €264,416
mainly Current investments (-€425,000) and Investment in fixed assets (net) (-€24,525)
- Tangible fixed assets -€37,014
down €37,014 (-17.8%), from €207,492 to €170,478
of which Furniture and vehicles: -€52,600
- Receivables within one year -€22,584
down €22,584 (-85.9%), from €26,302 to €3,718
- Reserves +€113,875
up €113,875 (+16.5%), from €689,454 to €803,328
- Tax, wage and social debts +€17,635
up €17,635 (+3,914%), from €451 to €18,085
- Gross operating margin +€135,532
up €135,532 (+140%), from €96,476 to €232,008
- Taxes +€40,275
up €40,275 (+298%), from €13,533 to €53,809
- Depreciation +€5,670
up €5,670 (+10.1%), from €55,870 to €61,539
- Financial income -€3,771
down €3,771 (-99.6%), from €3,787 to €16
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 | €954,315 | €1,066,237 | +€111,922 | +11.7% |
| Fixed assets | 21/28 | €207,492 | €170,478 | -€37,014 | -17.8% |
| Tangible fixed assets | 22/27 | €207,492 | €170,478 | -€37,014 | -17.8% |
| Land and buildings | 22 | €2,395 | €25,711 | +€23,316 | +974% |
| Plant, machinery and equipment | 23 | €15,058 | €8,910 | -€6,148 | -40.8% |
| Furniture and vehicles | 24 | €180,933 | €128,333 | -€52,600 | -29.1% |
| Other tangible fixed assets | 26 | €9,107 | €7,525 | -€1,582 | -17.4% |
| Current assets | 29/58 | €746,822 | €895,759 | +€148,936 | +19.9% |
| Stocks and contracts in progress | 3 | €127,250 | €124,250 | -€3,000 | -2.4% |
| Stocks | 30/36 | €127,250 | €124,250 | -€3,000 | -2.4% |
| Amounts receivable within one year | 40/41 | €26,302 | €3,718 | -€22,584 | -85.9% |
| Other amounts receivable | 41 | €26,302 | €3,718 | -€22,584 | -85.9% |
| Current investments | 50/53 | €75,000 | €500,000 | +€425,000 | +567% |
| Cash at bank and in hand | 54/58 | €512,624 | €264,416 | -€248,208 | -48.4% |
| Deferred charges and accrued income | 490/1 | €5,646 | €3,375 | -€2,272 | -40.2% |
| Total equity and liabilities | 10/49 | €954,315 | €1,066,237 | +€111,922 | +11.7% |
| Equity | 10/15 | €709,454 | €823,328 | +€113,875 | +16.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €689,454 | €803,328 | +€113,875 | +16.5% |
| Distributable reserves | 133 | €689,454 | €803,328 | +€113,875 | +16.5% |
| Amounts payable | 17/49 | €244,861 | €242,908 | -€1,953 | -0.8% |
| Amounts payable after more than one year | 17 | €10,463 | €0 | -€10,463 | -100% |
| Financial debts | 170/4 | €10,463 | €0 | -€10,463 | -100% |
| Amounts payable within one year | 42/48 | €234,398 | €242,908 | +€8,510 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €15,340 | €10,463 | -€4,877 | -31.8% |
| Trade debts | 44 | €1,397 | €821 | -€575 | -41.2% |
| Suppliers | 440/4 | €1,397 | €821 | -€575 | -41.2% |
| Taxes, remuneration and social security | 45 | €451 | €18,085 | +€17,635 | +3,914% |
| Taxes | 450/3 | €451 | €18,085 | +€17,635 | +3,914% |
| Other amounts payable | 47/48 | €217,211 | €213,539 | -€3,672 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,870 | €61,539 | +€5,670 | +10.1% |
| Other operating charges | 640/8 | €2,338 | €2,104 | -€234 | -10.0% |
| Gross operating margin | 9900 | €96,476 | €232,008 | +€135,532 | +140% |
| Operating profit (loss) | 9901 | €38,268 | €168,365 | +€130,097 | +340% |
| Financial income | 75/76B | €3,787 | €16 | -€3,771 | -99.6% |
| Recurring financial income | 75 | €3,787 | €16 | -€3,771 | -99.6% |
| Financial charges | 65/66B | €1,087 | €697 | -€390 | -35.9% |
| Recurring financial charges | 65 | €1,087 | €697 | -€390 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €40,968 | €167,684 | +€126,716 | +309% |
| Income taxes | 67/77 | €13,533 | €53,809 | +€40,275 | +298% |
| Profit (loss) for the period | 9904 | €27,435 | €113,875 | +€86,440 | +315% |
| Profit (loss) for the period to be appropriated | 9905 | €27,435 | €113,875 | +€86,440 | +315% |
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 27 October 2026 via checked.be.