Isabelle De Vinck: 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.
Isabelle De Vinck
Largest movements
- Cash +€149,091
up €149,091 (+141%), from €105,419 to €254,510
mainly Net result for the year (+€128,264) and Receivables within one year (+€85,104)
- Receivables within one year -€85,104
down €85,104 (-19.8%), from €429,415 to €344,312
of which Trade receivables: -€140,709
- Receivables after one year -€20,150
down €20,150 (-9.2%), from €220,150 to €200,000
- Reserves +€56,264
up €56,264 (+5.5%), from €1.0m to €1.1m
of which Distributable reserves: +€87,839
- Tax, wage and social debts -€20,575
down €20,575 (-36.3%), from €56,609 to €36,034
- Gross operating margin +€16,930
up €16,930 (+7.9%), from €215,185 to €232,115
- Taxes -€8,433
down €8,433 (-12.3%), from €68,479 to €60,046
- Financial charges -€5,099
down €5,099 (-11.0%), from €46,225 to €41,126
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 | €1,165,900 | €1,205,898 | +€39,997 | +3.4% |
| Fixed assets | 21/28 | €405,861 | €396,701 | -€9,160 | -2.3% |
| Tangible fixed assets | 22/27 | €23,254 | €14,094 | -€9,160 | -39.4% |
| Furniture and vehicles | 24 | €14,156 | €7,796 | -€6,360 | -44.9% |
| Other tangible fixed assets | 26 | €9,098 | €6,298 | -€2,800 | -30.8% |
| Financial fixed assets | 28 | €382,608 | €382,608 | = | 0.0% |
| Current assets | 29/58 | €760,039 | €809,196 | +€49,157 | +6.5% |
| Amounts receivable after more than one year | 29 | €220,150 | €200,000 | -€20,150 | -9.2% |
| Other amounts receivable | 291 | €220,150 | €200,000 | -€20,150 | -9.2% |
| Amounts receivable within one year | 40/41 | €429,415 | €344,312 | -€85,104 | -19.8% |
| Trade receivables | 40 | €363,312 | €222,603 | -€140,709 | -38.7% |
| Other amounts receivable | 41 | €66,103 | €121,708 | +€55,605 | +84.1% |
| Cash at bank and in hand | 54/58 | €105,419 | €254,510 | +€149,091 | +141% |
| Deferred charges and accrued income | 490/1 | €5,054 | €10,374 | +€5,320 | +105% |
| Total equity and liabilities | 10/49 | €1,165,900 | €1,205,898 | +€39,997 | +3.4% |
| Equity | 10/15 | €1,092,180 | €1,148,443 | +€56,264 | +5.2% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €1,031,383 | €1,087,646 | +€56,264 | +5.5% |
| Tax-exempt reserves | 132 | €172,610 | €141,035 | -€31,575 | -18.3% |
| Distributable reserves | 133 | €858,773 | €946,611 | +€87,839 | +10.2% |
| Profit (loss) carried forward | 14 | €52,737 | €52,737 | = | 0.0% |
| Amounts payable | 17/49 | €73,721 | €57,454 | -€16,266 | -22.1% |
| Amounts payable within one year | 42/48 | €73,721 | €57,454 | -€16,266 | -22.1% |
| Financial debts | 43 | - | €736 | +€736 | |
| Credit institutions | 430/8 | - | €736 | +€736 | |
| Trade debts | 44 | - | €1,677 | +€1,677 | |
| Suppliers | 440/4 | - | €1,677 | +€1,677 | |
| Taxes, remuneration and social security | 45 | €56,609 | €36,034 | -€20,575 | -36.3% |
| Taxes | 450/3 | €56,609 | €36,034 | -€20,575 | -36.3% |
| Other amounts payable | 47/48 | €17,112 | €19,006 | +€1,894 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,346 | €9,527 | +€2,181 | +29.7% |
| Other operating charges | 640/8 | €968 | €1,787 | +€820 | +84.7% |
| Gross operating margin | 9900 | €215,185 | €232,115 | +€16,930 | +7.9% |
| Operating profit (loss) | 9901 | €206,872 | €220,800 | +€13,929 | +6.7% |
| Financial income | 75/76B | €7,377 | €8,635 | +€1,259 | +17.1% |
| Recurring financial income | 75 | €7,377 | €8,635 | +€1,259 | +17.1% |
| Financial charges | 65/66B | €46,225 | €41,126 | -€5,099 | -11.0% |
| Recurring financial charges | 65 | €46,225 | €41,126 | -€5,099 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €168,024 | €188,309 | +€20,286 | +12.1% |
| Income taxes | 67/77 | €68,479 | €60,046 | -€8,433 | -12.3% |
| Profit (loss) for the period | 9904 | €99,545 | €128,264 | +€28,719 | +28.9% |
| Transfer from tax-exempt reserves | 789 | €105,250 | €58,940 | -€46,310 | -44.0% |
| Transfer to tax-exempt reserves | 689 | €16,840 | €27,365 | +€10,525 | +62.5% |
| Profit (loss) for the period to be appropriated | 9905 | €187,955 | €159,839 | -€28,116 | -15.0% |
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 30 October 2026 via checked.be.