Gavin BUSHELL: what changed
Two fiscal 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.
Gavin BUSHELL
Largest movements
- Receivables within one year +€523,162
up €523,162 (+290.6%), from €180,038 to €703,200
of which Other amounts receivable: +€518,448
- Cash +€369,886
up €369,886 (+339.5%), from €108,936 to €478,822
mainly Net result for the year (+€1.2m) and Depreciation (+€41,756)
- Receivables after one year +€167,017
up €167,017 (+44.1%), from €378,405 to €545,422
- Current investments -€37,934
down €37,934 (-5.2%), from €726,312 to €688,379
- Reserves +€1.2m
up €1.2m (+105.7%), from €1.1m to €2.3m
of which Distributable reserves: +€776,578
- Tax, wage and social debts -€122,945
down €122,945 (-17.9%), from €686,801 to €563,856
of which Taxes: -€122,945
- Debts after one year -€57,586
down €57,586 (-11.3%), from €508,289 to €450,703
- Taxes -€59,155
down €59,155 (-10.6%), from €555,581 to €496,426
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.
Cash bridge derived
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 | €2,470,843 | €3,482,454 | +€1.0m | +40.9% |
| Fixed assets | 21/28 | €1,021,487 | €1,037,345 | +€15,858 | +1.6% |
| Tangible fixed assets | 22/27 | €1,019,752 | €1,035,610 | +€15,858 | +1.6% |
| Land and buildings | 22 | €937,759 | €927,487 | -€10,272 | -1.1% |
| Plant, machinery and equipment | 23 | €5,224 | €3,274 | -€1,951 | -37.3% |
| Furniture and vehicles | 24 | €69,858 | €97,938 | +€28,080 | +40.2% |
| Other tangible fixed assets | 26 | €6,911 | €6,911 | = | 0.0% |
| Financial fixed assets | 28 | €1,735 | €1,735 | = | 0.0% |
| Current assets | 29/58 | €1,449,356 | €2,445,109 | +€995,753 | +68.7% |
| Amounts receivable after more than one year | 29 | €378,405 | €545,422 | +€167,017 | +44.1% |
| Other amounts receivable | 291 | €378,405 | €545,422 | +€167,017 | +44.1% |
| Amounts receivable within one year | 40/41 | €180,038 | €703,200 | +€523,162 | +290.6% |
| Trade receivables | 40 | - | €4,713 | +€4,713 | |
| Other amounts receivable | 41 | €180,038 | €698,487 | +€518,448 | +288.0% |
| Current investments | 50/53 | €726,312 | €688,379 | -€37,934 | -5.2% |
| Cash at bank and in hand | 54/58 | €108,936 | €478,822 | +€369,886 | +339.5% |
| Deferred charges and accrued income | 490/1 | €55,664 | €29,286 | -€26,378 | -47.4% |
| Total equity and liabilities | 10/49 | €2,470,843 | €3,482,454 | +€1.0m | +40.9% |
| Equity | 10/15 | €1,145,222 | €2,342,800 | +€1.2m | +104.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,132,822 | €2,330,400 | +€1.2m | +105.7% |
| Tax-exempt reserves | 132 | - | €421,000 | +€421,000 | |
| Distributable reserves | 133 | €1,132,822 | €1,909,400 | +€776,578 | +68.6% |
| Amounts payable | 17/49 | €1,325,622 | €1,139,654 | -€185,968 | -14.0% |
| Amounts payable after more than one year | 17 | €508,289 | €450,703 | -€57,586 | -11.3% |
| Financial debts | 170/4 | €508,289 | €450,703 | -€57,586 | -11.3% |
| Amounts payable within one year | 42/48 | €817,333 | €688,951 | -€128,382 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €108,876 | €107,586 | -€1,291 | -1.2% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Trade debts | 44 | €21,656 | €17,509 | -€4,147 | -19.1% |
| Suppliers | 440/4 | €21,656 | €17,509 | -€4,147 | -19.1% |
| Taxes, remuneration and social security | 45 | €686,801 | €563,856 | -€122,945 | -17.9% |
| Taxes | 450/3 | €684,001 | €561,056 | -€122,945 | -18.0% |
| Remuneration and social security | 454/9 | €2,800 | €2,800 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,356 | €41,756 | -€601 | -1.4% |
| Other operating charges | 640/8 | €5,453 | €4,805 | -€648 | -11.9% |
| Gross operating margin | 9900 | €1,709,153 | €1,701,663 | -€7,490 | -0.4% |
| Operating profit (loss) | 9901 | €1,661,344 | €1,655,103 | -€6,241 | -0.4% |
| Financial income | 75/76B | €53,015 | €63,764 | +€10,749 | +20.3% |
| Recurring financial income | 75 | €53,015 | €63,764 | +€10,749 | +20.3% |
| Financial charges | 65/66B | €25,956 | €24,863 | -€1,093 | -4.2% |
| Recurring financial charges | 65 | €25,956 | €24,863 | -€1,093 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €1,688,403 | €1,694,004 | +€5,602 | +0.3% |
| Income taxes | 67/77 | €555,581 | €496,426 | -€59,155 | -10.6% |
| Profit (loss) for the period | 9904 | €1,132,822 | €1,197,578 | +€64,757 | +5.7% |
| Transfer to tax-exempt reserves | 689 | - | €421,000 | +€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,132,822 | €776,578 | -€356,243 | -31.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.