Luc J. Pollet: 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.
Luc J. Pollet
Largest movements
- Tangible fixed assets +€30,198
up €30,198 (+8.3%), from €365,351 to €395,549
of which Land and buildings: +€28,794
- Cash +€10,677
up €10,677 (+7.8%), from €137,156 to €147,833
mainly Net result for the year (+€31,053) and Depreciation (+€27,304)
- Deferred charges and accrued income -€10,350
no longer reported in 2025 (was €10,350)
- Reserves +€31,053
up €31,053 (+6.7%), from €464,690 to €495,742
of which Distributable reserves: +€31,053
- Gross operating margin -€5,612
down €5,612 (-6.4%), from €87,870 to €82,258
- Depreciation +€4,857
up €4,857 (+21.6%), from €22,447 to €27,304
- Taxes -€2,718
down €2,718 (-20.8%), from €13,069 to €10,351
- Financial charges -€1,744
down €1,744 (-43.6%), from €4,000 to €2,256
- Other operating charges +€1,692
up €1,692 (+17.6%), from €9,603 to €11,295
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 | €513,015 | €543,419 | +€30,404 | +5.9% |
| Fixed assets | 21/28 | €365,389 | €395,586 | +€30,198 | +8.3% |
| Tangible fixed assets | 22/27 | €365,351 | €395,549 | +€30,198 | +8.3% |
| Land and buildings | 22 | €358,157 | €386,951 | +€28,794 | +8.0% |
| Plant, machinery and equipment | 23 | - | €5,738 | +€5,738 | |
| Furniture and vehicles | 24 | €7,194 | €2,859 | -€4,335 | -60.3% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €147,627 | €147,833 | +€206 | +0.1% |
| Amounts receivable within one year | 40/41 | €121 | - | -€121 | |
| Other amounts receivable | 41 | €121 | - | -€121 | |
| Cash at bank and in hand | 54/58 | €137,156 | €147,833 | +€10,677 | +7.8% |
| Deferred charges and accrued income | 490/1 | €10,350 | - | -€10,350 | |
| Total equity and liabilities | 10/49 | €513,015 | €543,419 | +€30,404 | +5.9% |
| Equity | 10/15 | €470,895 | €501,948 | +€31,053 | +6.6% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €464,690 | €495,742 | +€31,053 | +6.7% |
| Tax-exempt reserves | 132 | €3,704 | €3,704 | = | 0.0% |
| Distributable reserves | 133 | €460,986 | €492,038 | +€31,053 | +6.7% |
| Amounts payable | 17/49 | €42,120 | €41,471 | -€649 | -1.5% |
| Amounts payable within one year | 42/48 | €35,720 | €36,331 | +€611 | +1.7% |
| Taxes, remuneration and social security | 45 | €4,155 | €3,966 | -€189 | -4.6% |
| Taxes | 450/3 | €4,155 | €3,966 | -€189 | -4.6% |
| Other amounts payable | 47/48 | €31,565 | €32,365 | +€800 | +2.5% |
| Accrued charges and deferred income | 492/3 | €6,400 | €5,140 | -€1,260 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,447 | €27,304 | +€4,857 | +21.6% |
| Other operating charges | 640/8 | €9,603 | €11,295 | +€1,692 | +17.6% |
| Gross operating margin | 9900 | €87,870 | €82,258 | -€5,612 | -6.4% |
| Operating profit (loss) | 9901 | €55,820 | €43,660 | -€12,160 | -21.8% |
| Financial charges | 65/66B | €4,000 | €2,256 | -€1,744 | -43.6% |
| Recurring financial charges | 65 | €4,000 | €2,256 | -€1,744 | -43.6% |
| Profit (loss) for the period before taxes | 9903 | €51,820 | €41,404 | -€10,417 | -20.1% |
| Income taxes | 67/77 | €13,069 | €10,351 | -€2,718 | -20.8% |
| Profit (loss) for the period | 9904 | €38,751 | €31,053 | -€7,699 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,751 | €31,053 | -€7,699 | -19.9% |
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.