CÉDRIC DIERCKX: 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.
CÉDRIC DIERCKX
Largest movements
- Financial fixed assets +€360,745
new in 2025: €360,745
- Cash -€21,443
down €21,443 (-78.5%), from €27,327 to €5,883
mainly Investment in fixed assets (net) (-€360,745) and Contributions, distributions and other (-€56,000)
- Receivables within one year -€21,043
down €21,043 (-97.3%), from €21,616 to €574
of which Trade receivables: -€12,923
- Debts after one year +€299,808
new in 2025: €299,808
- Current portion of long-term debt +€33,134
new in 2025: €33,134
- Tax, wage and social debts -€15,360
down €15,360 (-61.6%), from €24,927 to €9,566
- Other debts -€3,968
down €3,968 (-17.0%), from €23,350 to €19,382
- Gross operating margin -€31,799
down €31,799 (-27.3%), from €116,579 to €84,780
- Financial charges +€7,259
up €7,259 (+187,572%), from €4 to €7,263
- Taxes -€5,982
down €5,982 (-24.1%), from €24,778 to €18,796
- Depreciation -€2,197
down €2,197 (-46.8%), from €4,695 to €2,498
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 | €52,003 | €367,996 | +€315,993 | +608% |
| Fixed assets | 21/28 | €2,685 | €360,932 | +€358,247 | +13,341% |
| Tangible fixed assets | 22/27 | €2,685 | €187 | -€2,498 | -93.0% |
| Furniture and vehicles | 24 | €2,685 | €187 | -€2,498 | -93.0% |
| Financial fixed assets | 28 | - | €360,745 | +€360,745 | |
| Current assets | 29/58 | €49,317 | €7,063 | -€42,254 | -85.7% |
| Amounts receivable within one year | 40/41 | €21,616 | €574 | -€21,043 | -97.3% |
| Trade receivables | 40 | €12,923 | - | -€12,923 | |
| Other amounts receivable | 41 | €8,694 | €574 | -€8,120 | -93.4% |
| Cash at bank and in hand | 54/58 | €27,327 | €5,883 | -€21,443 | -78.5% |
| Deferred charges and accrued income | 490/1 | €374 | €606 | +€232 | +62.0% |
| Total equity and liabilities | 10/49 | €52,003 | €367,996 | +€315,993 | +608% |
| Equity | 10/15 | €500 | €603 | +€103 | +20.7% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €103 | +€103 | |
| Amounts payable | 17/49 | €51,503 | €367,392 | +€315,890 | +613% |
| Amounts payable after more than one year | 17 | - | €299,808 | +€299,808 | |
| Financial debts | 170/4 | - | €299,808 | +€299,808 | |
| Amounts payable within one year | 42/48 | €51,383 | €67,464 | +€16,081 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | - | €33,134 | +€33,134 | |
| Trade debts | 44 | €3,106 | €5,382 | +€2,276 | +73.3% |
| Suppliers | 440/4 | €3,106 | €5,382 | +€2,276 | +73.3% |
| Taxes, remuneration and social security | 45 | €24,927 | €9,566 | -€15,360 | -61.6% |
| Taxes | 450/3 | €24,927 | €9,566 | -€15,360 | -61.6% |
| Other amounts payable | 47/48 | €23,350 | €19,382 | -€3,968 | -17.0% |
| Accrued charges and deferred income | 492/3 | €120 | €120 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,695 | €2,498 | -€2,197 | -46.8% |
| Other operating charges | 640/8 | €1,186 | €607 | -€579 | -48.8% |
| Gross operating margin | 9900 | €116,579 | €84,780 | -€31,799 | -27.3% |
| Operating profit (loss) | 9901 | €110,698 | €81,676 | -€29,022 | -26.2% |
| Financial income | 75/76B | €434 | €487 | +€53 | +12.2% |
| Recurring financial income | 75 | €434 | €487 | +€53 | +12.2% |
| Financial charges | 65/66B | €4 | €7,263 | +€7,259 | +187,572% |
| Recurring financial charges | 65 | €4 | €7,263 | +€7,259 | +187,572% |
| Profit (loss) for the period before taxes | 9903 | €111,128 | €74,900 | -€36,229 | -32.6% |
| Income taxes | 67/77 | €24,778 | €18,796 | -€5,982 | -24.1% |
| Profit (loss) for the period | 9904 | €86,350 | €56,103 | -€30,247 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,350 | €56,103 | -€30,247 | -35.0% |
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.