DAN GOLDSTEIN: what changed
Two fiscal 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.
DAN GOLDSTEIN
Largest movements
- Receivables within one year -€123,564
down €123,564 (-37.0%), from €334,006 to €210,443
- Tangible fixed assets -€30,192
down €30,192 (-4.4%), from €693,847 to €663,655
of which Land and buildings: -€23,985
- Other debts -€175,000
down €175,000 (-93.7%), from €186,820 to €11,820
- Profit (loss) carried forward +€62,391
up €62,391 (+37.4%), from €166,611 to €229,002
- Debts after one year -€40,397
down €40,397 (-7.1%), from €572,876 to €532,479
- Gross operating margin +€22,936
up €22,936 (+18.7%), from €122,667 to €145,602
- Taxes +€8,105
up €8,105 (+40.0%), from €20,249 to €28,354
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 | €1,030,718 | €874,098 | -€156,620 | -15.2% |
| Fixed assets | 21/28 | €693,847 | €663,655 | -€30,192 | -4.4% |
| Tangible fixed assets | 22/27 | €693,847 | €663,655 | -€30,192 | -4.4% |
| Land and buildings | 22 | €662,029 | €638,044 | -€23,985 | -3.6% |
| Plant, machinery and equipment | 23 | €11,588 | €9,332 | -€2,257 | -19.5% |
| Furniture and vehicles | 24 | €11,229 | €7,279 | -€3,950 | -35.2% |
| Other tangible fixed assets | 26 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €336,871 | €210,443 | -€126,429 | -37.5% |
| Amounts receivable within one year | 40/41 | €334,006 | €210,443 | -€123,564 | -37.0% |
| Other amounts receivable | 41 | €334,006 | €210,443 | -€123,564 | -37.0% |
| Cash at bank and in hand | 54/58 | €2,865 | - | -€2,865 | |
| Total equity and liabilities | 10/49 | €1,030,718 | €874,098 | -€156,620 | -15.2% |
| Equity | 10/15 | €187,071 | €249,462 | +€62,391 | +33.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,611 | €229,002 | +€62,391 | +37.4% |
| Amounts payable | 17/49 | €843,648 | €624,636 | -€219,012 | -26.0% |
| Amounts payable after more than one year | 17 | €572,876 | €532,479 | -€40,397 | -7.1% |
| Financial debts | 170/4 | €572,876 | €532,479 | -€40,397 | -7.1% |
| Amounts payable within one year | 42/48 | €270,772 | €92,157 | -€178,614 | -66.0% |
| Current portion of amounts payable after more than one year | 42 | €71,485 | €70,397 | -€1,087 | -1.5% |
| Financial debts | 43 | €3,129 | €6,646 | +€3,517 | +112.4% |
| Credit institutions | 430/8 | €3,129 | €6,646 | +€3,517 | +112.4% |
| Trade debts | 44 | €9,338 | €3,294 | -€6,044 | -64.7% |
| Suppliers | 440/4 | €9,338 | €3,294 | -€6,044 | -64.7% |
| Other amounts payable | 47/48 | €186,820 | €11,820 | -€175,000 | -93.7% |
| Non-recurring operating income | 76A | €379 | - | -€379 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,192 | €35,245 | +€1,053 | +3.1% |
| Other operating charges | 640/8 | €5,378 | €4,000 | -€1,378 | -25.6% |
| Non-recurring operating charges | 66A | - | €1,679 | +€1,679 | |
| Gross operating margin | 9900 | €122,667 | €145,602 | +€22,936 | +18.7% |
| Operating profit (loss) | 9901 | €83,097 | €104,678 | +€21,581 | +26.0% |
| Financial income | 75/76B | - | €38 | +€38 | |
| Recurring financial income | 75 | - | €38 | +€38 | |
| Financial charges | 65/66B | €14,444 | €13,971 | -€473 | -3.3% |
| Recurring financial charges | 65 | €14,444 | €13,971 | -€473 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €68,653 | €90,746 | +€22,093 | +32.2% |
| Income taxes | 67/77 | €20,249 | €28,354 | +€8,105 | +40.0% |
| Profit (loss) for the period | 9904 | €48,404 | €62,391 | +€13,987 | +28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €48,404 | €62,391 | +€13,987 | +28.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.