Antoine Druetz: 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 Druetz
Largest movements
- Cash -€52,820
down €52,820 (-47.4%), from €111,399 to €58,580
mainly Contributions, distributions and other (-€83,000) and Other debts (-€69,429)
- Intangible fixed assets -€30,000
down €30,000 (-25.0%), from €120,000 to €90,000
- Other debts -€69,429
down €69,429 (-56.4%), from €122,997 to €53,569
- Debts after one year -€12,895
down €12,895 (-100%), from €12,895 to €0
- Tax, wage and social debts +€5,523
up €5,523 (+141%), from €3,907 to €9,430
- Trade debts -€4,430
down €4,430 (-78.0%), from €5,682 to €1,253
- Profit (loss) carried forward +€3,484
up €3,484 (+66.3%), from €5,254 to €8,738
- Financial income -€11,416
down €11,416 (-93.3%), from €12,235 to €819
- Gross operating margin +€8,905
up €8,905 (+6.5%), from €136,059 to €144,963
- Financial charges -€2,442
down €2,442 (-53.6%), from €4,552 to €2,110
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 | €251,164 | €168,697 | -€82,468 | -32.8% |
| Fixed assets | 21/28 | €123,198 | €93,077 | -€30,121 | -24.4% |
| Intangible fixed assets | 21 | €120,000 | €90,000 | -€30,000 | -25.0% |
| Tangible fixed assets | 22/27 | €3,198 | €3,077 | -€121 | -3.8% |
| Furniture and vehicles | 24 | €3,198 | €3,077 | -€121 | -3.8% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €127,967 | €75,620 | -€52,347 | -40.9% |
| Amounts receivable within one year | 40/41 | €15,123 | €15,676 | +€553 | +3.7% |
| Other amounts receivable | 41 | €15,123 | €15,676 | +€553 | +3.7% |
| Cash at bank and in hand | 54/58 | €111,399 | €58,580 | -€52,820 | -47.4% |
| Deferred charges and accrued income | 490/1 | €1,445 | €1,365 | -€80 | -5.5% |
| Total equity and liabilities | 10/49 | €251,164 | €168,697 | -€82,468 | -32.8% |
| Equity | 10/15 | €86,356 | €89,840 | +€3,484 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €62,501 | €62,501 | = | 0.0% |
| Distributable reserves | 133 | €62,501 | €62,501 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,254 | €8,738 | +€3,484 | +66.3% |
| Amounts payable | 17/49 | €164,809 | €78,857 | -€85,952 | -52.2% |
| Amounts payable after more than one year | 17 | €12,895 | €0 | -€12,895 | -100% |
| Financial debts | 170/4 | €12,895 | €0 | -€12,895 | -100% |
| Amounts payable within one year | 42/48 | €147,917 | €77,146 | -€70,772 | -47.8% |
| Current portion of amounts payable after more than one year | 42 | €15,331 | €12,895 | -€2,436 | -15.9% |
| Trade debts | 44 | €5,682 | €1,253 | -€4,430 | -78.0% |
| Suppliers | 440/4 | €5,682 | €1,253 | -€4,430 | -78.0% |
| Taxes, remuneration and social security | 45 | €3,907 | €9,430 | +€5,523 | +141% |
| Taxes | 450/3 | €3,907 | €9,430 | +€5,523 | +141% |
| Other amounts payable | 47/48 | €122,997 | €53,569 | -€69,429 | -56.4% |
| Accrued charges and deferred income | 492/3 | €3,997 | €1,711 | -€2,285 | -57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,221 | €31,653 | +€432 | +1.4% |
| Other operating charges | 640/8 | €776 | €803 | +€27 | +3.5% |
| Gross operating margin | 9900 | €136,059 | €144,963 | +€8,905 | +6.5% |
| Operating profit (loss) | 9901 | €104,062 | €112,507 | +€8,446 | +8.1% |
| Financial income | 75/76B | €12,235 | €819 | -€11,416 | -93.3% |
| Recurring financial income | 75 | €12,235 | €819 | -€11,416 | -93.3% |
| Financial charges | 65/66B | €4,552 | €2,110 | -€2,442 | -53.6% |
| Recurring financial charges | 65 | €4,552 | €2,110 | -€2,442 | -53.6% |
| Profit (loss) for the period before taxes | 9903 | €111,745 | €111,216 | -€528 | -0.5% |
| Income taxes | 67/77 | €24,445 | €24,733 | +€287 | +1.2% |
| Profit (loss) for the period | 9904 | €87,299 | €86,484 | -€816 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,299 | €86,484 | -€816 | -0.9% |
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 25 October 2026 via checked.be.