Daniel Demuynck: 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.
Daniel Demuynck
Largest movements
- Receivables within one year -€30,752
down €30,752 (-36.4%), from €84,409 to €53,657
of which Other amounts receivable: -€30,680
- Stocks and contracts +€29,597
new in 2025: €29,597
- Tangible fixed assets -€3,940
down €3,940 (-93.5%), from €4,214 to €274
- Cash +€1,584
up €1,584 (+8.1%), from €19,661 to €21,245
mainly Receivables within one year (+€30,752) and Investment in fixed assets (net) (+€3,546)
- Tax, wage and social debts -€1,825
down €1,825 (-85.1%), from €2,144 to €319
- Gross operating margin -€11,608
down €11,608, from €9,840 to -€1,768
- Depreciation -€4,461
down €4,461 (-91.9%), from €4,856 to €394
- Taxes -€2,961
down €2,961 (-90.3%), from €3,280 to €319
- Financial income -€688
down €688 (-16.3%), from €4,216 to €3,529
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 | €108,573 | €105,600 | -€2,973 | -2.7% |
| Fixed assets | 21/28 | €4,214 | €274 | -€3,940 | -93.5% |
| Tangible fixed assets | 22/27 | €4,214 | €274 | -€3,940 | -93.5% |
| Furniture and vehicles | 24 | €4,214 | €274 | -€3,940 | -93.5% |
| Current assets | 29/58 | €104,358 | €105,326 | +€967 | +0.9% |
| Stocks and contracts in progress | 3 | - | €29,597 | +€29,597 | |
| Stocks | 30/36 | - | €29,597 | +€29,597 | |
| Amounts receivable within one year | 40/41 | €84,409 | €53,657 | -€30,752 | -36.4% |
| Trade receivables | 40 | €73 | - | -€73 | |
| Other amounts receivable | 41 | €84,337 | €53,657 | -€30,680 | -36.4% |
| Cash at bank and in hand | 54/58 | €19,661 | €21,245 | +€1,584 | +8.1% |
| Deferred charges and accrued income | 490/1 | €288 | €827 | +€539 | +187.4% |
| Total equity and liabilities | 10/49 | €108,573 | €105,600 | -€2,973 | -2.7% |
| Equity | 10/15 | €104,692 | €104,537 | -€155 | -0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €86,092 | €85,937 | -€155 | -0.2% |
| Distributable reserves | 133 | €86,092 | €85,937 | -€155 | -0.2% |
| Amounts payable | 17/49 | €3,881 | €1,063 | -€2,818 | -72.6% |
| Amounts payable within one year | 42/48 | €3,881 | €1,063 | -€2,818 | -72.6% |
| Trade debts | 44 | €878 | €744 | -€134 | -15.2% |
| Suppliers | 440/4 | €878 | €744 | -€134 | -15.2% |
| Taxes, remuneration and social security | 45 | €2,144 | €319 | -€1,825 | -85.1% |
| Taxes | 450/3 | €2,144 | €319 | -€1,825 | -85.1% |
| Other amounts payable | 47/48 | €859 | - | -€859 | |
| Non-recurring operating income | 76A | - | €1,413 | +€1,413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,856 | €394 | -€4,461 | -91.9% |
| Other operating charges | 640/8 | €1,051 | €1,132 | +€81 | +7.7% |
| Gross operating margin | 9900 | €9,840 | -€1,768 | -€11,608 | |
| Operating profit (loss) | 9901 | €3,933 | -€3,294 | -€7,227 | |
| Financial income | 75/76B | €4,216 | €3,529 | -€688 | -16.3% |
| Recurring financial income | 75 | €4,216 | €3,529 | -€688 | -16.3% |
| Financial charges | 65/66B | €103 | €70 | -€33 | -31.8% |
| Recurring financial charges | 65 | €103 | €70 | -€33 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €8,046 | €164 | -€7,882 | -98.0% |
| Income taxes | 67/77 | €3,280 | €319 | -€2,961 | -90.3% |
| Profit (loss) for the period | 9904 | €4,766 | -€155 | -€4,921 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,766 | -€155 | -€4,921 |
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 1 October 2026 via checked.be.