ANTOINE DERBAUD: 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 DERBAUD
Largest movements
- Current investments +€50,415
new in 2025: €50,415
- Cash -€46,740
down €46,740 (-60.7%), from €77,038 to €30,298
mainly Current investments (-€50,415) and Investment in fixed assets (net) (-€43,420)
- Tangible fixed assets +€36,828
new in 2025: €36,828
of which Furniture and vehicles: +€34,693
- Reserves +€16,199
up €16,199 (+25.0%), from €64,872 to €81,071
- Debts after one year +€12,171
new in 2025: €12,171
- Current portion of long-term debt +€9,426
new in 2025: €9,426
- Tax, wage and social debts -€5,440
down €5,440 (-38.7%), from €14,057 to €8,617
of which Taxes: -€6,544
- Other debts +€3,840
up €3,840 (+139%), from €2,763 to €6,602
- Gross operating margin -€15,262
down €15,262 (-34.7%), from €44,010 to €28,749
- Purchases and services +€8,512
up €8,512 (+26.8%), from €31,768 to €40,280
- Turnover -€8,174
down €8,174 (-10.8%), from €75,731 to €67,557
- Depreciation +€6,592
new in 2025: €6,592
- Taxes -€4,459
down €4,459 (-48.6%), from €9,179 to €4,720
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 | €87,164 | €126,424 | +€39,260 | +45.0% |
| Fixed assets | 21/28 | - | €36,828 | +€36,828 | |
| Tangible fixed assets | 22/27 | - | €36,828 | +€36,828 | |
| Plant, machinery and equipment | 23 | - | €2,134 | +€2,134 | |
| Furniture and vehicles | 24 | - | €34,693 | +€34,693 | |
| Current assets | 29/58 | €87,164 | €89,596 | +€2,433 | +2.8% |
| Amounts receivable within one year | 40/41 | €9,342 | €8,145 | -€1,198 | -12.8% |
| Trade receivables | 40 | €9,342 | €8,145 | -€1,198 | -12.8% |
| Current investments | 50/53 | - | €50,415 | +€50,415 | |
| Cash at bank and in hand | 54/58 | €77,038 | €30,298 | -€46,740 | -60.7% |
| Deferred charges and accrued income | 490/1 | €783 | €738 | -€45 | -5.7% |
| Total equity and liabilities | 10/49 | €87,164 | €126,424 | +€39,260 | +45.0% |
| Equity | 10/15 | €69,872 | €86,071 | +€16,199 | +23.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €64,872 | €81,071 | +€16,199 | +25.0% |
| Distributable reserves | 133 | €64,872 | €81,071 | +€16,199 | +25.0% |
| Amounts payable | 17/49 | €17,291 | €40,353 | +€23,061 | +133% |
| Amounts payable after more than one year | 17 | - | €12,171 | +€12,171 | |
| Financial debts | 170/4 | - | €12,171 | +€12,171 | |
| Amounts payable within one year | 42/48 | €17,201 | €27,766 | +€10,565 | +61.4% |
| Current portion of amounts payable after more than one year | 42 | - | €9,426 | +€9,426 | |
| Trade debts | 44 | €382 | €3,121 | +€2,740 | +717% |
| Suppliers | 440/4 | €382 | €3,121 | +€2,740 | +717% |
| Taxes, remuneration and social security | 45 | €14,057 | €8,617 | -€5,440 | -38.7% |
| Taxes | 450/3 | €14,057 | €7,512 | -€6,544 | -46.6% |
| Remuneration and social security | 454/9 | - | €1,105 | +€1,105 | |
| Other amounts payable | 47/48 | €2,763 | €6,602 | +€3,840 | +139% |
| Accrued charges and deferred income | 492/3 | €90 | €415 | +€325 | +361% |
| Turnover | 70 | €75,731 | €67,557 | -€8,174 | -10.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €31,768 | €40,280 | +€8,512 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6,592 | +€6,592 | |
| Other operating charges | 640/8 | €696 | €516 | -€179 | -25.8% |
| Gross operating margin | 9900 | €44,010 | €28,749 | -€15,262 | -34.7% |
| Operating profit (loss) | 9901 | €43,315 | €21,640 | -€21,674 | -50.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €165 | €722 | +€557 | +339% |
| Recurring financial charges | 65 | €165 | €722 | +€557 | +339% |
| Profit (loss) for the period before taxes | 9903 | €43,150 | €20,919 | -€22,231 | -51.5% |
| Income taxes | 67/77 | €9,179 | €4,720 | -€4,459 | -48.6% |
| Profit (loss) for the period | 9904 | €33,971 | €16,199 | -€17,772 | -52.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,971 | €16,199 | -€17,772 | -52.3% |
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 14 October 2026 via checked.be.