ANTOINE 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.
ANTOINE DECLAIRFAYT
Largest movements
- Tangible fixed assets +€515,329
up €515,329 (+95.8%), from €537,942 to €1.1m
of which Land and buildings: +€457,859
- Cash -€54,620
down €54,620 (-63.1%), from €86,513 to €31,893
mainly Investment in fixed assets (net) (-€610,451) and Contributions, distributions and other (-€65,000)
- Current investments +€24,897
up €24,897 (+13.7%), from €181,815 to €206,712
- Debts after one year +€383,333
up €383,333 (+90.1%), from €425,270 to €808,603
- Other debts +€71,165
up €71,165 (+2,586%), from €2,752 to €73,917
- Current portion of long-term debt +€36,185
up €36,185 (+117%), from €30,840 to €67,025
- Gross operating margin -€100,769
down €100,769 (-57.6%), from €175,010 to €74,241
- Depreciation +€69,269
up €69,269 (+268%), from €25,852 to €95,121
- Taxes -€21,446
down €21,446 (-61.2%), from €35,062 to €13,616
- Other operating charges +€6,513
up €6,513 (+74.4%), from €8,760 to €15,273
- Financial charges +€3,231
up €3,231 (+23.2%), from €13,925 to €17,155
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 | €1,430,652 | €1,921,403 | +€490,751 | +34.3% |
| Fixed assets | 21/28 | €1,147,438 | €1,662,767 | +€515,329 | +44.9% |
| Tangible fixed assets | 22/27 | €537,942 | €1,053,272 | +€515,329 | +95.8% |
| Land and buildings | 22 | €530,100 | €987,959 | +€457,859 | +86.4% |
| Plant, machinery and equipment | 23 | €535 | €4,397 | +€3,861 | +721% |
| Furniture and vehicles | 24 | €7,307 | €60,916 | +€53,609 | +734% |
| Financial fixed assets | 28 | €609,495 | €609,495 | = | 0.0% |
| Current assets | 29/58 | €283,215 | €258,636 | -€24,579 | -8.7% |
| Amounts receivable within one year | 40/41 | €9,660 | €17,744 | +€8,084 | +83.7% |
| Trade receivables | 40 | €216 | - | -€216 | |
| Other amounts receivable | 41 | €9,444 | €17,744 | +€8,300 | +87.9% |
| Current investments | 50/53 | €181,815 | €206,712 | +€24,897 | +13.7% |
| Cash at bank and in hand | 54/58 | €86,513 | €31,893 | -€54,620 | -63.1% |
| Deferred charges and accrued income | 490/1 | €5,227 | €2,287 | -€2,940 | -56.2% |
| Total equity and liabilities | 10/49 | €1,430,652 | €1,921,403 | +€490,751 | +34.3% |
| Equity | 10/15 | €958,149 | €954,593 | -€3,556 | -0.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €641,860 | €631,860 | -€10,000 | -1.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €640,000 | €630,000 | -€10,000 | -1.6% |
| Profit (loss) carried forward | 14 | €303,889 | €310,333 | +€6,444 | +2.1% |
| Amounts payable | 17/49 | €472,503 | €966,810 | +€494,307 | +105% |
| Amounts payable after more than one year | 17 | €425,270 | €808,603 | +€383,333 | +90.1% |
| Financial debts | 170/4 | €425,270 | €808,603 | +€383,333 | +90.1% |
| Amounts payable within one year | 42/48 | €46,552 | €155,857 | +€109,305 | +235% |
| Current portion of amounts payable after more than one year | 42 | €30,840 | €67,025 | +€36,185 | +117% |
| Trade debts | 44 | €4,693 | €7,426 | +€2,732 | +58.2% |
| Suppliers | 440/4 | €4,693 | €7,426 | +€2,732 | +58.2% |
| Taxes, remuneration and social security | 45 | €8,267 | €7,490 | -€777 | -9.4% |
| Taxes | 450/3 | €8,267 | €7,490 | -€777 | -9.4% |
| Other amounts payable | 47/48 | €2,752 | €73,917 | +€71,165 | +2,586% |
| Accrued charges and deferred income | 492/3 | €681 | €2,350 | +€1,669 | +245% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,852 | €95,121 | +€69,269 | +268% |
| Other operating charges | 640/8 | €8,760 | €15,273 | +€6,513 | +74.4% |
| Gross operating margin | 9900 | €175,010 | €74,241 | -€100,769 | -57.6% |
| Operating profit (loss) | 9901 | €140,399 | -€36,153 | -€176,552 | |
| Financial income | 75/76B | €126,218 | €128,368 | +€2,150 | +1.7% |
| Recurring financial income | 75 | €1,218 | €3,368 | +€2,150 | +176% |
| Non-recurring financial income | 76B | €125,000 | €125,000 | = | 0.0% |
| Financial charges | 65/66B | €13,925 | €17,155 | +€3,231 | +23.2% |
| Recurring financial charges | 65 | €13,925 | €17,155 | +€3,231 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €252,692 | €75,060 | -€177,632 | -70.3% |
| Income taxes | 67/77 | €35,062 | €13,616 | -€21,446 | -61.2% |
| Profit (loss) for the period | 9904 | €217,631 | €61,444 | -€156,186 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €217,631 | €61,444 | -€156,186 | -71.8% |
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 16 October 2026 via checked.be.