Pr. Frédéric SCHUIND: 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.
Pr. Frédéric SCHUIND
Largest movements
- Tangible fixed assets -€12,387
down €12,387 (-2.8%), from €447,483 to €435,095
of which Land and buildings: -€13,261
- Receivables within one year +€8,890
up €8,890 (+19.0%), from €46,844 to €55,733
of which Trade receivables: +€13,469
- Debts after one year -€93,810
down €93,810 (-28.8%), from €325,477 to €231,667
- Reserves +€63,838
up €63,838 (+39.1%), from €163,139 to €226,978
- Tax, wage and social debts +€24,572
up €24,572 (+2,295%), from €1,071 to €25,643
of which Taxes: +€22,556
- Gross operating margin -€14,424
down €14,424 (-10.6%), from €136,541 to €122,116
- Depreciation -€5,193
down €5,193 (-26.8%), from €19,410 to €14,216
- Staff costs +€4,250
new in 2025: €4,250
- Taxes +€3,671
up €3,671 (+15.9%), from €23,071 to €26,742
- Financial charges +€2,119
up €2,119 (+53.4%), from €3,971 to €6,090
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 | €510,315 | €504,597 | -€5,718 | -1.1% |
| Fixed assets | 21/28 | €447,483 | €435,095 | -€12,387 | -2.8% |
| Tangible fixed assets | 22/27 | €447,483 | €435,095 | -€12,387 | -2.8% |
| Land and buildings | 22 | €445,093 | €431,833 | -€13,261 | -3.0% |
| Plant, machinery and equipment | 23 | €670 | €383 | -€286 | -42.8% |
| Furniture and vehicles | 24 | €1,638 | €2,880 | +€1,242 | +75.8% |
| Other tangible fixed assets | 26 | €82 | €0 | -€82 | -100% |
| Current assets | 29/58 | €62,832 | €69,502 | +€6,669 | +10.6% |
| Amounts receivable within one year | 40/41 | €46,844 | €55,733 | +€8,890 | +19.0% |
| Trade receivables | 40 | €42,211 | €55,680 | +€13,469 | +31.9% |
| Other amounts receivable | 41 | €4,632 | €53 | -€4,579 | -98.8% |
| Cash at bank and in hand | 54/58 | €5,225 | €3,349 | -€1,877 | -35.9% |
| Deferred charges and accrued income | 490/1 | €10,764 | €10,420 | -€344 | -3.2% |
| Total equity and liabilities | 10/49 | €510,315 | €504,597 | -€5,718 | -1.1% |
| Equity | 10/15 | €173,139 | €236,978 | +€63,838 | +36.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €163,139 | €226,978 | +€63,838 | +39.1% |
| Distributable reserves | 133 | €163,139 | €226,978 | +€63,838 | +39.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €337,176 | €267,619 | -€69,556 | -20.6% |
| Amounts payable after more than one year | 17 | €325,477 | €231,667 | -€93,810 | -28.8% |
| Financial debts | 170/4 | €325,477 | €231,667 | -€93,810 | -28.8% |
| Amounts payable within one year | 42/48 | €9,225 | €31,205 | +€21,980 | +238% |
| Trade debts | 44 | €554 | €2,247 | +€1,693 | +306% |
| Suppliers | 440/4 | €554 | €2,247 | +€1,693 | +306% |
| Taxes, remuneration and social security | 45 | €1,071 | €25,643 | +€24,572 | +2,295% |
| Taxes | 450/3 | €1,071 | €23,627 | +€22,556 | +2,107% |
| Remuneration and social security | 454/9 | - | €2,016 | +€2,016 | |
| Other amounts payable | 47/48 | €7,601 | €3,315 | -€4,286 | -56.4% |
| Accrued charges and deferred income | 492/3 | €2,473 | €4,748 | +€2,275 | +92.0% |
| Remuneration, social security and pensions | 62 | - | €4,250 | +€4,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,410 | €14,216 | -€5,193 | -26.8% |
| Other operating charges | 640/8 | €3,574 | €3,704 | +€129 | +3.6% |
| Gross operating margin | 9900 | €136,541 | €122,116 | -€14,424 | -10.6% |
| Operating profit (loss) | 9901 | €113,556 | €99,946 | -€13,610 | -12.0% |
| Financial income | 75/76B | €323 | €39 | -€284 | -88.0% |
| Recurring financial income | 75 | €323 | €39 | -€284 | -88.0% |
| Financial charges | 65/66B | €3,971 | €6,090 | +€2,119 | +53.4% |
| Recurring financial charges | 65 | €3,971 | €6,090 | +€2,119 | +53.4% |
| Profit (loss) for the period before taxes | 9903 | €109,908 | €93,895 | -€16,013 | -14.6% |
| Income taxes | 67/77 | €23,071 | €26,742 | +€3,671 | +15.9% |
| Profit (loss) for the period | 9904 | €86,837 | €67,153 | -€19,684 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €86,837 | €67,153 | -€19,684 | -22.7% |
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 22 October 2026 via checked.be.