MARGOT VANACKER: 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.
What changed
MARGOT VANACKER
NACE 86.951, Physiotherapy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1,397
2024 · -€27,712+€29,109
Equity
-€13,305
2024 · -€14,702+€1,397
Cash
€35,971
2024 · €34,943+€1,028
Balance sheet total
€931,892
2024 · €941,259-€9,367
Largest movements
Assets
- Deferred charges and accrued income +€18,844
up €18,844 (+699.0%), from €2,696 to €21,540
- Tangible fixed assets -€16,872
down €16,872 (-1.9%), from €881,669 to €864,797
of which Land and buildings: -€16,470
- Receivables within one year -€10,702
down €10,702 (-65.6%), from €16,323 to €5,621
of which Other amounts receivable: -€9,857
Equity and liabilities
- Accrued charges and deferred income +€17,072
up €17,072 (+3482.4%), from €490 to €17,563
- Trade debts -€15,767
down €15,767 (-58.3%), from €27,059 to €11,291
- Debts after one year -€11,168
down €11,168 (-1.4%), from €817,803 to €806,635
Income statement
- Gross operating margin +€38,276
up €38,276 (+77.6%), from €49,306 to €87,582
- Depreciation +€4,712
up €4,712 (+10.0%), from €47,029 to €51,741
- Financial income -€3,190
down €3,190 (-99.8%), from €3,196 to €6
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.
Result 2024
-€27,712
Gross operating margin
+€38,276
Depreciation
-€4,712
Other operating charges
-€838
Financial income
-€3,190
Financial charges
-€404
Taxes
-€23
Result 2025
€1,397
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.
From operations
+€40,144
Investment
-€33,205
Financing
-€5,912
Cash 2024
€34,943
From operations (derived)
+€40,144
Net result for the year
+€1,397
Depreciation
+€51,741
Receivables within one year
+€10,702
Deferred charges and accrued income
-€18,844
Provisions
-€166
Trade debts
-€15,767
Tax, wage and social debts
-€2,178
Other debts
-€3,813
Accrued charges and deferred income
+€17,072
Investment (derived)
-€33,205
Investment in fixed assets (net)
-€33,205
Financing
-€5,912
Debts after one year
-€11,168
Current portion of long-term debt
+€4,788
Short-term financial debts
+€468
Cash 2025
€35,971
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €941,259 | €931,892 | -€9,367 | -1.0% |
| Fixed assets | 21/28 | €887,297 | €868,761 | -€18,537 | -2.1% |
| Intangible fixed assets | 21 | €5,628 | €3,963 | -€1,665 | -29.6% |
| Tangible fixed assets | 22/27 | €881,669 | €864,797 | -€16,872 | -1.9% |
| Land and buildings | 22 | €813,076 | €796,605 | -€16,470 | -2.0% |
| Plant, machinery and equipment | 23 | €53,479 | €54,483 | +€1,004 | +1.9% |
| Furniture and vehicles | 24 | €15,114 | €13,709 | -€1,405 | -9.3% |
| Current assets | 29/58 | €53,962 | €63,132 | +€9,170 | +17.0% |
| Amounts receivable within one year | 40/41 | €16,323 | €5,621 | -€10,702 | -65.6% |
| Trade receivables | 40 | €1,210 | €365 | -€845 | -69.9% |
| Other amounts receivable | 41 | €15,113 | €5,256 | -€9,857 | -65.2% |
| Cash at bank and in hand | 54/58 | €34,943 | €35,971 | +€1,028 | +2.9% |
| Deferred charges and accrued income | 490/1 | €2,696 | €21,540 | +€18,844 | +699.0% |
| Total equity and liabilities | 10/49 | €941,259 | €931,892 | -€9,367 | -1.0% |
| Equity | 10/15 | -€14,702 | -€13,305 | +€1,397 | +9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €31,488 | €31,165 | -€323 | -1.0% |
| Tax-exempt reserves | 132 | €670 | €347 | -€323 | -48.2% |
| Distributable reserves | 133 | €30,819 | €30,819 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,790 | -€63,070 | +€1,720 | +2.7% |
| Provisions and deferred taxes | 16 | €333 | €166 | -€166 | -50.0% |
| Deferred taxes | 168 | €333 | €166 | -€166 | -50.0% |
| Amounts payable | 17/49 | €955,628 | €945,031 | -€10,598 | -1.1% |
| Amounts payable after more than one year | 17 | €817,803 | €806,635 | -€11,168 | -1.4% |
| Financial debts | 170/4 | €817,803 | €806,635 | -€11,168 | -1.4% |
| Amounts payable within one year | 42/48 | €137,335 | €120,833 | -€16,502 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €25,115 | €29,904 | +€4,788 | +19.1% |
| Financial debts | 43 | €45 | €513 | +€468 | +1037.0% |
| Credit institutions | 430/8 | €45 | €513 | +€468 | +1037.0% |
| Trade debts | 44 | €27,059 | €11,291 | -€15,767 | -58.3% |
| Suppliers | 440/4 | €27,059 | €11,291 | -€15,767 | -58.3% |
| Taxes, remuneration and social security | 45 | €2,350 | €173 | -€2,178 | -92.6% |
| Taxes | 450/3 | €375 | €173 | -€202 | -53.9% |
| Remuneration and social security | 454/9 | €1,975 | - | -€1,975 | |
| Other amounts payable | 47/48 | €82,766 | €78,952 | -€3,813 | -4.6% |
| Accrued charges and deferred income | 492/3 | €490 | €17,563 | +€17,072 | +3482.4% |
| Non-recurring operating income | 76A | €914 | - | -€914 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,029 | €51,741 | +€4,712 | +10.0% |
| Other operating charges | 640/8 | €4,462 | €5,300 | +€838 | +18.8% |
| Gross operating margin | 9900 | €49,306 | €87,582 | +€38,276 | +77.6% |
| Operating profit (loss) | 9901 | -€2,185 | €30,541 | +€32,726 | |
| Financial income | 75/76B | €3,196 | €6 | -€3,190 | -99.8% |
| Recurring financial income | 75 | €3,196 | €6 | -€3,190 | -99.8% |
| Financial charges | 65/66B | €28,739 | €29,143 | +€404 | +1.4% |
| Recurring financial charges | 65 | €28,739 | €29,143 | +€404 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | -€27,728 | €1,403 | +€29,132 | |
| Transfer from deferred taxes | 780 | €166 | €166 | +€0 | 0.0% |
| Income taxes | 67/77 | €150 | €173 | +€23 | +15.1% |
| Profit (loss) for the period | 9904 | -€27,712 | €1,397 | +€29,109 | |
| Transfer from tax-exempt reserves | 789 | €323 | €323 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,389 | €1,720 | +€29,109 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.