VINCENT BUSSCHAERT: 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.
VINCENT BUSSCHAERT
Largest movements
- Current investments -€2.3m
down €2.3m (-77.3%), from €3.0m to €685,626
- Cash +€2.0m
up €2.0m (+285.7%), from €706,619 to €2.7m
mainly Current investments (+€2.3m) and Net result for the year (+€468,007)
- Other debts -€865,999
down €865,999 (-91.5%), from €946,369 to €80,370
- Reserves +€468,007
up €468,007 (+15.7%), from €3.0m to €3.4m
of which Distributable reserves: +€468,007
- Gross operating margin -€90,877
down €90,877 (-12.9%), from €704,767 to €613,890
- Financial income -€47,597
down €47,597 (-29.2%), from €163,221 to €115,624
- Taxes -€43,407
down €43,407 (-16.6%), from €260,989 to €217,583
- Financial charges -€12,598
down €12,598 (-47.9%), from €26,273 to €13,675
- Depreciation +€7,278
up €7,278 (+35.3%), from €20,621 to €27,900
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,083,490 | €3,706,792 | -€376,699 | -9.2% |
| Fixed assets | 21/28 | €127,618 | €102,397 | -€25,220 | -19.8% |
| Tangible fixed assets | 22/27 | €127,618 | €102,397 | -€25,220 | -19.8% |
| Furniture and vehicles | 24 | €105,690 | €84,559 | -€21,130 | -20.0% |
| Leasing and similar rights | 25 | €21,928 | €17,838 | -€4,090 | -18.7% |
| Current assets | 29/58 | €3,955,873 | €3,604,394 | -€351,478 | -8.9% |
| Amounts receivable within one year | 40/41 | €211,375 | €173,311 | -€38,064 | -18.0% |
| Trade receivables | 40 | €211,375 | €173,311 | -€38,064 | -18.0% |
| Current investments | 50/53 | €3,019,225 | €685,626 | -€2.3m | -77.3% |
| Cash at bank and in hand | 54/58 | €706,619 | €2,725,607 | +€2.0m | +285.7% |
| Deferred charges and accrued income | 490/1 | €18,654 | €19,850 | +€1,196 | +6.4% |
| Total equity and liabilities | 10/49 | €4,083,490 | €3,706,792 | -€376,699 | -9.2% |
| Equity | 10/15 | €2,993,465 | €3,461,472 | +€468,007 | +15.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €2,974,915 | €3,442,922 | +€468,007 | +15.7% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €2,973,060 | €3,441,067 | +€468,007 | +15.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,090,025 | €245,320 | -€844,705 | -77.5% |
| Amounts payable within one year | 42/48 | €1,090,025 | €245,320 | -€844,705 | -77.5% |
| Trade debts | 44 | €4,165 | €2,972 | -€1,193 | -28.6% |
| Suppliers | 440/4 | €4,165 | €2,972 | -€1,193 | -28.6% |
| Taxes, remuneration and social security | 45 | €139,491 | €161,978 | +€22,486 | +16.1% |
| Taxes | 450/3 | €139,491 | €161,978 | +€22,486 | +16.1% |
| Other amounts payable | 47/48 | €946,369 | €80,370 | -€865,999 | -91.5% |
| Non-recurring operating income | 76A | €40,980 | €1,204 | -€39,776 | -97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,621 | €27,900 | +€7,278 | +35.3% |
| Other operating charges | 640/8 | €7,800 | €2,349 | -€5,450 | -69.9% |
| Gross operating margin | 9900 | €704,767 | €613,890 | -€90,877 | -12.9% |
| Operating profit (loss) | 9901 | €676,346 | €583,641 | -€92,705 | -13.7% |
| Financial income | 75/76B | €163,221 | €115,624 | -€47,597 | -29.2% |
| Recurring financial income | 75 | €163,221 | €115,624 | -€47,597 | -29.2% |
| Financial charges | 65/66B | €26,273 | €13,675 | -€12,598 | -47.9% |
| Recurring financial charges | 65 | €26,273 | €13,675 | -€12,598 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | €813,293 | €685,589 | -€127,704 | -15.7% |
| Income taxes | 67/77 | €260,989 | €217,583 | -€43,407 | -16.6% |
| Profit (loss) for the period | 9904 | €552,304 | €468,007 | -€84,297 | -15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €552,304 | €468,007 | -€84,297 | -15.3% |
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 9 October 2026 via checked.be.