Piet Van Gorp: 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.
Piet Van Gorp
Largest movements
- Current investments +€75,000
up €75,000 (+83.3%), from €90,000 to €165,000
- Receivables within one year -€45,000
down €45,000 (-100%), from €45,000 to €0
of which Trade receivables: -€45,000
- Cash -€15,155
down €15,155 (-64.0%), from €23,669 to €8,514
mainly Contributions, distributions and other (-€100,000) and Current investments (-€75,000)
- Tangible fixed assets -€8,108
down €8,108 (-17.2%), from €47,044 to €38,936
- Other debts +€75,447
up €75,447 (+769%), from €9,811 to €85,257
- Debts after one year -€38,131
down €38,131 (-23.4%), from €163,178 to €125,047
- Reserves -€35,827
down €35,827 (-15.8%), from €227,227 to €191,400
- Tax, wage and social debts +€9,004
up €9,004 (+46.5%), from €19,350 to €28,354
- Gross operating margin -€31,272
down €31,272 (-22.7%), from €137,870 to €106,598
- Taxes -€17,414
down €17,414 (-42.1%), from €41,324 to €23,910
- Financial income -€5,687
down €5,687 (-80.6%), from €7,054 to €1,367
- Financial charges -€1,486
down €1,486 (-30.7%), from €4,849 to €3,363
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 | €473,921 | €479,707 | +€5,786 | +1.2% |
| Fixed assets | 21/28 | €313,444 | €305,336 | -€8,108 | -2.6% |
| Tangible fixed assets | 22/27 | €47,044 | €38,936 | -€8,108 | -17.2% |
| Furniture and vehicles | 24 | €47,044 | €38,936 | -€8,108 | -17.2% |
| Financial fixed assets | 28 | €266,400 | €266,400 | = | 0.0% |
| Current assets | 29/58 | €160,477 | €174,371 | +€13,895 | +8.7% |
| Amounts receivable within one year | 40/41 | €45,000 | €0 | -€45,000 | -100% |
| Trade receivables | 40 | €45,000 | €0 | -€45,000 | -100% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €90,000 | €165,000 | +€75,000 | +83.3% |
| Cash at bank and in hand | 54/58 | €23,669 | €8,514 | -€15,155 | -64.0% |
| Deferred charges and accrued income | 490/1 | €1,808 | €857 | -€950 | -52.6% |
| Total equity and liabilities | 10/49 | €473,921 | €479,707 | +€5,786 | +1.2% |
| Equity | 10/15 | €237,227 | €201,400 | -€35,827 | -15.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €227,227 | €191,400 | -€35,827 | -15.8% |
| Distributable reserves | 133 | €227,227 | €191,400 | -€35,827 | -15.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €236,694 | €278,308 | +€41,613 | +17.6% |
| Amounts payable after more than one year | 17 | €163,178 | €125,047 | -€38,131 | -23.4% |
| Financial debts | 170/4 | €163,178 | €125,047 | -€38,131 | -23.4% |
| Amounts payable within one year | 42/48 | €73,517 | €153,261 | +€79,744 | +108% |
| Current portion of amounts payable after more than one year | 42 | €42,578 | €38,131 | -€4,448 | -10.4% |
| Trade debts | 44 | €1,778 | €1,518 | -€260 | -14.6% |
| Suppliers | 440/4 | €1,778 | €1,518 | -€260 | -14.6% |
| Taxes, remuneration and social security | 45 | €19,350 | €28,354 | +€9,004 | +46.5% |
| Taxes | 450/3 | €19,350 | €28,354 | +€9,004 | +46.5% |
| Other amounts payable | 47/48 | €9,811 | €85,257 | +€75,447 | +769% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,662 | €14,748 | +€1,086 | +7.9% |
| Other operating charges | 640/8 | €772 | €754 | -€18 | -2.3% |
| Non-recurring operating charges | 66A | €574 | €1,017 | +€442 | +77.0% |
| Gross operating margin | 9900 | €137,870 | €106,598 | -€31,272 | -22.7% |
| Operating profit (loss) | 9901 | €122,861 | €90,078 | -€32,782 | -26.7% |
| Financial income | 75/76B | €7,054 | €1,367 | -€5,687 | -80.6% |
| Recurring financial income | 75 | €7,054 | €1,367 | -€5,687 | -80.6% |
| Financial charges | 65/66B | €4,849 | €3,363 | -€1,486 | -30.7% |
| Recurring financial charges | 65 | €4,849 | €3,363 | -€1,486 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €125,066 | €88,083 | -€36,983 | -29.6% |
| Income taxes | 67/77 | €41,324 | €23,910 | -€17,414 | -42.1% |
| Profit (loss) for the period | 9904 | €83,742 | €64,173 | -€19,569 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €83,742 | €64,173 | -€19,569 | -23.4% |
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 17 October 2026 via checked.be.