ANNE DECLAIRFAYT: 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.
ANNE DECLAIRFAYT
Largest movements
- Cash +€64,368
up €64,368 (+30.8%), from €208,671 to €273,039
mainly Net result for the year (+€214,250) and Tax, wage and social debts (+€17,900)
- Current investments +€25,693
up €25,693 (+4.2%), from €604,543 to €630,236
- Reserves +€45,785
up €45,785 (+4.3%), from €1.1m to €1.1m
of which Distributable reserves: +€48,140
- Tax, wage and social debts +€17,900
up €17,900 (+205.7%), from €8,700 to €26,600
- Gross operating margin -€89,445
down €89,445 (-36.8%), from €242,875 to €153,430
- Taxes -€27,354
down €27,354 (-34.0%), from €80,381 to €53,027
- Financial income +€4,253
up €4,253 (+3.4%), from €125,637 to €129,890
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 | €1,474,860 | €1,553,232 | +€78,372 | +5.3% |
| Fixed assets | 21/28 | €660,018 | €646,442 | -€13,576 | -2.1% |
| Tangible fixed assets | 22/27 | €50,523 | €36,947 | -€13,576 | -26.9% |
| Furniture and vehicles | 24 | €50,523 | €36,947 | -€13,576 | -26.9% |
| Financial fixed assets | 28 | €609,495 | €609,495 | = | 0.0% |
| Current assets | 29/58 | €814,842 | €906,790 | +€91,948 | +11.3% |
| Amounts receivable within one year | 40/41 | €298 | €483 | +€185 | +62.2% |
| Trade receivables | 40 | - | €303 | +€303 | |
| Other amounts receivable | 41 | €298 | €181 | -€117 | -39.4% |
| Current investments | 50/53 | €604,543 | €630,236 | +€25,693 | +4.2% |
| Cash at bank and in hand | 54/58 | €208,671 | €273,039 | +€64,368 | +30.8% |
| Deferred charges and accrued income | 490/1 | €1,330 | €3,032 | +€1,702 | +127.9% |
| Total equity and liabilities | 10/49 | €1,474,860 | €1,553,232 | +€78,372 | +5.3% |
| Equity | 10/15 | €1,283,675 | €1,332,925 | +€49,250 | +3.8% |
| Contributions | 10/11 | €12,400 | €14,260 | +€1,860 | +15.0% |
| Reserves | 13 | €1,070,036 | €1,115,821 | +€45,785 | +4.3% |
| Tax-exempt reserves | 132 | €9,176 | €6,821 | -€2,355 | -25.7% |
| Distributable reserves | 133 | €1,060,860 | €1,109,000 | +€48,140 | +4.5% |
| Profit (loss) carried forward | 14 | €201,239 | €202,844 | +€1,605 | +0.8% |
| Provisions and deferred taxes | 16 | €3,059 | €2,274 | -€785 | -25.7% |
| Deferred taxes | 168 | €3,059 | €2,274 | -€785 | -25.7% |
| Amounts payable | 17/49 | €188,126 | €218,033 | +€29,907 | +15.9% |
| Amounts payable within one year | 42/48 | €186,687 | €216,464 | +€29,777 | +16.0% |
| Trade debts | 44 | €23 | - | -€23 | |
| Suppliers | 440/4 | €23 | - | -€23 | |
| Taxes, remuneration and social security | 45 | €8,700 | €26,600 | +€17,900 | +205.7% |
| Taxes | 450/3 | €8,700 | €26,600 | +€17,900 | +205.7% |
| Other amounts payable | 47/48 | €177,964 | €189,864 | +€11,900 | +6.7% |
| Accrued charges and deferred income | 492/3 | €1,439 | €1,569 | +€130 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,439 | €13,576 | +€137 | +1.0% |
| Other operating charges | 640/8 | €1,053 | €1,615 | +€562 | +53.4% |
| Gross operating margin | 9900 | €242,875 | €153,430 | -€89,445 | -36.8% |
| Operating profit (loss) | 9901 | €228,383 | €138,240 | -€90,143 | -39.5% |
| Financial income | 75/76B | €125,637 | €129,890 | +€4,253 | +3.4% |
| Recurring financial income | 75 | €125,637 | €129,890 | +€4,253 | +3.4% |
| Financial charges | 65/66B | €1,510 | €1,639 | +€129 | +8.5% |
| Recurring financial charges | 65 | €1,510 | €1,639 | +€129 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €352,510 | €266,492 | -€86,019 | -24.4% |
| Transfer from deferred taxes | 780 | €785 | €785 | = | 0.0% |
| Income taxes | 67/77 | €80,381 | €53,027 | -€27,354 | -34.0% |
| Profit (loss) for the period | 9904 | €272,914 | €214,250 | -€58,665 | -21.5% |
| Transfer from tax-exempt reserves | 789 | €2,355 | €2,355 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €275,270 | €216,605 | -€58,665 | -21.3% |
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.