Alain Devos: 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.
Alain Devos
Largest movements
- Cash +€81,581
up €81,581 (+38.8%), from €210,339 to €291,920
mainly Current investments (+€53,712) and Depreciation (+€45,339)
- Current investments -€53,712
down €53,712 (-2.5%), from €2.1m to €2.1m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€76,395
down €76,395 (-44.5%), from €171,688 to €95,293
- Financial charges +€28,856
up €28,856 (+62.8%), from €45,934 to €74,790
- Gross operating margin +€9,621
up €9,621 (+1195.7%), from €805 to €10,425
- Taxes -€6,206
down €6,206 (-88.8%), from €6,988 to €782
- Depreciation +€2,082
up €2,082 (+4.8%), from €43,257 to €45,339
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 | €3,584,515 | €3,554,639 | -€29,876 | -0.8% |
| Fixed assets | 21/28 | €1,185,301 | €1,159,328 | -€25,974 | -2.2% |
| Tangible fixed assets | 22/27 | €1,184,951 | €1,158,978 | -€25,974 | -2.2% |
| Land and buildings | 22 | €1,172,144 | €1,135,129 | -€37,015 | -3.2% |
| Plant, machinery and equipment | 23 | €957 | €8,465 | +€7,508 | +784.5% |
| Furniture and vehicles | 24 | €11,850 | €9,355 | -€2,495 | -21.1% |
| Other tangible fixed assets | 26 | - | €6,028 | +€6,028 | |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €2,399,214 | €2,395,311 | -€3,903 | -0.2% |
| Amounts receivable within one year | 40/41 | €22,730 | €23,327 | +€597 | +2.6% |
| Trade receivables | 40 | €5,429 | €7,778 | +€2,349 | +43.3% |
| Other amounts receivable | 41 | €17,301 | €15,549 | -€1,752 | -10.1% |
| Current investments | 50/53 | €2,119,738 | €2,066,026 | -€53,712 | -2.5% |
| Cash at bank and in hand | 54/58 | €210,339 | €291,920 | +€81,581 | +38.8% |
| Deferred charges and accrued income | 490/1 | €46,408 | €14,038 | -€32,369 | -69.7% |
| Total equity and liabilities | 10/49 | €3,584,515 | €3,554,639 | -€29,876 | -0.8% |
| Equity | 10/15 | €2,900,198 | €2,871,377 | -€28,821 | -1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,881,466 | €2,852,777 | -€28,689 | -1.0% |
| Distributable reserves | 133 | €2,881,466 | €2,852,777 | -€28,689 | -1.0% |
| Profit (loss) carried forward | 14 | €132 | €0 | -€132 | -100.0% |
| Amounts payable | 17/49 | €684,317 | €683,262 | -€1,055 | -0.2% |
| Amounts payable after more than one year | 17 | €82,000 | €82,000 | = | 0.0% |
| Other amounts payable | 178/9 | €82,000 | €82,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €595,741 | €580,540 | -€15,201 | -2.6% |
| Trade debts | 44 | €8,096 | €6,755 | -€1,341 | -16.6% |
| Suppliers | 440/4 | €8,096 | €6,755 | -€1,341 | -16.6% |
| Taxes, remuneration and social security | 45 | €2,350 | €0 | -€2,350 | -100.0% |
| Taxes | 450/3 | €2,350 | €0 | -€2,350 | -100.0% |
| Other amounts payable | 47/48 | €585,295 | €573,785 | -€11,510 | -2.0% |
| Accrued charges and deferred income | 492/3 | €6,576 | €20,722 | +€14,145 | +215.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,257 | €45,339 | +€2,082 | +4.8% |
| Other operating charges | 640/8 | €13,963 | €13,629 | -€334 | -2.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €805 | €10,425 | +€9,621 | +1195.7% |
| Operating profit (loss) | 9901 | -€56,415 | -€48,542 | +€7,873 | +14.0% |
| Financial income | 75/76B | €171,688 | €95,293 | -€76,395 | -44.5% |
| Recurring financial income | 75 | €171,688 | €95,293 | -€76,395 | -44.5% |
| Financial charges | 65/66B | €45,934 | €74,790 | +€28,856 | +62.8% |
| Recurring financial charges | 65 | €45,934 | €74,790 | +€28,856 | +62.8% |
| Profit (loss) for the period before taxes | 9903 | €69,338 | -€28,039 | -€97,378 | |
| Income taxes | 67/77 | €6,988 | €782 | -€6,206 | -88.8% |
| Profit (loss) for the period | 9904 | €62,350 | -€28,821 | -€91,171 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,350 | -€28,821 | -€91,171 |
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 5 October 2026 via checked.be.