DR. BART CRAEYE: 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.
DR. BART CRAEYE
Largest movements
- Cash +€90,058
up €90,058 (+285%), from €31,641 to €121,699
mainly Net result for the year (+€228,865) and Depreciation (+€2,839)
- Current investments +€82,757
new in 2025: €82,757
- Receivables within one year +€37,946
up €37,946 (+966%), from €3,927 to €41,873
- Tangible fixed assets +€8,902
up €8,902 (+122%), from €7,269 to €16,171
of which Other tangible fixed assets: +€9,643
- Deferred charges and accrued income +€7,187
up €7,187 (+26.1%), from €27,576 to €34,763
- Reserves +€228,865
up €228,865 (+404%), from €56,698 to €285,563
- Tax, wage and social debts -€4,167
down €4,167 (-37.3%), from €11,162 to €6,996
- Gross operating margin +€236,737
up €236,737 (+323%), from €73,306 to €310,043
- Taxes +€57,851
up €57,851 (+392%), from €14,746 to €72,596
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 | €70,413 | €297,263 | +€226,851 | +322% |
| Fixed assets | 21/28 | €7,269 | €16,171 | +€8,902 | +122% |
| Tangible fixed assets | 22/27 | €7,269 | €16,171 | +€8,902 | +122% |
| Furniture and vehicles | 24 | €6,239 | €5,498 | -€740 | -11.9% |
| Other tangible fixed assets | 26 | €1,030 | €10,673 | +€9,643 | +936% |
| Current assets | 29/58 | €63,144 | €281,092 | +€217,948 | +345% |
| Amounts receivable within one year | 40/41 | €3,927 | €41,873 | +€37,946 | +966% |
| Other amounts receivable | 41 | €3,927 | €41,873 | +€37,946 | +966% |
| Current investments | 50/53 | - | €82,757 | +€82,757 | |
| Cash at bank and in hand | 54/58 | €31,641 | €121,699 | +€90,058 | +285% |
| Deferred charges and accrued income | 490/1 | €27,576 | €34,763 | +€7,187 | +26.1% |
| Total equity and liabilities | 10/49 | €70,413 | €297,263 | +€226,851 | +322% |
| Equity | 10/15 | €58,698 | €287,563 | +€228,865 | +390% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €56,698 | €285,563 | +€228,865 | +404% |
| Distributable reserves | 133 | €56,698 | €285,563 | +€228,865 | +404% |
| Amounts payable | 17/49 | €11,715 | €9,700 | -€2,014 | -17.2% |
| Amounts payable within one year | 42/48 | €11,715 | €9,700 | -€2,014 | -17.2% |
| Trade debts | 44 | €552 | €2,705 | +€2,152 | +390% |
| Suppliers | 440/4 | €552 | €2,705 | +€2,152 | +390% |
| Taxes, remuneration and social security | 45 | €11,162 | €6,996 | -€4,167 | -37.3% |
| Taxes | 450/3 | €11,162 | €6,996 | -€4,167 | -37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €577 | €2,839 | +€2,262 | +392% |
| Other operating charges | 640/8 | €1,200 | €3,686 | +€2,486 | +207% |
| Gross operating margin | 9900 | €73,306 | €310,043 | +€236,737 | +323% |
| Operating profit (loss) | 9901 | €71,529 | €303,518 | +€231,989 | +324% |
| Financial income | 75/76B | - | €973 | +€973 | |
| Recurring financial income | 75 | - | €973 | +€973 | |
| Financial charges | 65/66B | €86 | €3,030 | +€2,944 | +3,444% |
| Recurring financial charges | 65 | €86 | €3,030 | +€2,944 | +3,444% |
| Profit (loss) for the period before taxes | 9903 | €71,444 | €301,461 | +€230,018 | +322% |
| Income taxes | 67/77 | €14,746 | €72,596 | +€57,851 | +392% |
| Profit (loss) for the period | 9904 | €56,698 | €228,865 | +€172,167 | +304% |
| Profit (loss) for the period to be appropriated | 9905 | €56,698 | €228,865 | +€172,167 | +304% |
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 18 October 2026 via checked.be.