D & O: 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.
D & O
Largest movements
- Cash +€135,287
up €135,287 (+150.0%), from €90,180 to €225,467
mainly Other debts (+€126,236) and Net result for the year (+€86,204)
- Tangible fixed assets -€26,517
down €26,517 (-28.4%), from €93,467 to €66,950
of which Furniture and vehicles: -€18,064
- Current investments -€24,750
down €24,750 (-76.2%), from €32,500 to €7,750
- Other debts +€126,236
up €126,236 (+405.9%), from €31,100 to €157,336
- Reserves -€46,477
down €46,477 (-12.5%), from €372,409 to €325,932
of which Distributable reserves: -€46,477
- Tax, wage and social debts +€6,886
up €6,886 (+11002.1%), from €63 to €6,949
- Financial income +€19,538
up €19,538 (+48.0%), from €40,698 to €60,235
- Gross operating margin +€8,536
up €8,536 (+12.4%), from €69,013 to €77,549
- Taxes +€5,126
up €5,126 (+27.8%), from €18,450 to €23,576
- Depreciation +€2,584
up €2,584 (+10.8%), from €23,932 to €26,517
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 | €427,182 | €508,249 | +€81,067 | +19.0% |
| Fixed assets | 21/28 | €293,467 | €266,950 | -€26,517 | -9.0% |
| Tangible fixed assets | 22/27 | €93,467 | €66,950 | -€26,517 | -28.4% |
| Plant, machinery and equipment | 23 | €16,683 | €13,183 | -€3,500 | -21.0% |
| Furniture and vehicles | 24 | €49,079 | €31,015 | -€18,064 | -36.8% |
| Other tangible fixed assets | 26 | €27,706 | €22,753 | -€4,953 | -17.9% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €133,715 | €241,299 | +€107,583 | +80.5% |
| Amounts receivable within one year | 40/41 | €9,151 | €6,621 | -€2,529 | -27.6% |
| Trade receivables | 40 | €479 | €142 | -€337 | -70.4% |
| Other amounts receivable | 41 | €8,672 | €6,479 | -€2,192 | -25.3% |
| Current investments | 50/53 | €32,500 | €7,750 | -€24,750 | -76.2% |
| Cash at bank and in hand | 54/58 | €90,180 | €225,467 | +€135,287 | +150.0% |
| Deferred charges and accrued income | 490/1 | €1,885 | €1,460 | -€424 | -22.5% |
| Total equity and liabilities | 10/49 | €427,182 | €508,249 | +€81,067 | +19.0% |
| Equity | 10/15 | €384,809 | €338,332 | -€46,477 | -12.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €372,409 | €325,932 | -€46,477 | -12.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €372,409 | €325,932 | -€46,477 | -12.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €42,373 | €169,917 | +€127,543 | +301.0% |
| Amounts payable after more than one year | 17 | €4,464 | €0 | -€4,464 | -100.0% |
| Financial debts | 170/4 | €4,464 | €0 | -€4,464 | -100.0% |
| Amounts payable within one year | 42/48 | €37,909 | €169,917 | +€132,007 | +348.2% |
| Current portion of amounts payable after more than one year | 42 | €5,144 | €4,464 | -€680 | -13.2% |
| Trade debts | 44 | €1,602 | €1,168 | -€435 | -27.1% |
| Suppliers | 440/4 | €1,602 | €1,168 | -€435 | -27.1% |
| Taxes, remuneration and social security | 45 | €63 | €6,949 | +€6,886 | +11002.1% |
| Taxes | 450/3 | €63 | €6,949 | +€6,886 | +11002.1% |
| Other amounts payable | 47/48 | €31,100 | €157,336 | +€126,236 | +405.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,932 | €26,517 | +€2,584 | +10.8% |
| Other operating charges | 640/8 | €462 | €1,004 | +€542 | +117.1% |
| Gross operating margin | 9900 | €69,013 | €77,549 | +€8,536 | +12.4% |
| Operating profit (loss) | 9901 | €44,618 | €50,029 | +€5,410 | +12.1% |
| Financial income | 75/76B | €40,698 | €60,235 | +€19,538 | +48.0% |
| Recurring financial income | 75 | €40,698 | €60,235 | +€19,538 | +48.0% |
| Financial charges | 65/66B | €682 | €484 | -€197 | -28.9% |
| Recurring financial charges | 65 | €682 | €484 | -€197 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | €84,634 | €109,780 | +€25,145 | +29.7% |
| Income taxes | 67/77 | €18,450 | €23,576 | +€5,126 | +27.8% |
| Profit (loss) for the period | 9904 | €66,185 | €86,204 | +€20,019 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €66,185 | €86,204 | +€20,019 | +30.2% |
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.